UFP Industries, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>UFP Industries, Inc. has submitted its comprehensive 2023 annual report (10-K), detailing financial performance and stock-related information.</b>

AI Summary

UFP INDUSTRIES INC (UFPI) filed a Annual Report (10-K) with the SEC on February 28, 2024. UFP Industries, Inc. filed its 2023 Form 10-K on February 28, 2024, reporting on the fiscal year ending December 30, 2023. The filing covers financial data and operational details for the period. Key financial statement components like Retained Earnings, Noncontrolling Interest, Common Stock, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for fiscal years ending December 30, 2023, December 31, 2022, December 25, 2021, and December 26, 2020. Information regarding various stock compensation plans, including Stock Purchase Plan, Stock Gift Program, LTSIP, Executive Stock Match Grants, Director Compensation Plan, and Deferred Compensation Plans, is provided for fiscal years 2023 and 2022. The company's principal business address is 2801 East Beltline NE, Grand Rapids, MI 49525, with a phone number of 616-364-6161.

Why It Matters

For investors and stakeholders tracking UFP INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of UFP Industries' financial health and operational structure for the fiscal year 2023, enabling informed investment decisions. The extensive disclosure on stock compensation plans and equity components offers insight into the company's executive compensation strategies and shareholder value initiatives.

Risk Assessment

Risk Level: medium — UFP INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the depth of financial and operational data requires careful analysis to identify specific risks or opportunities.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess the company's performance and identify potential investment risks or opportunities.

Key Numbers

• 2023-12-30 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (As of date)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)
• 2022-12-31 — Previous Fiscal Year End (Comparison point for financial data)

Key Players & Entities

• UFP INDUSTRIES INC (company) — Filer name
• 2801 EAST BELTLINE NE (address) — Business address street 1
• GRAND RAPIDS (city) — Business address city
• MI (state) — Business address state
• 49525 (zip_code) — Business address zip
• 6163646161 (phone_number) — Business phone
• UNIVERSAL FOREST PRODUCTS INC (company) — Former company name
• 19930929 (date) — Date of name change

FAQ

Industry Context

UFP Industries operates in the wood products manufacturing sector, specifically sawmills and planning mills.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and other key metrics.
2. Examine disclosures related to stock compensation plans and their impact on equity.
3. Review the company's business description and any identified risk factors for operational insights.

Key Dates

• 2024-02-28: Filing of 2023 Form 10-K — Official annual report submission
• 2023-12-30: Fiscal Year End — End of reporting period

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $1 — ange on Which Registered Common Stock, $1 par value UFPI The NASDAQ Global Se
• $97.05 — 88,927 computed at the closing price of $97.05 on that date. As of February 3, 2024,
• $1.8 billion — 011 to 2019 our revenues increased from $1.8 billion to $4.4 billion. We believe that the du
• $4.4 billion — revenues increased from $1.8 billion to $4.4 billion. We believe that the duration and durab
• $2.2 billion — rchases of lumber totaled approximately $2.2 billion and consisted of the following species
• $571.7 million — dditionally, we purchased approximately $571.7 million in plywood in 2023. There are numerous
• $59.2 million — nterior fixture businesses approximated $59.2 million and $90.1 million, respectively. Cancel
• $90.1 m — sinesses approximated $59.2 million and $90.1 million, respectively. Cancelled orders h
• $79.7 million — lt construction businesses approximated $79.7 million and $91.1 million, respectively. We exp
• $91.1 m — sinesses approximated $79.7 million and $91.1 million, respectively. We expect that the

Filing Documents

• ufpi-20231230x10k.htm (10-K) — 877KB
• ufpi-20231230xex4db.htm (EX-4.(B)) — 12KB
• ufpi-20231230xex10daiii.htm (EX-10.(A)(III)) — 102KB
• ufpi-20231230xex10dc.htm (EX-10.(C)) — 206KB
• ufpi-20231230xex10dd.htm (EX-10.(D)) — 215KB
• ufpi-20231230xex10de.htm (EX-10.(E)) — 57KB
• ufpi-20231230xex10df.htm (EX-10.(F)) — 94KB
• ufpi-20231230xex10dg.htm (EX-10.(G)) — 75KB
• ufpi-20231230xex10dh.htm (EX-10.(H)) — 73KB
• ufpi-20231230xex13.htm (EX-13) — 3054KB
• ufpi-20231230xex21.htm (EX-21) — 151KB
• ufpi-20231230xex23.htm (EX-23) — 3KB
• ufpi-20231230xex31da.htm (EX-31.(A)) — 12KB
• ufpi-20231230xex31db.htm (EX-31.(B)) — 13KB
• ufpi-20231230xex32da.htm (EX-32.(A)) — 11KB
• ufpi-20231230xex32db.htm (EX-32.(B)) — 12KB
• ufpi-20231230xex97.htm (EX-97) — 33KB
• ufpi-20231230xex13001.jpg (GRAPHIC) — 68KB
• 0001558370-24-001963.txt (&nbsp;) — 17432KB
• ufpi-20231230.xsd (EX-101.SCH) — 66KB
• ufpi-20231230_cal.xml (EX-101.CAL) — 96KB
• ufpi-20231230_def.xml (EX-101.DEF) — 281KB
• ufpi-20231230_lab.xml (EX-101.LAB) — 736KB
• ufpi-20231230_pre.xml (EX-101.PRE) — 552KB
• ufpi-20231230x10k_htm.xml (XML) — 3716KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 16 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 16 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 17 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. 17 Item 9A.

Controls and Procedures

Controls and Procedures. 17 Item 9B. Other Information. 18 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 18 PART III Item 10. Directors, Executive Officers and Corporate Governance. 18 Item 11.

Executive Compensation

Executive Compensation. 18 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters. 18 Item 13. Certain Relationships and Related Transactions, and Director Independence. 19 Item 14. Principal Accountant Fees and Services. 19 PART IV Item 15. Exhibits, Financial Statement Schedules. 20 Exhibit Index. 21 1 PART I

Business

Item 1. Business. General Development of the Business. UFP Industries, Inc. ("we" or "our") is a holding company with subsidiaries throughout North America, Europe, Asia, and Australia that design, manufacture and supply products made from wood, composites, and other materials to three markets: retail, packaging, and construction. We are headquartered in Grand Rapids, Michigan. For more information about UFP Industries, Inc., or our affiliated operations, go to www.ufpi.com. Information relating to current developments in our business is incorporated by reference from our Annual Report to Shareholders for the fiscal year ended December 30, 2023 ("2023 Annual Report") under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations." Selected portions of the 2023 Annual Report are filed as Exhibit 13 with this Form 10-K Report. Financial Information About Segments. ASC 280, Segment Reporting ("ASC 280") defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our business segments consist of UFP Retail Solutions, UFP Packaging and UFP Construction and align with the end markets we serve. Among other things, this structure allows for a specialized and consistent sales approach among Company operations, efficient use of resources and capital, and quicker introduction of new products and services. We manage the operations of our individual locations primarily through a market-centered reporting structure under which each location is included in a business unit and business units are included in our Retail, Packaging, and Construction segments. In the case of locations that serve multiple segments, results are allocated and accounted for by segment. The exception to this market-centered reporting and management structure is our Inter

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