# EDGAR Filing Document

**Accession Number:** 0000912767
**File Stem:** 0000912767-25-000039
**Filing Date:** 2025-10
**Character Count:** 41667
**Document Hash:** e5ad6ba99be07c0bc73abbdfc77c5193
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000912767-25-000039.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000912767-25-000039

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UFP INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000912767
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAWMILLS, PLANNING MILLS, GENERAL [2421]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 381465835
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1227

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22684
- **FILM NUMBER:** 251430046

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 EAST BELTLINE NE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49525
- **BUSINESS PHONE:** 6163646161

**MAIL ADDRESS:**
- **STREET 1:** 2801 EAST BELTLINE NE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL FOREST PRODUCTS INC
- **DATE OF NAME CHANGE:** 19930929

?xml version='1.0' encoding='ASCII'? UFP INDUSTRIES, INC._October 29, 2025

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): October 29, 2025

## UFP INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Michigan**<br>(State or other Jurisdiction of Incorporation)<br>| **0-22684**<br>(Commission File Number)<br>| **38-1465835**<br>(IRS Employer Identification No.)<br>|

---

---

| | |
|:---|:---|
| **2801 East Beltline, NE Grand Rapids, Michigan**<br>(Address of Principal Executive Offices)<br>| **49525**<br>(Zip Code)<br>|

---

Registrant's telephone number, including area code: **(616) 364-6161**

**None**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | UFPI | The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On October 29, 2025, the Registrant issued a press release announcing its financial results for the quarter-ended September 27, 2025. A copy of the Registrant's press release is attached as Exhibit 99(a) to this Current Report.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements, Pro Forma Financial Information, and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Exhibits

99(a)[Press Release dated October 29, 2025](ufpi-20251029xex99da.htm)

104Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Document** |
| 99(a) | [Press Release, dated October 29, 2025.](ufpi-20251029xex99da.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | UFP INDUSTRIES, INC. | UFP INDUSTRIES, INC. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Dated: October 29, 2025<br>| By:<br>| /s/ Michael R. Cole<br>|
|  |  | Michael R. Cole |
|  |  | Chief Financial Officer, |
|  |  | Principal Financial Officer and |
|  |  | Treasurer |

---

## Ex-99.(A)

**Exhibit 99(a)**

![Graphic](ufpi-20251029xex99da001.jpg)

**UFP Industries Announces Third Quarter 2025 Results**

****<br> GRAND RAPIDS, MI (October 29, 2025) - UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the third quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net Sales of $1.56 billion decreased by 5 percent due to a 1 percent decrease in price and a 4 percent decline in organic units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Diluted earnings per share of $1.29 compared to $1.64 a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net earnings attributable to controlling interests of $75 million compared to $100 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Adjusted EBITDA<sup>[1](#footnote-2)</sup> was $140.0 million in the quarter, or 9.0 percent of net sales compared to 10.0 percent a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●New product sales were 7.6 percent of total sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Repurchased approximately $350 million in company shares year to date in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Reaffirming volume outlook across each business segment for the remainder of 2025.

Will Schwartz, President and CEO of UFP Industries commented, "Our third quarter played out largely as anticipated and reflective of the competitive environment we are seeing across our end markets. Visibility remains limited, particularly in markets tied to residential construction; however, trends across the majority of our business units have shown signs of stabilizing, demonstrating the benefits of our balanced portfolio and the team we have in place. I'm proud of how our team has navigated these challenging market conditions with our adjusted EBITDA margin approximately 200 basis points higher than 2019 levels despite competitive pricing and weaker demand, startup costs associated with growth investments and substantial investments to build our Surestone brand. We plan to gain market share, strengthen return on capital, and achieve margin improvements. As part of this plan, we will have reduced structural costs by $60 million from 2024 levels by the end of 2026."

Schwartz continued, "Looking ahead, we are driving innovation across the product portfolio and making strategic investments to create shareholder value. Our long-term capital plans remain aggressive, with a bias toward driving growth through investment in our most attractive opportunities. M&A remains a key component to our capital allocation strategy, and we have identified targets across each of our business units that complement our core strengths. Our robust financial position remains a competitive advantage enabling us to repurchase approximately $350 million of our shares through the end of October, while increasing our cash dividend year over year. Grounded in the strength of our team and business model, we remain focused on the strategies to grow our core, higher margin businesses, develop innovative new products and drive operational efficiencies across our network of plants. We are confident in our ability to continue executing as we move into next year."

