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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-22684

UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Michigan

    

38-1465835

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification Number)

organization)

2801 East Beltline NE, Grand Rapids, Michigan

49525

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (616) 364-6161

NONE

(Former name or former address, if changed since last report.)

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes    No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class

    

Outstanding as of March 30, 2024

Common stock, $1 par value

61,753,899

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange On Which Registered

Common Stock, no par value

UFPI

The Nasdaq Stock Market, LLC

Table of Contents

UFP INDUSTRIES, INC.

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION.

Page No.

Item 1.

Financial Statements

3

Condensed Consolidated Balance Sheets at March 30, 2024, December 30, 2023 and April 1, 2023

3

Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three Months Ended March 30, 2024 and April 1, 2023

4

Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 30, 2024 and April 1, 2023

5

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 30, 2024 and April 1, 2023

6

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

32

Item 4.

Controls and Procedures

33

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings – NONE

Item 1A.

Risk Factors - NONE

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3.

Defaults upon Senior Securities – NONE

Item 4.

Mine Safety Disclosures – NONE

Item 5.

Other Information

33

Item 6.

Exhibits

34

2

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share data)

March 30,

December 30,

April 1,

    

2024

    

2023

    

2023

ASSETS

  

  

CURRENT ASSETS:

  

  

Cash and cash equivalents

$

979,746

    

$

1,118,329

  

$

423,299

Restricted cash

 

761

 

3,927

  

 

761

Investments

 

36,978

 

34,745

  

 

37,534

Accounts receivable, net

 

713,414

 

549,499

  

 

809,389

Inventories:

  

  

Raw materials

 

410,959

 

352,785

  

 

425,835

Finished goods

 

334,336

 

375,003

  

 

534,503

Total inventories

 

745,295

 

727,788

  

 

960,338

Refundable income taxes

 

2,185

 

29,327

  

 

Other current assets

 

36,036

 

38,474

  

 

35,692

TOTAL CURRENT ASSETS

 

2,514,415

 

2,502,089

 

2,267,013

DEFERRED INCOME TAXES

 

3,595

 

4,228

  

 

4,194

RESTRICTED INVESTMENTS

29,119

 

24,838

  

 

22,267

RIGHT OF USE ASSETS

128,846

103,774

116,564

OTHER ASSETS

 

96,977

 

87,438

  

 

99,516

GOODWILL

 

335,596

 

336,313

  

 

337,467

INDEFINITE-LIVED INTANGIBLE ASSETS

 

7,322

 

7,345

  

 

7,336

OTHER INTANGIBLE ASSETS, NET

 

168,209

 

175,195

  

 

142,277

PROPERTY, PLANT AND EQUIPMENT:

  

  

Property, plant and equipment

1,596,622

1,559,304

1,408,360

Less accumulated depreciation and amortization

 

(802,062)

 

(782,727)

  

 

(708,205)

PROPERTY, PLANT AND EQUIPMENT, NET

794,560

776,577

700,155

TOTAL ASSETS

4,078,639

4,017,797

3,696,789

LIABILITIES AND SHAREHOLDERS’ EQUITY

  

  

CURRENT LIABILITIES:

  

  

Accounts payable

$

254,902

$

203,055

  

$

277,989

Accrued liabilities:

  

  

Compensation and benefits

 

133,513

 

232,331

  

 

142,603

Income taxes

1,855

Other

 

66,032

 

66,713

  

 

77,054

Current portion of lease liability

26,520

22,977

27,838

Current portion of long-term debt

 

44,051

 

42,900

  

 

3,020

TOTAL CURRENT LIABILITIES

 

525,018

 

567,976

  

 

530,359

LONG-TERM DEBT

 

233,046

 

233,534

  

 

275,002

LEASE LIABILITY

106,231

84,885

92,182

DEFERRED INCOME TAXES

 

44,726

 

45,248

  

 

51,254

OTHER LIABILITIES

 

34,140

 

35,934

  

