DAYTONA BEACH, Fla.,
May 9, 2017 /PRNewswire/
-- TopBuild Corp. (NYSE: BLD), the leading
purchaser, installer and distributor of insulation products to
the United States construction
industry, today reported results for the first quarter ended
March 31, 2017.
Jerry Volas, Chief Executive
Officer, stated, "TopBuild reported another strong
quarter. Top line growth was solid and operating margins
expanded in both business segments. Our results reflect the
ongoing housing recovery combined with the impact of internal
initiatives to expand our residential market share, grow our
commercial revenue base and enhance our operational efficiency. We
remain confident 2017 will be another outstanding year for
TopBuild."
First Quarter Financial Highlights
(unless otherwise
indicated, comparisons are to the quarter ended March 31, 2016)
- Net Sales increased 6.6% to $441.4
million, primarily driven by sales volume growth in both
operating segments. On a same branch basis, revenue increased 4.8%
to $433.8 million.
- Gross margin expanded 140 basis points to 23.0%.
- Operating loss was $3.5 million,
compared to operating profit of $19.8
million. The first quarter operating loss was the result of
a $30 million legal settlement with
Owens Corning announced on May 5,
2017. On an adjusted basis, operating profit was
$28.6 million, compared to
$20.8 million, a 37.5%
improvement.
- Operating margin was (0.8%), down 560 basis points. Adjusted
operating margin improved 150 basis points to 6.5%.
- Loss from continuing operations was $1.7
million, or $0.05 per diluted
share, compared to income of $11.1
million, or $0.29 per diluted
share. Adjusted income from continuing operations was $16.9 million, or $0.46 per diluted share, compared to $11.9 million, or $0.31 per diluted share.
- Adjusted EBITDA was $33.9
million, compared to $25.3
million, a 34.1% increase. Incremental EBITDA margin was
31.5%.
- At March 31, 2017, the Company
had cash and cash equivalents of $80.4
million and availability under its revolving credit facility
of $75.9 million for total liquidity
of $156.3 million.
Operating Segment Highlights ($ in 000s)
(comparisons are to the quarter ended March
31, 2016)
TruTeam
|
3 Months
Ended
3/31/17
|
|
Service
Partners
|
3 Months
Ended
3/31/17
|
Sales
|
$290,887
|
|
Sales
|
$170,244
|
Change
|
6.6%
|
|
Change
|
5.8%
|
Operating
Margin
|
-3.1%
|
|
Operating
Margin
|
9.1%
|
Change
|
(800) bps
|
|
Change
|
20 bps
|
Adj. Operating
Margin
|
7.4%
|
|
Adj. Operating
Margin
|
9.1%
|
Change
|
210 bps
|
|
Change
|
10 bps
|
New Credit Facilities
The Company has entered into a
new term loan and revolving credit facility, replacing its previous
facility.
|
New
Facility
|
Previous
Facility
|
Term Loan
|
$350M
|
$200M
|
Revolver
|
$250M
|
$125M
|
Total Credit
Facility
|
$600M
|
$325M
|
Accordion*
|
$200M
|
$100M
|
LIBOR Borrowing
Spread**
|
150 bps
|
150 bps
|
Maturity
Date
|
May 2022
|
June 2020
|
Participating
Lenders
|
6
|
6
|
|
*Subject to certain
conditions
|
**Subject to leverage
grid
|
"We are very pleased to have successfully increased our term
loan and revolving credit facilities by $275
million with a maturity extension of almost two years,"
stated Volas. "The additional capital from the term loan
and revolving credit facility strengthens our ability to capitalize
on strategic acquisitions and other opportunities designed to
enhance long-term value for our shareholders."
Bank of America Merrill Lynch (BofAML) and PNC Bank served as
Joint Lead Arrangers and Joint Book Runners on the new credit
facilities.
