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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 25, 2021.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period of ____ to _____.

Commission File No.:  0-22684

UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Michigan

38-1465835

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

2801 East Beltline, N.E., Grand Rapids, Michigan

49525

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (616) 364-6161

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

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, $1 par value

UFPI

The NASDAQ Global Select Market

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   Yes             No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   Yes             No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes             No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)   Yes             No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer 

Non-accelerated filer

Smaller Reporting Company 

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 a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes             No

The aggregate market value of the common stock held by non-affiliates of the registrant (i.e. excluding shares held by executive officers, directors, and control persons as defined in Rule 405, 17 CFR 230.405) on June 25, 2021 was $4,240,620,108 computed at the closing price of $72.73 on that date.

As of January 30, 2022, 61,905,218 shares of the registrant’s common stock, $1 par value, were outstanding.

Documents incorporated by reference:

(1)Certain portions of the registrant’s Annual Report to Shareholders for the fiscal year ended December 25, 2021 are incorporated by reference into Part I and II of this Report.
(2)Certain portions of the registrant’s Proxy Statement for its 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this Report.

Exhibit Index located on page E-16.

ANNUAL REPORT ON FORM 10-K

DECEMBER 25, 2021

TABLE OF CONTENTS

PART I

Item 1.

Business.

2

Item 1A.

Risk Factors.

5

Item 1B.

Unresolved Staff Comments.

7

Item 2.

Properties.

7

Item 3.

Legal Proceedings.

10

Item 4.

Mine Safety Disclosures.

10

Additional item: Executive Officers of the Registrant.

10

PART II

Item 5.

Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.

11

Item 6.

Selected Financial Data.

11

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

11

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

11

Item 8.

Financial Statements and Supplementary Data.

12

Item 9.

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.

12

Item 9A.

Controls and Procedures.

12

Item 9B.

Other Information.

13

PART III

Item 10.

Directors, Executive Officers and Corporate Governance.

13

Item 11.

Executive Compensation.

13

Item 12.

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

13

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

14

Item 14.

Principal Accountant Fees and Services.

14

PART IV

Item 15.

Exhibits, Financial Statement Schedules.

14

1

PART I

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 supply products primarily manufactured from wood, wood and non-wood composites, and other materials to three markets: retail, industrial, 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 25, 2021 ("2021 Annual Report") under the caption "Management’s Discussion and Analysis of Financial Condition and Results of Operations."  Selected portions of the 2021 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 Industrial and UFP Construction and align with the markets we serve. 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, Industrial, and Construction segments. The exception to this market-centered reporting and management structure is the Company’s International segment, which comprises our Mexico, Canada, Europe, Asia and Australia operations and sales and buying offices in other parts of the world. Our International segment and Ardellis (our insurance captive) are referred to as “All Other” throughout this report. The Corporate segment includes purchasing, transportation and administrative functions that serve our operating segments. Operating results of Corporate primarily consists of over (under) allocated costs, the operating results of UFP Real Estate, Inc., which owns and leases real estate, and UFP Transportation Ltd., which owns, leases and operates transportation equipment, are also included in Corporate.

Narrative Description of Business.

We design, manufacture and market wood and wood-alternative products, primarily used to enhance outdoor living environments, for national home centers and other retailers; roof trusses, structural lumber and panels, and other products for the manufactured housing industry; engineered wood components for residential and commercial construction, customized interior fixtures, millwork, and casework used in a variety of retail, commercial and other structures; and structural wood packaging, other packing materials, and OEM components for various industries. Each of our segments, Retail, Industrial and Construction, are discussed in the paragraphs that follow.

Retail segment. The customers comprising this segment are national home center retailers, retail-oriented regional lumberyards and contractor-oriented lumberyards. Generally, terms of sale are established for annual or bi-annual periods, and orders are placed with our regional facilities in accordance with established terms. Our two largest customers, The Home Depot and Lowes, accounted for approximately 16% and 10%, respectively, of our total net sales in fiscal 2021, 24% and 4%, respectively, in 2020, and 19% and 4%, respectively, in 2019.

We supply customers in this segment from many of our locations. These regional facilities are able to supply mixed truckloads of products which can be delivered to customers with rapid turnaround from receipt of an order. Freight costs are a factor in the ability to competitively service this market, especially with treated wood products because of their heavier weight. The proximity of our regional facilities to the various outlets of these customers is a factor when developing and establishing annual sales programs.

2

The products offered to customers in this segment include dimensional lumber (both preserved and unpreserved) and various "value-added products," some of which are sold under our trademarks. In addition to our conventional lumber products, we offer a large portfolio of outdoor living products, including wood and wood composite decking and related accessories, decorative lawn and garden products and craft and hobby products. Products sold to this segment include those sold under the following trademarks: ProWood, ProWood FR, Deckorators, UFP-Edge, Outdoor Essentials, Dimensions, and Handprint. These product categories also comprise the business units within our retail segment. We estimate we produce approximately 27% of all treated wood, 8-10% of all composite decking and accessories, 8% of all wood and vinyl fencing and 1% of all lawn and garden products in the United States of America.

We are not aware of any competitor that currently manufactures, treats and distributes a full line of both value-added and commodity-based products on a national basis as we do within our retail segment. We face competition on individual products from several different producers, but the majority of these competitors tend to be regional in their efforts and/or do not offer a full line of outdoor lumber products. We believe the breadth of our product offering, scale and geographic dispersion, proximity of our plants to core customers, product innovation initiatives, purchasing and manufacturing expertise, and service capabilities provide competitive advantages in this market. Refer to Note M “Segment Reporting” of the registrant’s Annual Report to Shareholders for the fiscal year ended December 25, 2021 for our disaggregated net sales by business unit for the retail segment.

Industrial segment. We define our industrial segment as manufacturers and agricultural customers who use pallets, specialty crates, wooden boxes, and other containers used for packaging, shipping and material handling purposes, as well as various other products, including protective packaging, used in a variety of different applications. Many of the wood-based products sold to this market may be produced from the wood by-product of other manufactured products, thereby allowing us to increase our raw material yields while expanding our business. Competition is fragmented and includes virtually every supplier of lumber convenient to the customer. We service this segment with our dedicated regional and national sales teams. The business units comprising out industrial segment are organized geographically. We currently supply approximately 8% of all domestic wood packaging, which includes estimated market share of 7% of machine-built wood pallets and 13% of custom wood packaging. Refer to Note M “Segment Reporting” of the registrant’s Annual Report to Shareholders for the fiscal year ended December 25, 2021 for our disaggregated net sales by business unit for the industrial segment.

Construction segment. Our construction segment is made up of customers in four primary markets – factory-built housing, site-built residential construction, commercial construction, and concrete forming, which represent the business units of our construction segment.

