TopBuild Corp. (NYSE:BLD), a
leading installer and specialty distributor of insulation and
related building material products to the construction industry in
the United States and Canada today reported results for the second
quarter ended June 30, 2022.
Robert Buck, President and Chief Executive Officer, stated “We
are pleased to report another quarter of strong financial results.
Our unique business model combining both installation and specialty
distribution, a key differentiator and critical component of our
success, should enable us to outperform in any environment.
“We also continue to make great progress in the integration of
DI and are ahead of schedule to achieve the $35 million to $40
million of synergies forecasted when we announced this
transaction.”
Second Quarter Financial Highlights ($ in
000s)
(unless otherwise indicated, comparisons are to
the quarter ended June 30, 2021)
3 Months Ended 6/30/22 |
Reported |
Change |
Sales |
$1,274,285 |
52.7% |
Gross Margin |
30.1% |
100 bps |
SG&A as % of revenue |
13.9% |
10 bps |
Operating Profit |
$207,221 |
61.5% |
Operating Margin |
16.3% |
90 bps |
Net Income |
$143,697 |
59.0% |
Net Income per diluted
share |
$4.41 |
62.1% |
|
|
|
3 Months Ended
6/30/22 |
Adjusted |
Change |
Sales |
$1,274,285 |
52.7% |
Gross Margin |
30.1% |
90 bps |
SG&A as % of revenue |
13.8% |
20 bps |
Operating Profit |
$208,798 |
60.8% |
Operating Margin |
16.4% |
80 bps |
Net Income |
$144,381 |
57.5% |
Net Income per diluted
share |
$4.43 |
60.5% |
EBITDA |
$242,254 |
61.7% |
EBITDA Margin |
19.0% |
100 bps |
|
|
|
3 Months Ended
6/30/22 |
Adj. Same Branch |
Change |
Sales |
$1,007,185 |
20.7% |
Gross Margin |
31.2% |
200 bps |
Operating Margin |
17.8% |
220 bps |
EBITDA Margin |
19.9% |
190 bps |
Incremental EBITDA |
29.4% |
|
Six Month Financial Highlights ($ in
000s)
(unless otherwise indicated, comparisons are to
the six months ended June 30, 2021)
6 Months Ended 6/30/22 |
Reported |
Change |
Sales |
$2,443,203 |
54.9% |
Gross Margin |
29.3% |
130 bps |
SG&A as % of revenue |
14.1% |
40 bps |
Operating Profit |
$371,175 |
65.6% |
Operating Margin |
15.2% |
100 bps |
Net Income |
$258,410 |
72.0% |
Net Income per diluted
share |
$7.87 |
73.7% |
|
|
|
6 Months Ended
6/30/22 |
Adjusted |
Change |
Sales |
$2,443,203 |
54.9% |
Gross Margin |
29.3% |
130 bps |
SG&A as % of revenue |
13.9% |
30 bps |
Operating Profit |
$376,302 |
65.7% |
Operating Margin |
15.4% |
100 bps |
Net Income |
$259,986 |
63.8% |
Net Income per diluted
share |
$7.92 |
65.7% |
EBITDA |
$443,984 |
67.1% |
EBITDA Margin |
18.2% |
140 bps |
|
|
|
6 Months Ended
6/30/22 |
Adj. Same Branch |
Change |
Sales |
$1,889,050 |
19.8% |
Gross Margin |
30.4% |
240 bps |
Operating Margin |
17.2% |
280 bps |
EBITDA Margin |
19.3% |
250 bps |
Incremental EBITDA |
32.0% |
|
Operating Segment Highlights ($ in
000s)
(unless otherwise indicated, comparisons are to
the period ended June 30, 2021)
Installation |
3 Months Ended 6/30/22 |
6 Months Ended 6/30/22 |
|
Specialty Distribution |
3 Months Ended 6/30/22 |
6 Months Ended 6/30/22 |
Sales |
$748,968 |
$1,425,661 |
|
Sales |
$587,791 |
$1,131,653 |
Change |
|
|
|
Change |
|
|
Volume |
8.3% |
5.8% |
|
Volume |
0.3% |
0.2% |
Price |
13.3% |
13.7% |
|
Price |
20.0% |
21.4% |
M&A |
2.0% |
5.7% |
|
M&A |
94.7% |
94.0% |
Total Change |
23.7% |
25.2% |
|
Total Change |
115.0% |
115.6% |
Operating Margin |
18.7% |
17.7% |
|
Operating Margin |
14.8% |
13.9% |
Change |
230 bps |
250 bps |
|
Change |
(90) bps |
(100) bps |
Adj. Operating Margin |
18.7% |
17.8% |
|
Adj. Operating Margin |
14.8% |
13.9% |
Change |
210 bps |
250 bps |
|
Change |
(90) bps |
(100) bps |
Adj. EBITDA Margin |
20.8% |
20.0% |
|
Adj. EBITDA Margin |
17.2% |
16.5% |
Change |
170 bps |
220 bps |
|
Change |
70 bps |
70 bps |
Capital Allocation
AcquisitionsThe Company
acquired one residential insulation company in the second quarter,
Assured Insulating, which serves markets in Northeastern Texas and
Northwestern Louisiana. Through June 30, the Company has completed
four acquisitions which are expected to contribute approximately
$15.7 million in annual revenue.
