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 third
quarter ended September 30, 2022.
Robert Buck, President and Chief Executive Officer, stated “We
had another outstanding quarter with revenue growth in all three
end-markets we serve: residential, commercial, and industrial. In
addition, EBITDA margins at both business segments expanded, driven
by operational efficiencies.
“As we look to the rest of this year and next, our focus remains
on driving profitable growth and identifying and implementing
initiatives that will enhance our Company’s operations. Our entire
team remains focused on continuing to deliver strong results and
creating shareholder value in every operating environment.”
Third Quarter Financial Highlights
(unless otherwise indicated, comparisons are to
the quarter ended September 30, 2021)
3 Months Ended 9/30/22 |
Reported |
Change |
Sales |
$1,300,998 |
53.8% |
Gross Margin |
30.4% |
80 bps |
SG&A as % of revenue |
13.3% |
(50 bps) |
Operating Profit |
$222,874 |
66.6% |
Operating Margin |
17.1% |
130 bps |
Net Income |
$153,746 |
61.1% |
Net Income per diluted share |
$4.76 |
65.3% |
|
|
|
3 Months Ended 9/30/22 |
Adjusted |
Change |
Sales |
$1,300,998 |
53.8% |
Gross Margin |
30.4% |
80 bps |
SG&A as % of revenue |
13.2% |
(10 bps) |
Operating Profit |
$224,174 |
63.1% |
Operating Margin |
17.2% |
90 bps |
Net Income |
$154,889 |
58.6% |
Net Income per diluted share |
$4.80 |
62.7% |
EBITDA |
$259,215 |
63.8% |
EBITDA Margin |
19.9% |
120 bps |
|
|
|
3 Months Ended 9/30/22 |
Adj. Same Branch |
Change |
Sales |
$1,037,278 |
22.6% |
Gross Margin |
31.3% |
170 bps |
Operating Margin |
18.5% |
220 bps |
EBITDA Margin |
20.6% |
190 bps |
Incremental EBITDA Margin |
28.8% |
|
Nine Month Financial Highlights(unless
otherwise indicated, comparisons are to nine months ended September
30, 2021)
9 Months Ended 9/30/22 |
Reported |
Change |
Sales |
$3,744,201 |
54.5% |
Gross Margin |
29.7% |
120 bps |
SG&A as % of revenue |
13.8% |
0 bps |
Operating Profit |
$594,049 |
65.9% |
Operating Margin |
15.9% |
110 bps |
Net Income |
$412,156 |
67.8% |
Net Income per diluted share |
$12.63 |
70.4% |
|
|
|
9 Months Ended 9/30/22 |
Adjusted |
Change |
Sales |
$3,744,201 |
54.5% |
Gross Margin |
29.7% |
110 bps |
SG&A as % of revenue |
13.6% |
10 bps |
Operating Profit |
$600,474 |
64.7% |
Operating Margin |
16.0% |
100 bps |
Net Income |
$414,874 |
61.8% |
Net Income per diluted share |
$12.71 |
64.4% |
EBITDA |
$703,198 |
65.9% |
EBITDA Margin |
18.8% |
130 bps |
|
|
|
9 Months Ended 9/30/22 |
Adj. Same Branch |
Change |
Sales |
$2,926,330 |
20.8% |
Gross Margin |
30.8% |
220 bps |
Operating Margin |
17.6% |
260 bps |
EBITDA Margin |
19.8% |
230 bps |
Incremental EBITDA |
30.8% |
|
Operating Segment Highlights
($ in 000s)(comparisons are to the period ended
September 30, 2021)
Installation |
3 Months Ended 9/30/22 |
9 Months Ended 9/30/22 |
|
Specialty Distribution |
3 Months Ended 9/30/22 |
9 Months Ended 9/30/22 |
Sales |
$783,056 |
|
$2,208,717 |
|
|
Sales |
$583,543 |
|
$1,715,196 |
|
Change |
|
|
|
Change |
|
|
Volume |
|
12.3% |
|
|
8.1% |
|
|
Volume |
|
5.7% |
|
|
2.1% |
|
Price |
|
13.8% |
|
|
13.7% |
|
|
