The board of directors for Dallas-based building materials distributor Builders FirstSource, Inc. (NYSE: BLDR) has authorized the company to repurchase $1 billion of its common shares. The announcement follows the company’s completion of a $2 billion stock buyback program that started last year.

Under the completed share repurchase programs authorized in August and November of 2021, a total of 30.6 million shares of common stock were repurchased at an aggregate cost of $2 billion or an average price of $65.43 per share. As of February 17, shares outstanding were approximately 176.8 million shares, Builders FirstSource said.

“The completion of our prior share repurchase plans and our new repurchase authorization announced today are a direct reflection of the financial strength of our company, our ability to deploy our robust free cash flow to drive profitable growth and our commitment to shareholder value creation,” said Dave Flitman, president and CEO of Builders FirstSource.

The timing and amount of any share repurchases under the share repurchase program will be determined by Builders FirstSource in its discretion “based on ongoing assessments of the capital needs of the business, the market price of Builders FirstSource’s common stock and general market conditions,” the company said.

Share repurchases under the program may be made through a variety of methods, which may include open market purchases, in block trades, accelerated share repurchase transactions, trading plans in accordance with Rule 10b-5 or Rule 10b-18 under the Exchange Act, or any combination of such methods.

“The program does not obligate Builders FirstSource to acquire any particular amount of its common stock, and the share repurchase program may be suspended or discontinued at any time at the company’s discretion,” Builders First Source said.