**Third Quarter 2025 Highlights**

**UFP Consolidated**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;NET SALES | $1559627 | $1649383 | (5.4)% | $4990520 | $5190308 | (3.8)% |
| &nbsp;&nbsp;GROSS PROFIT | 262681 | 298412 | (12.0) | 843611 | 987233 | (14.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;GROSS MARGIN | 16.8% | 18.1% |  | 16.9% | 19.0% |  |
| &nbsp;&nbsp;NET EARNINGS | 75542 | 101619 | (25.7) | 255836 | 348950 | (26.7) |
| &nbsp;&nbsp;ADJUSTED EBITDA | 140019 | 164915 | (15.1) | 456317 | 549562 | (17.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;ADJUSTED EBITDA MARGIN | 9.0% | 10.0% |  | 9.1% | 10.6% |  |
| &nbsp;&nbsp;PERCENTAGE CHANGE IN SALES: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ORGANIC UNITS | (4)% |  |  | (3)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACQUISITIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SELLING PRICES | (1) |  |  | (1) |  |  |

---

<sup>1</sup> Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

 **Page 1**

------

**Exhibit 99(a)**

**UFP Retail**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;NET SALES | $593985 | $635571 | (6.5)% | $1989592 | $2073403 | (4.0)% |
| &nbsp;&nbsp;GROSS PROFIT | 80222 | 93055 | (13.8) | 275257 | 320939 | (14.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;GROSS MARGIN | 13.5% | 14.6% |  | 13.8% | 15.5% |  |
| &nbsp;&nbsp;NET EARNINGS | 15741 | 31769 | (50.5) | 77532 | 114768 | (32.4) |
| &nbsp;&nbsp;ADJUSTED EBITDA | 39985 | 51155 | (21.8) | 139812 | 176701 | (20.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;ADJUSTED EBITDA MARGIN | 6.7% | 8.0% |  | 7.0% | 8.5% |  |
| &nbsp;&nbsp;PERCENTAGE CHANGE IN SALES: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ORGANIC UNITS | (6)% |  |  | (5)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACQUISITIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SELLING PRICES | (1) |  |  | 1 |  |  |

---

● ProWood organic unit sales declined 5 percent in the quarter from year ago levels.

● Deckorators organic unit sales grew 5 percent in the quarter from year ago levels.

● Retail gross profit and adjusted EBITDA fell 14 percent and 22 percent, respectively, from year ago levels. Falling lumber prices, temporary startup costs associated with the expansion of our Surestone product launch, inefficiencies from our Edge restructuring efforts, and higher marketing spend drove declines in the quarter. These were partially offset by a decrease in SG&A expenses despite higher advertising investments to build the Surestone brand.

**UFP Packaging**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;NET SALES | $394949 | $401626 | (1.7)% | $1233626 | $1261248 | (2.2)% |
| &nbsp;&nbsp;GROSS PROFIT | 67421 | 71245 | (5.4) | 207577 | 240371 | (13.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;GROSS MARGIN | 17.1% | 17.7% |  | 16.8% | 19.1% |  |
| &nbsp;&nbsp;NET EARNINGS | 21358 | 16507 | 29.4 | 58908 | 63472 | (7.2) |
| &nbsp;&nbsp;ADJUSTED EBITDA | 34284 | 34348 | (0.2) | 108125 | 121620 | (11.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;ADJUSTED EBITDA MARGIN | 8.7% | 8.6% |  | 8.8% | 9.6% |  |
| &nbsp;&nbsp;PERCENTAGE CHANGE IN SALES: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ORGANIC UNITS | (3)% |  |  | (1)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACQUISITIONS | 1 |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SELLING PRICES | - |  |  | (2) |  |  |

---

● Structural Packaging organic unit sales declined 5 percent in the quarter from year ago levels.

● PalletOne organic unit sales declined 4 percent in the quarter from year ago levels.

● Protective Packaging unit sales grew 15 percent in the quarter from a year ago.