Price |
|
13.0% |
|
|
18.5% |
|
M&A |
|
1.7% |
|
|
4.3% |
|
|
M&A |
|
92.4% |
|
|
93.5% |
|
Total Change |
|
27.8% |
|
|
26.1% |
|
|
Total Change |
|
111.1% |
|
|
114.0% |
|
Operating Margin |
|
19.7% |
|
|
18.4% |
|
|
Operating Margin |
|
15.1% |
|
|
14.3% |
|
Change |
260 bps |
250 bps |
|
Change |
(200 bps) |
(130 bps) |
Adj. Operating Margin |
|
19.6% |
|
|
18.4% |
|
|
Adj. Operating Margin |
|
15.3% |
|
|
14.4% |
|
Change |
240 bps |
240 bps |
|
Change |
(180 bps) |
(130 bps) |
Adj. EBITDA Margin |
|
21.6% |
|
|
20.6% |
|
|
Adj. EBITDA Margin |
|
18.0% |
|
|
17.0% |
|
Change |
200 bps |
220 bps |
|
Change |
10 bps |
50 bps |
Capital
Allocation“Our proven track record of
selecting, acquiring, and integrating companies has produced strong
returns for our shareholders and we believe acquisitions will
continue to be the best use of our capital. With the
successful integration of DI mostly behind us, we continue to build
and pursue a robust pipeline of prospects in all three end markets
we serve,” added Buck.
AcquisitionsThrough September
30, the Company has completed five acquisitions which are expected
to contribute approximately $17.3 million in annual revenue.
Share repurchasesIn the third
quarter of 2022, the Company repurchased 269,544 shares at an
average price of $185.50 per share. Year-to-date the Company
has repurchased 1,059,361 shares as an average price of $188.79 per
share.
2022 Outlook
Sales and Adjusted EBITDA
Guidance
(1) ($ in
millions)
2022 |
Low |
High |
Sales |
$ |
4,950 |
$ |
5,000 |
Adjusted EBITDA* |
$ |
915 |
$ |
935 |
*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.
Conference Call A conference
call to discuss third quarter 2022 financial results is scheduled
for today, Tuesday, November 1, 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 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, 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 to follow)
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations
(Unaudited) |
|
|
|
|
|
|
|
|
|
(in thousands, except share and per common share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net sales |
|
$ |
1,300,998 |
|
|
$ |
845,757 |
|
|
$ |
3,744,201 |
|
|
$ |
2,422,810 |
|
Cost of
sales |
|
|
905,250 |
|
|
|
595,466 |
|
|
|
2,633,155 |
|
|
|
1,731,581 |
|
Gross profit |
|
|
395,748 |
|
|
|
250,291 |
|
|
|
1,111,046 |
|
|
|
691,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general, and administrative expense |
|
|
172,874 |
|
|
|
116,485 |
|
|
|
516,997 |
|
|
|
333,252 |
|
Operating profit |
|
|
222,874 |
|
|
|
133,806 |
|
|
|
594,049 |
|
|
|
357,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(14,561 |
) |
|
|
(5,503 |
) |
|
|
(39,936 |
) |
|
|
(18,210 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,862 |
) |
Other, net |
|
|
(303 |
) |
|
|
66 |
|
|
|
103 |
|
|
|
210 |
|
Other
expense, net |
|
|
(14,864 |
) |
|
|
(5,437 |
) |
|
|
(39,833 |
) |
|
|
(31,862 |
) |
Income
before income taxes |
|
|
208,010 |
|
|
|
128,369 |
|
|
|
554,216 |
|
|
|
326,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
(54,264 |
) |
|
|
(32,934 |
) |
|
|
(142,060 |
) |
|
|
(80,457 |
) |
Net
income |
|
$ |
153,746 |
|
|
$ |
95,435 |
