BEACON ROOFING SUPPLY : Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

The following discussion and analysis should be read in conjunction with our
Consolidated Financial Statements and the notes thereto and Management's
Discussion and Analysis included in our 2020 Annual Report on Form 10-K and our
Condensed Consolidated Financial Statements and the notes thereto included
elsewhere in this document. Unless otherwise indicated, references to "2021"
refer to the three or nine months ended June 30, 2021 being discussed and
references to "2020" refer to the three or nine months ended June 30, 2020 being
discussed.

Waarschuwing met betrekking tot toekomstgerichte informatie

Our disclosure and analysis in this report contains forward-looking information
within the meaning of the Private Securities Litigation Reform Act of 1995, as
amended, that involves risks and uncertainties. Our forward-looking statements
express our current expectations or forecasts of possible future results or
events, including projections of future performance, statements of management's
plans and objectives, future contracts, and forecasts of trends and other
matters. You can identify these statements by the fact that they do not relate
strictly to historic or current facts and often use words such as "anticipate,"
"estimate," "expect," "believe," "will likely result," "outlook," "project" and
other words and expressions of similar meaning. No assurance can be given that
the results in any forward-looking statements will be achieved and actual
results could be affected by one or more factors, which could cause them to
differ materially. We do not undertake, and specifically disclaim, any
obligation to update any forward-looking statements to reflect the occurrence of
events or circumstances after the date of such statements except as required by
law.

Certain factors that may affect our business and could cause actual results to
differ materially from those expressed in any forward-looking statements include
those set forth under the heading "Risk Factors" in both this report and our
Annual Report on Form 10-K for the fiscal year ended September 30, 2020. The
Company may not succeed in addressing these and other risks. Consequently, all
forward-looking statements in this report are qualified by the factors, risks
and uncertainties contained therein and readers are cautioned not to place undue
reliance on forward-looking statements.

Overzicht

We are the largest publicly traded distributor of roofing materials and
complementary building products in the United States and Canada. We are among
the oldest and most established distributors in the industry, providing
high-quality products to the building industry. Our customers rely on us for
local access to the building products and services they need to operate their
businesses and serve their clients.

On February 10, 2021, we completed the sale of our interior products and
insulation businesses ("Interior Products") to Foundation Building Materials
Holding Company LLC ("FBM"), pursuant to that certain Equity Purchase Agreement,
dated as of December 20, 2020 (the "Purchase Agreement"), by and between us and
ASP Sailor Acquisition Corp. ("ASP"), for approximately $850 million in cash
(subject to a working capital and certain other adjustments as set forth in the
Purchase Agreement). On January 29, 2021, ASP assigned the Purchase Agreement to
FBM. We used the proceeds from the divestiture of our Interior Products business
to reduce net leverage and strengthen our balance sheet, which provides the
financial flexibility to pursue strategic growth initiatives in our core
exteriors business. Beginning with the condensed consolidated financial
statements for the three months ended December 31, 2020, we have reflected
Interior Products as discontinued operations for all periods presented. Unless
otherwise noted, amounts and disclosures throughout this Management's Discussion
and Analysis relate to our continuing operations. For additional information,
see Note 3 in the Notes to Condensed Consolidated Financial Statements.

On January 15, 2020, we announced the rebranding of our exterior products
branches with the trade name "Beacon Building Products" (the "Rebranding"). The
new name, and a related logo, were adopted at Beacon's one-step exterior
products branches. Our two-step branches continue to operate under legacy brand
names.

As of June 30, 2021, we operated 445 branches throughout all 50 states in the
U.S. and 6 provinces in Canada. We offer one of the most extensive assortments
of high-quality branded products in the industry, with approximately 140,000
SKUs available across our branch network.

We serve over 90,000 customers by promptly providing the products they require,
allowing our customers to deliver on the project specifications and timelines
that are critical to their success. Our customer base is composed mainly of a
diverse population of building contractors from the markets in which we operate.
These local, regional, and national contractors work on new construction
projects as well as the repair or remodeling of residential and non-residential
properties. We also distribute products to home builders, building owners, and
retailers.

Effective execution of both our sales and operating plans enables us to grow
beyond the relative strength of the markets we serve. Our business model is a
bottom-up approach, where each of our branches uses its local and regional
knowledge and experience to assist with the development of a marketing plan and
product mix that is best suited for its respective market. Local alignment with
overall strategic goals provides the foundation for significant ownership of
results at the branch level. Our distinctive operating model and

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branch level autonomy differentiate us from the competition. Our branch-based
operating model is further enhanced in large markets by networking branches
through our On-Time and Complete network (Beacon OTC®) that allows us to serve
our customers more effectively and efficiently.

We provide our customers with industry-leading digital solutions, including
Beacon PRO+, our innovative e-commerce portal, and Beacon 3D+, a roofing
estimating tool for our residential customers. These platforms help our
customers save time, work more efficiently and grow their businesses. We believe
customer relations and our employees' extensive industry knowledge are vital to
promote customer loyalty and maintain customer satisfaction. We invest
significant resources in professional development, management skills, product
knowledge, and operational proficiency. These capabilities were developed on a
foundation of continuous improvement, thereby driving our service excellence,
productivity and efficiency.

Our history has been strongly influenced by significant acquisition-driven
growth, highlighted by the acquisitions of Allied Building Products Corp.
("Allied") for $2.88 billion in 2018 (the "Allied Acquisition") and Roofing
Supply Group, LLC ("RSG") for $1.17 billion in 2016 (the "RSG Acquisition").
These strategic acquisitions expanded our geographic footprint, enhanced our
market presence, and diversified our product offerings. The scale we have
achieved from our expansion efforts serves as a competitive advantage, allowing
us to use our assets more efficiently and control our expenses to drive
operating leverage.

While we will continue to pursue strategic acquisitions to grow our business,
our primary focus is now on continuing to identify additional opportunities for
organic growth and improving our operations. Our recent highlights in these
pursuits are demonstrated by the following results:

• organische dagelijkse omzetgroei derde kwartaal 2021 van 20,8% ten opzichte van 2020;

  • seven new branch locations since the start of fiscal year 2020; and

• aanzienlijke verbeteringen in arbeidskostenefficiëntie en vlootgebruik

statistieken in vergelijking met historische niveaus, gedreven door strategische kosten

         actions.


