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1
Cautionary Notice
Statements in this presentation which are not purely historical facts or which necessarily depend upon future events,
including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations,
hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are
cautioned not to place undue reliance on forward-looking statements. All forward-looking statements in this presentation
are based upon information available to Builders FirstSource, Inc. on the date of this presentation. Except as required by
law, Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and
uncertainties that could cause actual events or results to differ materially from the events or results described in the
forward-looking statements, including risks or uncertainties related to the Company’s revenues and operating results
being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders
FirstSource, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could
affect our financial and other results can be found in the risk factors section of Builders FirstSource, Inc.’s most recent
Form 10-K filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this
presentation are qualified by the factors, risks and uncertainties contained therein
Use of Non-GAAP Financial Measures
This presentation includes financial measures and terms not calculated in accordance with accounting principles generally
accepted in the United States (“GAAP”) in order to provide investors with an alternative method for assessing our
operating results in a manner that enables investors to more thoroughly evaluate our current performance as compared to
past performance. We believe these non-GAAP measures provide investors with a better baseline for modeling our future
earnings expectations. Our management uses these non-GAAP measures for the same purpose. We believe that our
investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures
should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute
for or superior to GAAP results. Our calculations of non-GAAP measures are not necessarily comparable to similarly
titled measures reported by other companies. Schedules that reconcile non-GAAP financial
measures to their GAAP equivalents are included later in this presentation.
Safe Harbor & Non-GAAP Financial Measures
2
Contents
Section 1 Company Overview 3
Section 2 Industry Update 9
Section 3 Investment Highlights 13
Section 4 Financial Overview 19
Section 5 Reconciliation of Non-GAAP Financial Measures 27
4
Prefabricated Components Lumber & Lumber Sheet Other Products & Services
Products include
dimensional lumber,
plywood and oriented
strand board (“OSB”)
Factory-built substitutes
for job side-framing
including floor trusses,
roof trusses, wall
panels, stairs, and
engineered wood
Cabinets, gypsum,
roofing and insulation.
Services include turn-
key framing, shell
construction, design
assistance, and
installation
Windows & Doors Millwork
Manufacturing,
assembly and
distribution of
aluminum and vinyl
windows
Assembly and
distribution of interior
and exterior door units
Distribution of interior
trim, exterior trim,
columns and posts.
Manufacturing of custom
exterior features under
the Synboard™
brand name
Third largest building products provider1 operating in the estimated $129.2 billion single family residential
home construction market2
The Company is a fully-integrated supplier, manufacturer and installer of structural and related building
products
Company Overview
Notes:
1 According to ProSales Magazine among those with manufacturing capabilities, based on 2011 revenues
2 2012 National Association of Home Builder (“NAHB”)
5
Revenue Distribution
Approximately half of BFS sales are from value added product categories — Prefabricated
Components, Millwork and Windows & Doors
Over 20% of sales are related to our installation services
Fiscal Year 2012 March YTD 2013
6
Top 10 customers represented approximately 23% of total sales, with no one customer
exceeding 5% for FY 2012
Customer mix consists of large national homebuilders, regional homebuilders and local
builders