 

35,550

TOTAL LIABILITIES

 

943,161

 

967,577

  

 

984,347

TEMPORARY EQUITY:

Redeemable noncontrolling interest

$

19,383

$

20,030

$

6,801

SHAREHOLDERS’ EQUITY:

  

  

Controlling interest shareholders’ equity:

  

  

Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none

$

$

  

$

Common stock, $1 par value; shares authorized 160,000,000; issued and outstanding, 61,753,899, 61,621,004, and 62,095,570

 

61,754

 

61,621

  

 

62,096

Additional paid-in capital

 

362,231

 

354,702

  

 

325,730

Retained earnings

 

2,664,081

 

2,582,332

  

 

2,293,025

Accumulated other comprehensive loss

 

(307)

 

1,106

  

 

(5,074)

Total controlling interest shareholders’ equity

 

3,087,759

 

2,999,761

  

 

2,675,777

Noncontrolling interest

 

28,336

 

30,429

  

 

29,864

TOTAL SHAREHOLDERS’ EQUITY

 

3,116,095

 

3,030,190

  

 

2,705,641

TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY

$

4,078,639

$

4,017,797

  

$

3,696,789

See notes to consolidated condensed financial statements.

3

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UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME

(Unaudited)

(in thousands, except per share data)

Three Months Ended

March 30,

April 1,

2024

    

2023

    

NET SALES

$

1,638,966

    

$

1,822,476

    

COST OF GOODS SOLD

 

1,312,888

 

1,464,147

GROSS PROFIT

 

326,078

 

358,329

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

192,059

 

194,683

OTHER LOSSES (GAINS), NET

196

1,938

EARNINGS FROM OPERATIONS

 

133,823

 

161,708

INTEREST EXPENSE

 

3,136

 

3,118

INTEREST AND INVESTMENT INCOME

 

(16,493)

 

(6,547)

EQUITY IN LOSS OF INVESTEE

594

588

INTEREST AND OTHER

 

(12,763)

 

(2,841)

EARNINGS BEFORE INCOME TAXES

 

146,586

 

164,549

INCOME TAXES

 

25,487

 

38,971

NET EARNINGS

 

121,099

 

125,578

NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

(308)

 

491

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

$

120,791

$

126,069

EARNINGS PER SHARE – BASIC

$

1.96

$

2.01

EARNINGS PER SHARE – DILUTED

$

1.96

$

1.98

OTHER COMPREHENSIVE INCOME:

NET EARNINGS

 

121,099

 

125,578

OTHER COMPREHENSIVE INCOME (LOSS)

 

(1,130)

 

6,252

COMPREHENSIVE INCOME

 

119,969

 

131,830

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

(591)

 

(1,760)

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

$

119,378

$

130,070

See notes to consolidated condensed financial statements.

4

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UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share and per share data)

Controlling Interest Shareholders’ Equity

Additional

Accumulated Other

Common

Paid-In

Retained

Comprehensive

Noncontrolling

Temporary

 

Stock

  

Capital

  

Earnings

  

Earnings

  

Interest (NCI)

  

Total

 

Equity

Balance on December 30, 2023

$

61,621

$

354,702

  

$

2,582,332

$

1,106

  

$

30,429

  

$

3,030,190

$

20,030

Net earnings (loss)

120,791

622

121,413

 

(314)

Foreign currency translation adjustment

(1,419)

616

(803)

 

(333)

Unrealized loss on debt securities

6

6

 

Distributions to NCI

(3,331)

(3,331)

 

Cash dividends - $0.33 per share - quarterly

(20,411)

(20,411)

 

Issuance of 6,251 shares under employee stock purchase plan

 

6

648

654

 

Issuance of 369,012 shares under stock grant programs

 

369

5,829

6,198

 

Issuance of 76,927 shares under deferred compensation plans

 

77

(77)

 

Repurchase of 319,295 shares

 

(319)

(17,686)

(18,631)

(36,636)

 

