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 fourth
quarter and full-year ended December 31, 2022.
Robert Buck, President and Chief Executive Officer, stated, “We
closed 2022 with a solid fourth quarter, completing another
outstanding year for TopBuild. The TopBuild team delivered on our
objective of achieving strong top and bottom-line growth as our
unique operating model continues to differentiate TopBuild, giving
us distinct competitive advantages in the three end-markets we
serve.
“Throughout 2022, the TopBuild team demonstrated profitable
growth, benefitting from a relentless focus on improving
operational efficiencies and leveraging fixed costs. We also
successfully integrated DI and demonstrated improved operating
results with this key acquisition.
“TopBuild’s unique operating model continues to enable our
ability to outperform in any environment. Since 2018, revenue has
doubled, growing at a compounded annual rate of 20% and our
adjusted EBITDA margin has expanded 690 basis points.
“Looking at 2023 and beyond, we see multiple avenues of growth
available to us. We have a strong track record of executing on our
plan, producing solid results, and creating value for our
shareholders.”
Fourth Quarter Financial Highlights
(comparisons are to the quarter ended December
31, 2021)
3 Months Ended 12/31/22 |
Reported |
Change |
Sales |
$1,264,543 |
18.9% |
Gross Margin |
29.7% |
310 bps |
SG&A as % of revenue |
13.6% |
(190 bps) |
Operating Profit |
$203,114 |
71.5% |
Operating Margin |
16.1% |
500 bps |
Net Income |
$143,834 |
83.6% |
Net Income per diluted share |
$4.52 |
90.7% |
|
|
|
3 Months Ended 12/31/22 |
Adjusted |
Change |
Sales |
$1,264,543 |
18.9% |
Gross Margin |
29.7% |
160 bps |
SG&A as % of revenue |
13.5% |
(40 bps) |
Operating Profit |
$204,492 |
35.7% |
Operating Margin |
16.2% |
200 bps |
Net Income |
$140,081 |
35.6% |
Net Income per diluted share |
$4.40 |
41.0% |
EBITDA |
$237,413 |
30.4% |
EBITDA Margin |
18.8% |
170 bps |
|
|
|
3 Months Ended 12/31/22 |
Adj. Same Branch |
Change |
Sales |
$1,214,183 |
14.2% |
Gross Margin |
29.8% |
170 bps |
Operating Margin |
16.3% |
210 bps |
EBITDA Margin |
18.8% |
170 bps |
Incremental EBITDA Margin |
30.8% |
|
Full Year 2022 Financial Highlights
(comparisons are to twelve months ended December
31, 2021)
12 Months Ended 12/31/22 |
Reported |
Change |
Sales |
$5,008,744 |
43.7% |
Gross
Margin |
29.7% |
180 bps |
SG&A
as % of revenue |
13.8% |
(50 bps) |
Operating
Profit |
$797,164 |
67.3% |
Operating
Margin |
15.9% |
220 bps |
Net
Income |
$555,989 |
71.6% |
Net Income per diluted share |
$17.14 |
75.3% |
|
|
|
12 Months Ended 12/31/22 |
Adjusted |
Change |
Sales |
$5,008,744 |
43.7% |
Gross
Margin |
29.7% |
130 bps |
SG&A
as % of revenue |
13.6% |
0 bps |
Operating
Profit |
$804,966 |
56.2% |
Operating
Margin |
16.1% |
130 bps |
Net
Income |
$554,953 |
54.3% |
Net
Income per diluted share |
$17.11 |
57.7% |
EBITDA |
$940,611 |
55.2% |
EBITDA Margin |
18.8% |
140 bps |
|
|
|
12 Months Ended 12/31/22 |
Adj. Same Branch |
Change |
Sales |
$4,140,512 |
18.8% |
Gross
Margin |
30.5% |
210 bps |
Operating
Margin |
17.2% |
240 bps |
EBITDA
Margin |
19.5% |
210 bps |
Incremental EBITDA Margin |
30.8% |
|
Operating Segment Highlights
($ in 000s)(comparisons are to the period ended
December 31, 2021)
Installation |
3 Months Ended 12/31/22 |
12 Months Ended 12/31/22 |
|
Specialty Distribution |
3 Months Ended 12/31/22 |
12 Months Ended 12/31/22 |
Sales |
$761,261 |
$2,969,978 |
|
Sales |
$563,065 |
$2,278,261 |
Change |
|
|
|
Change |
|
|
Volume |
12.4% |
9.2% |
|
Volume |
-5.1% |
-0.6% |
Price |
8.2% |
12.2% |
|
Price |
11.5% |
15.8% |
M&A |
0.8% |
3.4% |
|
M&A |
9.5% |
61.8% |
Total Change |
21.4% |
24.9% |
|
Total Change |
15.9% |
77.0% |
Operating Margin |
18.6% |
18.5% |
|
Operating Margin |
14.3% |
14.3% |
Change |
170 bps |
240 bps |
|
Change |
530 bps |
110 bps |
Adj. Operating Margin |
18.7% |
18.5% |
|
Adj. Operating Margin |
14.4% |
14.4% |
Change |
170 bps |
230 bps |
|
Change |
200 bps |
0 bps |
Adj. EBITDA Margin |
20.8% |
20.6% |
|
Adj. EBITDA Margin |
16.7% |
16.9% |
Change |
140 bps |
190 bps |
|
Change |
170 bps |
90 bps |
Capital Allocation“We remain
focused on acquiring quality installation and specialty
distribution companies that fit within our core insulation
businesses. Disciplined identification, analysis, and integration
of strategic acquisitions are core competencies as evidenced by our
successful track record.