COVID-19 Pandemic

We continue to monitor the ongoing impact of the COVID-19 pandemic, including
the effects of recent notable variants of the virus. The health and safety of
our employees, customers, and the communities in which we operate remains our
top priority. Additional safety measures have been implemented in response to
the COVID-19 pandemic. Our essential business designation status in all the
local markets that we serve has not changed, and we have yet to experience a
significant amount of business disruption from forced temporary branch closures
due to COVID-19. To date, our business experienced the largest adverse impact
from COVID-19 in the third quarter of fiscal year 2020, mainly in areas with
significant government construction restrictions that have since been reduced.
We have the financial strength and operational flexibility to respond to future
COVID-19 pandemic restrictions, and have taken proactive steps to make a number
of the cost management initiatives undertaken in response to the COVID-19
pandemic permanent.

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Vergelijking van de drie maanden geëindigd 30 juni 2021 en 2020

The following tables set forth consolidated statement of operations data and
such data as a percentage of total net sales for the periods presented (in
millions):

                                                      Three Months Ended June 30,
                                                      2021                   2020
Net sales                                       $        1,872.1$        1,549.3
Cost of products sold                                    1,354.7                1,180.6
Gross profit                                               517.4                  368.7
Operating expense:
Selling, general and administrative                        296.3                  248.5
Depreciation                                                15.1                   14.1
Amortization                                                25.2                   30.9
Total operating expense                                    336.6                  293.5
Income (loss) from operations                              180.8                   75.2
Interest expense, financing costs, and other                23.2            

35,2

Loss on debt extinguishment                                 50.7            

Income (loss) from continuing operations before
income taxes                                               106.9            

40.0

Provision for (benefit from) income taxes                   27.1            

44.1

Net income (loss) from continuing operations                79.8                   (4.1 )
Net income (loss) from discontinued operations              (3.3 )                 (2.6 )
Net income (loss)                                           76.5                   (6.7 )
Dividends on Preferred Stock                                 6.0                    6.0
Net income (loss) attributable to common
stockholders                                    $           70.5       $          (12.7 )




                                                       Three Months Ended June 30,
                                                      2021                     2020
Net sales                                                  100.0 %                  100.0 %
Cost of products sold                                       72.4 %                   76.2 %
Gross profit                                                27.6 %                   23.8 %
Operating expense:
Selling, general and administrative                         15.8 %                   16.0 %
Depreciation                                                 0.9 %                    0.9 %
Amortization                                                 1.3 %                    2.0 %
Total operating expense                                     18.0 %                   18.9 %
Income (loss) from operations                                9.6 %                    4.9 %
Interest expense, financing costs, and other                 1.2 %                    2.3 %
Loss on debt extinguishment                                  2.7 %                    0.0 %
Income (loss) from continuing operations before              5.7 %                    2.6 %
income taxes
Provision for (benefit from) income taxes                    1.4 %                    2.8 %
Net income (loss) from continuing operations                 4.3 %                   (0.2 %)
Net income (loss) from discontinued operations              (0.2 %)                  (0.2 %)
Net income (loss)                                            4.1 %                   (0.4 %)
Dividends on Preferred Stock                                 0.3 %                    0.4 %
Net income (loss) attributable to common                     3.8 %                   (0.8 %)
stockholders


In managing our business, we consider all growth, including the opening of new
branches, to be organic growth unless it results from an acquisition. When we
refer to growth in existing markets or organic growth, we include growth from
existing and newly opened branches, but exclude growth from acquired branches
until they have been under our ownership for at least four full fiscal quarters
at the start of the fiscal reporting period. We believe the existing market
information is useful to investors because it helps explain organic growth or
decline. When we refer to regions, we are referring to our geographic regions.
When we refer to our net product costs, we are referring to our invoice cost
less the impact of short-term buying programs (also referred to as "special
buys" given the manner in which they are offered).

As of June 30, 2021, we had a total of 445 branches in operation. All such
branches were acquired prior to the start of the third quarter of fiscal year
2020 and therefore meet our existing market definition. As a result, operating
results for existing markets are equal to consolidated operating results for all
periods presented.

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Netto-omzet

Net sales increased 20.8% to $1.87 billion in 2021, up from $1.55 billion in
2020. The comparative increase in net sales was influenced by growth across all
three product categories driven by the benefit of price increases and higher
demand.

Net sales by geographic region increased from 2020 to 2021 as follows: Northeast
44.4%; Mid-Atlantic 6.4%; Southeast 28.7%; Southwest 19.1%; Midwest 8.9%; West
22.5%; and Canada 54.0%.

We estimate the impact of inflation or deflation on our sales and gross profit
by looking at changes in our average selling prices and gross margins (discussed
below).

The following table summarizes net sales by product line for the periods
presented (in millions):

                                      Three Months Ended June 30,
                                   2021                         2020                      Change
                          Net Sales         %          Net Sales         %             $           %
Residential roofing
products                  $    981.6         52.4 %    $    832.1        53.7 %    $   149.5       18.0 %
Non-residential roofing
products                       486.7         26.0 %         418.4        27.0 %         68.3       16.3 %
Complementary building
products                       403.8         21.6 %         298.8        19.3 %        105.0       35.1 %
Total net sales           $  1,872.1        100.0 %    $  1,549.3       100.0 %    $   322.8       20.8 %


Gross Profit

De volgende tabel geeft een overzicht van de brutowinst en brutomarge voor de gepresenteerde perioden (in miljoenen):

                Three Months Ended June 30,             Change1
                 2021                2020             $          %
Gross profit $       517.4$       368.7$ 148.7       40.3 %
Gross margin          27.6 %              23.8 %       N/A        3.8 %

_________________________________________

     1 Percentage changes for dollar amounts represent the ratable increase or
       decrease from period-to-period. Percentage changes for percentages
       represent the net period-to-period change in basis points.


Gross margin was 27.6% in 2021, up 3.8 percentage points from 23.8% in 2020. The
comparative increase in gross margin resulted from a weighted-average selling
price increase of approximately 10-11%, partially offset by a weighted-average
product cost increase of approximately 6-7%.

Operationele kosten

The following table summarizes operating expense for the periods presented (in
millions):

                                        Three Months Ended June 30,                   Change1
                                         2021                2020                 $              %

Verkoop, algemeen en administratief $ 296,3$ 248,5

 $      47.8          19.2 %
Depreciation                                  15.1                14.1               1.0           7.1 %
Amortization                                  25.2                30.9              (5.7 )       (18.4 %)
Operating expense                    $       336.6$       293.5$      43.1          14.7 %
% of net sales                                18.0 %              18.9 %             N/A          (0.9 %)

__________________________________________________

     1 Percentage changes for dollar amounts represent the ratable increase or
       decrease from period-to-period. Percentage changes for percentages
       represent the net period-to-period change in basis points.