Share RepurchasesThe Company
announced that its Board of Directors recently approved a new share
repurchase program with authorization to purchase up to $200
million shares of the Company’s common stock.
As of June 30, 2022, Company has repurchased a
total of 647,466 shares which includes a portion of the shares
repurchased under an accelerated share repurchase program which
will be completed in the third quarter.
2022 Outlook
“As we look toward the second half of 2022, we expect demand for
our services to remain steady in all three end-markets we serve:
residential, commercial, and industrial. Our focus will remain on
the successful integration of DI, the strategic allocation of
capital and ongoing initiatives to enhance operational efficiency,
drive productivity and leverage our fixed costs,” added Buck.
Sales and Adjusted EBITDA
Guidance (1) ($ in
millions)
2022 |
Low |
High |
Sales |
$ |
4,800 |
$ |
4,900 |
Adjusted EBITDA* |
$ |
860 |
$ |
900 |
*See table for adjusted EBITDA
reconciliation.
(1) This outlook reflects
management’s current view of present and future market conditions
and are based on assumptions such as housing starts and
completions, general and administrative expenses, weighted average
diluted shares outstanding and interest rates. These targets do not
include any effects related to potential acquisitions or
divestitures that may occur after the date of this press release. A
reconciliation of non-GAAP targets to corresponding GAAP measures
is not available on a forward-looking basis without unreasonable
effort due to the uncertainty regarding, and the potential
variability of, the costs and expenses that may be incurred in the
future and therefore, cannot be reasonably predicted. The effect of
these excluded items may be significant. Factors that could cause
actual long-term results to differ materially from TopBuild’s
current expectations are discussed below and are also detailed in
the Company’s 2021 Annual Report on Form 10-K and subsequent SEC
reports.
Conference Call A conference
call to discuss second quarter financial results is scheduled for
today, Tuesday, August 2nd, at 9:00 a.m. Eastern Time. The call may
be accessed by dialing (877) 407-9037. The conference call will be
webcast simultaneously on the Company’s website at
www.topbuild.com. In addition, a copy of management’s formal
remarks and a presentation that summarizes management’s formal
remarks will be available immediately prior to the conference call
on www.topbuild.com.
About TopBuildTopBuild Corp.,
headquartered in Daytona Beach, Florida, is a leading installer and
specialty distributor of insulation and related building material
products to the construction industry in the United States and
Canada. We provide insulation installation services nationwide
through our contractor services business which has approximately
230 branches located across the United States. We distribute
building and mechanical insulation, insulation accessories and
other building product materials for the residential, commercial,
and industrial end markets through our Specialty Distribution
business. Our specialty distribution network encompasses
approximately 180 branches. To learn more about TopBuild please
visit our website at www.topbuild.com.
Use of Non-GAAP Financial
Measures Adjusted EBITDA, incremental EBITDA margin,
adjusted 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 “SEC Filings” at www.topbuild.com.
Safe Harbor StatementThis 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, the related assumptions underlying our
expected results, and our plan to repurchase our common stock under
stock repurchase transactions. 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 any forward-looking statements as a result of
new information, future events, or otherwise, except as required by
applicable law.