The customers comprising the factory-built housing market are producers of mobile, modular and prefabricated homes and recreational vehicles (RV). Products sold to customers in this market consist primarily of roof trusses, lumber cut and shaped to the customer’s specification, plywood, oriented strand board and dimensional lumber, all intended for use in the construction of manufactured housing. Sales are made by personnel located at each regional facility based on customer orders. Our principal competitive advantages include our product knowledge, the strength of our engineering support services, the proximity of our regional facilities to our customers, our purchasing and manufacturing expertise and our ability to provide national sales programs to certain customers. As a result of these advantages, we estimate we produce approximately 45% of all roof trusses used in factory-built housing in the United States of America. We also distribute products such as siding, electrical and plumbing products to factory-built housing and RV customers.

3

The customers comprising the site-built residential construction market are primarily large-volume, multi-tract builders and smaller volume custom builders. We also supply builders engaged in multi-family and light commercial construction. Competition in this market is primarily fragmented, but we do compete with a small number of national and regional retail contractor yards who also manufacture components and provide framing services, as well as regional manufacturers of components. We believe our primary competitive advantages relate to the engineering and design capabilities of our regional staff, purchasing and manufacturing expertise, product quality, timeliness of delivery, and financial strength, as well as providing a comprehensive turn-key package, including installation. As a result of these strengths, we estimate we produce approximately 5% of all engineered wood components used in housing in the United States of America. Generally, terms of sale and pricing are determined based on contracts we entered into with our customers.  We currently supply customers in these markets from manufacturing facilities located in many different states. These facilities manufacture various engineered wood components used to frame residential or light commercial projects, including roof and floor trusses, wall panels, I-joists and lumber packages. Freight costs are a factor in the ability to competitively service this market due to the space requirements of these products on each truckload. We also provide framing services for builders in certain regional markets, in which we erect the wood structure.

Our commercial business unit primarily includes the operations of idX Holdings, Inc. ("idX"). idX is a designer, manufacturer and installer of highly customized interior fixtures, casework and millwork used in a variety of retail and commercial structures representing several end markets.

Finally, we design, manufacture, and supply wood forms and related products which are used by our customers to set or form concrete for various structures, including large parking garages, stadiums and bridges. Refer to Note M “Segment Reporting” of the registrant’s Annual Report to Shareholders for the fiscal year ended December 25, 2021 for our disaggregated net sales by business unit for the construction segment.

Suppliers. We are one of the largest domestic buyers of solid sawn softwood lumber from primary producers (lumber mills). We use primarily southern yellow pine in our pressure-treating operations and site-built component plants in the Southeastern United States, which we obtain from mills located throughout the states comprising the Sunbelt. Other species we use include "spruce-pine-fir" from various provinces in Canada; hemlock, douglas fir and cedar from the Pacific Northwest; inland species of pine, plantation grown radiata and southern yellow pines from South America; and European spruce. During 2021 our annual purchases of lumber totaled approximately $3.0 billion and consisted of the following species and their respective percent of total lumber purchases: southern yellow pine (57%), spruce-pine-fir (22%), and douglas fir (4%), while the remaining 17% of lumber purchases comprise various other species and imports outside of North America.  Additionally, we purchased approximately $1.0 billion in plywood in 2021. There are numerous primary producers for all varieties we use, and we are not dependent on any particular source of supply. Our financial resources and size, in combination with our strong sales network and ability to remanufacture lumber, enable us to purchase a large percentage of a primary producer’s output (as opposed to only those dimensions or grades in immediate need), thereby lowering our average cost of raw materials and allowing us to obtain favorable programs such as consigned inventory. We believe these represent competitive advantages.

Intellectual Property. We own several patents and have several patents pending on technologies related to our business. In addition, we own numerous registered trademarks and claim common law trademark rights to several others. As we develop proprietary brands, we may pursue registration or other formal protection. While we believe our patent and trademark rights are valuable, the loss of a patent or any trademark would not be likely to have a material adverse impact on our competitive position.

Backlog. Due to the nature of our retail and industrial businesses, backlog information is not meaningful. The maximum time between receipt of a firm order and shipment does not usually exceed a few days. Therefore, we would not normally have a backlog of unfilled orders in a material amount. The relationships with our major customers are such that we are either the exclusive supplier of certain products and/or certain geographic areas, or the designated source for a specified portion of the customer’s requirements. In such cases, either we are able to forecast the customer’s requirements, or the customer may provide an estimate of its future needs. In neither case, however, will we receive firm orders until just prior to the anticipated delivery dates for the products in question.

4

On December 25, 2021 and December 26, 2020, we estimate that backlog orders associated with our customized interior fixture businesses approximated $84.6 million and $65.2 million, respectively.

On December 25, 2021 and December 26, 2020, we estimate that backlog orders associated with our site-built construction businesses approximated $113.5 million and $106.0 million, respectively. We expect that the orders above will be primarily filled within the next fiscal year; however, it is possible that some orders could be canceled.

Environmental. Information required for environmental disclosures is incorporated by reference from Note L of the Consolidated Financial Statements presented under Item 8 herein.

Seasonality. Information required for seasonality disclosures is incorporated by reference from Item 1A. Risk Factors under the caption “Seasonality and weather conditions could adversely affect us.”

Employees. On December 25, 2021, we had approximately 15,000 employees. For over 65 years, the success of our company has rested on the skill, motivation and performance of our employees.  We treat our people honestly and fairly, creating career paths and training opportunities to develop and expand their scope of responsibilities and financial rewards.  This approach to human capital, which is embedded in the Company's culture, has fostered an environment where our employees often commit their respective careers to UFP Industries, Inc.

Available Information.

Our Internet address is www.ufpi.com. Through our Internet website under "Financial Information" in the Investor Relations section, we make available free of charge, as soon as reasonably practical after such information has been filed with the SEC, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act. Also available through our Internet website under "Corporate Governance" in the Investor Relations section is our Code of Ethics for Senior Financial Officers.

Reports to Security Holders.

Not applicable.

Enforceability of Civil Liabilities Against Foreign Persons.

Not applicable.

Item 1A. Risk Factors.

We may be impacted by a significant change in the value of the U.S. dollar and our results of operations may be harmed by currency fluctuations and inflation. We purchase a variety of raw materials and finished goods from sources around the world and export certain products. The impact of a change in U.S. dollar exchange rates, and inflation, would impact our import purchases and export sales, which totaled $806.8 million and $181.3 million, respectively, in 2021. In addition, many of our industrial customers export their products.

