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): February 21, 2023

UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

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

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

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:

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

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

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

☐ 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 Results of Operations and Financial Condition

On February 21, 2023, the Registrant issued a press release announcing its financial results for the quarter-ended December 31, 2022. A copy of the Registrant’s press release is attached as Exhibit 99(a) to this Current Report.

Item 9.01 Financial Statements, Pro Forma Financial Information, and Exhibits

(c)Exhibits

99(a)Press Release dated February 21, 2023

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 February 21, 2023.

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.


	UNIVERSAL FOREST PRODUCTS, INC.
	(Registrant)

Dated: February 21, 2023	By:	/s/ Michael R. Cole
		Michael R. Cole
		Principal Financial Officer and Treasurer

UFP Industries, Inc.

Page 1

Exhibit 99(a)

News release

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

Dick Gauthier

VP of Investor Relations

(616) 365-1555

FOR IMMEDIATE RELEASE

Tuesday, February 21, 2023

UFP Industries Announces Fourth Quarter and Fiscal 2022 Results Full year net sales increase 11 percent and earnings per share increase 28 percent

GRAND RAPIDS, Mich., Tuesday, Feb. 21, 2023 – UFP Industries, Inc. (Nasdaq: UFPI) today announced net sales of $1.9 billion, net earnings attributable to controlling interest of $133 million, and earnings per diluted share of $2.10 for the fourth quarter of 2022. The company also announced a record $9.6 billion in net sales for fiscal 2022, an 11 percent increase over 2021, and record 2022 earnings per diluted share of $10.97, a 28 percent increase over the previous year.

“As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction,” said Chairman and CEO Matthew J. Missad. “Importantly, our strong balance sheet enables us to remain on offense during periods of economic uncertainty and invest in new product innovation and in markets with significant long-term value potential. Our balanced business model continues to prove its advantage by giving us the flexibility to adjust to market fluctuations and allocate resources where we see the greatest return across our diverse and complementary markets. We see opportunities in challenging times, and, as in the past, we plan to take advantage of them in 2023.

“To recognize the hard work of our teammates in 2022, we provided significant wage increases and will pay our production and hourly employees more than $60 million in bonuses and other extra compensation.”

Fourth Quarter 2022 Highlights (comparisons on a year-over-year basis):

●	Net sales of $1.91 billion decreased 5 percent due to a 10 percent decrease in organic unit sales, a 4 percent increase in prices, and a 1 percent increase from acquisitions.
●	New product sales of $164 million increased 36 percent.
---	---
●	Earnings from operations of $169 million decreased 14 percent.
---	---
●	Adjusted EBITDA of $213 million decreased 5 percent from the record performance during the same period of 2021, while adjusted EBITDA margin remained unchanged at 11.1 percent.
---	---

UFP Industries, Inc.

Page 2

Fiscal 2022 Highlights (comparisons on a year-over-year basis):

●	Net sales of $9.63 billion increased 11 percent due a 3 percent increase from acquisitions, a 9 percent increase in prices, and a 1 percent decline in organic unit sales.
●	New product sales were $736 million, up 53 percent.
---	---
●	Earnings from operations of $950 million increased 29 percent. Acquisitions contributed $16.5 million to earnings.
---	---
●	Adjusted EBITDA of $1.1 billion increased 32 percent. Acquisitions contributed $25.5 million to adjusted EBITDA.
---	---

Capital Allocation

UFP Industries maintains a strong balance sheet with $281.3 million in net surplus cash (surplus cash less interest-bearing debt and cash overdraft) at year-end 2022, compared to $50.6 million in net debt at year-end 2021, and had more than $1.8 billion of liquidity at year-end 2022. The company’s return-focused approach to capital allocation included:

-	Investments of approximately $174 million for capital expenditures during 2022. The company is targeting $200-225 million in 2023, including value-added growth investments as well as significant investments in automation, robotics and technology.
-	Repurchases of approximately 1,247,000 shares of common stock for $95.8 million during 2022 (an average price of $76.83 per share). The company is authorized to purchase an additional 2 million shares through February 3, 2024, and will continue to repurchase UFPI shares when the price is advantageous to offset dilution resulting from long-term, share-based incentive compensation programs. In 2022, the company issued 919,000 shares for share-based compensation programs at an average issue price of $82.61 per share.
---	---
-	Paid dividends of $58.9 million or $0.95 per share in 2022, a 46 percent increase per share over 2021. On February 3, 2023, the Board approved a quarterly dividend payment of $0.25 per share, payable on March 15, 2023, to shareholders of record on March 1, 2023.
---	---