|
|
$ |
412,156 |
|
|
$ |
245,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.79 |
|
|
$ |
2.91 |
|
|
$ |
12.72 |
|
|
$ |
7.49 |
|
Diluted |
|
$ |
4.76 |
|
|
$ |
2.88 |
|
|
$ |
12.63 |
|
|
$ |
7.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
32,076,285 |
|
|
|
32,763,311 |
|
|
|
32,404,275 |
|
|
|
32,818,145 |
|
Diluted |
|
|
32,279,820 |
|
|
|
33,088,680 |
|
|
|
32,643,161 |
|
|
|
33,155,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
(Unaudited) |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
Net income |
|
$ |
153,746 |
|
|
$ |
95,435 |
|
$ |
412,156 |
|
|
$ |
245,658 |
Other
comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(15,158 |
) |
|
|
— |
|
|
(14,133 |
) |
|
|
— |
Comprehensive income |
|
$ |
138,588 |
|
|
$ |
95,435 |
|
$ |
398,023 |
|
|
$ |
245,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets and Other Financial
Data (Unaudited) |
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30, 2022 |
|
December 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
159,384 |
|
$ |
139,779 |
|
Receivables, net of an allowance for credit losses of $14,105 at
September 30, 2022, and $8,798 at December 31, 2021 |
|
|
815,633 |
|
|
668,419 |
|
Inventories, net |
|
|
447,100 |
|
|
352,801 |
|
Prepaid expenses and other current assets |
|
|
27,416 |
|
|
26,692 |
|
Total current assets |
|
|
1,449,533 |
|
|
1,187,691 |
|
|
|
|
|
|
|
|
|
Right of
use assets |
|
|
191,731 |
|
|
177,177 |
|
Property
and equipment, net |
|
|
248,623 |
|
|
244,574 |
|
Goodwill |
|
|
1,966,234 |
|
|
1,949,763 |
|
Other
intangible assets, net |
|
|
631,005 |
|
|
684,209 |
|
Other
assets |
|
|
18,991 |
|
|
15,116 |
|
Total assets |
|
$ |
4,506,117 |
|
$ |
4,258,530 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
510,163 |
|
$ |
461,917 |
|
Current portion of long-term debt |
|
|
37,367 |
|
|
38,640 |
|
Accrued liabilities |
|
|
181,455 |
|
|
175,891 |
|
Short-term operating lease liabilities |
|
|
57,268 |
|
|
54,591 |
|
Short-term finance lease liabilities |
|
|
2,328 |
|
|
2,387 |
|
Total current liabilities |
|
|
788,581 |
|
|
733,426 |
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,428,935 |
|
|
1,454,483 |
|
Deferred
tax liabilities, net |
|
|
244,608 |
|
|
248,243 |
|
Long-term
portion of insurance reserves |
|
|
61,243 |
|
|
51,875 |
|
Long-term
operating lease liabilities |
|
|
138,923 |
|
|
125,339 |
|
Long-term
finance lease liabilities |
|
|
6,170 |
|
|
7,770 |
|
Other
liabilities |
|
|
3,218 |
|
|
960 |
|
Total liabilities |
|
|
2,671,678 |
|
|
2,622,096 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
1,834,439 |
|
|
1,636,434 |
|
Total liabilities and equity |
|
$ |
4,506,117 |
|
$ |
4,258,530 |
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
|
|
2022 |
|
2021 |
|
Other Financial Data |
|
|
|
|
|
|
|
Receivable days |
|
|
48 |
|
|
45 |
|
Inventory days |
|
|
48 |
|
|
33 |
|
Accounts payable days |
|
|
63 |
|
|
75 |
|
Receivables, net plus inventories, net less accounts payable |
|
$ |
752,570 |
|
$ |
336,027 |
|
Receivables, net plus inventories, net less accounts payable as a
percent of sales (TTM) † |
|
|
15.5 |
% |
|
10.3 |
% |
|
|
|
|
|
|
|
|