Capital Allocation
Acquisitions
Year-to-date, through May 9, 2017,
the Company has closed five acquisitions, four concentrating on
residential insulation and one on heavy commercial. Combined, they
are expected to generate approximately $54
million of incremental revenue on an annual basis.
Volas stated, "The companies we've acquired demonstrate our
commitment to expanding our market share and enhancing our
competitive position. In addition, the synergies achieved are
meaningful, increasing our return on investment.
"Our dedicated M&A team remains focused on our
significant pipeline of prospects as well as the integration of the
companies we've acquired."
Share Repurchases
Under the $200 million share repurchase program announced
on February 28, 2017, the Company has
repurchased 282,262 shares at an average price of $46.39 per share through March 31.
Additionally, the Company has entered into an agreement with
BofAML to repurchase $100 million of
the Company's common stock under an accelerated share repurchase
(ASR) program. This ASR is part of TopBuild's $200 million share repurchase program.
"While the top priority of our capital allocation plan is
funding acquisitions, our accelerated share repurchase program
demonstrates our firm commitment to optimizing the efficiency of
our capital structure," added Volas.
Under the terms of the ASR agreement, the Company will pay
$100 million to BofAML. The actual
number of shares to be repurchased will be based on the average of
the daily volume-weighted prices of the Company's common stock
during the term of the transaction, less an agreed discount, and
subject to potential adjustments pursuant to the terms and
conditions of the ASR agreement. At final settlement, BofAML
may be required to deliver additional shares of common stock to the
Company or, under certain circumstances, the Company may be
required to deliver shares of common stock or to make a cash
payment, at its election, to BofAML. The final settlement of
the transaction under the ASR is expected to occur no later than
the first quarter of 2018.
Additional Information
Quarterly supplemental
materials, including a presentation that will be referenced on
today's conference call, are available on the "Investors" section
of the Company's website at www.topbuild.com.
Conference Call
A conference call to discuss
first quarter 2017 financial results is scheduled for today,
Tuesday, May 9, 2017, at 9:00 a.m. Eastern Time. The call may be
accessed by dialing (888) 221-6256. The conference call will
be webcast simultaneously on the "Investors" section of the
Company's website at www.topbuild.com. A replay will be
available for one week beginning at 11:00
a.m. Eastern Time and may be accessed by dialing
(800) 633-8284 and entering the passcode: 21842819.
About TopBuild
TopBuild Corp., headquartered in
Daytona Beach, Florida, is the
leading purchaser, installer and distributor of insulation products
to the U.S. construction industry. We provide insulation services
nationwide through TruTeamSM, which has over 175
branches, and through Service Partners® which
distributes insulation from over 70 branches. We leverage our
national footprint to gain economies of scale while capitalizing on
our local market presence to forge strong relationships with our
customers. To learn more about TopBuild please visit our
website at www.topbuild.com.
Use of Non-GAAP Financial Measures
EBITDA,
incremental EBITDA margin, the "adjusted" financial measures
presented above, and figures presented on a "same branch basis" are
not calculated in accordance with U.S. generally accepted
accounting principles ("GAAP"). The Company believes that
these non-GAAP financial measures, which are used in managing the
business, may provide users of this financial information with
additional meaningful comparisons between current results and
results in prior periods. We define same branch sales
as sales from branches in operation for at least 12 full calendar
months. Such non-GAAP financial measures are reconciled to
their closest GAAP financial measures in tables contained in this
press release. Non-GAAP financial measures should be viewed
in addition to, and not as an alternative for, the Company's
reported results under GAAP. Additional information may be
found in the Company's filings with the Securities and Exchange
Commission which are available on TopBuild's website under
"Investors" at www.topbuild.com.
