The company completed the acquisitions of Quality Door, Hanson Truss, RPM, Schoeneman and TRSMI for a total of $132.9 million, net of cash acquired. These acquisitions are expected to expand the company's market footprint and add operations in value-add product categories.

During the six months ended June 30, 2024, the company repurchased 5.9 million shares at a weighted average price of $170.55 per share, for a total cost of $1.0 billion. On August 5, 2024, the board authorized a new repurchase plan of up to $1.0 billion.

On February 29, 2024, the company completed a private offering of $1.0 billion in aggregate principal amount of 6.375% senior unsecured notes due 2034. The net proceeds were used to pay transaction fees, repay debt under the Revolving Facility, and for general corporate purposes.

Management stated they will continue to focus on working capital by monitoring credit exposure, maintaining the right level of inventory, and working with vendors to improve payment terms and pricing.

The company strives to achieve the appropriate balance of short-term expense control while maintaining the expertise and capacity to grow the business as market conditions expand.

The CEO and CFO have concluded that the company maintained effective disclosure controls and procedures as of June 30, 2024, ensuring timely and accurate reporting.

The company has a number of known and threatened construction defect legal claims, and there is a reasonable possibility of loss that is not able to be estimated at this time.

Borrowings under the Revolving Facility bear interest at either a base rate or SOFR, plus an applicable margin. A 1.0% increase in interest rates would result in approximately $1.0 million in additional interest expense annually.

Short-term changes in the cost of materials, including lumber products, and related freight costs, can impact operating results if the company is unable to pass on these increases to customers.

The company believes it is well-positioned to take advantage of favorable long-term industry trends and to strategically increase its market share, both organically and through acquisitions.

Quarterly results historically have reflected, and are expected to continue to reflect, fluctuations from period to period arising from the cyclical nature of the homebuilding industry.

Quarterly results historically have reflected, and are expected to continue to reflect, fluctuations from period to period arising from general economic conditions in the markets in which the company competes.

Selling, general and administrative expenses decreased to 21.8% of net sales, down from 22.5% in the second quarter of 2023. This decrease was primarily due to lower variable compensation.

The company will continue to focus on working capital by closely monitoring the credit exposure of customers, remaining focused on maintaining the right level of inventory and by working with vendors to improve payment terms and pricing on products.

The company is managing disruptions in supply chain.

Due to ongoing system integrations and conversions, the company's product alignment continues to be refined.

Forward-looking statements involve risks and uncertainties, many of which are beyond the Company's control or may be currently unknown to the Company, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements; such risks or uncertainties include those related to the Company's growth strategies, including acquisitions, organic growth and digital strategies.

The company is using Inline XBRL to format financial information.

During the six months ended June 30, 2024, the Company repurchased 5.9 million shares at a weighted average price of $170.55 per share, inclusive of applicable fees and taxes, for a total cost of $1.0 billion, which completed the Company's previously authorized share repurchase plans.

On August 5, 2024, the Company's board of directors authorized a new repurchase plan of up to $1.0 billion of the Company's outstanding shares of common stock.

During the first six months of 2024, the company completed the acquisitions of Quality Door, Hanson Truss, RPM, Schoeneman and TRSMI for a combined total of approximately $132.9 million, net of cash acquired.

As of June 30, 2024, the company had outstanding letters of credit totaling $66.3 million under its Revolving Facility that principally support its self-insurance programs.

The Company has a number of known and threatened construction defect legal claims.

The company carries insurance coverage in amounts in excess of its self-insured retention as it believes to be reasonable under the circumstances.

According to the U.S. Census Bureau, actual U.S. total housing starts were down 7.1% compared to the second quarter of 2023, while single-family starts were up 7.4%.

The company's first and fourth quarters have historically been, and are generally expected to continue to be, adversely affected by weather, causing reduced construction activity during these quarters.

Quarterly results historically have reflected, and are expected to continue to reflect, fluctuations from period to period arising from disruptions in the company's supply chain.