Approximately 15% of sales are related to light commercial and multi-family construction
Our Customers
7
BFS has operations in 33 markets in 9 states primarily in the southern and eastern regions of the United States
BFS is in 16 of the nation’s
top 50 Metropolitan Statistical
Areas (as ranked by single
family housing permits)
Approximately 45% of 2012
U.S. housing permits were
issued in states in which BFS
operates
53 distribution centers and 44
manufacturing facilities, some
of which are co-located
Geographic Footprint
North East
Emmitsburg Frederick
Port of Rocks
Hagerstown
Manassas
Culpeper
Washington
Hillsborough
High Point
Bristol
Piney Flats Kingsport
Johnson City
Knoxville Asheville
Hendersonville
Brevard Cashiers
Blairsville
Gainsville
Atlanta
LaGrange
Columbus
CherryPoint
Edisto Island
Johns Island
Charleston
Pawleys Island
Columbia
Sumter Goose Creek
Conway Loris
Florence
Anderson
Seneca Greenville
Spartanburg
Cowpens
Charlotte
Aberdeen
Fayetteville
Southport
Wilmington Wilmington
Nashville
Chelsea
Shelby
Auburn
Jacksonville Freeport
Tampa
Bunnell
Orlando
West Palm Beach
Dallas Headquarters
Lewisville
Arlington
Grand Prairie
Houston
San Antonio
Austin
Apex
Clarksville
8
Strong Market Position
BFS is the third largest building products provider in an estimated
$129.2 billion single family residential construction market1
Building Products Suppliers with Manufacturing Capabilities
Note:
1 2012 NAHB
Pro Distributor % Change
ProBuild Holdings $2,838 $3,045 -6.8%
84 Lumber 1,278 1,378 -7.2%
Builders FirstSource 779 700 11.3%
Stock Building Supply 735 818 -10.1%
BMC 631 570 10.7%
Carter Lumber 557 535 4.2%
US LBM 429 270 59.3%
Harvey Building Products 400 n/m n/m
McCoy’s Building Supply 380 377 0.6%
Golden State Lumber 213 212 0.4%
Source: ProSales Magazine, 2011 & 2010
2011 Pro Segment
Sales ($mm)
2010 Pro Segment
Sales ($mm)
10
Recent downturn in residential new construction market is without precedent since World War II
Since 2008, housing starts have been well below the long term trend of 1.5 million total starts and
1.1 million single family starts.
Overbuild/Underbuild
New Construction Market Trends
11
The residential new construction market has experienced a substantial downturn in recent
years as a result of the recession
The downturn resulted in the largest decline in housing starts since the Great Depression
falling by 73% from the 2005 peak to the current trough
Building products sales have had a corresponding decline
Trends that will drive a recovery in U.S. housing demand include:
Low interest rates, the aging of housing stock, and population growth due to
immigration and birthrates exceeding death rates
The National Association of Home Builders (“NAHB”) is predicting that 2013 U.S.
single family housing starts will grow approximately 24% from 2012, with
approximately 664,000 single family housing starts predicted
NAHB predicts single family housing starts will increase to 855,000 in 2014,
representing a 29% increase over the 2013 forecast
The Macro Environment
BFS is well positioned to take advantage of anticipated renewed demand
12
Commodity Price Trends
Commodity prices have steadily increased since the beginning of the 2012. Higher commodity prices
will typically result in increased gross profit dollars and improved EBITDA flow through.
14
Strategic Growth Plan
Management plans to capitalize on the housing market recovery and continue to
focus on profitable, disciplined growth and free cash flow generation
Maximize share of wallet
with customers and
within markets
Leverage our strategic
vendor relationships
Leverage our scalable
cost structure
Selectively pursue
organic expansion and
strategic acquisitions
Grow sales
to production
homebuilders as they
continue to gain
market share
Prudently expand
presence in the custom
homebuilder base
Selectively pursue
opportunities to grow
our multi-family and
light commercial
business
Preferred channel
partner with strong
financial position
Relative size and
homebuilder
relationships provide
our vendors access to a
large customer base
with significant
purchasing power
Standardized process
and technology-based
workflows
Streamline operations
and enhance working