Expense associated with share-based compensation arrangements

11,194

11,194

 

Accrued expense under deferred compensation plans

7,621

7,621

  

Balance on March 30, 2024

$

61,754

$

362,231

$

2,664,081

$

(307)

$

28,336

$

3,116,095

$

19,383

(in thousands, except share and per share data)

Controlling Interest Shareholders’ Equity

Additional

Accumulated Other

Common

Paid-In

Retained

Comprehensive

Noncontrolling

Temporary

  

Stock

  

Capital

  

Earnings

  

Earnings

  

Interest (NCI)

  

Total

  

Equity

Balance on December 31, 2022

$

61,618

$

294,029

$

2,217,410

$

(9,075)

$

32,841

  

$

2,596,823

$

6,880

Net earnings (loss)

126,069

(313)

  

 

125,756

(178)

Foreign currency translation adjustment

3,850

2,195

  

 

6,045

56

Unrealized loss on debt securities

151

 

151

Distributions to NCI

(4,859)

 

(4,859)

Other

 

43

Cash dividends - $0.25 per share - quarterly

(15,642)

  

 

(15,642)

Issuance of 10,140 shares under employee stock purchase plan

 

10

675

  

 

685

Issuance of 824,669 shares under stock grant programs

 

825

14,356

6

  

 

15,187

Issuance of 93,165 shares under deferred compensation plans

 

93

(93)

Repurchase of 450,597 shares

 

(450)

(34,818)

 

(35,268)

Expense associated with share-based compensation arrangements

9,598

9,598

Accrued expense under deferred compensation plans

7,165

 

7,165

Balance on April 1, 2023

$

62,096

$

325,730

  

$

2,293,025

$

(5,074)

  

$

29,864

  

$

2,705,641

$

6,801

See notes to consolidated condensed financial statements.

5

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UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Three Months Ended

March 30,

April 1,

    

2024

    

2023

CASH FLOWS USED IN OPERATING ACTIVITIES:

  

Net earnings

$

121,099

    

$

125,578

Adjustments to reconcile net earnings to net cash used in operating activities:

  

Depreciation

 

30,019

 

25,774

Amortization of intangibles

 

5,882

 

5,009

Expense associated with share-based and grant compensation arrangements

 

11,277

 

9,637

Deferred income taxes

 

119

 

(242)

Unrealized gain on investments and other

 

(2,130)

 

(149)

Equity in loss of investee

594

588

Net gain on sale and disposition of assets

 

(231)

 

(164)

Changes in:

  

Accounts receivable

 

(164,613)

 

(191,064)

Inventories

 

(17,788)

 

14,674

Accounts payable and cash overdraft

 

52,264

 

68,388

Accrued liabilities and other

 

(53,290)

 

(95,105)

NET CASH USED IN OPERATING ACTIVITIES

 

(16,798)

 

(37,076)

CASH FLOWS USED IN INVESTING ACTIVITIES:

  

Purchases of property, plant and equipment

 

(49,148)

 

(38,166)

Proceeds from sale of property, plant and equipment

 

1,344

 

319

Purchases of investments

 

(9,352)

 

(11,709)

Proceeds from sale of investments

 

4,300

 

8,849

Other

 

(3,206)

 

(1,151)

NET CASH USED IN INVESTING ACTIVITIES

 

(56,062)

 

(41,858)

CASH FLOWS USED IN FINANCING ACTIVITIES:

  

Borrowings under revolving credit facilities

 

5,100

 

4,437

Repayments under revolving credit facilities

 

(4,278)

 

(4,518)

Repayments of debt

(29)

Repayment of debt on behalf of investee

(6,303)

Contingent consideration payments and other

(3,779)

(6,179)

Proceeds from issuance of common stock

 

654

 

685

Dividends paid to shareholders

 

(20,411)

 

(15,642)

Distributions to noncontrolling interest

(3,331)

(4,859)

Payments to taxing authorities in connection with shares directly withheld from employees