† 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
Cash
Flows Provided by (Used in) Operating Activities: |
|
|
|
|
|
Net income |
|
$ |
412,156 |
|
|
$ |
245,658 |
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
Depreciation
and amortization |
|
|
93,051 |
|
|
|
51,005 |
|
Share-based
compensation |
|
|
9,673 |
|
|
|
8,375 |
|
Loss on
extinguishment of debt |
|
|
— |
|
|
|
13,862 |
|
Loss on sale
of property and equipment |
|
|
76 |
|
|
|
1,410 |
|
Amortization
of debt issuance costs |
|
|
2,147 |
|
|
|
1,352 |
|
Provision
for bad debt expense |
|
|
8,837 |
|
|
|
5,215 |
|
Loss from
inventory obsolescence |
|
|
5,127 |
|
|
|
1,667 |
|
Change in
certain assets and liabilities |
|
|
|
|
|
|
Receivables,
net |
|
|
(152,578 |
) |
|
|
(62,257 |
) |
Inventories,
net |
|
|
(101,148 |
) |
|
|
(30,115 |
) |
Prepaid
expenses and other current assets |
|
|
(807 |
) |
|
|
(2,984 |
) |
Accounts
payable |
|
|
49,079 |
|
|
|
47,907 |
|
Accrued
liabilities |
|
|
3,469 |
|
|
|
30,397 |
|
Other,
net |
|
|
6,548 |
|
|
|
(1,987 |
) |
Net cash
provided by operating activities |
|
|
335,630 |
|
|
|
309,505 |
|
|
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Investing Activities: |
|
|
|
|
|
|
Purchases of
property and equipment |
|
|
(56,044 |
) |
|
|
(42,320 |
) |
Acquisition
of businesses, net of cash acquired |
|
|
(20,500 |
) |
|
|
(205,028 |
) |
Proceeds
from sale of property and equipment |
|
|
2,877 |
|
|
|
298 |
|
Net cash
used in investing activities |
|
|
(73,667 |
) |
|
|
(247,050 |
) |
|
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Financing Activities: |
|
|
|
|
|
|
Proceeds
from issuance of long-term debt |
|
|
— |
|
|
|
411,250 |
|
Repayment of
long-term debt |
|
|
(28,968 |
) |
|
|
(427,563 |
) |
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 |
|
|
(11,719 |
) |
|
|
(11,511 |
) |
Exercise of
stock options |
|
|
2,028 |
|
|
|
5,952 |
|
Repurchase
of shares of common stock |
|
|
(200,050 |
) |
|
|
(35,556 |
) |
Payment of
contingent consideration |
|
|
(1,674 |
) |
|
|
(628 |
) |
Net cash
used in financing activities |
|
|
(240,383 |
) |
|
|
(64,556 |
) |
Impact of
exchange rate changes on cash |
|
|
(1,975 |
) |
|
|
— |
|
Net increase
(decrease) in cash and cash equivalents |
|
|
19,605 |
|
|
|
(2,101 |
) |
Cash and
cash equivalents- Beginning of period |
|
|
139,779 |
|
|
|
330,007 |
|
Cash and
cash equivalents- End of period |
|
$ |
159,384 |
|
|
$ |
327,906 |
|
|
|
|
|
|
|
|
Supplemental disclosure of noncash
activities: |
|
|
|
|
|
|
Leased
assets obtained in exchange for new operating lease
liabilities |
|
$ |
80,186 |
|
|
$ |
51,190 |
|
Accruals for
property and equipment |
|
|
395 |
|
|
|
580 |
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
Change |
|
|
|
2022 |
|
|
|
2021 |
|
Change |
|
Installation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
783,056 |
|
|
$ |
612,900 |
|
|
27.8 |
% |
|
$ |
2,208,717 |
|
|
$ |
1,751,278 |
|
|
26.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
154,236 |
|
|
$ |
105,046 |
|
|
|
|
|
$ |
406,835 |
|
|
$ |
277,748 |
|
|
|
|
Operating margin, as reported |
|
|
19.7 |
|
% |
|
17.1 |
% |
|
|
|
|
18.4 |
|
% |
|
15.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