capital efficiency
Through the downturn,
realized permanent cost
savings
No single Pro Segment
supplier accounts for
more than 2% of the
market
Opportunistic bolt-on
acquisitions could be
highly accretive to the
business
History of successfully
entering new markets
through greenfield
expansion
15
Fully Integrated Distribution Platform
BFS has an integrated business model that differentiates it from
competitors that operate with a decentralized collection of facilities
Network of 53 distribution centers and 44 manufacturing facilities, some which are co-
located
Size of facilities tailored to each market to meet customer needs
Offering large-scale, full-service branches in larger markets and smaller, more tailored
facilities in secondary markets
Highly customized, proprietary information technology system drives internal efficiencies
allowing the Company to respond rapidly to customers and reduce their costs
BFS operates and owns the source code to its enterprise resource planning (“ERP”)
computer system that is tailored to the building supply industry in addition to laser
technology that facilitates precision, speed and efficiency in the manufacturing process
16
Due to the breadth of its product offering (65,000 SKUs), BFS functions as a “one-stop shop”
Homebuilders value the convenience and efficiency of using one supplier throughout building process
BFS provides customers with a full range of services including professional installation, turn-key
framing and shell construction and design
BFS’s salespeople are typically trained homebuilders who understand the challenges that might be
encountered at the job site
Just-in-time delivery of just the right amount of product
Value-added advice and consultation on engineering, building codes and other building matters
BFS acts as both a supplier and advisor to the homebuilding customer
Supplier to
Homebuilders
Trusted Consultant
Full Offering of Manufactured Products and
Construction Services
17 17
Experienced Management Team
Lou Davis Vice President – Manufacturing
Morris E. Tolly Senior Vice President – Operations
Floyd F. Sherman President and CEO
Chad Crow Senior Vice President and CFO
13 years of industry experience
Prior experience: Director of Accounting at Pier One Imports and five
years experience with PriceWaterhouse
Over 40 years of industry experience
Prior experience: Area Manager at Pelican Companies, Inc.
Over 40 years of industry experience
Prior experience: Chairman & CEO of Triangle Pacific / Armstrong
Flooring
Area VPs
Over 40 years of industry experience
Prior experience: Manufacturing management positions with Wickes, Inc.,
Fabricon, Inc., National Homes Corp
Average BFS tenure of 20 years
Donald F. McAleenan Senior VP and General Counsel
20 years of industry experience
Prior experience: VP & Deputy General Counsel of Fibreboard, Asst
General Counsel of AT&E, nine years as a securities lawyer
18
Summary
Experienced
Management
Team
Sustained
investment
through the cycle
Fully-integrated
industry-leading
IT system
Comprehensive
value-added
approach to
customer service
Market
Leadership in
Attractive
Fragmented
Markets
Differentiating factors that will enhance BFS’s ability to take advantage of housing
recovery
20
Review of 2012 Operating Results
Sales for 2012 were 37.4% higher than 2011 primarily driven by volume, and to a lesser extent,
commodity price inflation
U.S. single family housing starts (South region) were up only 23.1% over the same period
U.S. single family units under construction (South region) were up only 7.7% over the same
period
Combination of these data points, indicate market share gains
Gross margin decreased slightly from 20.3% in 2011 to 20.0% in 2012. Increased sales volume was
offset by intra-quarter commodity lumber price inflation relative to quarterly customer pricing
commitments. Higher than expected sales volume resulted in us replacing inventory during the latter
half of the quarters at higher costs.
Selling, general, and administrative expenses have been monitored closely by management and as a
percentage of sales decreased from 24.2% in 2011 to 20.4% in 2012 (excluding stock compensation
expense)