5

We are subject to fluctuations in the price of lumber. We experience significant fluctuations in the cost of commodity lumber products from primary producers (the "Lumber Market"). A variety of factors over which we have no control, including government and environmental regulations, weather conditions, economic conditions, and natural disasters, impact the cost of lumber products and our selling prices. While we attempt to minimize our risk from severe price fluctuations, substantial, prolonged trends in lumber prices can affect our sales, cost of materials, and gross profits. Our products are generally priced to the customer based on a quoted, fixed selling price or "indexed" to the Lumber Market with a fixed dollar adder to cover conversion costs and profit. The impact on our profitability from changes in lumber prices is discussed in the “Historical Lumber Prices” and "Impact of the Lumber Market on Our Operating Results" captions of our Management’s Discussion and Analysis of Financial Condition and Results of Operations section under Item 7 of this Form 10-K. Our lumber costs, including plywood, as a percentage of net sales were 47.7%, 51.0%, and 43.4% in 2021, 2020, and 2019, respectively.

Our growth may be limited by the markets we serve, including our construction market which is highly cyclical. Our sales growth is dependent, in part, upon the growth of the markets we serve. If our markets do not achieve anticipated growth, or if we fail to maintain our market share, financial results could be impaired.

A significant portion of our sales are concentrated with two customers. Our sales to The Home Depot and Lowes comprised 16% and 10%, respectively, of our total net sales in fiscal 2021, 24% and 4%, respectively, in 2020, and 19% and 4%, respectively, in 2019.

We may be impacted by vertical integration strategies. In certain markets and product lines, our customers or vendors could pursue vertical integration strategies that could have an adverse effect on our sales. We strive to add value and be a low-cost producer while maintaining competitive pricing in each of our markets to mitigate this risk.

We may be impacted by industry capacity of products we supply. From time to time, we may experience excess capacity among suppliers of certain products in some of the markets we serve. Our selling prices and profitability are impacted during periods of shortages or excess industry capacity relative to market demand. Currently, we may also experience limited capacity among suppliers of certain products as a result of supply chain challenges associated with the COVID-19 pandemic, which may impact our profitability and ability to meet sales objectives.

Our growth may be limited by our ability to make successful acquisitions. A key component of our growth strategy is to complete business combinations. Business combinations involve inherent risks, including assimilation and successfully managing growth. While we conduct extensive due diligence and have taken steps to ensure successful assimilation, factors beyond our control could influence the relative success of these acquisitions.

We may be adversely affected by the impact of environmental and safety regulations. We are subject to the requirements of federal, state, and local environmental and occupational health and safety laws and regulations. There can be no assurance that we are at all times in complete compliance with all of these requirements. We have made and will continue to make capital and other expenditures to comply with environmental regulations. If additional laws and regulations are enacted, which restrict our ability to manufacture and market our products, including our treated lumber products, it could adversely affect our sales and profits. Changes in the interpretation of existing laws could also adversely impact our financial results.

Climate change - seasonality and weather conditions due to climate changes could adversely affect us. Some aspects of our business are seasonal in nature and results of operations vary from quarter to quarter. In addition, the majority of our products sold to the Retail and Construction markets are used or installed in outdoor construction applications; therefore, short-term sales volume, productivity and gross profits can be negatively affected by adverse weather conditions, particularly in our first and fourth quarters. To the extent changes in the world’s climate have a greater impact on adverse weather conditions, we would expect more variability in our business operations and results.

Inbound and outbound transportation costs represent a significant part of our cost structure. An increase in fuel and other operating expenses will significantly increase our costs. While we attempt to pass these costs along to our customers, there can be no assurance that they would agree to these price increases. Our total inbound and outbound transportation costs were approximately 7.3%, 9.2%, and 9.5% of net sales in 2021, 2020, and 2019, respectively.

6

New alternatives may be developed to replace traditional treated wood products. The manufacturers of wood preservatives continue to develop new preservatives. While we believe treated products are reasonably priced relative to alternative products such as composites or vinyl, new alternatives may impact the sales of treated wood products. In addition, new preservatives could increase our cost of treating products in the future.

Cybersecurity breaches and a failure in our e-commerce operations and could disrupt our business. We rely upon information technology systems and network products and the secure operation of these systems and products.  Despite security measures, these systems and products may be vulnerable to physical damage, hackers, computer viruses, or breaches due to errors or malfeasance by employees, vendors, or customers.  We have experienced such events in the past and, although past events were immaterial, future events may occur and may be material. Additionally, consumers are increasingly shopping online and through mobile commerce applications. As a result, we are vulnerable to additional risks and uncertainties associated with e-commerce sales, including rapid changes in technology, website downtime and other technical failures, security breaches, cyber-attacks, consumer privacy concerns, changes in state tax regimes and government regulation of internet activities. Our failure to successfully respond to these risks and uncertainties could reduce our e-commerce sales and increase our costs, which could negatively impact our results of operations. In addition, there is no guarantee that we will be able to expand our e-commerce business. Our competitors may have e-commerce businesses that are substantially larger and more developed than ours, which could place us at a competitive disadvantage.

We may be impacted by new tariffs and duties on U.S. imports and foreign export sales.  Instability of established free trade agreements may lead to raw material and finished goods price volatility.  An increase in foreign tariffs on U.S. goods could curtail our export sales to other countries which was approximately $181.3 million in 2021.  Increased tariffs and duties on U.S. imports will increase pricing by adding duty cost, where the duty is sustainable in light of overall unit price, or otherwise constrain supply by eliminating historical production sources by country or commodity type with unsustainable duties.  Our purchases that are impacted by foreign tariffs were approximately $806.8 million in 2021, including UFP’s U.S. import of Canadian Softwood Lumber of approximately $513.9 million, which is the largest imported commodity.  In addition, there is a risk that U.S. tariffs on imports and countering tariffs on U.S. exports could trigger broader international trade conflicts that could adversely impact our business.

We may be adversely affected by the impact of the COVID-19 (Coronavirus) pandemic and similar outbreaks. Disease outbreaks, such as the COVID-19 pandemic, could have an adverse impact on the Company's operations and financial results. These outbreaks may adversely impact our business, consolidated results of operations and financial condition, such as the current COVID-19 pandemic. COVID-19, as well as measures taken by governmental authorities and businesses to limit the spread of this virus, may result in an adverse change in customer demand and our sales, interfere with the ability of our employees and suppliers to perform and function in a manner consistent with targeted objectives and otherwise adversely impact the efficiency of our operations. This has caused, and may continue to cause, us to materially curtail certain segments, and could have a material adverse effect on the results of our operations and cash flow.