Investor Relations and Media
ContactTabitha Zanetabitha.zane@topbuild.com
386-763-8801
(tables follow)
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per common share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
Net sales |
|
$ |
1,274,285 |
|
|
$ |
834,255 |
|
|
$ |
2,443,203 |
|
|
$ |
1,577,053 |
|
|
Cost of
sales |
|
|
890,188 |
|
|
|
591,075 |
|
|
|
1,727,905 |
|
|
|
1,136,114 |
|
|
Gross profit |
|
|
384,097 |
|
|
|
243,180 |
|
|
|
715,298 |
|
|
|
440,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general, and administrative expense |
|
|
176,876 |
|
|
|
114,894 |
|
|
|
344,123 |
|
|
|
216,767 |
|
|
Operating profit |
|
|
207,221 |
|
|
|
128,286 |
|
|
|
371,175 |
|
|
|
224,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(13,410 |
) |
|
|
(6,105 |
) |
|
|
(25,375 |
) |
|
|
(12,707 |
) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,862 |
) |
|
Other, net |
|
|
(279 |
) |
|
|
66 |
|
|
|
406 |
|
|
|
144 |
|
|
Other
expense, net |
|
|
(13,689 |
) |
|
|
(6,039 |
) |
|
|
(24,969 |
) |
|
|
(26,425 |
) |
|
Income
before income taxes |
|
|
193,532 |
|
|
|
122,247 |
|
|
|
346,206 |
|
|
|
197,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
(49,835 |
) |
|
|
(31,867 |
) |
|
|
(87,796 |
) |
|
|
(47,525 |
) |
|
Net
income |
|
$ |
143,697 |
|
|
$ |
90,380 |
|
|
$ |
258,410 |
|
|
$ |
150,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.43 |
|
|
$ |
2.75 |
|
|
$ |
7.93 |
|
|
$ |
4.57 |
|
|
Diluted |
|
$ |
4.41 |
|
|
$ |
2.72 |
|
|
$ |
7.87 |
|
|
$ |
4.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
32,405,292 |
|
|
|
32,865,303 |
|
|
|
32,570,988 |
|
|
|
32,846,016 |
|
|
Diluted |
|
|
32,614,449 |
|
|
|
33,177,435 |
|
|
|
32,827,549 |
|
|
|
33,190,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
(Unaudited) |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
2022 |
|
2021 |
Net income |
|
$ |
143,697 |
|
|
$ |
90,380 |
|
$ |
258,410 |
|
$ |
150,222 |
Other
comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(2,193 |
) |
|
|
— |
|
|
1,026 |
|
|
— |
Comprehensive income |
|
$ |
141,504 |
|
|
$ |
90,380 |
|
$ |
259,436 |
|
$ |
150,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets and Other Financial
Data (Unaudited) |
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
As of |
|
|
|
June 30, 2022 |
|
December 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
123,869 |
|
$ |
139,779 |
|
Receivables, net of an allowance for credit losses of $12,558 at
June 30, 2022, and $8,798 at December 31, 2021 |
|
|
773,744 |
|
|
668,419 |
|
Inventories, net |
|
|
431,098 |
|
|
352,801 |
|
Prepaid expenses and other current assets |
|
|
25,835 |
|
|
26,692 |
|
Total current assets |
|
|
1,354,546 |
|
|
1,187,691 |
|
|
|
|
|
|
|
|
|
Right of
use assets |
|
|
174,361 |
|
|
177,177 |
|
Property
and equipment, net |
|
|
250,051 |
|
|
244,574 |
|
Goodwill |
|
|
1,968,603 |
|
|
1,949,763 |
|
Other
intangible assets, net |
|
|
653,458 |
|
|
684,209 |
|
Deferred
tax assets, net |
|
|
— |
|
|
1,905 |
|
Other
assets |
|
|
19,965 |
|
|
13,211 |
|
Total assets |
|
$ |
4,420,984 |
|
$ |
4,258,530 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
508,227 |
|
$ |
461,917 |
|
Current portion of long-term debt |
|
|
38,162 |
|
|
38,640 |
|
Accrued liabilities |
|
|
197,308 |
|
|
175,891 |
|
Short-term operating lease liabilities |
|
|
55,284 |
|
|
54,591 |
|
Short-term finance lease liabilities |
|
|
2,712 |
|
|
2,387 |
|
Total current liabilities |
|
|
801,693 |
|
|
733,426 |
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,437,102 |
|
|
1,454,483 |
|
Deferred
tax liabilities, net |
|