Safe Harbor Statement
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act. These forward-looking
statements may address, among other things, our expected financial
and operational results and the related assumptions underlying our
expected results. These forward-looking statements are
distinguished by use of words such as "will," "would,"
"anticipate," "expect," "believe," "designed," "plan" or "intend,"
the negative of these terms, and similar references to future
periods. These views involve risks and uncertainties that are
difficult to predict and, accordingly, our actual results may
differ materially from the results discussed in our forward-looking
statements. Our forward-looking statements contained herein
speak only as of the date of this press release. Factors or
events that we cannot predict, including those described in the
risk factors contained in our filings with the Securities and
Exchange Commission, may cause our actual results to differ from
those expressed in forward-looking statements. Although
TopBuild believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, the
Company can give no assurance that its expectations will be
achieved and it undertakes no obligation to update publicly any
forward-looking statements as a result of new information, future
events, or otherwise, except as required by applicable law.
Investor Relations and Media Contact
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801
(tables follow)
TopBuild
Corp.
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
|
|
|
|
|
(in thousands,
except per common share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
Net sales
|
|
$
|
441,363
|
|
$
|
414,024
|
Cost of
sales
|
|
|
339,735
|
|
|
324,569
|
Gross
profit
|
|
|
101,628
|
|
|
89,455
|
|
|
|
|
|
|
|
Selling, general, and
administrative expense (exclusive of significant
legal settlement, shown separately below)
|
|
|
75,091
|
|
|
69,688
|
Significant legal
settlement
|
|
|
30,000
|
|
|
—
|
Operating (loss)
profit
|
|
|
(3,463)
|
|
|
19,767
|
|
|
|
|
|
|
|
Other income
(expense), net:
|
|
|
|
|
|
|
Interest
expense
|
|
|
(1,370)
|
|
|
(1,673)
|
Other,
net
|
|
|
107
|
|
|
75
|
Other expense,
net
|
|
|
(1,263)
|
|
|
(1,598)
|
(Loss) income from
continuing operations before income taxes
|
|
|
(4,726)
|
|
|
18,169
|
|
|
|
|
|
|
|
Income tax benefit
(expense) from continuing operations
|
|
|
3,016
|
|
|
(7,053)
|
(Loss) income from
continuing operations
|
|
|
(1,710)
|
|
|
11,116
|
Net (loss)
income
|
|
$
|
(1,710)
|
|
$
|
11,116
|
|
|
|
|
|
|
|
Income (loss) per
common share:
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
|
(0.05)
|
|
$
|
0.29
|
Net (loss)
income
|
|
$
|
(0.05)
|
|
$
|
0.29
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
|
(0.05)
|
|
$
|
0.29
|
Net (loss)
income
|
|
$
|
(0.05)
|
|
$
|
0.29
|
TopBuild
Corp.
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets and Other Financial Data
(Unaudited)
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
80,370
|
|
$
|
134,375
|
|
Receivables, net of
an allowance for doubtful accounts of $3,633
and $3,374 at March 31, 2017, and December 31, 2016,
respectively
|
|
|
269,359
|
|
|
252,624
|
|
Inventories,
net
|
|
|
112,633
|
|
|
116,190
|
|
Prepaid expenses and
other current assets
|
|
|
27,592
|
|
|
23,364
|
|
Total current
assets
|
|
|
489,954
|
|
|
526,553
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
95,788
|
|
|
92,760
|
|
Goodwill
|
|
|
1,063,518
|
|
|
1,045,058
|
|
Other intangible
assets, net
|
|
|
15,952
|
|
|
2,656
|
|
Deferred tax assets,
net
|
|
|
19,469
|
|
|
19,469
|
|
Other
assets
|
|
|
3,258
|
|
|
3,623
|
|
Total
assets
|
|
$
|
1,687,939
|
|
$
|
1,690,119
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
226,974
|
|
$
|
241,534
|
|
Current portion of
long-term debt
|
|
|
20,000
|
|
|
20,000
|
|
Accrued
liabilities
|
|
|
99,647
|
|
|
64,399
|
|
Total current
liabilities
|
|
|
346,621
|
|
|
325,933
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
153,885
|
|
|
158,800
|
|
Deferred tax
liabilities, net
|
|
|
193,715
|
|
|
193,715
|
|
Long-term portion of
insurance reserves
|
|
|
37,867
|
|
|
38,691
|
|
Other
liabilities
|
|
|
1,892
|
|
|
433
|
|
Total
liabilities
|
|
|
733,980
|
|
|
717,572
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
953,959
|
|
|
972,547
|
|
Total liabilities and
equity
|
|
$
|
1,687,939
|
|
$
|
1,690,119
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
Other Financial
Data
|
|
|
|
|
|
|
|
Working Capital
Days†
|
|
|
|
|
|
|
|
Receivable
days
|
|
|
45
|
|
|
44
|
|
Inventory
days
|
|
|
30
|
|
|
30
|
|
Accounts payable
days
|
|
|
84
|
|
|
90
|
|
Working
capital
|
|
$
|
155,018
|
|
$
|
127,708
|
|
Working capital as a
percent of sales (LTM)
|
|
|
8.8
|
%
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
† Amounts adjusted
for acquisitions for comparability purposes
|
|
|
|
|
|
|
|
TopBuild
Corp.