The company continues to seek strategic acquisitions that allow it to drive long-term growth and margin improvements, enhance its capabilities, and create incremental value for its customers and shareholders. During the fourth quarter of 2022, UFP Packaging acquired Titan Corrugated and its affiliate, All Boxed Up. For the full year 2022, UFP Industries made four acquisitions, including Cedar Poly, Ultra Aluminum Manufacturing, and a 50 percent stake in Dempsey Wood Products.

By business segment, the company reported the following 2022 results:

UFP Retail Solutions

Fourth Quarter: $690.7 million in net sales, down 2 percent from the fourth quarter of 2021 due to a 9 percent decline in organic unit sales and a 2 percent decline due to the transfer of certain building products to the construction segment, which was offset by a 7 percent increase in selling prices and a 2 percent increase from acquisitions.

Full Year: $3.65 billion in net sales, up 7 percent from 2021 due to a 5 percent increase in unit sales from acquisitions and a 7 percent increase in selling prices, which was offset by a 3 percent decline in organic unit sales and a 2 percent decrease due to the transfer of certain products to the construction segment.

UFP Industries, Inc.

Page 3

Segment Outlook: After experiencing a significant increase in demand during the pandemic, we continue to expect more normalized demand in our retail solutions segment in 2023. We anticipate lumber prices will normalize and follow more seasonal historical trends in 2023, and the retail segment will experience flat unit sales.

UFP Packaging (formerly UFP Industrial)

Fourth Quarter: $522.2 million in net sales, up 1 percent compared to the fourth quarter of 2021, due to a 1 percent increase in selling prices and flat organic unit sales growth.

Full Year: $2.39 billion in net sales, up 11 percent from the previous year due to a 12 percent increase in selling prices, a 1 percent increase in unit sales from acquisitions, and a 2 percent decrease in organic unit sales.

Segment Outlook: We continue to monitor business activity and the key economic indicators that drive this segment with many of those metrics indicating unit sales will be flat to slightly down in 2023.

UFP Construction

Fourth Quarter: $604.9 million in net sales, down 11 percent over the fourth quarter of 2021, due to a 16 percent decline in organic unit sales, a 3 percent increase in selling prices, and a 2 percent increase from the transfer of certain products from the retail solutions segment.

Full Year: $3.14 billion in net sales, up 17 percent from the previous year due to an 11 percent increase in selling prices, a 4 percent increase in organic unit sales, and a 2 percent increase due to the transfer of certain products from the retail solutions segment.

Segment Outlook: The portion of the construction business which focuses on housing includes site-built residential (14 percent of total company sales in 2022) and factory built (12 percent). There are many estimates on housing starts, with the consensus estimating a 15-20 percent decline in 2023.

CONFERENCE CALL

UFP Industries will conduct a conference call to discuss information included in this news release and related matters at 4:30 p.m. ET on Tuesday, February 21, 2023. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through the website.

UFP Industries, Inc.

Page 4

UFP Industries, Inc.

UFP Industries is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail Solutions – 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. UFP Industries is ranked #401 on the Fortune 500 and #149 on Industry Week’s list of America’s Largest Manufacturers. 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 the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. 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 considers Adjusted EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

Net earnings

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

#

UFP Industries, Inc.