|
245,687 |
|
|
248,243 |
|
Long-term
portion of insurance reserves |
|
|
60,805 |
|
|
51,875 |
|
Long-term
operating lease liabilities |
|
|
124,191 |
|
|
125,339 |
|
Long-term
finance lease liabilities |
|
|
7,055 |
|
|
7,770 |
|
Other
liabilities |
|
|
1,788 |
|
|
960 |
|
Total liabilities |
|
|
2,678,321 |
|
|
2,622,096 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
1,742,663 |
|
|
1,636,434 |
|
Total liabilities and equity |
|
$ |
4,420,984 |
|
$ |
4,258,530 |
|
|
|
|
|
|
|
|
|
|
|
As of June 30, |
|
|
|
2022 |
|
2021 |
|
Other Financial Data |
|
|
|
|
|
|
|
Receivable days |
|
|
46 |
|
|
45 |
|
Inventory days |
|
|
48 |
|
|
30 |
|
Accounts payable days |
|
|
62 |
|
|
74 |
|
Receivables, net plus inventories, net less accounts payable |
|
$ |
696,615 |
|
$ |
313,631 |
|
Receivables, net plus inventories, net less accounts payable as a
percent of sales (TTM) † |
|
|
15.0 |
% |
9.9 |
% |
|
|
|
|
|
|
|
|
† Trailing
12 months sales have been adjusted for the pro forma effect of
acquired branches |
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
Condensed Consolidated Statement of Cash Flows
(Unaudited) |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
Cash
Flows Provided by (Used in) Operating Activities: |
|
|
|
|
|
Net income |
|
$ |
258,410 |
|
|
$ |
150,222 |
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
Depreciation
and amortization |
|
|
60,621 |
|
|
|
33,221 |
|
Share-based
compensation |
|
|
7,061 |
|
|
|
5,377 |
|
Loss on
extinguishment of debt |
|
|
— |
|
|
|
13,862 |
|
Loss on sale
of property and equipment |
|
|
525 |
|
|
|
833 |
|
Amortization
of debt issuance costs |
|
|
1,427 |
|
|
|
858 |
|
Provision
for bad debt expense |
|
|
6,404 |
|
|
|
4,037 |
|
Loss from
inventory obsolescence |
|
|
3,610 |
|
|
|
1,129 |
|
Change in
certain assets and liabilities |
|
|
|
|
|
|
Receivables,
net |
|
|
(107,739 |
) |
|
|
(36,277 |
) |
Inventories,
net |
|
|
(82,621 |
) |
|
|
(8,055 |
) |
Prepaid
expenses and other current assets |
|
|
648 |
|
|
|
(2,273 |
) |
Accounts
payable |
|
|
47,540 |
|
|
|
21,782 |
|
Accrued
liabilities |
|
|
16,884 |
|
|
|
17,693 |
|
Other,
net |
|
|
4,927 |
|
|
|
(206 |
) |
Net cash
provided by operating activities |
|
|
217,697 |
|
|
|
202,203 |
|
|
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Investing Activities: |
|
|
|
|
|
|
Purchases of
property and equipment |
|
|
(36,034 |
) |
|
|
(28,560 |
) |
Acquisition
of businesses, net of cash acquired |
|
|
(18,746 |
) |
|
|
(195,411 |
) |
Proceeds
from sale of property and equipment |
|
|
618 |
|
|
|
193 |
|
Net cash
used in investing activities |
|
|
(54,162 |
) |
|
|
(223,778 |
) |
|
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Financing Activities: |
|
|
|
|
|
|
Proceeds
from issuance of long-term debt |
|
|
— |
|
|
|
411,250 |
|
Repayment of
long-term debt |
|
|
(19,287 |
) |
|
|
(421,716 |
) |
Payment of
debt issuance costs |
|
|
— |
|
|
|
(6,500 |
) |
Proceeds
from revolving credit facility |
|
|
70,000 |
|
|
|
— |
|
Repayment of
revolving credit facility |
|
|
(70,000 |
) |
|
|
— |
|
Taxes
withheld and paid on employees' equity awards |
|
|
(11,667 |
) |
|
|
(11,491 |
) |
Exercise of
stock options |
|
|
1,452 |
|
|
|
5,952 |
|
Repurchase
of shares of common stock |
|
|
(150,050 |
) |
|
|
(24,038 |
) |
Payment of
contingent consideration |
|
|
(35 |
) |
|
|
(150 |
) |
Net cash
used in financing activities |
|
|
(179,587 |
) |
|
|
(46,693 |
) |
Impact of
exchange rate changes on cash |
|
|
142 |
|
|
|
— |
|
Net decrease
in cash and cash equivalents |
|
|
(15,910 |
) |
|
|
(68,268 |
) |
Cash and