● Packaging gross profit and adjusted EBITDA fell 5 percent and held flat, respectively, from year ago levels. Gross profit declines were primarily due to PalletOne because of price competition as we are executing our strategy to increase market share. Adjusted EBITDA was flat as the decline in gross profit was offset by a decrease in SG&A.

 **Page 2**

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**Exhibit 99(a)**

**UFP Construction**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;NET SALES | $496465 | $534625 | (7.1)% | $1563995 | $1627068 | (3.9)% |
| &nbsp;&nbsp;GROSS PROFIT | 91203 | 111658 | (18.3) | 282192 | 351548 | (19.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;GROSS MARGIN | 18.4% | 20.9% |  | 18.0% | 21.6% |  |
| &nbsp;&nbsp;NET EARNINGS | 24682 | 32127 | (23.2) | 74189 | 108584 | (31.7) |
| &nbsp;&nbsp;ADJUSTED EBITDA | 41878 | 50888 | (17.7) | 124668 | 163395 | (23.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;ADJUSTED EBITDA MARGIN | 8.4% | 9.5% |  | 8.0% | 10.0% |  |
| &nbsp;&nbsp;PERCENTAGE CHANGE IN SALES: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ORGANIC UNITS | (2)% |  |  | 1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACQUISITIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SELLING PRICES | (5) |  |  | (5) |  |  |

---

● Site Built organic unit sales declined 15 percent in the quarter from year ago levels.

● Factory Built organic unit sales grew 4 percent in the quarter from year ago levels.

● Concrete Forming Solutions organic unit sales grew 12 percent in the quarter from year ago levels.

● Commercial organic sales grew 13 percent in the quarter from year ago levels.

● Construction gross profit and adjusted EBITDA each fell 18 percent, respectively from year ago levels. Weaker volumes and competitive pricing in our Site Built business led the declines in the quarter as our other businesses reported profit growth in the quarter.

**Capital Structure, Leverage and Liquidity Information** 

UFP Industries maintains a strong balance sheet and as of September 27, 2025, had liquidity of approximately $2.3 billion consisting of $1.0 billion of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company's return-focused approach to capital allocation includes the following:

● **Acquisitions and Organic Growth.** The company seeks strategic acquisitions and invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. In 2024, the company announced up to $1 billion in capital investments through 2028 for automation, technology upgrades, geographic expansion, and increased capacity at existing facilities. The company expects to invest approximately $275 million to $300 million on capital projects in 2025.

● **Dividend payments.** On October 23, 2025, the UFP Industries Board of Directors approved a quarterly cash dividend payment of $0.35 per share, which represents a 6 percent year over year increase. This dividend is payable on December 15, 2025, to shareholders of record on December 1, 2025. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our earnings growth .

● **Share repurchases.** As of September 27, 2025, we have repurchased 2.8 million shares for $291 million, at an average share price of $103.04 for the year. In October, we have repurchased an additional 615k shares for $56 million, at an average price of $91.03.

**2025 Full Year and Long-Term Outlook**

Our 2025 outlook remains largely unchanged. We continue to anticipate the softer demand and competitive pricing environment will remain through the balance of 2025 and are planning for low single-digit unit declines in each of our segments. We anticipate a more significant decline in markets tied to new residential construction, but we continue to expect to see some level of stabilization in most of our other businesses units as an offset. We expect initial stocking orders and expanded manufacturing and distribution capabilities will support momentum in our Deckorators's and Surestone business through the remainder of the year and into 2026.

The company's <u>long-term</u> goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure

 **Page 3**

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**Exhibit 99(a)**

**Conference Call**

UFP Industries will host a conference call on Thursday, October 30, 2025, to discuss these results and outlook. The conference call will begin at 10:00 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

**UFP Industries, Inc.**

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

*This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management's beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like "anticipates," "believes," "confident," "estimates," "expects," "forecasts," "likely," "plans," "projects," "should," variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission*

*Non-GAAP Financial Information*

*This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA, a non-GAAP financial measure, in order to evaluate historical and ongoing operations. Management believes that this non-GAAP financial measure is useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA is intended to supplement and should be read together with the financial results. Adjusted EBITDA should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measure. See the table below for a reconciliation of Adjusted EBITDA to net earnings.*

*Net earnings* 

*Net earnings refers to net earnings attributable to controlling interest unless specifically noted.* 