Page 5

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2022/2021


		Quarter Period								Year to Date
(In thousands, except per share data)	****	2022				2021				2022				2021
NET SALES		$	1,913,697	100.0	%	$	2,016,805	100.0	%	$	9,626,739	100.0	%	$	8,636,134	100.0	%

COST OF GOODS SOLD			1,556,227	81.3			1,645,241	81.6			7,837,278	81.4			7,229,167	83.7

GROSS PROFIT			357,470	18.7			371,564	18.4			1,789,461	18.6			1,406,967	16.3

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			183,064	9.6			178,149	8.8			832,079	8.6			682,253	7.9
OTHER (GAINS) LOSSES, NET			5,857	0.3			(1,592)	(0.1)			7,198	0.1			(12,840)	(0.1)

EARNINGS FROM OPERATIONS			168,549	8.8			195,007	9.7			950,184	9.9			737,554	8.5

INTEREST AND OTHER			(4,490)	(0.2)			1,938	0.1			15,368	0.2			11,218	0.1

EARNINGS BEFORE INCOME TAXES			173,039	9.0			193,069	9.6			934,816	9.7			726,336	8.4

INCOME TAXES			41,160	2.2			46,063	2.3			229,852	2.4			173,972	2.0

NET EARNINGS			131,879	6.9			147,006	7.3			704,964	7.3			552,364	6.4

LESS NET LOSS (EARNINGS) ATTRIBUTABLE TO NONCONTROLLING INTEREST			710	—			(9,100)	(0.5)			(12,313)	(0.1)			(16,724)	(0.2)

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST		$	132,589	6.9		$	137,906	6.8		$	692,651	7.2		$	535,640	6.2

EARNINGS PER SHARE - BASIC		$	2.12			$	2.21			$	11.05			$	8.61

EARNINGS PER SHARE - DILUTED		$	2.10			$	2.21			$	10.97			$	8.59

COMPREHENSIVE INCOME		$	135,057			$	143,210			$	702,466			$	547,068

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST			(195)				(7,431)				(13,485)				(15,039)

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST		$	134,862			$	135,779			$	688,981			$	532,029

UFP Industries, Inc.

Page 6

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2022/2021


		Quarter Period
	****	2022
(In thousands)		Retail		Packaging		Construction		All Other		Corporate		Total
NET SALES		$	690,663	$	522,171	$	604,895	$	99,425	$	(3,457)	$	1,913,697
COST OF GOODS SOLD			631,116		391,443		466,541		70,207		(3,080)		1,556,227
GROSS PROFIT			59,547		130,728		138,354		29,218		(377)		357,470
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			33,893		49,871		61,695		17,012		20,593		183,064
OTHER			183		(489)		1,259		4,844		60		5,857
EARNINGS FROM OPERATIONS		$	25,471	$	81,346	$	75,400	$	7,362	$	(21,030)	$	168,549


		Quarter Period
	****	2021
(In thousands)		Retail		Packaging		Construction		All Other		Corporate		Total
NET SALES		$	703,897	$	514,854	$	677,326	$	118,738	$	1,990	$	2,016,805
COST OF GOODS SOLD			639,827		391,365		523,334		76,846		13,869		1,645,241
GROSS PROFIT			64,070		123,489		153,992		41,892		(11,879)		371,564
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			24,658		49,455		74,148		12,182		17,706		178,149
OTHER			88		(560)		(56)		(533)		(531)		(1,592)
EARNINGS FROM OPERATIONS		$	39,324	$	74,594	$	79,900	$	30,243	$	(29,054)	$	195,007


	Year to Date
	2022
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
NET SALES	$	3,650,639	$	2,394,681	$	3,143,868	$	431,611	$	5,940	$	9,626,739
COST OF GOODS SOLD		3,306,112		1,808,449		2,417,212		300,307		5,198		7,837,278
GROSS PROFIT		344,527		586,232		726,656		131,304		742		1,789,461
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		193,383		250,858		328,125		66,745		(7,032)		832,079
OTHER		817		129		1,097		5,929		(774)		7,198
EARNINGS FROM OPERATIONS	$	150,327	$	335,245	$	397,434	$	58,630	$	8,548	$	950,184


	Year to Date
	2021
(In thousands)	Retail		Packaging		Construction		All Other		Corporate		Total
NET SALES	$	3,418,337	$	2,148,142	$	2,698,434	$	362,473	$	8,748	$	8,636,134
COST OF GOODS SOLD		3,120,634		1,683,466		2,167,405		237,696		19,966		7,229,167
GROSS PROFIT		297,703		464,676		531,029		124,777		(11,218)		1,406,967
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		169,033		200,194		267,292		52,204		(6,470)		682,253
OTHER		(94)		(456)		(493)		(2,237)		(9,560)		(12,840)
EARNINGS FROM OPERATIONS	$	128,764	$	264,938	$	264,230	$	74,810	$	4,812	$	737,554

UFP Industries, Inc.