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
Net Cash Provided
by (Used in) Operating Activities:
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(1,710)
|
|
$
|
11,116
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
3,231
|
|
|
2,895
|
Share-based
compensation
|
|
|
2,084
|
|
|
1,600
|
Loss on sale or
abandonment of property and equipment
|
|
|
88
|
|
|
950
|
Amortization of debt
issuance costs
|
|
|
86
|
|
|
86
|
Provision for bad
debt expense
|
|
|
995
|
|
|
1,054
|
Loss from inventory
obsolescence
|
|
|
360
|
|
|
335
|
Deferred income
taxes, net
|
|
|
—
|
|
|
(3)
|
Changes in certain
assets and liabilities:
|
|
|
|
|
|
|
Receivables,
net
|
|
|
(6,568)
|
|
|
(8,505)
|
Inventories,
net
|
|
|
4,531
|
|
|
10,350
|
Prepaid expenses and
other current assets
|
|
|
(4,195)
|
|
|
7,167
|
Accounts
payable
|
|
|
(17,842)
|
|
|
(29,846)
|
Accrued
liabilities
|
|
|
33,656
|
|
|
6,181
|
Other, net
|
|
|
118
|
|
|
(27)
|
Net cash provided by
operating activities
|
|
|
14,834
|
|
|
3,353
|
|
|
|
|
|
|
|
Cash Flows
Provided by (Used in) Investing Activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(3,800)
|
|
|
(2,900)
|
Acquisition of
businesses
|
|
|
(41,242)
|
|
|
—
|
Proceeds from sale of
property and equipment
|
|
|
133
|
|
|
76
|
Other,
net
|
|
|
32
|
|
|
68
|
Net cash used in
investing activities
|
|
|
(44,877)
|
|
|
(2,756)
|
|
|
|
|
|
|
|
Cash Flows
Provided by (Used in) Financing Activities:
|
|
|
|
|
|
|
Repayment of
long-term debt
|
|
|
(5,000)
|
|
|
(2,500)
|
Taxes withheld and
paid on employees' equity awards
|
|
|
(1,583)
|
|
|
(1,256)
|
Repurchase of shares
of common stock
|
|
|
(17,379)
|
|
|
(1,539)
|
Net cash used in
financing activities
|
|
|
(23,962)
|
|
|
(5,295)
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
|
|
|
|
|
Decrease for the
year
|
|
|
(54,005)
|
|
|
(4,698)
|
Beginning of
year
|
|
|
134,375
|
|
|
112,848
|
End of
year
|
|
$
|
80,370
|
|
$
|
108,150
|
|
|
|
|
|
|
|
Supplemental
disclosure of noncash investing activities:
|
|
|
|
|
|
|
Accruals for property
and equipment
|
|
$
|
237
|
|
$
|
426
|
TopBuild
Corp.