Adverse economic conditions and our customers’ ability to operate may impact their ability to pay. This may result in higher write-offs of receivables than we normally experience. We continue to monitor our customers’ business activities, payment patterns, and credit profiles carefully and make changes in our terms when necessary in response to this risk. As a result, our accounts receivable aging as of December 25, 2021 was approximately 92% current. Our bad debt expense as a percentage of sales was 0.01%, 0.02%, and 0.09%, in 2021, 2020, and 2019, respectively. During the most difficult collection period of the Great Recession, from 2008 through 2010, our bad debt expense as a percentage of sales averaged 0.25%.

Item 1B. Unresolved Staff Comments.

Not applicable.

Item 2. Properties.

Our corporate headquarters building is located in suburban Grand Rapids, Michigan. We currently have approximately 216 facilities located throughout the United States, Canada, Mexico, Europe, Asia, and Australia. Depending upon function and location, these facilities typically utilize office, manufacturing, and indoor and outdoor storage space.

7

The following tables summarize our property locations assigned by the primary segment the plant serves. Due to the nature of our business and historical operating strategy, many of our locations service more than one segment.

RETAIL SEGMENT

Property Location

Number of Properties

Property Location

Number of Properties

Athens, AL

1

Puerto Rico

1

Bartow, FL

1

Ranson, WV

1

Bonner, MT

2

Ringgold, GA

1

Dodgeville, WI

1

Rockledge, FL

1

Elizabeth City, NC

1

Rockwell, NC

1

Fort Worth, TX

1

Saginaw, TX

1

Gainesville, GA

1

Salina, KS

1

Hamilton, OH

1

Schertz, TX

1

Harrisonville, MO

1

Selma, AL

2

Hendersonville, NC

1

Silsbee, TX

1

Janesville, WI

2

South Greer, SC

1

Kansas City, MO

1

Stockertown, PA

1

Kearneysville, WV

2

Tampa, FL

2

Lansing, MI

1

Thomaston, GA

1

Lockhart, FL

1

Union City, GA

1

Louisville, AL

1

White Bear Lake, MN

2

Matthews, NC

1

White City, OR

1

Moultrie, GA

1

White Pigeon, MI

1

Poulsbo, WA

1

Windsor, CO

3

Prairie du Chien, WI

2

TOTAL

48

INDUSTRIAL SEGMENT

Property Location

Number of Properties

Property Location

Number of Properties

Adairsville, GA

1

Milwaukee, WI

1

Ashburn, GA

1

Mocksville, NC

1

Auburndale, FL

2

Morristown, TN

1

Barnesville, GA

1

Nappanee, IN

1

Bartow, FL

2

New Boston, TX

1

Blanchester, OH

1

New London, WI

2

Blue Island, IL

1

Newnan, GA

2

Burnsville, MN

1

Newton, NC

1

Butner, NC

2

Orangeburg, SC

1

Chaffee, NY

1

Peru, IL

1

Chandler, AZ

2

Port Arthur, TX

1

Chase City, VA

1

Prattville, AL

1

Clarksville, TX

2

Rancho Cucamonga, CA

1

Dallas, TX

1

Riverside, CA

1

Douglas, GA

1

Robertsdale, AL

1

Eatonton, GA

2

Rowesville, SC

1

Forsyth, GA

1

Salisbury, NC

2

Franklinton, NC

1

Selma, AL

1

Gilmer, TX

1

Sharon, TN

2

Grandview, TX

4

Shawnee, OK

1

Hartford, WI

1

Shipshewana, IN

1

Hazlehurst, GA

2

Siler City, NC

1

Huntsville, TX

1

Snohomish, WA

1

Lawrenceburg, TN

1

Thornton, CA

1

Livermore Falls, ME

1

Walker, MI

1

Magna, UT

1

Warrens, WI

1

Marietta, GA

1

Waterloo, WI

1

Martin, TN

1

Wenatchee, WA

1

McMinnville, OR

2

Woodburn, OR

3

Miami, FL

1

Yakima, WA

1

TOTAL

77

8

CONSTRUCTION SEGMENT

Property Location

Number of Properties

Property Location

Number of Properties

Athena, OR

1

Lafayette, CO

1

Auburn, NY

1

Liberty, NC

1

Aurora, CO

1

Locust, NC

1

Bangalore

1

London, United Kingdom

1

Belchertown, MA

1

Londonderry, NH

1

Berlin, NJ

2

Minneota, MN

1

Bridgeton, MO

1

Nampa, ID

1

Brooklyn Center, MN

1

Naugatuck, CT

1

Burlington, NC

1

New London, NC

1

Cedar Hill, TX

1

New Windsor, MD

1

Chesapeake, VA

1

Ontario, CA

1

Chicago, IL

1

Ooltewah, TN

1

Clinton, NC

1

Parker, PA

2

Conway, SC

1

Payallup, WA

1

Cordele, GA

1

Pearisburg, VA

1

Dayton, OH

1

Plainville, MA

1

Delano, PA

1

San Antonio, TX

2

Elkhart, IN

3

Sidney, NY

1

Folkston, GA

2

St. Louis, MO

1

Fredericksburg, VA

1

Stafford, TX

1

Gordon, PA

1

Stanfield, NC

2

Granger, IN

1

Temple, TX

1

Granger, IN

1

Vaughan, ON

1

Haleyville, AL

3

Washington, NC

1

Hillsboro, TX

1

West Berlin, NJ

1

Hudson, NY

1

Wilton, NH

1

Jefferson, GA

1

Wujiang City, Jiangsu Province, China

1

Kyle, TX

1

Narrows, VA

1

TOTAL

65

ALL OTHER SEGMENT

Property Location

Number of Properties

Property Location

Number of Properties

Apaseo el Grande, Gto., Mexico

1

Attibele, India

1

Chateauguay, Quebec, Canada

1

Jigani, India

1

Cambiago MI, Italy

1

Pune, India

1

Durango, Mexico

1

Chennai, India

1

Erskine Park, Australia

1

Noida, India

1

Lacolle, Quebec, Canada

1

Indore, India

1

Nuevo Leon, Mexico

1

Hyderbad, India

1

Victoria, Australia

4

Vadodara, India

1

Yeerongpilly, Australia

1

Karnataka, India

1

Koraluru, India

1

Utica, NY

1

Coimbatore, India

1

TOTAL

24

CORPORATE SEGMENT

Property Location

Number of Properties

Grand Rapids, MI

1

Norton Shores, MI

1

TOTAL

2

We own all of our properties, free from any significant mortgage or other encumbrance, except for approximately 105 facilities which are leased. We believe all of these operating facilities are adequate in capacity and condition to service our existing markets.

9

Item 3. Legal Proceedings.

Information regarding our legal proceedings is set forth in Note L of our Consolidated Financial Statements which are presented under Item 8 of this Form 10-K and are incorporated herein by reference.

Item 4. Mine Safety Disclosures.

Not applicable.