Page 7

ADJUSTED EBITDA RECONCILIATION BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED

DECEMBER 2022/2021


		Quarter Period
	****	2022
(In thousands)		Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings		$	19,357	$	62,233	$	57,451	$	8,708	$	(15,870)	$	131,879
Interest and other			106		(572)		(8)		(4,038)		22		(4,490)
Income taxes			6,008		19,685		17,957		2,692		(5,182)		41,160
Expenses associated with share-based compensation arrangements			1,153		1,283		1,185		148		4,408		8,177
Net loss (gain) on disposition and impairment of assets			168		(489)		1,287		342		(375)		933
Impairment of goodwill and other intangibles			—		—		—		4,261		—		4,261
Depreciation expense			6,085		5,694		5,263		964		7,176		25,182
Amortization of intangibles			1,389		1,152		877		2,504		129		6,051
Adjusted EBITDA		$	34,266	$	88,986	$	84,012	$	15,581	$	(9,692)	$	213,153

Adjusted EBITDA as a Percentage of Net Sales			5.0%		17.0%		13.9%		15.7%		280.4%		11.1%

		Quarter Period
	****	2021
(In thousands)		Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings		$	31,418	$	53,967	$	60,273	$	26,346	$	(24,998)	$	147,006
Interest and other			75		1,688		727		(3,765)		3,214		1,939
Income taxes			7,831		18,939		18,901		7,662		(7,270)		46,063
Expenses associated with share-based compensation arrangements			665		614		567		156		778		2,780
Net loss (gain) on disposition and impairment of assets			49		(104)		624		—		(2,079)		(1,510)
Depreciation expense			4,670		6,794		3,499		717		6,763		22,443
Amortization of intangibles			1,235		2,172		802		311		59		4,579
Adjusted EBITDA		$	45,943	$	84,070	$	85,393	$	31,427	$	(23,533)	$	223,300

Adjusted EBITDA as a Percentage of Net Sales			6.5%		16.3%		12.6%		26.5%		(1182.6)%		11.1%

UFP Industries, Inc.

Page 8

ADJUSTED EBITDA RECONCILIATION BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2022/2021


		Year to Date
	****	2022
(In thousands)		Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings		$	113,245	$	251,187	$	299,721	$	42,844	$	(2,033)	$	704,964
Interest and other			162		2,158		(12)		1,817		11,243		15,368
Income taxes			36,920		81,900		97,725		13,969		(662)		229,852
Expenses associated with share-based compensation arrangements			4,476		5,125		4,882		614		13,059		28,156
Net loss (gain) on disposition and impairment of assets			785		131		1,349		347		(1,327)		1,285
Impairment of goodwill and other intangibles			—		—		—		4,261		—		4,261
Depreciation expense			19,898		28,191		15,364		2,992		27,618		94,063
Amortization of intangibles			4,131		6,925		3,358		4,571		514		19,499
Adjusted EBITDA		$	179,617	$	375,617	$	422,387	$	71,415	$	48,412	$	1,097,448

Adjusted EBITDA as a Percentage of Net Sales			4.9%		15.7%		13.4%		16.5%		815.0%		11.4%

		Year to Date
	****	2021
(In thousands)		Retail		Packaging		Construction		All Other		Corporate		Total
Net earnings		$	98,802	$	197,593	$	200,948	$	61,527	$	(6,506)	$	552,364
Interest and other			72		3,882		(8)		(6,095)		13,367		11,218
Income taxes			29,890		63,463		63,290		19,378		(2,049)		173,972
Expenses associated with share-based compensation arrangements			2,747		2,520		2,452		585		2,920		11,224
Net loss (gain) on disposition and impairment of assets			2		—		—		—		(11,994)		(11,992)
Depreciation expense			16,955		26,219		13,151		2,094		25,765		84,184
Amortization of intangibles			2,780		6,093		3,525		1,336		214		13,948
Adjusted EBITDA		$	151,248	$	299,770	$	283,358	$	78,825	$	21,717	$	834,918

Adjusted EBITDA as a Percentage of Net Sales			4.4%		14.0%		10.5%		21.7%		248.3%		9.7%

UFP Industries, Inc.