|
|
|
|
|
|
|
|
|
|
|
Segment Data
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
Change
|
|
Installation
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
290,887
|
|
$
|
272,878
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit, as reported
|
|
$
|
(8,964)
|
|
$
|
13,506
|
|
|
|
|
Operating margin,
as reported
|
|
|
(3.1)
|
%
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant legal
settlement
|
|
|
30,000
|
|
|
828
|
|
|
|
|
Rationalization
charges
|
|
|
411
|
|
|
—
|
|
|
|
|
Operating profit, as
adjusted
|
|
$
|
21,447
|
|
$
|
14,334
|
|
|
|
|
Operating margin,
as adjusted
|
|
|
7.4
|
%
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
170,244
|
|
$
|
160,888
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as
reported
|
|
$
|
15,484
|
|
$
|
14,333
|
|
|
|
|
Operating margin,
as reported
|
|
|
9.1
|
%
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization
charges
|
|
|
—
|
|
|
83
|
|
|
|
|
Operating profit, as
adjusted
|
|
$
|
15,484
|
|
$
|
14,416
|
|
|
|
|
Operating margin,
as adjusted
|
|
|
9.1
|
%
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Sales before
eliminations
|
|
$
|
461,131
|
|
$
|
433,766
|
|
|
|
|
Intercompany
eliminations
|
|
|
(19,768)
|
|
|
(19,742)
|
|
|
|
|
Net sales after
eliminations
|
|
$
|
441,363
|
|
$
|
414,024
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as
reported - segment
|
|
$
|
6,520
|
|
$
|
27,839
|
|
|
|
|
General corporate
expense, net
|
|
|
(6,682)
|
|
|
(4,720)
|
|
|
|
|
Intercompany
eliminations and other adjustments
|
|
|
(3,301)
|
|
|
(3,352)
|
|
|
|
|
Operating (loss)
profit, as reported
|
|
$
|
(3,463)
|
|
$
|
19,767
|
|
|
|
|
Operating margin,
as reported
|
|
|
(0.8)
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant legal
settlement
|
|
|
30,000
|
|
|
1,008
|
|
|
|
|
Rationalization
charges†
|
|
|
1,738
|
|
|
—
|
|
|
|
|
Acquisition
costs
|
|
|
292
|
|
|
—
|
|
|
|
|
Operating profit, as
adjusted
|
|
$
|
28,567
|
|
$
|
20,775
|
|
|
|
|
Operating margin,
as adjusted
|
|
|
6.5
|
%
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
2,084
|
|
|
1,600
|
|
|
|
|
Depreciation and
amortization
|
|
|
3,231
|
|
|
2,895
|
|
|
|
|
EBITDA, as
adjusted
|
|
$
|
33,882
|
|
$
|
25,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales change period
over period
|
|
|
27,339
|
|
|
|
|
|
|
|
EBITDA, as adjusted
change period over period
|
|
|
8,612
|
|
|
|
|
|
|
|
EBITDA, as adjusted
as percentage of sales change
|
|
|
31.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Rationalization
charges include corporate level adjustments as well as segment
operating adjustments.
|
TopBuild
Corp.