Operating expense increased 14.7% to $336.6 million in 2021, from $293.5 million
in 2020. The comparative increase in operating expense was mainly influenced by
higher net sales volume as well as the following factors:

• een $ 35,8 miljoen stijging van de loonkosten en personeelskosten, voornamelijk

vanwege het aflopen van tijdelijke kostenacties die in 2020 zijn genomen als reactie

aan de COVID-19-pandemie en de vergelijkende verhoging van de jaarlijkse stimulans

kosten in 2021; en

• een $ 7,7 miljoen stijging van de verkoopkosten, voornamelijk door hogere

         fleet costs.


                                       25
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Our focus on improving our cost structure has allowed us to identify
opportunities for efficiencies across our business. While certain of our cost
actions have been temporary in nature, we continue our efforts to improve our
expense structure in order to produce permanent efficiency gains.

Rentelasten, financieringskosten en overige

Interest expense, financing costs and other expense was $23.2 million in 2021,
compared to $35.2 million in 2020. The comparative decrease is primarily due to
decreased debt balances.

Income Taxes

Income tax provision was $27.1 million in 2021, compared to $44.1 million in
2020. The comparative decrease in income tax provision was primarily due to a
net $32.8 million tax provision in 2020 stemming from the revaluation of
deferred tax assets and liabilities made in conjunction with our application of
the CARES Act. The effective tax rate, excluding any discrete items, was 25.9%
in 2021, compared to (17.8)% in 2020. We expect our fiscal year 2021 effective
tax rate, excluding any discrete items, will range from approximately 25.5% to
26.5%.

Netto-inkomen (verlies)/netto-inkomen (verlies) per aandeel

Net income (loss) from continuing operations was $79.8 million in 2021, compared
to $(4.1) million in 2020. Net income (loss) from discontinued operations was
$(3.3) million in 2021, compared to $(2.6) million in 2020 (see Note 3 in the
Notes to Condensed Consolidated Financial Statements for further discussion).
Net income (loss) was $76.5 million in 2021, compared to $(6.7) million in 2020.
There were $6.0 million of dividends on preferred shares in both 2021 and 2020,
making net income (loss) attributable to common stockholders of $70.5 million
and $(12.7) million, respectively.

We calculate net income (loss) per share by dividing net income (loss), less
dividends on preferred shares and adjustments for participating securities, by
the weighted-average number of common shares outstanding during the period.
Diluted net income (loss) per share is calculated by utilizing the most dilutive
result after applying and comparing the two-class method and if-converted method
(see Note 5 in the Notes to Condensed Consolidated Financial Statements for
further discussion).

De volgende tabel geeft alle componenten weer die worden gebruikt om het gewone en verwaterde netto-inkomen (verlies) per aandeel te berekenen (in miljoenen, behalve bedragen per aandeel; bepaalde bedragen worden mogelijk niet herberekend vanwege afronding):

                                                                  Three Months Ended June 30,
                                                                   2021                2020
Net income (loss)                                              $        76.5$        (6.7 )
Dividends on Preferred Stock                                             6.0                 6.0
Net income (loss) attributable to common stockholders                   70.5               (12.7 )
Undistributed income allocated to participating securities              (8.6 )                 -

Nettowinst (verlies) toe te rekenen aan gewone aandeelhouders – basis en verwaterd (indien geconverteerd methode)

                              $        61.9$       (12.7 )
Undistributed income allocated to participating securities               8.6                   -
Re-allocation of undistributed income to Preferred Stock                (8.4 )                 -

Nettowinst (verlies) toerekenbaar aan gewone aandeelhouders – verwaterd (tweeklassenmethode)

                                     $        

62.1 $ (12,7 )
Nettowinst (verlies) uit beëindigde bedrijfsactiviteiten toerekenbaar aan gewone aandeelhouders – eenvoudig en verwaterd

                                 (2.9 )              (2.6 )

Nettowinst (verlies) uit voortgezette bedrijfsactiviteiten toerekenbaar aan gewone aandeelhouders – eenvoudig en verwaterd

                        $        

64.8 $ (10.1)

Weighted-average common shares outstanding - basic                      69.9                68.8
Effect of common share equivalents                                       1.4                   -

Gewogen gemiddelde uitstaande gewone aandelen – verwaterd (indien geconverteerd en tweeklassenmethode)

                                     71.3                68.8

Nettowinst (verlies) toe te rekenen aan gewone aandeelhouders per aandeel: Basis – Voortgezette activiteiten

                                  $        0.93$       (0.14 )
Basic - Discontinued operations                                        (0.04 )             (0.04 )
Basic net income (loss) per share                              $        

0,89 $ (0.18)

Diluted - Continuing operations                                $        0.91$       (0.14 )
Diluted - Discontinued operations                                      (0.04 )             (0.04 )

Verwaterde nettowinst (verlies) per aandeel (tweeklassenmethode) $ 0,87$ (0.18)

Diluted - Continuing operations                                $        0.91$       (0.14 )
Diluted - Discontinued operations                                      (0.04 )             (0.04 )

Verwaterde nettowinst (verlies) per aandeel (indien geconverteerd) $ 0,87$ (0.18)



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Vergelijking van de negen maanden geëindigd 30 juni 2021 en 2020

The following tables set forth consolidated statement of operations data and
such data as a percentage of total net sales for the periods presented (in
millions):

                                                      Nine Months Ended June 30,
                                                      2021                   2020
Net sales                                       $        4,766.6$        4,161.7
Cost of products sold                                    3,516.7                3,182.5
Gross profit                                             1,249.9                  979.2
Operating expense:
Selling, general and administrative                        829.3                  784.5
Depreciation                                                43.6                   44.4
Amortization                                                78.3                  231.7
Total operating expense                                    951.2                1,060.6
Income (loss) from operations                              298.7                  (81.4 )
Interest expense, financing costs, and other                81.8            

97,3

Loss on debt extinguishment                                 60.2            

14.7

Income (loss) from continuing operations before
income taxes                                               156.7                 (193.4 )
Provision for (benefit from) income taxes                   40.0                  (43.9 )
Net income (loss) from continuing operations               116.7                 (149.5 )
Net income (loss) from discontinued operations            (267.0 )                 (3.3 )
Net income (loss)                                         (150.3 )               (152.8 )
Dividends on Preferred Stock                                18.0                   18.0
Net income (loss) attributable to common
stockholders                                    $         (168.3 )     $         (170.8 )