\# \# \#

---------------AT THE COMPANY---------------

Stanley Elliott

Director of Investor Relations

(804) 337-8217

 **Page 4**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND** 

**COMPREHENSIVE INCOME (UNAUDITED)**

**FOR THE THREE AND NINE MONTHS ENDED**

**SEPTEMBER 2025/2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** | **Year to Date** |
| **(In thousands, except per share data)** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **NET SALES** | $1559627 | 100.0% | $1649383 | 100.0% | $4990520 | 100.0% | $5190308 | 100.0% |
| **COST OF GOODS SOLD**  | 1296946 | 83.2 | 1350971 | 81.9 | 4146909 | 83.1 | 4203075 | 81.0 |
| **GROSS PROFIT** | 262681 | 16.8 | 298412 | 18.1 | 843611 | 16.9 | 987233 | 19.0 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 170030 | 10.9 | 183341 | 11.1 | 531279 | 10.6 | 578555 | 11.1 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 2458 | 0.2 | (453) |  | 6212 | 0.1 | 1538 |  |
| **OTHER LOSSES (GAINS), NET** | 722 |  | (4402) | (0.3) | 1306 |  | (5643) | (0.1) |
| **EARNINGS FROM OPERATIONS** | 89471 | 5.7 | 119926 | 7.3 | 304814 | 6.1 | 412783 | 8.0 |
| **INTEREST AND OTHER** | (9663) | (0.6) | (14184) | (0.9) | (26946) | (0.5) | (36353) | (0.7) |
| **EARNINGS BEFORE INCOME TAXES** | 99134 | 6.4 | 134110 | 8.1 | 331760 | 6.6 | 449136 | 8.7 |
| **INCOME TAXES** | 23592 | 1.5 | 32491 | 2.0 | 75924 | 1.5 | 100186 | 1.9 |
| **NET EARNINGS** | 75542 | 4.8 | 101619 | 6.2 | 255836 | 5.1 | 348950 | 6.7 |
| **LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST** | (196) |  | (1819) | (0.1) | (1003) |  | (2429) |  |
| **NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST** | $75346 | 4.8 | $99800 | 6.1 | $254833 | 5.1 | $346521 | 6.7 |
| **EARNINGS PER SHARE - BASIC**  | $1.29 |  | $1.64 |  | $4.29 |  | $5.66 |  |
| **EARNINGS PER SHARE - DILUTED** | $1.29 |  | $1.64 |  | $4.28 |  | $5.65 |  |
| **COMPREHENSIVE INCOME** | $76049 |  | $102411 |  | $271262 |  | $340632 |  |
| **LESS COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST** | (487) |  | (1032) |  | (2878) |  | 397 |  |
| **COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST** | $75562 |  | $101379 |  | $268384 |  | $341029 |  |

---

 **Page 5**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS** 

**OF EARNINGS BY SEGMENT (UNAUDITED)**

**FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $593985 | $394949 | $496465 | $72482 | $1746 | $1559627 |
| **COST OF GOODS SOLD** | 513763 | 327528 | 405262 | 59251 | (8858) | 1296946 |
| **GROSS PROFIT** | 80222 | 67421 | 91203 | 13231 | 10604 | 262681 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 49032 | 45831 | 58943 | 9226 | 6998 | 170030 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 9983 | (5970) | (59) | 63 | (1559) | 2458 |
| **OTHER LOSSES (GAINS), NET** | 462 |  | (3) | 203 | 60 | 722 |
| **EARNINGS FROM OPERATIONS** | 20745 | 27560 | 32322 | 3739 | 5105 | 89471 |
| **INTEREST AND OTHER** | (70) | (381) | (7) | (2845) | (6360) | (9663) |
| **EARNINGS BEFORE INCOME TAXES** | 20815 | 27941 | 32329 | 6584 | 11465 | 99134 |
| **INCOME TAXES** | 5074 | 6583 | 7647 | 1691 | 2597 | 23592 |
| **NET EARNINGS** | $15741 | $21358 | $24682 | $4893 | $8868 | $75542 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $635571 | $401626 | $534625 | $75802 | $1759 | $1649383 |
| **COST OF GOODS SOLD** | 542516 | 330381 | 422967 | 61350 | (6243) | 1350971 |
| **GROSS PROFIT** | 93055 | 71245 | 111658 | 14452 | 8002 | 298412 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 54113 | 49352 | 69046 | 13696 | (2866) | 183341 |
| **NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS** | (9) | 28 | (64) | (4) | (404) | (453) |
| **OTHER (GAINS) LOSSES, NET** | (2861) |  | 276 | (1787) | (30) | (4402) |
| **EARNINGS FROM OPERATIONS** | 41812 | 21865 | 42400 | 2547 | 11302 | 119926 |
| **INTEREST AND OTHER** | (114) | 81 |  | (4033) | (10118) | (14184) |
| **EARNINGS BEFORE INCOME TAXES** | 41926 | 21784 | 42400 | 6580 | 21420 | 134110 |
| **INCOME TAXES** | 10157 | 5277 | 10273 | 1594 | 5190 | 32491 |
| **NET EARNINGS** | $31769 | $16507 | $32127 | $4986 | $16230 | $101619 |

