filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following selected consolidated financial data for the years ended December 31, 2016, 2015 and 2014 and as of December 31, 2016 and 2015 were derived from our consolidated financial statements that have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, and are included as Item 8 of this annual report on Form 10-K. Selected consolidated financial data as of December 31, 2014 and as of and for the years ended December 31, 2013 and 2012 were derived from our consolidated financial statements that have been audited by PricewaterhouseCoopers LLP, but are not included herein.
The following data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Item 7 of this annual report on Form 10-K and with our consolidated financial statements and related notes included as Item 8 of this annual report on Form 10-K.
| Year Ended December 31, | |||||||||||||||||||||
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| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||
| Statement of operations data: | |||||||||||||||||||||
| Sales | $ | 6,367,284 | $ | 3,564,425 | $ | 1,604,096 | $ | 1,489,892 | $ | 1,070,676 | |||||||||||
| Gross margin | 1,596,748 | 901,458 | 356,997 | 319,920 | 214,566 | ||||||||||||||||
| Selling, general and administrative expenses | 1,360,412 | 810,703 | 307,387 | 272,204 | 225,706 | ||||||||||||||||
| Net income (loss) (1)(2) | 144,341 | (22,831 | ) | 18,150 | (42,691 | ) | (56,856 | ) | |||||||||||||
| Net income (loss) per share — basic | $ | 1.30 | $ | (0.22 | ) | $ | 0.19 | $ | (0.44 | ) | $ | (0.60 | ) | ||||||||
| Net income (loss) per share — diluted | $ | 1.27 | $ | (0.22 | ) | $ | 0.18 | $ | (0.44 | ) | $ | (0.60 | ) | ||||||||
| Balance sheet data (end of period): | |||||||||||||||||||||
| Cash and cash equivalents | $ | 14,449 | $ | 65,063 | $ | 17,773 | $ | 54,696 | $ | 131,432 | |||||||||||
| Total assets | 2,909,887 | 2,882,038 | 574,065 | 505,436 | 548,369 | ||||||||||||||||
| Total debt (including current portion) | 1,802,052 | 1,951,671 | 374,903 | 343,567 | 358,483 | ||||||||||||||||
| Stockholders’ equity | 309,620 | 149,195 | 40,200 | 15,368 | 48,096 | ||||||||||||||||
| Other financial data: | |||||||||||||||||||||
| Depreciation and amortization | $ | 109,793 | $ | 58,280 | $ | 9,519 | $ | 9,305 | $ | 11,120 |
| (1) | As discussed in Note 12 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K, net income included a reduction to our valuation allowance of $131.7 million as we released the valuation allowance against our net federal and certain state deferred tax assets for the year ended December 31, 2016. Net loss included a valuation allowance of $9.7 million against primarily all of our deferred tax assets for the year ended December 31, 2015. Net income included a reduction to our valuation allowance of $7.2 million due to the utilization of net operating loss carryforwards to reduce taxable income for the year ended December 31, 2014. Net loss included a valuation allowance of $15.3 million and $19.6 million against primarily all of our deferred tax assets for the years ended December 31, 2013 and 2012, respectively. |
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| (2) | Net income for the year ended December 31, 2016 includes a loss on debt extinguishment and other financing costs of $56.9 million resulting from multiple debt transactions executed in the current year. Our 2016 debt transactions are discussed in detail in Note 8 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K. Net loss for the year ended December 31, 2015 includes $38.6 million of acquisition and transaction related costs associated with the ProBuild acquisition, including $13.2 million in commitment fees related to bridge and backstop financing facilities incurred in connection with the financing of the ProBuild acquisition. In addition, net loss for the year ended December 31, 2015 also includes $10.3 million related to non-cash interest expense from the amortization of debt discount and deferred loan costs, and fair value adjustments related to our warrants. Net loss for the year ended December 31, 2013 included a $39.5 million prepayment penalty. |
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