Additional Item:  Executive Officers of the Registrant.

The following table lists the names, ages, and positions of our executive officers as of February 1, 2022. Executive officers are elected annually by the Board of Directors at the first meeting of the Board following the annual meeting of shareholders.

Name

    

Age

    

Position

Matthew J. Missad

61

Chief Executive Officer

Patrick M. Webster

62

President and Chief Operating Officer

Michael R. Cole

55

Chief Financial Officer and Treasurer

Allen T. Peters

54

President and Chief Operating Officer of UFP Retail Solutions, LLC

Patrick M. Benton

52

President of UFP Construction, LLC

Scott A. Worthington

51

President of UFP Industrial, LLC

Scott T. Bravata

57

Vice President of Accounting and Administration

David A. Tutas

52

General Counsel, Chief Compliance Officer and Secretary

Matthew J. Missad joined us in 1985. In February 1996, Mr. Missad was promoted to Executive Vice President of the Company. On July 13, 2011, Mr. Missad became Chief Executive Officer of the Company.

Patrick M. Webster joined us in 1985. Mr. Webster became Vice President of the Far West Region in 1999, on July 1, 2007, he became President of UFP Western Division, Inc., and on January 1, 2009 became President and Chief Operating Officer of the Company.

Michael R. Cole joined us in 1993 from the international public accounting firm Deloitte & Touche. In December 1999, he was promoted to Vice President of Finance. On July 19, 2000, Mr. Cole became Chief Financial Officer of the Company.

Allen T. Peters joined us in 1997.  In 2004 he became the General Manager of Operations of our plant in Harrisonville, MO and in 2007 became Regional Vice President of our Gulf Region. On January 1, 2011, Mr. Peters became President of UFP Western Division, Inc, and on January 1, 2020, he became President and COO of UFP Retail Solutions, LLC.

Patrick M. Benton joined us in 1993. In 2008 he became Operations Vice President of the South Texas Region, and on July 1, 2014, he became Executive Vice President of UFP Eastern Division – North.  On February 1, 2017, Mr. Benton became President of the UFP Northern Division, and on January 1, 2020, he became President of UFP Construction, LLC.

Scott A. Worthington joined us in 1997. In 2007, he became General Manager of Operations of our plant in New Waverly, TX, and on August 1, 2014, he became Regional Vice President of the South Texas Region. On January 1, 2020, he became President of UFP Industrial, LLC

Scott T. Bravata joined us in 1988. He became Director of Wholesale Accounting in 1989 and became Corporate Controller in 1997. On February 27, 2006, he became Vice President of Accounting and Administration.

10

David A. Tutas joined us in 2003 as a staff counsel. In 2007, he was promoted to Director of Legal Services. On August 1, 2011, he was promoted to General Counsel. On January 18, 2013, he became Secretary of the Company, and on February 1, 2019, he became Chief Compliance Officer.

PART II

The following information items in this Part II, which are contained in the 2021 Annual Report, are specifically incorporated by reference into this Form 10-K Report. These portions of the 2021 Annual Report that are specifically incorporated by reference are filed as Exhibit 13 with this Form 10-K Report.

Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.

(a)The information relating to market, holders and dividends is incorporated by reference from the 2021 Annual Report under the caption “Stock Performance Graph.”

There were no sales of unregistered securities during the last three years.

(b)Not applicable.
(c)Issuer purchases of equity securities during the fourth quarter.

Fiscal Month

    

(a)

    

(b)

    

(c)

    

(d)

September 26 – October 30, 2021

 

 

 

 

October 31 – November 27, 2021

 

 

 

November 28 – December 25, 2021

 

 

 

(a)Total number of shares purchased.
(b)Average price paid per share.
(c)Total number of shares purchased as part of publicly announced plans or programs.
(d)Maximum number of shares that may yet be purchased under the plans or programs.

Effective February 15, 2022, our Board authorized an additional 1.5 million shares to be repurchased under our existing share repurchase program. The total number of remaining shares that may be repurchased under the program is approximately 2.6 million through the period ending February 3, 2023.

Item 6. Selected Financial Data.

The information required by this Item is incorporated by reference from the 2021 Annual Report under the caption "Selected Financial Data."

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information required by this item is incorporated by reference from the 2021 Annual Report under the caption "Management’s Discussion and Analysis of Financial Condition and Results of Operations."

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

We are exposed to market risks related to fluctuations in interest rates on our variable rate debt, which consists of a revolving credit facility and industrial development revenue bonds. We do not enter into any material interest rate swaps, futures contracts or options on futures, or other types of derivative financial instruments to mitigate this risk.

11

For fixed rate debt, changes in interest rates generally affect the fair market value, but not earnings or cash flows. Conversely, for variable rate debt, changes in interest rates generally do not influence fair market value, but do affect future earnings and cash flows. We do not have an obligation to prepay fixed rate debt prior to maturity, and as a result, interest rate risk and changes in fair market value should not have a significant impact on such debt until we would be required to refinance it.

On December 25, 2021, the estimated fair value of our long-term debt, including the current portion, was $329.7 million. The estimated fair value is based on rates anticipated to be available to us for debt with similar terms and maturities. The estimated fair value of notes payable included in current liabilities and the revolving credit facility approximated the carrying values as these debt instruments have interest rates that fluctuate with current market conditions.

Expected cash flows over the next five years related to debt instruments, excluding debt issuance costs, are as follows:

($US equivalents, in thousands)

2022

    

2023

    

2024

    

2025

    

2026

    

Thereafter

    

Total

Long-term Debt:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Fixed Rate ($US)

$

35,028

 

$

1,044

 

$

40,214

 

$

 

$

302

$

225,000

 

$

301,588

Average interest rate

 

3.89

%  

 

9.65

%  

 

4.05

%  

 

9.65

%  

 

3.55

%  

  

Variable Rate ($US)

$

7,655

 

$

7,819

 

$

 

$

$

$

3,300

 

$

18,774

Average interest rate(1)

 

9.44

%  

1.06

%  

 

 

0.14

%  

  

(1) Average of rates at December 25, 2021

Item 8. Financial Statements and Supplementary Data.

The information required by this Item is incorporated by reference from the 2021 Annual Report under the following captions:

"Report of Independent Registered Public Accounting Firm"

"Report of Independent Registered Public Accounting Firm"

"Consolidated Balance Sheets"

"Consolidated Statements of Earnings and Comprehensive Income"

"Consolidated Statements of Shareholders’ Equity"

"Consolidated Statements of Cash Flows"

"Notes to Consolidated Financial Statements"

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, referred to herein as “Disclosure Controls”) as of the end of the period covered by this Annual Report on Form 10-K. The controls evaluation was performed under the supervision and with the participation of management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO). Based upon our most recent evaluation, we have concluded that the consolidated financial statements included in this Annual Report on Form 10-K fairly present, in all material respects,

12

our financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Management’s Annual Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act and based upon the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Our management assessed the effectiveness of our internal control over financial reporting as of December 25, 2021. Based on this assessment, our internal control over financial reporting was effective as of December 25, 2021.