                                                       Nine Months Ended June 30,
                                                      2021                     2020
Net sales                                                  100.0 %                  100.0 %
Cost of products sold                                       73.8 %                   76.5 %
Gross profit                                                26.2 %                   23.5 %
Operating expense:
Selling, general and administrative                         17.4 %                   18.9 %
Depreciation                                                 1.0 %                    1.0 %
Amortization                                                 1.6 %                    5.6 %
Total operating expense                                     20.0 %                   25.5 %
Income (loss) from operations                                6.2 %                   (2.0 %)
Interest expense, financing costs, and other                 1.7 %                    2.3 %
Loss on debt extinguishment                                  1.2 %                    0.3 %
Income (loss) from continuing operations before
income taxes                                                 3.3 %                   (4.6 %)
Provision for (benefit from) income taxes                    0.9 %                   (1.0 %)
Net income (loss) from continuing operations                 2.4 %                   (3.6 %)
Net income (loss) from discontinued operations              (5.6 %)                  (0.1 %)
Net income (loss)                                           (3.2 %)                  (3.7 %)
Dividends on Preferred Stock                                 0.3 %                    0.4 %
Net income (loss) attributable to common
stockholders                                                (3.5 %)         

(4,1%)


In managing our business, we consider all growth, including the opening of new
branches, to be organic growth unless it results from an acquisition. When we
refer to growth in existing markets or organic growth, we include growth from
existing and newly opened branches, but exclude growth from acquired branches
until they have been under our ownership for at least four full fiscal quarters
at the start of the fiscal reporting period. We believe the existing market
information is useful to investors because it helps explain organic growth or
decline. When we refer to regions, we are referring to our geographic regions.
When we refer to our net product costs, we are referring to our invoice cost
less the impact of short-term buying programs (also referred to as "special
buys" given the manner in which they are offered).

Vanaf 30 juni 2021, hadden we in totaal 445 vestigingen in bedrijf. Al deze filialen werden verworven vóór de start van het boekjaar 2020 en voldoen dus aan onze bestaande marktdefinitie. Als gevolg hiervan zijn de bedrijfsresultaten voor bestaande markten gelijk aan de geconsolideerde bedrijfsresultaten voor alle gepresenteerde perioden.

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Netto-omzet

Net sales increased 14.5% to $4.77 billion in 2021, up from $4.16 billion in
2020 despite one fewer selling day. The comparative increase in net sales was
primarily influenced by strong demand for residential and complementary products
across all regions and the benefit of price increases.

Net sales by geographic region increased from 2020 to 2021 as follows: Northeast
18.8%; Mid-Atlantic 7.1%; Southeast 32.1%; Southwest 14.7%; Midwest 6.7%; West
7.7%; and Canada 33.0%.

We estimate the impact of inflation or deflation on our sales and gross profit
by looking at changes in our average selling prices and gross margins (discussed
below).

The following table summarizes net sales by product line for the periods
presented (in millions):

                                      Nine Months Ended June 30,
                                    2021                        2020                     Change
                          Net Sales          %         Net Sales         %            $            %
Residential roofing
products                  $  2,521.3          52.9 %   $  2,114.6        50.8 %   $   406.7        19.2 %
Non-residential roofing
products                     1,214.9          25.5 %      1,174.0        28.2 %        40.9         3.5 %
Complementary building
products                     1,030.4          21.6 %        873.1        21.0 %       157.3        18.0 %
Total net sales           $  4,766.6         100.0 %   $  4,161.7       100.0 %   $   604.9        14.5 %


Gross Profit

De volgende tabel geeft een overzicht van de brutowinst en brutomarge voor de gepresenteerde perioden (in miljoenen):

                 Nine Months Ended June 30,              Change1
                  2021                 2020            $          %
Gross profit $       1,249.9$      979.2$ 270.7       27.6 %
Gross margin            26.2 %             23.5 %       N/A        2.7 %

________________________________

             1 Percentage changes for dollar amounts represent the
               ratable increase or decrease from period-to-period.
               Percentage changes for percentages represent the net
               period-to-period change in basis points.


Gross margin was 26.2% in 2021, up 2.7 percentage points from 23.5% in 2020. The
comparative increase in gross margin resulted from a weighted-average selling
price increase of approximately 6-7%, partially offset by a weighted-average
product cost increase of approximately 3-4%.

Operationele kosten

The following table summarizes operating expense for the periods presented (in
millions):

                                         Nine Months Ended June 30,                    Change1
                                         2021                2020                  $              %

Verkoop, algemeen en administratief $ 829,3 $ 784,5

  $      44.8           5.7 %
Depreciation                                 43.6                  44.4              (0.8 )        (1.8 %)
Amortization                                 78.3                 231.7            (153.4 )       (66.2 %)
Total operating expense              $      951.2$       1,060.6$    (109.4 )       (10.3 %)
% of net sales                               20.0 %                25.5 %             N/A          (5.5 %)

________________________________

       1 Percentage changes for dollar amounts represent the ratable
         increase or decrease from period-to-period. Percentage changes
         for percentages represent the net period-to-period change in
         basis points.


                                       28
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Operating expense decreased 10.3% to $951.2 million in 2021, from $1.06 billion
in 2020. The comparative decrease in operating expense was mainly influenced by
a $153.4 million decrease in amortization expense, which included the gross
impact of accelerated amortization of $142.6 million related to the write-off of
certain trade names in connection with the Rebranding in 2020. The decrease was
partially offset by a $46.9 million increase in payroll and employee benefit
costs, primarily due to higher net sales volume, as well as the comparative
increase in annual incentive expense in 2021 and the expiration of temporary
cost actions taken in 2020 in response to the COVID-19 pandemic.

Our focus on improving our cost structure has allowed us to identify
opportunities for efficiencies across our business. While certain of our cost
actions have been temporary in nature, we continue our efforts to improve our
expense structure in order to produce permanent efficiency gains. Our selling,
general and administrative expense as a percentage of net sales improved by
1.5 percentage points, driven by the combination of higher year-over-year sales,
lower travel and entertainment expenses, and improved operating leverage from
labor productivity initiatives.