cash equivalents- Beginning of period |
|
|
139,779 |
|
|
|
330,007 |
|
Cash and
cash equivalents- End of period |
|
$ |
123,869 |
|
|
$ |
261,739 |
|
|
|
|
|
|
|
|
Supplemental disclosure of noncash
activities: |
|
|
|
|
|
|
Leased
assets obtained in exchange for new operating lease
liabilities |
|
$ |
36,129 |
|
|
$ |
39,135 |
|
Accruals for
property and equipment |
|
|
563 |
|
|
|
460 |
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Change |
|
|
|
2022 |
|
|
2021 |
|
Change |
|
Installation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
748,968 |
|
$ |
605,625 |
|
|
23.7 |
% |
$ |
1,425,661 |
|
$ |
1,138,378 |
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
139,919 |
|
$ |
99,066 |
|
|
|
|
|
$ |
252,598 |
|
$ |
172,702 |
|
|
|
|
Operating margin, as reported |
|
|
18.7 |
% |
16.4 |
% |
|
|
|
|
17.7 |
% |
15.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
— |
|
|
— |
|
|
|
|
|
|
473 |
|
|
— |
|
|
|
|
Acquisition related costs |
|
|
16 |
|
|
1,112 |
|
|
|
|
|
|
96 |
|
|
1,112 |
|
|
|
|
COVID-19 pay |
|
|
— |
|
|
116 |
|
|
|
|
|
|
— |
|
|
605 |
|
|
|
|
Operating profit, as adjusted |
|
$ |
139,935 |
|
$ |
100,294 |
|
|
|
|
|
$ |
253,167 |
|
$ |
174,419 |
|
|
|
|
Operating margin, as adjusted |
|
|
18.7 |
% |
16.6 |
% |
|
|
|
|
17.8 |
% |
15.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
282 |
|
|
274 |
|
|
|
|
|
|
689 |
|
|
614 |
|
|
|
|
Depreciation and amortization |
|
|
15,319 |
|
|
14,857 |
|
|
|
|
|
|
31,004 |
|
|
27,683 |
|
|
|
|
EBITDA, as adjusted |
|
$ |
155,536 |
|
$ |
115,425 |
|
|
34.8 |
% |
$ |
284,860 |
|
$ |
202,716 |
|
|
40.5 |
% |
EBITDA margin, as adjusted |
|
|
20.8 |
% |
19.1 |
% |
|
|
|
|
20.0 |
% |
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
587,791 |
|
$ |
273,364 |
|
|
115.0 |
% |
$ |
1,131,653 |
|
$ |
524,965 |
|
|
115.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
86,749 |
|
$ |
42,856 |
|
|
|
|
|
$ |
157,170 |
|
$ |
78,241 |
|
|
|
|
Operating margin, as reported |
|
|
14.8 |
% |
15.7 |
% |
|
|
|
|
13.9 |
% |
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related costs |
|
|
334 |
|
|
— |
|
|
|
|
|
|
575 |
|
|
— |
|
|
|
|
COVID-19 pay |
|
|
— |
|
|
20 |
|
|
|
|
|
|
— |
|
|
54 |
|
|
|
|
Operating profit, as adjusted |
|
$ |
87,083 |
|
$ |
42,876 |
|
|
|
|
|
$ |
157,745 |
|
$ |
78,295 |
|
|
|
|
Operating margin, as adjusted |
|
|
14.8 |
% |
15.7 |
% |
|
|
|
|
13.9 |
% |
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
287 |
|
|
244 |
|
|
|
|
|
|
641 |
|
|
488 |
|
|
|
|
Depreciation and amortization |
|
|
14,005 |
|
|
2,112 |
|
|
|
|
|
|
28,034 |
|
|
4,200 |
|
|
|
|
EBITDA, as adjusted |
|
$ |
101,375 |
|
$ |
45,232 |
|
|
124.1 |
% |
$ |
186,420 |
|
$ |
82,983 |
|
|
124.6 |
% |
EBITDA margin, as adjusted |
|
|
17.2 |
% |
16.5 |
% |
|
|
|
|
16.5 |
% |
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
Change |
|
|
|
2022 |
|
|
|
2021 |
|
|
Change |
|
|
Total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales before eliminations |
|
$ |
1,336,759 |
|
|
$ |
878,989 |
|
|
|
|
|
|
$ |
2,557,314 |
|
|
$ |
1,663,343 |
|
|
|
|
|
|
Intercompany eliminations |
|
|
(62,474 |
) |
|
|
(44,734 |
) |
|
|
|
|
|
|
(114,111 |
) |
|
|
(86,290 |
) |
|
|
|
|
|
Net sales after eliminations |
|
$ |
1,274,285 |
|
|
$ |
834,255 |
|
|
|
52.7 |
% |
$ |
2,443,203 |
|
|
$ |
1,577,053 |
|
|
|
54.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported - segments |
|
$ |
226,668 |
|
|
$ |
141,922 |
|
|
|
|
|
|
$ |
409,768 |
|
|
$ |
250,943 |
|
|
|
|
|
|
General corporate expense, net |
|
|
(9,012 |
) |
|
|
(6,704 |
) |
|
|
|
|
|
|
(19,449 |
) |
|
|
(13,311 |