Deloitte & Touche LLP, our independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of December 25, 2021. Deloitte & Touche LLP's opinion, as stated in their report which appears on page 22 of this Form 10-K, is consistent with management's report on internal control over financial reporting as set forth above.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting that occurred during the quarter ended December 25, 2021, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Information relating to our directors, compliance with Section 16(a) of the Securities and Exchange Act of 1934 and various corporate governance matters is incorporated by reference from our definitive Proxy Statement for the year ended December 25, 2021 for the 2022 Annual Meeting of Shareholders, as filed with the Commission ("2022 Proxy Statement"), under the captions "Election of Directors," "Corporate Governance and Board Matters," and "Section 16(a) Beneficial Ownership Reporting Compliance."  Information relating to executive officers is included in this report in the last Section of Part I under the caption "Additional Item: Executive Officers of the Registrant."  Information relating to our code of ethics is included in this report in Part I, Item 1 under the caption “Available Information”.

Item 11. Executive Compensation.

Information relating to director and executive compensation is incorporated by reference from the 2022 Proxy Statement under the caption "Executive Compensation."  The "Personnel and Compensation Committee Report" included in the 2022 Proxy Statement is incorporated by reference for the purpose of being furnished herein and is not and shall not be deemed to be filed under the Securities Exchange Act of 1934, as amended.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.

Information relating to security ownership of certain beneficial owners and management is incorporated by reference from our 2022 Proxy Statement under the captions "Ownership of Common Stock" and "Securities Ownership of Management."

13

Information relating to securities authorized for issuance under equity compensation plans as of December 25, 2021, is as follows:

Number of shares

remaining

available for 

Number of

future issuance

shares to be

under equity

issued upon

Weighted average

compensation

exercise of

exercise price of

plans [excluding

outstanding

outstanding

shares reflected in

options

options

column (a)] (1)

(a)

(b)

(c)

Equity compensation plans approved by security holders

    

    

$

    

1,474,858

Equity compensation plans not approved by security holders

none

  

  

(1)The number of shares remaining available for future issuance under equity compensation plans, excluding outstanding options, warrants, or similar rights, as of December 25, 2021, is as follows: 456,019 shares for our Employee Stock Purchase Plan, 197,041 shares for our Directors’ Retainer Stock Plan, and 14,055 shares for our Employee Stock Gift Program. In addition, of the remaining 807,743 shares available for future issuance under our Long-Term Stock Incentive Plan, those awards may be made in the form of options as well as stock appreciation rights, restricted stock, performance shares, or other stock-based awards.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Information relating to certain relationships and related transactions, and director independence is incorporated by reference from the 2022 Proxy Statement under the captions "Election of Directors", “Affirmative Determination Regarding Director Independence and Other Matters” and "Related Party Transactions."

Item 14. Principal Accountant Fees and Services.

Information relating to the types of services rendered by our Independent Registered Public Accounting Firm and the fees paid for these services is incorporated by reference from our 2022 Proxy Statement under the caption "Independent Registered Public Accounting Firm – Disclosure of Fees.”

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a)1.    Financial Statements. The following are incorporated by reference, under Item 8 of this report, from the 2021 Annual Report:

Management’s Report on Internal Control Over Financial Reporting

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Consolidated Statements of Earnings and Comprehensive Income

Consolidated Statements of Shareholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

2.    Financial Statement Schedules. All schedules required by this Form 10-K Report have been omitted because they were inapplicable, included in the Consolidated Financial Statements or Notes to Consolidated Financial Statements, or otherwise not required under instructions contained in Regulation S-X.

14

3.    Exhibits. Reference is made to the Exhibit Index which is included in this Form 10-K Report.

(b)Reference is made to the Exhibit Index which is included in this Form 10-K Report.
(c)Not applicable

15

EXHIBIT INDEX

Exhibit #

    

Description

3

Articles of Incorporation and Bylaws.

(a)

Registrant’s Restated and Amended Articles of Incorporation were filed as Exhibit 3.1 to a Registrant’s Current Report 8-K (dated April 27, 2017) and the same is incorporated herein by reference.

(b)

Amended Bylaws was filed as Exhibit 3(b) to a Form 10-K, Annual Report for the year-ended December 31, 2016 (Commission file No.: 0-22684) and the same incorporated herein by reference.

4

Instruments Defining the Rights of Security Holders.

(a)

Specimen form of Stock Certificate for Common Stock was filed as Exhibit 4(a) to a Registration Statement on Form S-1 (No. 33-69474) and the same is incorporated herein by reference.

(b)

Description of Registrant’s Securities

10

Material Contracts.

(a)

Form of Indemnity Agreement entered into between the Registrant and each of its directors was filed as Exhibit 10(b) to a Registration Statement on Form S-1 (No. 33-69474) and the same is incorporated herein by reference.

*(b)

Performance Bonus Plan Summary Plan Description was filed as Exhibit 10(f) to a Form 10-K, Annual Report for the year ended December 25, 2010 (Commission file No.: 0-22684) and the same is incorporated herein by reference.

*(c)

Universal Forest Products, Inc. Deferred Compensation Plan as amended and restated effective June 1, 2011 was filed as Exhibit 10(g) to a Form 10-K, Annual Report for the year ended December 31, 2011 (Commission file No.: 0-22684) and the same is incorporated herein by reference.

*(d)

Executive Stock Grant Program was filed as Exhibit 10(h) to a Form 10-K, Annual Report for the year ended December 31, 2011 (Commission file No.: 0-22684) and the same is incorporated herein by reference.

(e)(2)

Credit Agreement dated November 1, 2018 was filed as Exhibit 10(i)(2) to a Form 8-K Current Report dated November 2, 2018 and the same is incorporated herein by reference.

(f)(1)

Note Purchase Agreement dated December 17, 2012 was filed as Exhibit 10(k) to a Form 8-K Current Report dated December 17, 2012 (Commission file No.: 0-22684) and the same is incorporated herein by reference.

(g)(2)

Note Purchase Agreements for Series C and D Senior Notes dated June 14, 2018, was filed as Exhibit 10(k)(2) to Registrant’s Form 10-K, Annual Report for the year ended December 29, 2018 (Commission file No.: 0-22684) and the same is incorporated herein by reference.