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 **Page 6**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS** 

**OF EARNINGS BY SEGMENT (UNAUDITED)**

**FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $1989592 | $1233626 | $1563995 | $197806 | $5501 | $4990520 |
| **COST OF GOODS SOLD** | 1714335 | 1026049 | 1281803 | 160706 | (35984) | 4146909 |
| **GROSS PROFIT** | 275257 | 207577 | 282192 | 37100 | 41485 | 843611 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 163029 | 136748 | 185454 | 28086 | 17962 | 531279 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 11090 | (4713) | 272 | 2679 | (3116) | 6212 |
| **OTHER LOSSES (GAINS), NET** | 780 |  | 268 | 451 | (193) | 1306 |
| **EARNINGS FROM OPERATIONS** | 100358 | 75542 | 96198 | 5884 | 26832 | 304814 |
| **INTEREST AND OTHER** | (184) | (848) | (8) | (6304) | (19602) | (26946) |
| **EARNINGS BEFORE INCOME TAXES** | 100542 | 76390 | 96206 | 12188 | 46434 | 331760 |
| **INCOME TAXES** | 23010 | 17482 | 22017 | 2779 | 10636 | 75924 |
| **NET EARNINGS** | $77532 | $58908 | $74189 | $9409 | $35798 | $255836 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $2073403 | $1261248 | $1627068 | $224219 | $4370 | $5190308 |
| **COST OF GOODS SOLD** | 1752464 | 1020877 | 1275520 | 171916 | (17702) | 4203075 |
| **GROSS PROFIT** | 320939 | 240371 | 351548 | 52303 | 22072 | 987233 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 175014 | 156289 | 211503 | 41663 | (5914) | 578555 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 877 | 1455 | 222 | 10 | (1026) | 1538 |
| **OTHER (GAINS) LOSSES, NET** | (2527) |  | 70 | (3286) | 100 | (5643) |
| **EARNINGS FROM OPERATIONS** | 147575 | 82627 | 139753 | 13916 | 28912 | 412783 |
| **INTEREST AND OTHER** | (386) | 1314 | (25) | (8826) | (28430) | (36353) |
| **EARNINGS BEFORE INCOME TAXES** | 147961 | 81313 | 139778 | 22742 | 57342 | 449136 |
| **INCOME TAXES** | 33193 | 17841 | 31194 | 5072 | 12886 | 100186 |
| **NET EARNINGS** | $114768 | $63472 | $108584 | $17670 | $44456 | $348950 |