) |
|
|
|
|
|
Intercompany eliminations |
|
|
(10,435 |
) |
|
|
(6,932 |
) |
|
|
|
|
|
|
(19,144 |
) |
|
|
(13,460 |
) |
|
|
|
|
|
Operating profit, as reported |
|
$ |
207,221 |
|
|
$ |
128,286 |
|
|
|
|
|
|
$ |
371,175 |
|
|
$ |
224,172 |
|
|
|
|
|
|
Operating margin, as reported |
|
|
16.3 |
|
% |
15.4 |
|
% |
|
|
|
|
15.2 |
|
% |
14.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
473 |
|
|
|
16 |
|
|
|
|
|
|
Acquisition related costs † |
|
|
1,577 |
|
|
|
1,457 |
|
|
|
|
|
|
|
4,654 |
|
|
|
2,210 |
|
|
|
|
|
|
COVID-19 pay |
|
|
— |
|
|
|
136 |
|
|
|
|
|
|
|
— |
|
|
|
659 |
|
|
|
|
|
|
Operating profit, as adjusted |
|
$ |
208,798 |
|
|
$ |
129,879 |
|
|
|
|
|
|
$ |
376,302 |
|
|
$ |
227,057 |
|
|
|
|
|
|
Operating margin, as adjusted |
|
|
16.4 |
|
% |
15.6 |
|
% |
|
|
|
|
15.4 |
|
% |
14.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
3,334 |
|
|
|
2,266 |
|
|
|
|
|
|
|
7,061 |
|
|
|
5,377 |
|
|
|
|
|
|
Depreciation and amortization |
|
|
30,122 |
|
|
|
17,703 |
|
|
|
|
|
|
|
60,621 |
|
|
|
33,221 |
|
|
|
|
|
|
EBITDA, as adjusted |
|
$ |
242,254 |
|
|
$ |
149,848 |
|
|
|
61.7 |
% |
$ |
443,984 |
|
|
$ |
265,655 |
|
|
|
67.1 |
% |
EBITDA margin, as adjusted |
|
|
19.0 |
|
% |
18.0 |
|
% |
|
|
|
|
18.2 |
|
% |
16.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales change period over period |
|
|
440,030 |
|
|
|
|
|
|
|
|
|
|
866,150 |
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted, change period over period |
|
|
92,406 |
|
|
|
|
|
|
|
|
|
|
178,329 |
|
|
|
|
|
|
|
|
|
Incremental EBITDA, as adjusted, as a percentage of change in
sales |
|
|
21.0 |
|
% |
|
|
|
|
|
|
|
20.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Acquisition related
costs include corporate level adjustments as well as segment
operating adjustments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliations (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except share and per common share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
Gross Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,274,285 |
|
|
$ |
834,255 |
|
|
$ |
2,443,203 |
|
|
$ |
1,577,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit, as reported |
|
$ |
384,097 |
|
|
$ |
243,180 |
|
|
$ |
715,298 |
|
|
$ |
440,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
related costs |
|
|
— |
|
|
|
— |
|
|
|
121 |
|
|
|
— |
|
|
COVID-19
pay |
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
592 |
|
|
Gross profit, as adjusted |
|
$ |
384,097 |
|
|
$ |
243,302 |
|
|
$ |
715,419 |
|
|
$ |
441,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin, as reported |
|
|
30.1 |
|
% |
29.1 |
|
% |
29.3 |
|
% |
28.0 |
|
% |
Gross
margin, as adjusted |
|
|
30.1 |
|
% |
29.2 |
|
% |
29.3 |
|
% |
28.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative Expense
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expense, as
reported |
|
$ |
176,876 |
|
|
$ |
114,894 |
|
|
$ |
344,123 |
|
|
$ |
216,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
— |
|
|
|
— |
|
|
|
473 |
|
|
|
16 |
|
|
Acquisition
related costs |
|
|
1,577 |
|
|
|
1,457 |
|
|
|
4,533 |
|
|
|
2,210 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
67 |
|
|
Selling, general, and administrative expense, as
adjusted |
|
$ |
175,299 |
|
|
$ |
113,423 |
|
|
$ |
339,117 |
|
|
$ |
214,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
207,221 |
|
|
$ |
128,286 |
|
|
$ |
371,175 |
|
|
$ |
224,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
— |
|
|
|
— |
|
|
|
473 |
|
|
|
16 |
|
|
Acquisition
related costs |
|
|
1,577 |
|
|
|
1,457 |
|
|
|
4,654 |
|
|
|