FY 2012 Adjusted EBITDA improved $21.4 million – $6.4 million compared to ($15.0) million in
2011
21
After declines in 2007-2009, revenues stabilized in 2010 then grew 11% in 2011 and 37% in 2012
Historical margins demonstrate the potential for expansion from current margins as the business
builds toward historical scale and leverages a leaner cost structure
Proven ability to conserve capital through tight working capital management and reduced capital
spending
Summary Financial Performance
$mm except Sales per SF Start 2005 2006 2007 2008 2009 2010 2011 2012
South Region Single Family Housing Starts1
831,300 756,500 539,500 323,600 232,100 247,200 229,200 282,100
South region sales per SF start $2,572 $2,728 $2,722 $3,066 $2,921 $2,833 $3,399 $3,795
U.S. Single Family Housing Starts1
1,715,800 1,465,300 1,046,100 622,000 445,000 471,100 430,500 534,600
U.S. sales per SF start $1,246 $1,408 $1,404 $1,595 $1,523 $1,487 $1,810 $2,003
Total Revenue $2,138.1 $2,063.5 $1,468.4 $992.0 $677.9 $700.3 $779.1 $1,070.7
% growth -3.5% -28.8% -32.4% -31.7% 3.3% 11.2% 37.4%
Gross Profit $543.4 $544.8 $363.2 $215.5 $142.4 $131.8 $157.9 $214.6
% margin 25.4% 26.4% 24.7% 21.7% 21.0% 18.8% 20.3% 20.0%
Operating Expenses2
$388.6 $401.5 $341.9 $280.0 $201.4 $194.1 $193.0 $222.3
% revenue 18.2% 19.5% 23.3% 28.2% 29.7% 27.7% 24.8% 20.8%
Adjusted EBITDA3
$172.7 $169.9 $53.2 ($32.4) ($35.1) ($43.6) ($15.0) $6.4
% margin 8.1% 8.2% 3.6% -3.3% -5.2% -6.2% -1.9% 0.6%
Capex4
$29.7 $27.2 $10.1 $8.2 $2.1 $9.0 $4.8 $10.4
% revenue 1.4% 1.3% 0.7% 0.8% 0.3% 1.3% 0.6% 1.0%
Net Working Capital as % of Revenue5
10.0% 10.4% 11.6% 12.2% 10.2% 9.3% 10.0% 10.0%
Notes:
1 Source: U.S. Census
2 2005 operating expenses adjusted to exclude $35.5mm anti-dilution payment to stock option holders
3 See Adjusted EBITDA reconciliation on page 28
4 2005 and 2006 capex includes expansion expenditures.
5 Calculated as monthly average of net working capital divided by total annual revenue
Fiscal Year
22
Recent Quarterly Performance
Recent quarterly performance demonstrates strong revenue trends with six
consecutive quarters of revenue growth greater than 30%
Q2 Q3 Q4 2012 2012 2012 2012 2013
$mm except Sales per SF Start 2011 2011 2011 Q1 Q2 Q3 Q4 Q1
South Region Single Family Housing Starts1
63,800 61,700 51,600 62,000 77,200 78,100 65,300 79,000
South region sales per SF start $3,235 $3,520 $3,734 $3,539 $3,522 $3,736 $4,404 $4,047
U.S. Single Family Housing Starts1
123,400 117,700 99,900 105,500 151,100 150,100 128,600 135,200
U.S. sales per SF start $1,673 $1,845 $1,929 $2,080 $1,799 $1,944 $2,236 $2,365
Total Revenue $206.4 $217.2 $192.7 $219.4 $271.9 $291.8 $287.6 $319.7
% growth y-o-y -2.4% 20.4% 31.0% 34.7% 31.7% 34.3% 49.2% 34.7%
Gross Profit $42.8 $44.4 $39.3 $45.1 $53.7 $57.7 $58.1 $62.3
% margin 20.7% 20.4% 20.4% 20.6% 19.7% 19.8% 20.2% 19.5%
Operating Expenses $49.0 $50.2 $47.1 $50.8 $55.0 $58.7 $57.8 $61.1
% revenue 23.7% 23.1% 24.4% 23.2% 20.2% 20.1% 20.1% 19.1%
Adjusted EBITDA2
($1.3) ($0.7) ($3.3) ($2.1) $2.1 $3.0 $3.4 $5.4
% margin -0.6% -0.3% -1.7% -1.0% 0.8% 1.0% 1.2% 1.7%
Capex $1.1 $1.1 $2.1 $1.7 $2.3 $5.2 $1.2 $1.0
% revenue 0.5% 0.5% 1.1% 0.8% 0.8% 1.8% 0.4% 0.3%
Notes:
1 Source: U.S. Census
2 See Quarterly Adjusted EBITDA reconciliation on page 29
23
Market Share Gains
Consistent growth in sales per single-family housing start indicates market share
gains
24
Sales & Adjusted EBITDA Trends
Consistent sales and adjusted EBITDA growth
Six straight quarters of y/o/y sales growth greater than 30%
Nine straight quarters of y/o/y adjusted EBITDA improvement
25
March YTD 2013 Update
Sales for Q1 2013 were $319.7 million, a 45.7% increase over sales of $219.4 million for Q1 2012
Sales growth estimated to be driven by volume (29.7%) and price (16.0%)
U.S. single family housing starts (South region) were up only 27.4% over the same period
U.S. single family units under construction (South region) were up only 23.2% over the same
period
Gross margin was 19.5% for Q1 2013 compared to 20.6% for Q1 2012. Increased sales volume was
offset by intra-quarter commodity lumber price inflation relative to quarterly customer pricing
commitments.