---

 **Page 7**

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**Exhibit 99(a)**

**RECONCILIATION OF NET EARNINGS TO** 

**ADJUSTED EBITDA BY SEGMENT (UNAUDITED)**

**FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**15741** | $**21358** | $**24682** | $**4893** | $**8868** | $**75542** |
| &nbsp;&nbsp;INTEREST AND OTHER | (70) | (381) | (7) | (2845) | (6360) | (9663) |
| &nbsp;&nbsp;INCOME TAXES | 5074 | 6583 | 7647 | 1691 | 2597 | 23592 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 855 | 1609 | 2173 | 171 | 2728 | 7536 |
| &nbsp;&nbsp;NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 7583 | (5970) | (59) | 63 | (1559) | 58 |
| &nbsp;&nbsp;IMPAIRMENT OF INTANGIBLES | 2400 |  |  |  |  | 2400 |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 7523 | 8946 | 6667 | 1027 | 10470 | 34633 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 879 | 2139 | 775 | 1701 | 427 | 5921 |
| **ADJUSTED EBITDA** | $**39985** | $**34284** | $**41878** | $**6701** | $**17171** | $**140019** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 2.7% | 5.4% | 5.0% | 6.8% | \* | 4.8% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 6.7% | 8.7% | 8.4% | 9.2% | \* | 9.0% |
| \* Not meaningful |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**31769** | $**16507** | $**32127** | $**4986** | $**16230** | $**101619** |
| &nbsp;&nbsp;INTEREST AND OTHER | (114) | 81 |  | (4033) | (10118) | (14184) |
| &nbsp;&nbsp;INCOME TAXES | 10157 | 5277 | 10273 | 1594 | 5190 | 32491 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 1116 | 1575 | 1822 | 140 | 3416 | 8069 |
| &nbsp;&nbsp;NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS | (9) | 28 | (64) | (4) | (404) | (453) |
| &nbsp;&nbsp;GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |  |  |  |  |  |  |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 7238 | 8664 | 6027 | 832 | 8726 | 31487 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 998 | 2216 | 703 | 1536 | 433 | 5886 |
| **ADJUSTED EBITDA** | $**51155** | $**34348** | $**50888** | $**5051** | $**23473** | $**164915** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 5.0% | 4.1% | 6.0% | 6.6% | \* | 6.2% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 8.0% | 8.6% | 9.5% | 6.7% | \* | 10.0% |
| \* Not meaningful |  |  |  |  |  |  |

---

 **Page 8**

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**Exhibit 99(a)**

**RECONCILIATION OF NET EARNINGS TO** 

**ADJUSTED EBITDA BY SEGMENT (UNAUDITED)**

**FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**77532** | $**58908** | $**74189** | $**9409** | $**35798** | $**255836** |
| &nbsp;&nbsp;INTEREST AND OTHER | (184) | (848) | (8) | (6304) | (19602) | (26946) |
| &nbsp;&nbsp;INCOME TAXES | 23010 | 17482 | 22017 | 2779 | 10636 | 75924 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 3146 | 5390 | 7173 | 609 | 11588 | 27906 |
| &nbsp;&nbsp;NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 8690 | (4713) | 272 | 2679 | (3116) | 3812 |
| &nbsp;&nbsp;IMPAIRMENT OF INTANGIBLES | 2400 |  |  |  |  | 2400 |
| &nbsp;&nbsp;GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |  | (1511) | (344) |  |  | (1855) |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 22425 | 26933 | 19188 | 3080 | 29948 | 101574 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 2793 | 6484 | 2181 | 4973 | 1235 | 17666 |
| **ADJUSTED EBITDA** | $**139812** | $**108125** | $**124668** | $**17225** | $**66487** | $**456317** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 3.9% | 4.8% | 4.7% | 4.8% | \* | 5.1% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 7.0% | 8.8% | 8.0% | 8.7% | \* | 9.1% |
| \* Not meaningful |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**114768** | $**63472** | $**108584** | $**17670** | $**44456** | $**348950** |
| &nbsp;&nbsp;INTEREST AND OTHER | (386) | 1314 | (25) | (8826) | (28430) | (36353) |
| &nbsp;&nbsp;INCOME TAXES | 33193 | 17841 | 31194 | 5072 | 12886 | 100186 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 3928 | 5351 | 6098 | 609 | 11359 | 27345 |
| &nbsp;&nbsp;NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 877 | 1455 | 222 | 10 | (1026) | 1538 |
| &nbsp;&nbsp;GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |  | (37) | (1818) |  |  | (1855) |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 21327 | 25600 | 17032 | 2449 | 25722 | 92130 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 2994 | 6624 | 2108 | 4573 | 1322 | 17621 |
| **ADJUSTED EBITDA** | $**176701** | $**121620** | $**163395** | $**21557** | $**66289** | $**549562** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 5.5% | 5.0% | 6.7% | 7.9% | \* | 6.7% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 8.5% | 9.6% | 10.0% | 9.6% | \* | 10.6% |
| \* Not meaningful |  |  |  |  |  |  |