(807 |
) |
|
|
— |
|
|
|
|
|
|
(334 |
) |
|
|
— |
|
|
|
|
Acquisition related costs |
|
|
15 |
|
|
|
171 |
|
|
|
|
|
|
112 |
|
|
|
1,283 |
|
|
|
|
COVID-19 pay |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
605 |
|
|
|
|
Operating profit, as adjusted |
|
$ |
153,444 |
|
|
$ |
105,217 |
|
|
|
|
|
$ |
406,613 |
|
|
$ |
279,636 |
|
|
|
|
Operating margin, as adjusted |
|
|
19.6 |
|
% |
|
17.2 |
% |
|
|
|
|
|
18.4 |
|
% |
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
268 |
|
|
|
272 |
|
|
|
|
|
|
956 |
|
|
|
886 |
|
|
|
|
Depreciation and amortization |
|
|
15,610 |
|
|
|
14,906 |
|
|
|
|
|
|
46,615 |
|
|
|
42,588 |
|
|
|
|
EBITDA, as adjusted |
|
$ |
169,322 |
|
|
$ |
120,395 |
|
|
40.6 |
% |
|
$ |
454,184 |
|
|
$ |
323,110 |
|
|
40.6 |
% |
EBITDA margin, as adjusted |
|
|
21.6 |
|
% |
|
19.6 |
% |
|
|
|
|
|
20.6 |
|
% |
|
18.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
583,543 |
|
|
$ |
276,398 |
|
|
111.1 |
% |
|
$ |
1,715,196 |
|
|
$ |
801,363 |
|
|
114.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
88,364 |
|
|
$ |
47,162 |
|
|
|
|
|
$ |
245,534 |
|
|
$ |
125,403 |
|
|
|
|
Operating margin, as reported |
|
|
15.1 |
|
% |
|
17.1 |
% |
|
|
|
|
|
14.3 |
|
% |
|
15.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related costs |
|
|
660 |
|
|
|
— |
|
|
|
|
|
|
1,235 |
|
|
|
— |
|
|
|
|
COVID-19 pay |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
54 |
|
|
|
|
Operating profit, as adjusted |
|
$ |
89,024 |
|
|
$ |
47,162 |
|
|
|
|
|
$ |
246,769 |
|
|
$ |
125,457 |
|
|
|
|
Operating margin, as adjusted |
|
|
15.3 |
|
% |
|
17.1 |
% |
|
|
|
|
|
14.4 |
|
% |
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
296 |
|
|
|
241 |
|
|
|
|
|
|
938 |
|
|
|
729 |
|
|
|
|
Depreciation and amortization |
|
|
15,662 |
|
|
|
2,138 |
|
|
|
|
|
|
43,697 |
|
|
|
6,338 |
|
|
|
|
EBITDA, as adjusted |
|
$ |
104,982 |
|
|
$ |
49,541 |
|
|
111.9 |
% |
|
$ |
291,404 |
|
|
$ |
132,524 |
|
|
119.9 |
% |
EBITDA margin, as adjusted |
|
|
18.0 |
|
% |
|
17.9 |
% |
|
|
|
|
|
17.0 |
|
% |
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
Change |
|
|
|
2022 |
|
|
|
2021 |
|
|
Change |
|
|
Total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales before eliminations |
|
$ |
1,366,599 |
|
|
$ |
889,298 |
|
|
|
|
|
|
$ |
3,923,913 |
|
|
$ |
2,552,641 |
|
|
|
|
|
|
Intercompany eliminations |
|
|
(65,601 |
) |
|
|
(43,541 |
) |
|
|
|
|
|
|
(179,712 |
) |
|
|
(129,831 |
) |
|
|
|
|
|
Net sales after eliminations |
|
$ |
1,300,998 |
|
|
$ |
845,757 |
|
|
|
53.8 |
% |
|
$ |
3,744,201 |
|
|
$ |
2,422,810 |
|
|
|
54.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported - segments |
|
$ |
242,600 |
|
|
$ |
152,208 |
|
|
|
|
|
|
$ |
652,369 |
|
|
$ |
403,151 |
|
|
|
|
|
|
General corporate expense, net |
|
|
(8,920 |
) |
|
|
(10,812 |
) |
|
|
|
|
|
|
(28,371 |
) |
|
|
(24,124 |
) |
|
|
|
|
|
Intercompany eliminations |
|
|
(10,806 |
) |
|
|
(7,590 |
) |
|
|
|
|
|
|
(29,949 |
) |
|
|
(21,050 |
) |
|
|
|
|
|
Operating profit, as reported |
|
$ |
222,874 |
|
|
$ |
133,806 |
|
|
|
|
|
|
$ |
594,049 |
|
|
$ |
357,977 |
|
|
|
|
|
|
Operating margin, as reported |
|
|
17.1 |
|
% |
|
15.8 |
|
% |
|
|
|
|
|
15.9 |
|