2,210 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
136 |
|
|
|
— |
|
|
|
659 |
|
|
Operating profit, as adjusted |
|
$ |
208,798 |
|
|
$ |
129,879 |
|
|
$ |
376,302 |
|
|
$ |
227,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin, as reported |
|
|
16.3 |
|
% |
15.4 |
|
% |
15.2 |
|
% |
14.2 |
|
% |
Operating
margin, as adjusted |
|
|
16.4 |
|
% |
15.6 |
|
% |
15.4 |
|
% |
14.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Per Common Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes, as reported |
|
$ |
193,532 |
|
|
$ |
122,247 |
|
|
$ |
346,206 |
|
|
$ |
197,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
— |
|
|
|
— |
|
|
|
473 |
|
|
|
16 |
|
|
Acquisition
related costs |
|
|
1,577 |
|
|
|
1,457 |
|
|
|
4,654 |
|
|
|
2,210 |
|
|
Refinancing
costs and loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,862 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
136 |
|
|
|
— |
|
|
|
659 |
|
|
Income before income taxes, as adjusted |
|
|
195,109 |
|
|
|
123,840 |
|
|
|
351,333 |
|
|
|
214,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate at
26.0% |
|
|
(50,728 |
) |
|
|
(32,198 |
) |
|
|
(91,347 |
) |
|
|
(55,769 |
) |
|
Income, as adjusted |
|
$ |
144,381 |
|
|
$ |
91,642 |
|
|
$ |
259,986 |
|
|
$ |
158,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share, as adjusted |
|
$ |
4.43 |
|
|
$ |
2.76 |
|
|
$ |
7.92 |
|
|
$ |
4.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted common shares outstanding |
|
|
32,614,449 |
|
|
|
33,177,435 |
|
|
|
32,827,549 |
|
|
|
33,190,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
Branch and Acquisition Metrics (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
736,643 |
|
|
$ |
605,625 |
|
|
$ |
1,360,243 |
|
|
$ |
1,138,378 |
|
|
|
Specialty Distribution |
|
|
328,807 |
|
|
|
273,364 |
|
|
|
638,018 |
|
|
|
524,965 |
|
|
|
Eliminations |
|
|
(58,265 |
) |
|
|
(44,734 |
) |
|
|
(109,211 |
) |
|
|
(86,290 |
) |
|
|
Total same
branch |
|
|
1,007,185 |
|
|
|
834,255 |
|
|
|
1,889,050 |
|
|
|
1,577,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
12,325 |
|
|
$ |
— |
|
|
$ |
65,418 |
|
|
$ |
— |
|
|
|
Specialty Distribution |
|
|
258,984 |
|
|
|
— |
|
|
|
493,635 |
|
|
|
— |
|
|
|
Eliminations |
|
|
(4,209 |
) |
|
|
— |
|
|
|
(4,900 |
) |
|
|
— |
|
|
|
Total
acquisitions |
|
|
267,100 |
|
|
|
— |
|
|
|
554,153 |
|
|
|
— |
|
|
|
Total |
|
$ |
1,274,285 |
|
|
$ |
834,255 |
|
|
$ |
2,443,203 |
|
|
$ |
1,577,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
314,012 |
|
|
$ |
243,302 |
|
|
$ |
575,127 |
|
|
$ |
441,531 |
|
|
|
Acquisitions
(a) |
|
|
70,085 |
|
|
|
— |
|
|
|
140,292 |
|
|
|
— |
|
|
|
Total |
|
$ |
384,097 |
|
|
$ |
243,302 |
|
|
$ |
715,419 |
|
|
$ |
441,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
31.2 |
|
% |
|
29.2 |
|
% |
|
30.4 |
|
% |
|
28.0 |
|
% |
|
Acquisitions
(c) |
|
|
26.2 |
|
% |
|
|
|
|
25.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
179,512 |
|
|
$ |
129,879 |
|
|
$ |
324,127 |
|
|
$ |
227,057 |
|
|
|
Acquisitions
(a) |
|
|
29,286 |
|
|
|
— |
|
|
|
52,175 |
|
|
|
— |
|
|
|
Total |
|
$ |
208,798 |
|
|
$ |
129,879 |
|
|
$ |
376,302 |
|
|
$ |
227,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
17.8 |
|
% |
|
15.6 |
|
% |
|
17.2 |
|
% |
|
14.4 |
|
% |
|
Acquisitions
(c) |
|
|
11.0 |
|
% |
|
|
|
|
9.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
200,667 |
|
|
$ |
149,848 |
|
|
$ |
365,435 |
|
|
$ |
265,655 |
|
|
|
Acquisitions
(a) |
|
|
41,587 |
|
|
|
— |
|
|
|
78,549 |
|
|
|
— |
|
|
|
Total |
|
$ |
242,254 |
|
|
$ |
149,848 |
|
|
$ |
443,984 |
|
|
$ |