At March 31, 2013, our LTM Adjusted EBITDA had improved $7.5 million – $5.4 million
compared to ($2.1) million for the same period in 2012
26
Capital Structure Summary
$mm 3/31/2013 Coupon Maturity Call Provisions
Cash & Cash Equivalents $117.7
Term Loan *
225.0 L+950 bps (2% Libor floor) Sep-15 Interest make-whole through Dec 2014
Second-lien Floating Rate Notes 139.7 L+1000 bps (3% Libor floor) Feb-16 Currently callable at 100
Other debt 4.0
Total Debt 368.7
Stockholders' Equity 37.1
Total Capitalization 405.8
Net Debt $251.0
* Financing also includes a stand-alone LC facility that provides for the issuance of up to $10mm letters of credit and a sub-facility that
provides for the issuance of up to $15mm letters of credit
28
Adjusted EBITDA Reconciliation
$mm 2005 2006 2007 2008 2009 2010 2011 2012
Net Income (Loss) $48.6 $68.9 ($23.8) ($139.5) ($61.9) ($95.5) ($65.0) ($56.9)
Reconciling Items:
Depreciation & amortization 16.9 20.4 22.4 20.8 17.9 15.4 14.0 11.1
Interest expense 47.2 28.7 27.7 25.6 27.0 31.7 24.9 45.1
Income tax expense (benefit) 27.0 43.3 (4.3) (17.7) (30.8) (1.1) 2.2 0.6
(Income) loss from discontinued operations, net of tax (3.6) 2.3 21.1 18.9 5.0 1.2 0.4 2.4
Asset impairments - - 0.4 46.9 0.5 0.8 - 0.0
Stock compensation expense 0.0 4.1 7.0 8.5 2.9 4.3 4.6 3.6
Litigation settlement - - - - - (1.2) - (0.6)
Transaction costs - - 1.1 2.8 3.2 (0.0) 1.2 -
Facility closure costs 0.8 0.6 0.1 1.2 1.2 0.6 2.5 1.0
Anti-dilution payment to stock option holders 35.5 - - - - - - -
Other 0.2 1.6 1.5 (0.1) (0.0) 0.2 0.2 (0.0)
Adjusted EBITDA $172.7 $169.9 $53.2 ($32.4) ($35.1) ($43.6) ($15.0) $6.4
Fiscal Year
29
Quarterly Adjusted EBITDA Reconciliation
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
$mm 2011 2011 2011 2012 2012 2012 2012 2013
Net Loss ($15.5) ($11.6) ($16.7) ($19.2) ($12.1) ($13.6) ($12.0) ($11.8)
Reconciling Items:
Depreciation & amortization 3.5 3.4 3.5 2.9 2.5 2.9 2.9 2.8
Interest expense 5.7 5.3 8.1 13.1 10.5 10.6 11.0 12.5
Income tax expense (benefit) 1.7 0.3 0.3 0.2 0.1 0.0 0.2 0.3
Loss from discontinued operations, net of tax 0.1 0.1 0.1 0.1 0.1 1.3 1.0 0.2
Stock compensation expense 0.9 1.7 0.9 0.8 0.9 0.9 1.0 1.3
Transaction costs 0.3 - - - 0 0 - -
Facility closure costs 1.9 0.1 0.4 0.1 0.1 0.7 0.1 0.1
Other 0.1 (0.0) 0.1 0.0 (0.0) 0.0 (0.6) (0.0)
Adjusted EBITDA ($1.3) ($0.7) ($3.3) ($2.1) $2.1 $3.0 $3.4 $5.4