Rentelasten, financieringskosten en overige

Interest expense, financing costs and other expense was $81.8 million in 2021,
compared to $97.3 million in 2020. The comparative decrease is primarily due to
a $21.7 million decrease in interest expense resulting from decreased debt
balances and a lower weighted-average interest rate on our outstanding debt. The
decrease was partially offset by:

• een $ 5,6 miljoen afrekening ontvangen in 2020 in verband met een les

actie rechtszaak; en

• een $ 5,3 miljoen terugbetaling ontvangen in 2020 als de definitieve opwaardering van de $ 164,0

miljoen betaling als gevolg van de 338(h)(10)-verkiezing in verband met

met de geallieerde overname.

Inkomstenbelastingen

Income tax provision (benefit) was $40.0 million in 2021, compared to $(43.9)
million in 2020. The comparative increase in income tax expense was primarily
due to an increase in pretax book income in 2021 and the 2020 tax benefits from
deferred tax adjustments of $36.5 million related to the Rebranding. The
effective tax rate, excluding any discrete items, was 25.9% in 2021, compared to
(17.8)% in 2020. We expect our fiscal year 2021 effective tax rate, excluding
any discrete items, will range from approximately 25.5% to 26.5%.

Netto-inkomen (verlies)/netto-inkomen (verlies) per aandeel

Net income (loss) from continuing operations was $116.7 million in 2021,
compared to $(149.5) million in 2020. Net income (loss) from discontinued
operations was $(267.0) million in 2021, compared to $(3.3) million in 2020 (see
Note 3 in the Notes to Condensed Consolidated Financial Statements for further
discussion). Net income (loss) was $(150.3) million in 2021, compared to
$(152.8) million in 2020. There were $18.0 million of dividends on preferred
shares in both 2021 and 2020, making net income (loss) attributable to common
stockholders $(168.3) million and $(170.8) million, respectively.

We calculate net income (loss) per share by dividing net income (loss), less
dividends on preferred shares and adjustments for participating securities, by
the weighted-average number of common shares outstanding during the period.
Diluted net income (loss) per share is calculated by utilizing the most dilutive
result after applying and comparing the two-class method and if-converted method
(see Note 5 in the Notes to Condensed Consolidated Financial Statements for
further discussion).

                                       29

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De volgende tabel geeft alle componenten weer die worden gebruikt om het gewone en verwaterde netto-inkomen (verlies) per aandeel te berekenen (in miljoenen, behalve bedragen per aandeel; bepaalde bedragen worden mogelijk niet herberekend vanwege afronding):

                                                                 Nine Months Ended June 30,
                                                                  2021                2020
Net income (loss)                                             $      (150.3 )$      (152.8 )
Dividends on Preferred Stock                                           18.0                18.0
Net income (loss) attributable to common stockholders                (168.3 )            (170.8 )
Undistributed income allocated to participating securities                -                   -

Nettowinst (verlies) toe te rekenen aan gewone aandeelhouders – basis en verwaterd (indien geconverteerd methode)

                             $      (168.3 )$      (170.8 )
Undistributed income allocated to participating securities                -                   -
Re-allocation of undistributed income to Preferred Stock                  -                   -

Nettowinst (verlies) toerekenbaar aan gewone aandeelhouders – verwaterd (tweeklassenmethode)

                                    $      (168.3 

) $ (170,8)
Nettowinst (verlies) uit beëindigde bedrijfsactiviteiten toerekenbaar aan gewone aandeelhouders – eenvoudig en verwaterd

                           (267.0 )              (3.3 )

Nettowinst (verlies) uit voortgezette bedrijfsactiviteiten toerekenbaar aan gewone aandeelhouders – eenvoudig en verwaterd

                       $        98.7

$ (167,5 )

Weighted-average common shares outstanding - basic                     69.6                68.8
Effect of common share equivalents                                      1.1                   -

Gewogen gemiddelde uitstaande gewone aandelen – verwaterd (indien geconverteerd en tweeklassenmethode)

                                    70.7                68.8

Nettowinst (verlies) toe te rekenen aan gewone aandeelhouders per aandeel: Basis – Voortgezette activiteiten

                                 $        1.42$       (2.43 )
Basic - Discontinued operations                                       (3.84 )             (0.05 )
Basic net income (loss) per share                             $       (2.42 

) $ (2,48 )

Diluted - Continuing operations                               $        1.40$       (2.43 )
Diluted - Discontinued operations                                     (3.78 )             (0.05 )

Verwaterde nettowinst (verlies) per aandeel (tweeklassenmethode) $ (2.38)$ (2,48 )

Diluted - Continuing operations                               $        1.40$       (2.43 )
Diluted - Discontinued operations                                     (3.78 )             (0.05 )

Verwaterde nettowinst (verlies) per aandeel (indien geconverteerd) $ (2.38)$ (2,48 )

Non-GAAP Financial Measures

Om beleggers aanvullende informatie te verstrekken over onze financiële resultaten, bereiden we bepaalde financiële maatstaven voor die niet worden berekend in overeenstemming met algemeen aanvaarde boekhoudprincipes in de Verenigde Staten
(“GAAP”), in het bijzonder:

      •  Adjusted Operating Expense. We define Adjusted Operating Expense as
         operating expense, excluding the impact of the adjusting items (as
         described below).


      •  Adjusted Net Income (Loss). We define Adjusted Net Income (Loss) as net
         income (loss) from continuing operations, excluding the impact of the
         adjusting items (as described below).


      •  Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) from
         continuing operations, excluding the impact of interest expense (net of
         interest income), income taxes, depreciation and amortization,
         stock-based compensation, and the adjusting items (as described below).


We use these supplemental non-GAAP measures to evaluate financial performance,
analyze the underlying trends in our business and establish operational goals
and forecasts that are used when allocating resources. We expect to compute our
non-GAAP financial measures consistently using the same methods each period.

We believe these non-GAAP measures are useful measures because they permit
investors to better understand changes over comparative periods by providing
financial results that are unaffected by certain items that are not indicative
of ongoing operating performance.

While we believe that these non-GAAP measures are useful to investors when
evaluating our business, they are not prepared and presented in accordance with
GAAP, and therefore should be considered supplemental in nature. These non-GAAP
measures should not be considered in isolation or as a substitute for other
financial performance measures presented in accordance with GAAP. These non-GAAP
financial measures may have material limitations including, but not limited to,
the exclusion of certain costs without a corresponding reduction of net income
for the income generated by the assets to which the excluded costs relate. In
addition, these non-GAAP financial measures may differ from similarly titled
measures presented by other companies.