---

 **Page 9**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**SEPTEMBER 2025/2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In thousands)**<br>**ASSETS** | **2025** | **2024** | <br>**LIABILITIES AND EQUITY** | **2025** | **2024** |
| **CURRENT ASSETS** |  |  | **CURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1008632 | 1190807 | &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $231905 | 239897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 3062 | 761 | &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 294923 | 322031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 33926 | 38935 | &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | 5386 | 44103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 607537 | 650869 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 667418 | 645429 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 66509 | 86724 |  |  |  |
| **TOTAL CURRENT ASSETS** | 2387084 | 2613525 | **TOTAL CURRENT LIABILITIES** | 532214 | 606031 |
| **OTHER ASSETS** | 283796 | 259637 | **LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS** | 229007 | 232043 |
| **INTANGIBLE ASSETS, NET** | 488774 | 501641 | **OTHER LIABILITIES** | 166057 | 180465 |
|  |  |  | **TEMPORARY EQUITY** | 5018 | 5527 |
| **PROPERTY, PLANT AND EQUIPMENT, NET** | 975897 | 843082 | **SHAREHOLDERS' EQUITY** | 3203255 | 3193819 |
| **TOTAL ASSETS** | $4135551 | $4217885 | **TOTAL LIABILITIES AND EQUITY** | $4135551 | $4217885 |

---

 **Page 10**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**FOR THE NINE MONTHS ENDED**

**SEPTEMBER 2025/2024**

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net earnings | $255836 | $348950 |
| Adjustments to reconcile net earnings to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 101574 | 92130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 17666 | 17621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense associated with share-based and grant compensation arrangements | 27906 | 27345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (393) | (674) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investment and other | (2195) | (3201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of investee | (1072) | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale, disposition and impairment of assets | 3812 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangibles | 2400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from reduction of estimated earnout liability | (1855) | (1855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (104813) | (102355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 61025 | 81238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 6243 | 37391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 32988 | (1779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET CASH FROM OPERATING ACTIVITIES** | 399122 | 497662 |
| **CASH FLOWS USED IN INVESTING ACTIVITIES:** |  |  |
| Purchases of property, plant, and equipment | (205504) | (165493) |
| Proceeds from sale of property, plant and equipment | 17308 | 3795 |
| Acquisitions and purchases of non-controlling interest, net of cash received | (17626) |  |
| Purchases of investments | (27388) | (34284) |
| Proceeds from sale of investments | 14464 | 13782 |
| Other | 1535 | 4712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET CASH USED IN INVESTING ACTIVITIES** | (217211) | (177488) |
| **CASH FLOWS USED IN FINANCING ACTIVITIES:** |  |  |
| Borrowings under revolving credit facilities | 23299 | 20130 |
| Repayments under revolving credit facilities | (22469) | (20477) |
| Repayment of debt on behalf of investee |  | (6303) |
| Contingent consideration payments and other | (221) | (4779) |
| Proceeds from issuance of common stock | 1867 | 2122 |
| Dividends paid to shareholders | (62490) | (60721) |
| Distributions to noncontrolling interest | (1280) | (11848) |
| Purchase of remaining noncontrolling interest of subsidiary |  | (4902) |
| Payments to taxing authorities in connection with shares directly withheld from employees | (9582) | (17838) |
| Repurchase of common stock | (280987) | (141122) |
| Other | (182) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET CASH USED IN FINANCING ACTIVITIES** | (352045) | (245683) |
| Effect of exchange rate changes on cash | 2234 | (5179) |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | (167900) | 69312 |
| **ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD** | 1179594 | 1122256 |
| **ALL CASH AND CASH EQUIVALENTS, END OF PERIOD** | $1011694 | $1191568 |
| **Reconciliation of cash and cash equivalents and restricted cash:** |  |  |
| Cash and cash equivalents, beginning of period | $1171828 | $1118329 |
| Restricted cash, beginning of period | 7766 | 3927 |
| All cash and cash equivalents, beginning of period | $1179594 | $1122256 |
| Cash and cash equivalents, end of period | $1008632 | $1190807 |
| Restricted cash, end of period | 3062 | 761 |
| All cash and cash equivalents, end of period | $1011694 | $1191568 |

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 **Page 11**

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