2022 Assumptions:
The Company’s anticipated 2022 performance is based on several assumptions, including the following:
• Growth across our geographies in single family starts in the mid-single digits, multi-family starts in the low to mid-single digits; and R&R in the low to mid-single digits.
• Recently completed acquisitions projected to add net sales growth of 5% to 6%.
• One fewer selling day in the fourth quarter of 2022 versus 2021 or approximately 0.3%.
• Depreciation and amortization expenses in the range of $440 million to $460 million, including approximately $180 million of amortization related to intangible assets acquired in the BMC merger. Total depreciation projected to be $190 million and total amortization projected to be $260 million for the full year 2022.
• Total capital expenditures in the range of $375 million to $400 million.
• Free cash flow in the range of $2.0 billion to $2.4 billion, assuming average commodity prices in the range of $700 to $1,000.
• Interest expense in the range of $175 million to $185 million.
• An effective tax rate between 23.0% to 25.0%.