                                       30

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Items aanpassen aan niet-GAAP financiële maatstaven

De impact van de volgende kostenposten (inkomsten) is uitgesloten van elk van onze niet-GAAP-metingen (de ‘aanpassende posten’):

• Acquisitiekosten. Vertegenwoordigen bepaalde kosten gerelateerd aan historische

acquisities, waaronder: afschrijving van immateriële activa; professioneel

vergoedingen, integratiekosten filiaal, reiskosten, ontslagvergoeding werknemer

en retentiekosten, en andere personeelskosten geclassificeerd als verkoop,

Algemeen en administratief; en afschrijving van de uitgiftekosten van schulden.

• Herstructureringskosten. Vertegenwoordigen kosten die voortvloeien uit personeelsbezetting

rationalisatie-inspanningen en bepaalde kosten van de rebranding; impact van

de afstoting van Interior Products; toegerekende geschatte kosten met betrekking tot:

opnames van personeelsbeloningen; en afschrijving van schulduitgifte

kosten en verliezen bij schuldaflossing.

• COVID-19-effecten. Vertegenwoordigen kosten die rechtstreeks verband houden met de COVID-19

pandemie; en voorziening inkomstenbelasting (uitkering) voortvloeiend uit de

herwaardering van uitgestelde belastingvorderingen en -verplichtingen in samenhang

met onze toepassing van de CARES-wet.


The following table presents the impact of the adjusting items on our
consolidated statements of operations for each of the periods indicated (in
millions):

                                      Operating Expense                 Non-Operating Expense
                                                                                         Other
                                                                    Interest           (Income)          Income
                                   SG&A1        Amortization         Expense            Expense          Taxes2         Total
Three Months Ended June 30, 2021
Acquisition costs                $     0.8$        25.2$       1.2       $           -      $      -      $    27.2
Restructuring costs3                   1.7                  -              0.7                50.8             -           53.2
COVID-19 impacts                       0.4                  -                -                   -             -            0.4
Total adjusting items            $     2.9$        25.2$       1.9$        50.8      $      -      $    80.8
Three Months Ended June 30, 2020
Acquisition costs                $     1.6$        31.0$       2.0       $           -      $      -      $    34.6
Restructuring costs                    1.0                  -              0.9                 0.9             -            2.8
COVID-19 impacts4                      3.4                  -                -                   -          32.8           36.2
Total adjusting items            $     6.0$        31.0$       2.9       $         0.9      $   32.8$    73.6

Nine Months Ended June 30, 2021
Acquisition costs                $     2.5$        76.0$       5.1       $           -      $      -      $    83.6
Restructuring costs3                   6.6                2.3              2.4                60.3             -           71.6
COVID-19 impacts                       1.2                  -                -                   -             -            1.2
Total adjusting items            $    10.3$        78.3$       7.5$        60.3      $      -      $   156.4
Nine Months Ended June 30, 2020
Acquisition costs5               $     7.9$        89.1$       6.0$        (5.3 )    $      -      $    97.7
Restructuring costs6                   1.9              142.6              2.6                20.7             -          167.8
COVID-19 impacts4                      3.4                  -                -                   -          (0.5 )          2.9
Total adjusting items            $    13.2$       231.7$       8.6$        15.4$   (0.5 )$   268.4

______________________________

1 Verkoop-, algemene en administratieve kosten (“VAA”).

2 Voor de belastingimpact van aanpassingsposten, zie de tabel Aangepast netto-inkomen (verlies) hieronder.

3 Overige (baten)kosten voor de drie en negen maanden eindigend 30 juni 2021

omvat een verlies op schuldaflossing van $ 50,7 miljoen en $ 60,2 miljoen,

respectievelijk, in verband met de afschrijving van de uitgiftekosten van schulden en

betaling van aflossingspremies die voortvloeien uit onze herfinancieringstransacties.

4 Inkomstenbelastingen voor de drie en negen maanden geëindigd 30 juni 2020 bestaan ​​uit een belasting

bepaling (uitkering) van $ 32,8 miljoen en $ (0,5) miljoen, respectievelijk, stammen

uit de herwaardering van uitgestelde belastingvorderingen en -verplichtingen in samenhang

met onze toepassing van de CARES-wet.

5 Overige (inkomsten)kosten voor de negen maanden geëindigd 30 juni 2020 bestaat uit een

netto- $ 5,3 miljoen terugbetaling ontvangen als de definitieve waar-up van de $ 164,0 miljoen

betaling als gevolg van de 338(h)(10)-verkiezing die is gedaan in verband met de

overname van Allied Building Products Corp. Aan 2 januari 2018.

6 Afschrijvingen voor de negen maanden geëindigd 30 juni 2020 omvat de impact van

niet-contante versnelde afschrijving van immateriële activa van $ 142,6 miljoen gerelateerd aan

de afschrijving van bepaalde handelsnamen in verband met de Rebranding. Ander

(inkomsten) kosten voor de negen maanden geëindigd 30 juni 2020 inclusief verlies op

schuldsanering van $ 14,7 miljoen in verband met de oktober 2019 schuld

  refinancing.


                                       31

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Aangepaste bedrijfskosten

The following table presents a reconciliation of operating expense, the most
directly comparable financial measure as measured in accordance with GAAP, to
Adjusted Operating Expense for each of the periods indicated (in millions):

                                       Three Months Ended June 30,            Nine Months Ended June 30,
                                        2021                 2020                2021               2020
Operating expense                  $        336.6$        293.5$        951.2$  1,060.6
Acquisition costs                           (26.0 )              (32.6 )             (78.5 )          (97.0 )
Restructuring costs                          (1.7 )               (1.0 )              (8.9 )         (144.5 )
COVID-19 impacts                             (0.4 )               (3.4 )              (1.2 )           (3.4 )

Aangepaste bedrijfskosten $ 308.5$ 256.5$ 862.6$ 815,7

Net sales                          $      1,872.1$      1,549.3$      4,766.6$  4,161.7
Operating expense as % of net                18.0 %               18.9 %              20.0 %           25.5 %

verkoop

Adjusted Operating Expense as % of           16.5 %               16.6 %              18.1 %           19.6 %

netto-omzet

Aangepast netto-inkomen (verlies)

De volgende tabel geeft een aansluiting weer van het nettoresultaat (verlies) uit voortgezette bedrijfsactiviteiten, de meest direct vergelijkbare financiële maatstaf zoals gemeten in overeenstemming met GAAP, met het aangepast nettoresultaat (verlies) voor elk van de aangegeven periodes (in miljoenen):