(17,838)

Repurchase of common stock

 

(18,798)

 

(33,288)

Other

 

16

 

25

NET CASH USED IN FINANCING ACTIVITIES

 

(68,968)

 

(59,368)

Effect of exchange rate changes on cash

 

79

 

2,739

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

(141,749)

 

(135,563)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR

 

1,122,256

 

559,623

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

$

980,507

$

424,060

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:

Cash and cash equivalents, beginning of period

$

1,118,329

$

559,397

Restricted cash, beginning of period

3,927

226

Cash, cash equivalents, and restricted cash, beginning of period

$

1,122,256

$

559,623

Cash and cash equivalents, end of period

$

979,746

$

423,299

Restricted cash, end of period

761

761

Cash, cash equivalents, and restricted cash, end of period

$

980,507

$

424,060

SUPPLEMENTAL INFORMATION:

  

Interest paid

$

3,099

$

3,309

Income taxes paid

 

1,778

 

4,138

NON-CASH INVESTING ACTIVITIES

  

Capital expenditures included in accounts payable

 

3,351

 

3,122

NON-CASH FINANCING ACTIVITIES:

Common stock issued under deferred compensation plans

$

8,616

$

7,950

See notes to consolidated condensed financial statements.

6

Table of Contents

UFP INDUSTRIES, INC.

NOTES TO UNAUDITED

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A.       BASIS OF PRESENTATION

The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America. All significant intercompany balances and transactions have been eliminated in consolidation.

We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. We account for unconsolidated VIEs using the equity method of accounting.

As a result of the investment in Dempsey on June 27, 2022, we own 50% of the issued equity of that entity, and the remaining 50% of the issued equity is owned by the previous owners (“Sellers”). The investment in Dempsey is an unconsolidated variable interest entity and we have accounted for it using the equity method of accounting because we do not have a controlling financial interest in the entity. Per the contracts, the Sellers have a put right to sell their equity interest to us for $50 million and we have a call right to purchase the Seller’s equity interest for $70 million, which are both first exercisable in June 2025 and expire in June 2030. As of March 30, 2024, the carrying value of our investment in Dempsey is $60.3 million and is recorded in Other Assets. Our maximum exposure to loss consists of our investment amount and any contingent loss that may occur in the future as a result of a change in the fair value of Dempsey relative to the strike price of the put option.

In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 30, 2023.

Seasonality has a significant impact on our working capital from March to August, which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the April 1, 2023 balances in the accompanying unaudited condensed consolidated balance sheets.

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UFP INDUSTRIES, INC.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies our required income tax disclosures, we are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company's operating segments, we are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

8

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UFP INDUSTRIES, INC.

B.       FAIR VALUE

We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets measured at fair value are as follows (in thousands):

March 30, 2024

December 30, 2023

Quoted

Prices with

Quoted

Prices with

Prices in

Other

Prices with

Prices in

Other

Prices with

Active

Observable

Unobservable

Active

Observable

Unobservable

Markets

Inputs

Inputs

Markets

Inputs

Inputs

    

(Level 1)

    

(Level 2)

    

(Level 3)

Total

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

Money market funds

$

179,400

$

7,036

$

    

$

186,436

    

$

492,800

    

$

6,133

$

    

$

498,933

Fixed income funds

 

5,159

21,724

 

 

26,883

 

5,112

 

18,976

 

 

24,088

Treasury securities

344

344

344

344

Equity securities

 

17,439

15,000

 

 

32,439

 

16,411

 

10,500

 

 

26,911

Alternative investments

4,030

4,030

4,052

4,052

Mutual funds:

 

  

  

 

Domestic stock funds

 

14,514

 

 

14,514

 

13,330

 

 

 

13,330

International stock funds

 

540

 

 

540

 

509

 

 

 

509

Target funds

 

9

 

 

9

 

9

 

 

 

9

Bond funds

 

5

 

 

5

 

5

 

 

 

5

Alternative funds

489