% |
|
14.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
(807 |
) |
|
|
— |
|
|
|
|
|
|
|
(334 |
) |
|
|
16 |
|
|
|
|
|
|
Acquisition related costs† |
|
|
2,107 |
|
|
|
3,634 |
|
|
|
|
|
|
|
6,759 |
|
|
|
5,844 |
|
|
|
|
|
|
COVID-19 pay |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
659 |
|
|
|
|
|
|
Operating profit, as adjusted |
|
$ |
224,174 |
|
|
$ |
137,440 |
|
|
|
|
|
|
$ |
600,474 |
|
|
$ |
364,496 |
|
|
|
|
|
|
Operating margin, as adjusted |
|
|
17.2 |
|
% |
|
16.3 |
|
% |
|
|
|
|
|
16.0 |
|
% |
|
15.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
2,611 |
|
|
|
2,998 |
|
|
|
|
|
|
|
9,673 |
|
|
|
8,375 |
|
|
|
|
|
|
Depreciation and amortization |
|
|
32,430 |
|
|
|
17,784 |
|
|
|
|
|
|
|
93,051 |
|
|
|
51,005 |
|
|
|
|
|
|
EBITDA, as adjusted |
|
$ |
259,215 |
|
|
$ |
158,222 |
|
|
|
63.8 |
% |
|
$ |
703,198 |
|
|
$ |
423,876 |
|
|
|
65.9 |
% |
|
EBITDA margin, as adjusted |
|
|
19.9 |
|
% |
|
18.7 |
|
% |
|
|
|
|
|
18.8 |
|
% |
|
17.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales change period over period |
|
|
455,241 |
|
|
|
|
|
|
|
|
|
|
1,321,391 |
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted, change period over period |
|
|
100,993 |
|
|
|
|
|
|
|
|
|
|
279,322 |
|
|
|
|
|
|
|
|
|
Incremental EBITDA, as adjusted, as a percentage of change in
sales |
|
|
22.2 |
|
% |
|
|
|
|
|
|
|
|
21.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† 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 September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
Gross Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,300,998 |
|
|
$ |
845,757 |
|
|
$ |
3,744,201 |
|
|
$ |
2,422,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit, as reported |
|
$ |
395,748 |
|
|
$ |
250,291 |
|
|
$ |
1,111,046 |
|
|
$ |
691,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
related costs |
|
|
— |
|
|
|
— |
|
|
|
121 |
|
|
|
— |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
592 |
|
|
Gross profit, as adjusted |
|
$ |
395,748 |
|
|
$ |
250,291 |
|
|
$ |
1,111,167 |
|
|
$ |
691,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin, as reported |
|
|
30.4 |
|
% |
|
29.6 |
|
% |
|
29.7 |
|
% |
|
28.5 |
|
% |
Gross
margin, as adjusted |
|
|
30.4 |
|
% |
|
29.6 |
|
% |
|
29.7 |
|
% |
|
28.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative Expense
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expense, as
reported |
|
$ |
172,874 |
|
|
$ |
116,485 |
|
|
$ |
516,997 |
|
|
$ |
333,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
(807 |
) |
|
|
— |
|
|
|
(334 |
) |
|
|
16 |
|
|
Acquisition
related costs |
|
|
2,107 |
|
|
|
3,634 |
|
|
|
6,638 |
|
|
|
5,844 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
67 |
|
|
Selling, general, and administrative expense, as
adjusted |
|
$ |
171,574 |
|
|
$ |
112,851 |
|
|
$ |
510,693 |
|
|
$ |
327,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
222,874 |
|
|
$ |
133,806 |
|
|
$ |
594,049 |
|
|
$ |
357,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
(807 |
) |
|
|
— |
|
|
|
(334 |
) |
|
|
16 |
|
|
Acquisition
related costs |
|
|
2,107 |
|
|
|
3,634 |
|
|
|
6,759 |
|
|
|
5,844 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