                                      Three Months Ended June 30,           

Negen maanden geëindigd 30 juni,

                                       2021                 2020                 2021               2020
Net income (loss) from continuing
operations                        $         79.8       $         (4.1 )     $        116.7$    (149.5 )
Adjusting items:
Acquisition costs                           27.2                 34.6                 83.6              97.7
Restructuring costs                         53.2                  2.8                 71.6             167.8
COVID-19 impacts                             0.4                 36.2                  1.2               2.9
Total adjusting items                       80.8                 73.6                156.4             268.4
Less: tax impact of adjusting
items1                                     (20.7 )              (10.2 )              (40.0 )           (63.8 )
Total adjustments, net of tax               60.1                 63.4                116.4             204.6

Aangepast netto-inkomen (verlies) $ 139,9 $ 59,3 $ 233.1$ 55,1

Net sales                         $      1,872.1$      1,549.3$      4,766.6$   4,161.7
Net income (loss) as % of sales              4.3 %               (0.2 %)               2.4 %            (3.6 %)
Adjusted Net Income (Loss) as %
of sales                                     7.5 %                3.8 %                4.9 %             1.3 %


______________________________

1 Bedragen vertegenwoordigen belastingimpact op aanpassingen die niet zijn opgenomen in onze

voorziening inkomstenbelasting (uitkering) voor de gepresenteerde perioden. De effectieve belasting

       rate applied to these adjustments is calculated by using forecasted
       adjusted pre-tax income while factoring in estimated discrete tax
       adjustments for the fiscal year. The tax impact of adjustments for the

drie maanden geëindigd 30 juni 2021 en 2020 zijn berekend met een blended

       effective tax rate of 25.6% and 13.9%, respectively. The tax impact of
       adjusting items for the nine months ended June 30, 2021 and 2020 were

berekend met een effectief belastingtarief van respectievelijk 25,6% en 23,8%.


                                       32

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Aangepaste EBITDA

De volgende tabel geeft een aansluiting weer van het nettoresultaat (verlies) uit voortgezette bedrijfsactiviteiten, de meest direct vergelijkbare financiële maatstaf zoals gemeten in overeenstemming met GAAP, met de aangepaste EBITDA voor elk van de aangegeven periodes (in miljoenen):

                                       Three Months Ended June 30,          

Negen maanden geëindigd 30 juni,

                                         2021                 2020                   2021               2020
Net income (loss) from continuing
operations                         $         79.8       $         (4.1 )       $        116.7$   (149.5 )
Interest expense, net                        23.2                 35.4                   84.1            105.8
Income taxes                                 27.1                 44.1                   40.0            (43.9 )
Depreciation and amortization                40.3                 45.0                  121.9            276.1
Stock-based compensation                      5.4                  3.3                   13.4             12.4
Acquisition costs1                            0.8                  1.6                    2.5              2.6
Restructuring costs1                         52.5                  1.9                   66.9             22.6
COVID-19 impacts1                             0.4                  3.4                    1.2              3.4
Adjusted EBITDA                    $        229.5$        130.6$        446.7$    229.5

Net sales                          $      1,872.1$      1,549.3$      4,766.6$  4,161.7
Net income (loss) as % of net
sales                                         4.3 %               (0.2 %)                 2.4 %           (3.6 %)
Adjusted EBITDA as % of net sales            12.3 %                8.4 %                  9.4 %            5.5 %


______________________________

1 Bedragen vertegenwoordigen aanpassingsitems die zijn opgenomen in verkoop-, algemene en

administratiekosten en overige inkomsten (kosten); resterende aanpassingsitem

      balances are embedded within the other line item balances reported in this
      table.

Seizoensgebondenheid en kwartaalschommelingen

In general, sales and net income are highest during our first, third and fourth
fiscal quarters, which represent the peak months of construction and re-roofing,
especially in our branches in the northern and mid-western U.S. and in Canada.
We have historically experienced low net income levels or net losses during the
second fiscal quarter (January through March), when our sales are substantially
lower, primarily due to cold or inclement weather.

Soms ervaren we schommelingen in onze financiële prestaties die worden veroorzaakt door factoren buiten onze controle, waaronder de impact die ernstige weersomstandigheden en ongebruikelijke weerpatronen kunnen hebben op de timing en omvang van de vraag en de beschikbaarheid van materiaal.

We generally experience an increase in inventory in the second and third fiscal
quarters of the year, and increases in accounts receivable and accounts payable
during the third and fourth fiscal quarters of the year, each as a result of the
seasonality of our business. Our peak cash usage generally occurs during the
third fiscal quarter, primarily because accounts payable terms offered by our
suppliers typically have due dates in April, May and June, while our peak
accounts receivable collections typically occur from June through November.

We generally experience a slowing of our accounts receivable collections during
our second fiscal quarter, mainly due to the inability of some of our customers
to conduct their businesses effectively in cold or inclement weather in certain
regions of the U.S. and Canada. We continue to attempt to collect those
receivables, which require payment under our standard terms, and typically do
not provide material concessions to our customers.

De impact van de COVID-19-pandemie kan schommelingen in onze financiële resultaten en werkkapitaal veroorzaken die niet in lijn zijn met de seizoensinvloeden die we over het algemeen ervaren.

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Bepaalde financiële kwartaalgegevens

The following table sets forth certain unaudited quarterly data for the first
three quarters of fiscal year 2021 and fiscal year 2020, which, in the opinion
of management, reflect all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair presentation of this data. Results
of any one or more quarters are not necessarily indicative of results for an
entire fiscal year or of continuing trends (in millions, except per share
amounts):

                                                 2021                                              2020
                                   Qtr 3         Qtr 2         Qtr 1          Qtr 4         Qtr 3         Qtr 2         Qtr 1
Net sales                        $ 1,872.1$ 1,318.0$ 1,576.5

$ 1.755,0$ 1.549,3$ 1.197,1$ 1.415,3
% van de netto-omzet van het fiscale jaar

           n/m           n/m           n/m      

29,7 % 26,2 % 20,2 % 23,9 %

Gross profit                     $   517.4$   332.8$   399.7

$ 441,3$ 368,7$ 270,4$ 340,1
% van de brutowinst van het boekjaar n/m

           n/m           n/m           31.1 %        26.0 %        19.0 %        23.9 %

Net income (loss) from
continuing operations            $    79.8$   (10.5 )$    47.4$    68.2$    (4.1 )$  (121.4 )$   (24.0 )
Net income (loss)                $    76.5$    (6.3 )$  (220.5 )