*(h)

Universal Forest Products, Inc. Employee Stock Purchase Plan is incorporated by reference from Appendix A to the Company’s proxy statement dated and filed with the Commission on March 9, 2018.

16

*(i)

Universal Forest Products, Inc. Director Retainer Stock Plan was filed as Exhibit 10(m) to a Form 10-K, Annual Report for the year ended December 31, 2016 (Commission file No.: 0-22684) and the same is incorporated herein by reference.

*(j)

Universal Forest Products, Inc. Amended and Restated Long Term Stock Incentive Plan is incorporated by reference from Appendix B to the Company’s proxy statement dated and filed with the Commission on March 9, 2018.

(k)

Note Purchase Agreement for Series E, F, and G dated August 11, 2020 was filed as Exhibit 10(k) to a form 10-K, Annual Report for the year ended December 26, 2020 (Commission file No.: 0-22684) and the same is incorporated herein by reference.

13

Selected portions of the Company’s Annual Report to Shareholders for the fiscal year ended December 25, 2021.

14

Code of Ethics for Senior Financial Officers.

(a)

Code of Ethics for Chief Financial Officer was filed as Exhibit 14(a) to a Form 10-K, Annual Report for the year ended December 25, 2010 and the same is incorporated herein by reference.

21

Subsidiaries of the Registrant.

23

Consent of Deloitte & Touche LLP.

31

Certifications.

(a)

Certificate of the Chief Executive Officer of UFP Industries, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

(b)

Certificate of the Chief Financial Officer of UFP Industries, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

32

Certifications.

(a)

Certificate of the Chief Executive Officer of UFP Industries, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

(b)

Certificate of the Chief Financial Officer of UFP Industries, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

101

Interactive Data File in iXBRL (Inline eXtensible Business Reporting Language).

(INS) XBRL Instance Document.

(SCH) XBRL Schema Document.

(CAL) XBRL Taxonomy Extension Calculation Linkbase Document.

(LAB) XBRL Taxonomy Extension Label Linkbase Document.

(PRE) XBRL Taxonomy Extension Presentation Linkbase Document.

(DEF) XBRL Taxonomy Extension Definition Linkbase Document.

104

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

17

*Indicates a compensatory arrangement.

18

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: February 23, 2022

UFP INDUSTRIES, INC.

By:

/s/ Matthew J. Missad

Matthew J. Missad,

Chief Executive Officer and

Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on this 23rd day of February, 2022, by the following persons on behalf of us and in the capacities indicated.

By:

/s/ Matthew J. Missad

Matthew J. Missad,

Chief Executive Officer and

Principal Executive Officer

/s/ Michael R. Cole

Michael R. Cole,

Chief Financial Officer,

Principal Financial Officer and

Principal Accounting Officer

Each Director whose signature appears below hereby appoints Matthew J. Missad and Michael R. Cole, and each of them individually, as his or her attorney-in-fact to sign in his or her name and on his or her behalf as a Director, and to file with the Commission any and all amendments to this report on Form 10-K to the same extent and with the same effect as if done personally.

/s/ Joan A. Budden

/s/ William G. Currie

Joan A. Budden, Director

William G. Currie, Director

/s/ Benjamin J. McLean

/s/ Bruce A. Merino

Benjamin J. McLean, Director

Bruce A. Merino, Director

/s/ Matthew J. Missad

/s/ Thomas W. Rhodes

Matthew J. Missad, Director

Thomas W. Rhodes, Director

/s/ Mary Tuuk Karas

/s/ Brian C. Walker

Mary Tuuk Karas, Director

Brian C. Walker, Director

/s/ Michael G. Wooldridge

Michael G. Wooldridge, Director

19

EX-4.B 2 ufpi-20211225xex4db.htm EX-4.B

Exhibit 4(b)

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF

THE SECURITIES EXCHANGE ACT OF 1934

The following is a brief description of the common stock of UFP Industries, Inc. (the “Company”). This summary does not purport to be complete in all respects and is subject to and qualified in its entirety by reference to the Company’s Restated and Amended Articles of Incorporation (the "Articles of Incorporation") and Amended Bylaws (the "Bylaws"), each of which are filed as exhibits to the Annual Report on Form 10-K of which this Exhibit 4(b) is a part.

Authorized Capital Stock

The Company’s authorized capital stock consists of 80,000,000 shares of common stock and 1,000,000 shares of preferred stock. As of December 25, 2021, there were no shares of preferred stock outstanding.

Dividend and Liquidation Rights

Subject to the prior rights of the holders of shares of preferred stock that may be issued and outstanding, if any, the holders of common stock are entitled to receive:

·

dividends when, as, and if declared by the Companys Board of Directors out of funds legally available for the payment of dividends; and

·

in the event of dissolution of the Company, to share ratably in all assets remaining after payment of liabilities and satisfaction of the liquidation preferences, if any, of then outstanding shares of preferred stock, as provided in the Articles of Incorporation.

Voting Rights

Each holder of common stock is entitled to one vote for each share held of record on all matters presented to a vote at a shareholders meeting, including the election of directors. Holders of common stock have no cumulative voting rights.

The Company’s Articles of Incorporation provide that the Company’s Board of Directors be divided into three classes of nearly equal size, with the classes to hold office for staggered terms of three years each.

The vote required for the election of a director shall, except in a contested election, be the affirmative vote of a majority of the votes cast in the election of a nominee. For this purpose, a “majority of the votes cast” means that the number of votes cast “for” a director’s election exceeds the number of votes cast “against” that director’s election. Abstentions and broker non-votes are not counted as votes cast either “for” or “against” a director’s election. In a contested election, directors are elected by a plurality of the votes cast at the meeting of shareholders.


An election is considered contested if there are more nominees for election than positions on the Board of Directors to be filled by election at that meeting.

Listing

The Company’s common stock is currently traded on the Nasdaq Global Select Market under the symbol “ufpi.”

Applicable Anti-Takeover Provisions

The Company's Articles of Incorporation and Bylaws contain provisions that could also have an anti-takeover effect. Some of the provisions also may make it difficult for shareholders to replace incumbent directors with new directors who may be willing to entertain changes that shareholders may believe will lead to improvements in the combined company’s business.

Other

All of the outstanding shares of the Company’s common stock are fully paid and non-assessable. Holders of common stock have no preemptive rights to purchase or subscribe for any additional shares of common stock or other securities, and there are no conversion rights or redemption or sinking fund provisions with respect to the Company’s common stock.

The transfer agent for the Company’s common stock is American Stock Transfer & Trust Co., 6201 15th Avenue, Brooklyn, NY 11219.


EX-13 3 ufpi-20211225xex13.htm EX-13
0000000006120578061901851P6MP10YP10YP1YtrueP5YP1YP10YP1YP10YP1YP3YP5Y0

Exhibit 13

UFP INDUSTRIES, INC.