659 |
|
|
Operating profit, as adjusted |
|
$ |
224,174 |
|
|
$ |
137,440 |
|
|
$ |
600,474 |
|
|
$ |
364,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin, as reported |
|
|
17.1 |
|
% |
|
15.8 |
|
% |
|
15.9 |
|
% |
|
14.8 |
|
% |
Operating
margin, as adjusted |
|
|
17.2 |
|
% |
|
16.3 |
|
% |
|
16.0 |
|
% |
|
15.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Per Common Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes, as reported |
|
$ |
208,010 |
|
|
$ |
128,369 |
|
|
$ |
554,216 |
|
|
$ |
326,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
(807 |
) |
|
|
— |
|
|
|
(334 |
) |
|
|
16 |
|
|
Acquisition
related costs |
|
|
2,107 |
|
|
|
3,634 |
|
|
|
6,759 |
|
|
|
5,844 |
|
|
Refinancing
costs and loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,862 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
659 |
|
|
Income before income taxes, as adjusted |
|
|
209,310 |
|
|
|
132,003 |
|
|
|
560,641 |
|
|
|
346,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate at
26.0% |
|
|
(54,421 |
) |
|
|
(34,321 |
) |
|
|
(145,767 |
) |
|
|
(90,089 |
) |
|
Income, as adjusted |
|
$ |
154,889 |
|
|
$ |
97,682 |
|
|
$ |
414,874 |
|
|
$ |
256,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share, as adjusted |
|
$ |
4.80 |
|
|
$ |
2.95 |
|
|
$ |
12.71 |
|
|
$ |
7.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted common shares outstanding |
|
|
32,279,820 |
|
|
|
33,088,680 |
|
|
|
32,643,161 |
|
|
|
33,155,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
Branch and Acquisition Metrics (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
772,589 |
|
|
$ |
612,900 |
|
|
$ |
2,132,833 |
|
|
$ |
1,751,278 |
|
|
|
Specialty Distribution |
|
|
328,127 |
|
|
|
276,398 |
|
|
|
966,145 |
|
|
|
801,363 |
|
|
|
Eliminations |
|
|
(63,438 |
) |
|
|
(43,541 |
) |
|
|
(172,648 |
) |
|
|
(129,831 |
) |
|
|
Total same
branch |
|
|
1,037,278 |
|
|
|
845,757 |
|
|
|
2,926,330 |
|
|
|
2,422,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
10,467 |
|
|
$ |
— |
|
|
$ |
75,884 |
|
|
$ |
— |
|
|
|
Specialty Distribution |
|
|
255,416 |
|
|
|
— |
|
|
|
749,051 |
|
|
|
— |
|
|
|
Eliminations |
|
|
(2,163 |
) |
|
|
— |
|
|
|
(7,064 |
) |
|
|
— |
|
|
|
Total
acquisitions |
|
|
263,720 |
|
|
|
— |
|
|
|
817,871 |
|
|
|
— |
|
|
|
Total |
|
$ |
1,300,998 |
|
|
$ |
845,757 |
|
|
$ |
3,744,201 |
|
|
$ |
2,422,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
324,832 |
|
|
$ |
250,291 |
|
|
$ |
899,959 |
|
|
$ |
691,821 |
|
|
|
Acquisitions
(a) |
|
|
70,916 |
|
|
|
— |
|
|
|
211,208 |
|
|
|
— |
|
|
|
Total |
|
$ |
395,748 |
|
|
$ |
250,291 |
|
|
$ |
1,111,167 |
|
|
$ |
691,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
31.3 |
|
% |
|
29.6 |
|
% |
|
30.8 |
|
% |
|
28.6 |
|
% |
|
Acquisitions
(c) |
|
|
26.9 |
|
% |
|
|
|
|
25.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
192,249 |
|
|
$ |
137,440 |
|
|
$ |
516,374 |
|
|
$ |
364,496 |
|
|
|
Acquisitions
(a) |
|
|
31,925 |
|
|
|
— |
|
|
|
84,100 |
|
|
|
— |
|
|
|
Total |
|
$ |
224,174 |
|
|
$ |
137,440 |
|
|
$ |
600,474 |
|
|
$ |
364,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
18.5 |
|
% |
|
16.3 |
|
% |
|
17.6 |
|
