Select Interior Concepts, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2021 10-Q, filed Aug 9, 2021. Its latest SEC filing is a SC 13G/A from Feb 14, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Provides homebuilders with interior design, product sourcing and installation services, and distributes natural and engineered stone and tile to design professionals and homeowners.

How Did They Make Money?

RDS earns revenue from design, sourcing and installation work as homebuilder and commercial projects progress; ASG earns revenue when customers pick up or receive delivery of stone and related products.

revenue

Segment	Share	Revenue	How money arrives
Residential Design Services Recurring	60% FY2017: 55%		Recurring
Architectural Surfaces Group Sold outright	40% FY2017: 46%		Sold outright

Who Were Their Customers?

Homebuilders contract with RDS; interior designers, architects and homeowners shop for stone and tile through ASG’s showrooms.

Did Revenues Turn Into Profits?

Not on paper. It lost $9.9M in FY2020, but brought in more cash than it spent: $17.2M of free cash flow.

Operating income, FY2020

1% of revenue

▼ −82% vs FY2019 ($19.3M, 3%)

Net income, FY2020

−2% of revenue

▼ Now a loss vs FY2019 ($7M, 1%)

Free cash flow, FY2020

3% of revenue

▼ −21% vs FY2019 ($21.8M, 4%)

How Were They Changing?

Since the FY2020 annual report

Latest quarter: Q2 FY2021, the three months to Jun 30, 2021

Revenue: ▲ +29%; vs $52M in Q2 FY2020
Net income: ▲ Now profitable; vs −$3.2M in Q2 FY2020

Oct 21, 2021 Sun Capital affiliate completed its acquisition of Select Interior Concepts Shareholders received cash; trading was suspended and the company became privately held.
Aug 10, 2021 Signed a merger agreement with a Sun Capital affiliate The deal would take the company private in an all-cash transaction.
Jul 6, 2021 Completed the sale of Residential Design Services to Interior Logic Group The all-cash sale closed, and proceeds were used to repay debt and lease obligations.
May 10, 2021 Agreed to sell Residential Design Services After closing, it expected full-year Adjusted EBITDA of $31 million to $33 million, excluding RDS.

Grew. Revenue grew 2.4x in 4 years, from $233.9M in FY2016 to $554M in FY2020, about 24% a year.

Revenue over time

Residential Design Services Architectural Surfaces Group

$1B$500M$0

FY2016 FY2017 FY2018 FY2019 FY2020

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