$ 71,9$ (6,8 )$ (122.6 )$ (23.4 )
Nettowinst (verlies) toe te rekenen aan gewone aandeelhouders

           $    70.5$   (12.3 )$  (226.5 )

$ 65,9$ (12,8 )$ (128.6 )$ (29,4)

Net income (loss) from
continuing operations per share
- basic                          $    0.93$   (0.24 )$    0.60$    0.79$   (0.18 )$   (1.82 )$   (0.44 )
Net income (loss) per share -
basic                            $    0.89$   (0.18 )$   (3.27 )$    0.84$   (0.18 )$   (1.87 )$   (0.43 )

Net income (loss) from
continuing operations per share
- diluted                        $    0.91$   (0.24 )$    0.59$    0.78$   (0.18 )$   (1.82 )$   (0.44 )
Net income (loss) per share -
diluted                          $    0.87$   (0.18 )$   (3.24 )$    0.83$   (0.18 )$   (1.87 )$   (0.43 )

____________________________________________

n/m = niet zinvol.

Liquiditeit

Liquidity is defined as the current amount of readily available cash and the
ability to generate adequate amounts of cash to meet the current needs for cash.
We assess our liquidity in terms of our cash and cash equivalents on hand and
the ability to generate cash to fund our operating activities, taking into
consideration available borrowings and the seasonal nature of our business.

Onze belangrijkste bronnen van liquiditeit vanaf: 30 juni 2021 waren onze geldmiddelen en kasequivalenten van $188,9 miljoen en onze beschikbare leningen van ongeveer
$ 1,28 miljard onder onze op activa gebaseerde doorlopende kredietlijnen.

Belangrijke factoren die de toekomstige liquiditeit kunnen beïnvloeden, zijn onder meer:

  • the adequacy of available bank lines of credit;


  • the ability to attract long-term capital with satisfactory terms;


  • cash flows generated from operating activities;


  • acquisitions; and


  • capital expenditures.


Our primary capital needs are for working capital obligations and other general
corporate purposes, including acquisitions and capital expenditures. Our primary
sources of working capital are cash from operations and bank borrowings. We have
financed large acquisitions through increased bank borrowings and the issuance
of long-term debt and common or preferred stock. We then repay any such
borrowings with cash flows from operations or subsequent financings. We have
funded most of our capital expenditures with cash on hand, increased bank
borrowings, or equipment financing, and then reduced those obligations with cash
flows from operations. We may explore additional or replacement financing
sources in order to bolster liquidity and strengthen our capital structure.

We believe we currently have adequate liquidity and availability of capital to
fund our present operations, meet our commitments on our existing debt and fund
anticipated growth, including expansion in existing and targeted market areas.
We may seek potential acquisitions from time to time and hold discussions with
certain acquisition candidates. If suitable acquisition opportunities or working
capital needs arise that require additional financing, we believe that our
financial position and earnings history provide a sufficient base for obtaining
additional financing resources at reasonable rates and terms. We may also choose
to issue additional shares of common stock or preferred stock in order to raise
funds.

                                       34

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The following table summarizes our cash flows for the periods indicated (in
millions):

                                                         Nine Months Ended June 30,
                                                          2021                  2020

Netto cash verschaft door (gebruikt in) operationele activiteiten $ (20,4) $ 250,4
Netto cash geleverd door (gebruikt in) investeringsactiviteiten

            793.1                (23.7 )
Net cash provided by (used in) financing activities         (1,207.4 )      

719.6

Effect of exchange rate changes on cash and cash
equivalents                                                     (1.0 )               (0.2 )
Net increase (decrease) in cash and cash
equivalents                                         $         (435.7 )      $       946.1


Operating Activities

Net cash used in operating activities, including both continuing and
discontinued operations, was $20.4 million in 2021, compared to cash provided by
operating activities of $250.4 million in 2020. Cash from operations decreased
$270.8 million due to an incremental cash outflow of $370.3 million stemming
from changes to our net working capital, mainly driven by increases in
inventories and accounts receivable, partially offset by an increase in net
income after adjustments for non-cash items of $99.5 million. Net cash used in
operating activities in 2021 includes $48.1 million of cash collected on behalf
of, and due to, FBM as part of the ongoing transaction services agreement.
Operating cash flows provided by (used in) discontinued operations for the nine
months ended June 30, 2021 and 2020 were $(28.2) million and $84.3 million,
respectively.

Investeringsactiviteiten

Net cash provided by investing activities, including both continuing and
discontinued operations, was $793.1 million in 2021, compared to cash used in
investing activities of $23.7 million in 2020. The $816.8 million increase in
investing cash flows was primarily due to proceeds from the sale of Interior
Products. Investing cash flows provided by (used in) discontinued operations for
the nine months ended June 30, 2021 and 2020 were $(2.5) million and $(6.9)
million, respectively.

Financiële activiteiten

Net cash used in financing activities was $1.21 billion in 2021, compared to
cash provided by financing activities of $719.6 million in 2020. The financing
cash flow decrease of $1.93 billion was primarily due to a $1.02 billion
decrease in net borrowings under our revolving lines of credit over the
comparative periods and a $940.4 million decrease in net borrowings under our
senior notes instruments.

Capital Resources

In May 2021, we entered into a series of financing arrangements to refinance
certain debt instruments to take advantage of lower market interest rates (the
"2021 Debt Refinancing"). Upon completion of the 2021 Debt Refinancing, the
weighted-average interest rate on our outstanding debt was 3.26% as of June 30,
2021, down from 4.21% as of March 31, 2021.

Vanaf 30 juni 2021, hadden we toegang tot de volgende financieringsregelingen:

• de 2026 US Revolver, een op activa gebaseerde doorlopende kredietlijn in de

Verenigde Staten, in een bedrag tot $ 1,25 miljard;

• de 2026 Canada Revolver, een op activa gebaseerde doorlopende kredietlijn in

         Canada, in an amount up to $50.0 million;


  • the 2028 Term Loan with an outstanding balance of $983.6 million; and

• twee afzonderlijke instrumenten voor senior notes, waaronder de 2029 Senior Notes

en 2026 Senior Notes, met een uitstaand saldo van $ 346,1 miljoen en

$ 296,4 miljoen, respectievelijk.

Zie toelichting 8 in de toelichting bij de verkorte geconsolideerde jaarrekening voor aanvullende informatie over onze huidige financieringsregelingen en de schuldherfinanciering van 2021.

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