Page 9

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

DECEMBER 2022/2021


(In thousands)
ASSETS	****		2022	****		2021	****	LIABILITIES AND EQUITY	****		2022	****		2021

CURRENT ASSETS								CURRENT LIABILITIES
Cash and cash equivalents		$	559,397		$	286,662		Cash Overdraft		$	—		$	17,030
Restricted cash			226			4,561		Accounts payable			206,941			319,125
Investments			36,013			36,495		Accrued liabilities and other			401,952			397,204
Accounts receivable			617,604			737,805		Current portion of debt			2,942			42,683
Inventories			973,227			963,320
Other current assets			75,646			44,633

TOTAL CURRENT ASSETS			2,262,113			2,073,476		TOTAL CURRENT LIABILITIES			611,835			776,042

OTHER ASSETS			232,427			151,351		LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS			275,154			277,567
INTANGIBLE ASSETS, NET			488,551			431,424		OTHER LIABILITIES			181,381			175,093

								TEMPORARY EQUITY			6,880			—

PROPERTY, PLANT AND EQUIPMENT, NET			688,982			589,020		SHAREHOLDERS' EQUITY			2,596,823			2,016,569


TOTAL ASSETS		$	3,672,073		$	3,245,271		TOTAL LIABILITIES AND EQUITY		$	3,672,073		$	3,245,271

UFP Industries, Inc.

Page 10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2022/2021


(In thousands)		2022	****		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	704,964		$	552,364
Adjustments to reconcile net earnings to net cash from operating activities:

Depreciation		94,063			84,184
Amortization of intangibles		19,499			13,948
Expense associated with share-based and grant compensation arrangements		28,156			11,224
Deferred income taxes (credit)		(16,289)			5,653
Unrealized loss (gain) on investment and other		5,768			(4,118)
Equity in loss of investee		2,183			3,902
Net loss (gain) on sale and disposition of assets		1,285			(11,992)
Impairment of goodwill and other intangibles		4,261			—
Changes in:
Accounts receivable		130,704			(85,439)
Inventories		718			(260,301)
Accounts payable and cash overdraft		(137,907)			78,060
Accrued liabilities and other		(5,838)			124,992
NET CASH FROM OPERATING ACTIVITIES		831,567			512,477

CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(174,124)			(151,166)
Proceeds from sale of property, plant and equipment		3,805			29,973
Acquisitions, net of cash received and purchase of equity method investment		(180,151)			(475,960)
Purchases of investments		(19,875)			(23,797)
Proceeds from sale of investments		12,874			14,882
Other		3,535			(5,119)
NET CASH USED IN INVESTING ACTIVITIES		(353,936)			(611,187)

CASH FLOWS USED IN FINANCING ACTIVITIES:
Borrowings under revolving credit facilities		605,101			892,072
Repayments under revolving credit facilities		(607,549)			(888,695)
Repayments of debt		(38,719)			—
Contingent consideration payments and other		(2,856)			(3,176)
Proceeds from issuance of common stock		2,769			2,116
Dividends paid to shareholders		(58,860)			(40,209)
Distributions to noncontrolling interest		(12,024)			(6,750)
Repurchase of common stock		(95,774)			—
Other		(2,298)			(364)
NET CASH USED INFINANCING ACTIVITIES		(210,210)			(45,006)

Effect of exchange rate changes on cash		979			(1,669)
NET CHANGE IN CASH AND CASH EQUIVALENTS		268,400			(145,385)

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		291,223			436,608

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD	$	559,623		$	291,223

Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	$	286,662		$	436,507
Restricted cash, beginning of period		4,561			101
All cash and cash equivalents, beginning of period	$	291,223		$	436,608

Cash and cash equivalents, end of period	$	559,397		$	286,662
Restricted cash, end of period		226			4,561
All cash and cash equivalents, end of period	$	559,623		$	291,223