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliations (Unaudited)
|
|
|
|
|
|
|
|
(in thousands,
except common share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2017
|
|
2016
|
|
Gross Profit and
Operating Profit Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$
|
441,363
|
|
$
|
414,024
|
|
|
|
|
|
|
|
|
|
Gross profit, as
reported
|
|
$
|
101,628
|
|
$
|
89,455
|
|
|
|
|
|
|
|
|
|
Gross profit, as
adjusted
|
|
$
|
101,628
|
|
$
|
89,455
|
|
|
|
|
|
|
|
|
|
Gross margin, as
reported
|
|
|
23.0
|
%
|
|
21.6
|
%
|
Gross margin, as
adjusted
|
|
|
23.0
|
%
|
|
21.6
|
%
|
|
|
|
|
|
|
|
|
Operating (loss)
profit, as reported
|
|
$
|
(3,463)
|
|
$
|
19,767
|
|
|
|
|
|
|
|
|
|
Significant legal
settlement
|
|
|
30,000
|
|
|
1,008
|
|
Rationalization
charges
|
|
|
1,738
|
|
|
—
|
|
Acquisition
costs
|
|
|
292
|
|
|
—
|
|
Operating profit,
as adjusted
|
|
$
|
28,567
|
|
$
|
20,775
|
|
|
|
|
|
|
|
|
|
Operating margin, as
reported
|
|
|
(0.8)
|
%
|
|
4.8
|
%
|
Operating margin, as
adjusted
|
|
|
6.5
|
%
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
Income Per Common
Share Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations before income taxes, as
reported
|
|
$
|
(4,726)
|
|
$
|
18,169
|
|
|
|
|
|
|
|
|
|
Significant legal
settlement
|
|
|
30,000
|
|
|
1,008
|
|
Rationalization
charges
|
|
|
1,738
|
|
|
—
|
|
Acquisition
costs
|
|
|
292
|
|
|
—
|
|
Income from
continuing operations before income taxes, as
adjusted
|
|
|
27,304
|
|
|
19,177
|
|
|
|
|
|
|
|
|
|
Tax rate at 38%
rate
|
|
|
(10,376)
|
|
|
(7,287)
|
|
Income from
continuing operations, as adjusted
|
|
$
|
16,928
|
|
$
|
11,890
|
|
|
|
|
|
|
|
|
|
Income per common
share, as adjusted
|
|
$
|
0.46
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
Average diluted
common shares outstanding
|
|
|
37,123,245
|
|
|
37,899,110
|
|
TopBuild
Corp.
|
|
|
|
|
|
|
|
Same Branch Net
Sales and Adjusted EBITDA (Unaudited)
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2017
|
|
2016
|
|
Net
sales
|
|
|
|
|
|
|
|
Same
branch
|
|
$
|
433,777
|
|
$
|
414,024
|
|
Acquired
|
|
|
7,586
|
|
|
—
|
|
Total
|
|
$
|
441,363
|
|
$
|
414,024
|
|
|
|
|
|
|
|
|
|
EBITDA, as
adjusted
|
|
|
|
|
|
|
|
Same
branch
|
|
|
33,453
|
|
|
25,270
|
|
Acquired
|
|
|
429
|
|
|
—
|
|
Total
|
|
$
|
33,882
|
|
$
|
25,270
|
|
|
|
|
|
|
|
|
|
Same branch EBITDA,
as adjusted as percentage of sales change
|
|
|
41.4
|
%
|
|
26.6
|
%
|
Acquired adjusted
EBITDA , as adjusted as percentage of sales change
|
|
|
5.7
|
%
|
|
—
|
%
|
TopBuild
Corp.
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net Income (Unaudited)
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
Net (loss) income,
as reported
|
|
$
|
(1,710)
|
|
$
|
11,116
|
Adjustments to arrive
at EBITDA, as adjusted:
|
|
|
|
|
|
|
Other expense,
net
|
|
|
1,263
|
|
|
1,598
|
Income tax benefit
(expense) from continuing operations
|
|
|
(3,016)
|
|
|
7,053
|
Depreciation and
amortization
|
|
|
3,231
|
|
|
2,895
|
Share-based
compensation
|
|
|
2,084
|
|
|
1,600
|
Rationalization
charges
|
|
|
1,738
|
|
|
1,008
|
Acquisition
costs
|
|
|
292
|
|
|
—
|
Significant legal
settlement
|
|
|
30,000
|
|
|
—
|
EBITDA, as
adjusted
|
|
$
|
33,882
|
|
$
|
25,270
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/topbuild-reports-strong-first-quarter-2017-results-300453615.html
SOURCE TopBuild Corp.