Feb. 14 at 9:48 PM
$BLDR
Fincl questions for analysts to consider:
Why was Q3 inventory UP by
$134M to over
$1.1b—-near a high above most other periods?
In a declining pricing environment - wld like to see less inventory/ AR /AP
Is inventory valued at current market prices / original cost / is there an inv aging report disclosed? Also - less revenue but AR up
$44M ? DSO report handy / challenges collecting?
How does a 5%, 6%, 7% drop in revenue impact quarterly
$122M GAAP quarterly net income ? Annualized
$500M EPS x PE 15 is ~
$6B less debt?
Total Current Assets
$3.3b, Total Liabilites
$7.1b —over
$5B of intangible assets. Equity of
$4.3b Q3 is *negative
$700M* if goodwill intangibles are excluded (less any obsolete overpriced inventory).
Are integration issues with SAP and M&A being capitalized or expensed in current period? If the former, the “adjusted EPS/ EBIDTA” could be fake profits /prophets.
Cash used in Q3 was
$236M for investing activities - beware non GAAP