265,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted, as a percentage of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
19.9 |
|
% |
|
|
|
|
19.3 |
|
% |
|
|
|
|
Acquisitions
(c) |
|
|
15.6 |
|
% |
|
|
|
|
14.2 |
|
% |
|
|
|
|
Total (d) |
|
|
19.0 |
|
% |
|
18.0 |
|
% |
|
18.2 |
|
% |
|
16.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Adjusted Incremental EBITDA, as a percentage of change in
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(e) |
|
|
29.4 |
|
% |
|
|
|
|
32.0 |
|
% |
|
|
|
|
Acquisitions
(c) |
|
|
15.6 |
|
% |
|
|
|
|
14.2 |
|
% |
|
|
|
|
Total (f) |
|
|
21.0 |
|
% |
|
|
|
|
20.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents current
year impact of acquisitions in their first twelve
months |
|
|
(b) Same branch
metric, as adjusted, as a percentage of same branch
sales |
|
|
(c) Acquired metric,
as adjusted, as a percentage of acquired
sales |
|
|
(d) Total EBITDA, as
adjusted, as a percentage of total
sales |
|
|
(e) Change in same
branch EBITDA, as adjusted, as a percentage of change in same
branch
sales |
|
|
(f) Change in total
EBITDA, as adjusted, as a percentage of change in total
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Income
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Net
income, as reported |
|
$ |
143,697 |
|
$ |
90,380 |
|
$ |
258,410 |
|
$ |
150,222 |
|
Adjustments
to arrive at EBITDA, as adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and other, net |
|
|
13,689 |
|
|
6,039 |
|
|
24,969 |
|
|
12,563 |
|
Income tax expense |
|
|
49,835 |
|
|
31,867 |
|
|
87,796 |
|
|
47,525 |
|
Depreciation and amortization |
|
|
30,122 |
|
|
17,703 |
|
|
60,621 |
|
|
33,221 |
|
Share-based compensation |
|
|
3,334 |
|
|
2,266 |
|
|
7,061 |
|
|
5,377 |
|
Rationalization charges |
|
|
— |
|
|
— |
|
|
473 |
|
|
16 |
|
Acquisition related costs |
|
|
1,577 |
|
|
1,457 |
|
|
4,654 |
|
|
2,210 |
|
Refinancing costs and loss on extinguishment of debt |
|
|
— |
|
|
— |
|
|
— |
|
|
13,862 |
|
COVID-19 pay |
|
|
— |
|
|
136 |
|
|
— |
|
|
659 |
|
EBITDA, as adjusted |
|
$ |
242,254 |
|
$ |
149,848 |
|
$ |
443,984 |
|
$ |
265,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Adjusted Net Sales (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2022 |
|
Trailing Twelve Months Ended |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
June 30, 2022 |
Net
Sales |
$ |
845,757 |
|
$ |
1,063,398 |
|
$ |
1,168,918 |
|
$ |
1,274,285 |
|
$ |
4,352,358 |
Acquisitions
proforma adjustment † |
|
231,146 |
|
|
48,816 |
|
|
2,481 |
|
|
39 |
|
|
282,482 |
Net sales,
acquisition adjusted |
$ |
1,076,903 |
|
$ |
1,112,214 |
|
$ |
1,171,399 |
|
$ |
1,274,324 |
|
$ |
4,634,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Trailing 12 months
sales have been adjusted for the pro forma effect of acquired
branches |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
2022 Estimated Adjusted EBITDA Range
(Unaudited) |
|
|
|
|
|
(in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ending December 31, 2022 |
|
|
|
Low |
|
|
High |
|
Estimated net income |
$ |
481.5 |
|
|
520.1 |
|
Adjustments to arrive at estimated EBITDA, as adjusted: |
|
|
|
|
|
Interest expense and other, net |
|
61.0 |
|
|
58.0 |
|
Income tax expense |
|
169.2 |
|
|
182.7 |
|
Depreciation and amortization |
|
124.9 |
|
|
120.8 |
|
Share-based compensation |
|
13.4 |
|
|
11.4 |
|
Rationalization charges |
|
2.0 |
|
|
1.0 |
|
Acquisition related costs |
|
8.0 |
|
|
6.0 |
|
Estimated EBITDA, as adjusted |
$ |
860.0 |
|
$ |
900.0 |
|
|
|
|
|
|
|
|
TopBuild (NYSE:BLD)
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