FINANCIAL INFORMATION

Table of Contents

Selected Financial Data

2

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

3

Report of Independent Registered Public Accounting Firm – Opinion on Internal Control over Financial Reporting (PCAOB ID 34)

22

Report of Independent Registered Public Accounting Firm – Opinion on the Financial Statements (PCAOB ID 34)

23

Consolidated Balance Sheets as of December 25, 2021 and December 26, 2020

25

Consolidated Statements of Earnings and Comprehensive Income for the Years Ended December 25, 2021, December 26, 2020, and December 28, 2019

26

Consolidated Statements of Shareholders’ Equity for the Years Ended December 25, 2021, December 26, 2020, and December 28, 2019

27

Consolidated Statements of Cash Flows for the Years Ended December 25, 2021, December 26, 2020, and December 28, 2019

28

Notes to Consolidated Financial Statements

29

Market Information for our Common Stock

55

Stock Performance Graph

55

Directors and Executive Officers

56

Shareholder Information

57

SELECTED FINANCIAL DATA

(In thousands, except per share and statistics data)

    

2021

    

2020

    

2019

    

2018

    

2017

 

Consolidated Statement of Earnings Data

 

  

 

  

 

  

 

  

 

  

Net sales

$

8,636,134

$

5,153,998

$

4,416,009

$

4,489,180

$

3,941,182

Gross profit

 

1,406,967

 

800,296

 

685,518

 

592,894

 

542,826

Earnings from operations

737,554

345,826

244,906

207,263

181,469

Earnings before income taxes

 

726,336

 

340,983

 

240,674

 

197,853

 

176,007

Net earnings attributable to controlling interest

$

535,640

$

246,778

$

179,650

$

148,598

$

119,512

Diluted earnings per share

$

8.59

$

4.00

$

2.91

$

2.40

$

1.94

Dividends per share

$

0.65

$

0.50

$

0.40

$

0.36

$

0.32

Consolidated Balance Sheet Data

 

  

 

  

 

  

 

  

 

  

Working capital(1)

$

1,297,434

$

1,074,613

$

739,030

$

685,108

$

560,241

Cash and cash equivalents

286,662

436,507

168,336

27,316

28,339

Total assets

 

3,245,271

 

2,404,891

 

1,889,477

 

1,647,548

 

1,464,677

Total debt

 

320,250

 

311,707

 

163,683

 

202,278

 

146,003

Shareholders’ equity

 

2,016,569

 

1,483,152

 

1,257,733

 

1,088,684

 

974,023

Statistics

 

  

 

  

 

  

 

  

 

  

Gross profit as a percentage of net sales

 

16.3

%  

 

15.5

%  

 

15.5

%  

 

13.2

%  

 

13.8

%

Net earnings attributable to controlling interest as a percentage of net sales

 

6.2

%  

 

4.8

%  

 

4.1

%  

 

3.3

%  

 

3.0

%

Return on beginning equity(2)

 

36.1

%  

 

19.6

%  

 

16.5

%  

 

15.3

%  

 

13.9

%

Current ratio(4)

 

2.67

 

3.32

 

3.09

 

3.21

 

2.85

Debt to equity ratio(5)

 

0.16

 

0.21

 

0.13

 

0.19

 

0.15

Book value per common share(3)

$

32.58

$

24.23

$

20.48

$

17.88

$

15.92

(1)

Current assets less current liabilities.

(2)

Net earnings attributable to controlling interest divided by beginning shareholders’ equity.

(3)

Shareholders’ equity divided by common stock outstanding.

(4)

Current assets divided by current liabilities.

(5)

Total debt divided by shareholders’ equity.

Acquisition growth is one of the primary contributing factors to material increases over the period from 2017 to 2021. Refer to Note C under the “Notes to the Consolidated Financial Statements” for further discussion on our business combinations and impact on our financial statements for the three years ended December 25, 2021.

2

Table of Contents

UFP INDUSTRIES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

UFP Industries, Inc. is a holding company with subsidiaries throughout North America, Europe, Asia, and Australia that design, manufacture, and supply products made from wood, wood and non-wood composites, and other materials to three markets: retail, industrial, and construction. We are headquartered in Grand Rapids, Mich. For more information about UFP Industries, Inc., or its affiliated operations, go to www.ufpi.com.

This report 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. We do 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, the COVID-19 pandemic (“pandemic”); 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 our reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission. We are pleased to present this overview of 2021.

OVERVIEW

Our results for 2021 were impacted by the following:

Our net sales increased 68% in 2021 due to a 40% increase in our overall selling prices (see “Historical Lumber Prices”), a 24% increase in unit sales due to acquired businesses, and a 4% increase in organic unit sales. Organic unit growth of 14% and 5% in our construction and industrial segments, respectively, was offset by an organic unit decline of 4% in our retail segment.
Earnings from operations increased 113.3% to $737.6 million. This increase resulted from a variety of factors including strong demand in our industrial and construction segments and leveraging our fixed costs, increased sales of value-added and new products that have higher margins, and increased selling prices as we improve our ability to execute value-based pricing initiatives. Acquisitions contributed approximately $50.5 million to our increase in operating profits. Excluding the impact of acquisitions, we estimate that value-added products contributed $367.1 million to the increase in gross profits and commodity-based products contributed $139.2 million.
Our cash flows provided by operations in 2021 was $512.5 million compared to $336.5 million in 2020. This increase is due primarily to an increase in our net earnings and non-cash expenses of $316.0 million, offset by an increase in our investment in net working capital of $140.0 million compared to the prior period. The increase in net working capital was due to higher year over year lumber prices, as noted in the tables below, as well as increased demand in our industrial and construction segments. PalletOne and other acquisitions also contributed to the increase in our net working capital.
We invested $151.2 million in capital expenditures to support and grow our business and invested $476.0 million in acquired businesses.
We returned $40.2 million to our shareholders through dividends.

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UFP INDUSTRIES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our net debt (debt and cash overdraft less cash) at the end of 2021 was $50.6 million compared to net cash of $124.8 million at the end of 2020.
Our available borrowing capacity under revolving credit facilities and cash surplus resulted in total liquidity of approximately $805 million at the end of December 2021.

HISTORICAL LUMBER PRICES

The following table presents the Random Lengths framing lumber composite price.

Random Lengths Composite

 

Average $/MBF

 

    

2021

    

2020

 

January

$

890

$

377

February

 

954

 

402

March

 

1,035

 

420

April

 

1,080

 

358

May

 

1,428

 

394

June

 

1,344

 

455

July

 

690

 

530

August

 

443

 

716

September

 

412

 

934

October

520

826

November

585

571

December

746

643