% |
|
15.0 |
|
% |
|
Acquisitions
(c) |
|
|
12.1 |
|
% |
|
|
|
|
10.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
213,412 |
|
|
$ |
158,222 |
|
|
$ |
578,847 |
|
|
$ |
423,876 |
|
|
|
Acquisitions
(a) |
|
|
45,803 |
|
|
|
— |
|
|
|
124,351 |
|
|
|
— |
|
|
|
Total |
|
$ |
259,215 |
|
|
$ |
158,222 |
|
|
$ |
703,198 |
|
|
$ |
423,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted, as a percentage of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
20.6 |
|
% |
|
|
|
|
19.8 |
|
% |
|
|
|
|
Acquisitions
(c) |
|
|
17.4 |
|
% |
|
|
|
|
15.2 |
|
% |
|
|
|
|
Total (d) |
|
|
19.9 |
|
% |
|
18.7 |
|
% |
|
18.8 |
|
% |
|
17.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Adjusted Incremental EBITDA, as a percentage of change in
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(e) |
|
|
28.8 |
|
% |
|
|
|
|
30.8 |
|
% |
|
|
|
|
Acquisitions
(c) |
|
|
17.4 |
|
% |
|
|
|
|
15.2 |
|
% |
|
|
|
|
Total (f) |
|
|
22.2 |
|
% |
|
|
|
|
21.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
|
Net income, as reported |
|
$ |
153,746 |
|
|
$ |
95,435 |
|
$ |
412,156 |
|
|
$ |
245,658 |
|
Adjustments
to arrive at EBITDA, as adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and other, net |
|
|
14,864 |
|
|
|
5,437 |
|
|
39,833 |
|
|
|
18,000 |
|
Income tax expense |
|
|
54,264 |
|
|
|
32,934 |
|
|
142,060 |
|
|
|
80,457 |
|
Depreciation and amortization |
|
|
32,430 |
|
|
|
17,784 |
|
|
93,051 |
|
|
|
51,005 |
|
Share-based compensation |
|
|
2,611 |
|
|
|
2,998 |
|
|
9,673 |
|
|
|
8,375 |
|
Rationalization charges |
|
|
(807 |
) |
|
|
— |
|
|
(334 |
) |
|
|
16 |
|
Acquisition related costs |
|
|
2,107 |
|
|
|
3,634 |
|
|
6,759 |
|
|
|
5,844 |
|
Refinancing costs and loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
13,862 |
|
COVID-19 pay |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
659 |
|
EBITDA, as adjusted |
|
$ |
259,215 |
|
|
$ |
158,222 |
|
$ |
703,198 |
|
|
$ |
423,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Adjusted Net Sales (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2022 |
|
Trailing Twelve Months Ended |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
September 30, 2022 |
Net
Sales |
$ |
1,063,398 |
|
$ |
1,168,918 |
|
$ |
1,274,285 |
|
$ |
1,300,998 |
|
$ |
4,807,599 |
Acquisitions
proforma adjustment † |
|
49,639 |
|
|
2,934 |
|
|
438 |
|
|
- |
|
|
53,011 |
Net sales,
acquisition adjusted |
$ |
1,113,037 |
|
$ |
1,171,852 |
|
$ |
1,274,723 |
|
$ |
1,300,998 |
|
$ |
4,860,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† 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 |
$ |
525.0 |
|
|
545.7 |
|
Adjustments to arrive at estimated EBITDA, as adjusted: |
|
|
|
|
|
Interest expense and other, net |
|
56.5 |
|
|
54.5 |
|
Income tax expense |
|
184.5 |
|
|
191.8 |
|
Depreciation and amortization |
|
125.0 |
|
|
123.0 |
|
Share-based compensation |
|
13.0 |
|
|
12.0 |
|
Rationalization charges |
|
1.0 |
|
|
- |
|
Acquisition related costs |
|
10.0 |
|
|
8.0 |
|
Estimated EBITDA, as adjusted |
$ |
915.0 |
|
$ |
935.0 |
|
|
|
|
|
|
|
|
TopBuild (NYSE:BLD)
Historical Stock Chart
From Jun 2024 to Jul 2024
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