“Over the past five years we have acquired 24 companies that are
contributing approximately $1.6 billion of annual revenue,” added
Buck.
AcquisitionsIn 2022, the
Company acquired five residential insulation installation companies
which are expected to generate over $17 million in annual revenue.
They are listed in the chart below.
|
TTM Revenue at |
Month |
Company Acquired |
Acquisition ($ millions) |
Acquired |
Southwest Insulation |
$1.7 |
January |
Billings Insulation |
$6.5 |
February |
Green Energy Solutions |
$2.0 |
March |
Assured Insulating |
$5.5 |
April |
CV Insulation |
$1.6 |
July |
Total |
$17.3 |
|
On January 26, 2023, the Company acquired SRI
Holdings, a residential insulation installation company founded in
2012, which generated annual revenue of approximately $62 million
for the twelve months ended November 30, 2022.
Share RepurchasesIn 2022, the
Company repurchased a total of 1,390,667 shares of its common stock
for approximately $250.0 million.
2023 Outlook
Sales and Adjusted EBITDA
Guidance
(1) ($ in
millions)
2023 |
Low |
High |
Sales |
$ |
4,700 |
$ |
4,900 |
Adjusted EBITDA* |
$ |
820 |
$ |
910 |
*See table for adjusted EBITDA
reconciliation.
Assumptions(1)
($ in
millions) |
Range |
2023 |
Low |
High |
Estimated net income |
$ |
445.0 |
$ |
523.0 |
Interest Expense and other, net |
|
72.0 |
|
66.0 |
Income tax expense |
|
157.0 |
|
184.0 |
Depreciation and Amortization |
|
128.0 |
|
123.0 |
Share based compensation |
|
16.0 |
|
13.0 |
Acquisition related costs |
|
2.0 |
|
1.0 |
Estimated EBITDA, as adjusted |
$ |
820.0 |
$ |
910.0 |
(1) This guidance and long-term
targets reflect management’s current view of present and future
market conditions and are based on assumptions such as housing
starts, 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 most recent Annual Report on Form 10-K and subsequent
SEC reports.
Conference Call A conference
call to discuss fourth quarter 2022 financial results is scheduled
for today, Thursday, February 23, 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 Installation segment, 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 can be identified by words such as
“will,” “would,” “anticipate,” “expect,” “believe,” “designed,”
“plan,” “may,” “project,” “estimate” 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. |
Consolidated
Statements of Operations |
(in thousands,
except share and per common share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net sales |
|
$ |
1,264,543 |
|
|
$ |
1,063,398 |
|
|
$ |
5,008,744 |
|
|
$ |
3,486,207 |
|
Cost of
sales |
|
|
888,871 |
|
|
|
780,237 |
|
|
|
3,522,025 |
|
|
|
2,511,818 |
|
Gross profit |
|
|
375,672 |
|
|
|
283,161 |
|
|
|
1,486,719 |
|
|
|
974,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general, and administrative expense |
|
|
172,558 |
|
|
|
164,718 |
|
|
|
689,555 |
|
|
|
497,970 |
|
Operating profit |
|
|
203,114 |
|
|
|
118,443 |
|
|
|
797,164 |
|
|
|
476,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(16,779 |
) |
|
|
(10,933 |
) |
|
|
(56,716 |
) |
|
|
(29,143 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
(13,837 |
) |
Other, net |
|
|
1,585 |
|
|
|
(207 |
) |
|
|
1,687 |
|
|
|
4 |
|
Other
expense, net |
|
|
(15,194 |
) |
|
|
(11,115 |
) |
|
|
(55,029 |
) |
|
|
(42,976 |
) |
Income before income taxes |
|
|
187,920 |
|
|
|
107,328 |
|
|
|
742,135 |
|
|
|
433,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
(44,086 |
) |
|
|
(28,968 |
) |
|
|
(186,146 |
) |
|
|
(109,427 |
) |
Net income |
|
$ |
143,834 |
|
|
$ |
78,360 |
|
|
$ |
555,989 |
|
|
$ |
324,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.54 |
|
|
$ |
2.39 |
|
|
$ |
17.26 |
|
|
$ |
9.88 |
|
Diluted |
|
$ |
4.52 |
|
|
$ |
2.37 |
|
|
$ |
17.14 |
|
|
$ |
9.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
31,648,741 |
|
|
|
32,753,719 |
|
|
|
32,213,839 |
|
|
|
32,801,906 |
|
Diluted |
|
|
31,838,352 |
|
|
|
33,117,227 |
|
|
|
32,440,405 |
|
|
|
33,146,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild
Corp. |
Consolidated
Statements of Comprehensive Income |
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net income |
|
$ |
143,834 |
|
|
$ |
78,360 |
|
|
$ |
555,989 |
|
|
$ |
324,016 |
|
Other
comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(6,762 |
) |
|
|
(6,634 |
) |
|
|
(15,286 |
) |
|
|
(6,634 |
) |
Comprehensive income |
|
$ |
137,072 |
|
|
$ |
71,726 |
|
|
$ |
540,703 |
|
|
$ |
317,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
Consolidated Balance Sheets and Other Financial
Data |
(dollars in thousands) |
|
|
As of December 31, |
|
ASSETS |
|
2022 |
|
|
2021 |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
240,069 |
|
|
$ |
139,779 |
|
Receivables, net of an allowance for credit losses of $16,281 at
December 31, 2022, and $8,798 at December 31, 2021 |
|
|
836,071 |
|
|
|
668,419 |
|
Inventories, net |
|
|
438,644 |
|
|
|
352,801 |
|
Prepaid expenses and other current assets |
|
|
34,257 |
|
|
|
26,692 |
|
Total current assets |
|
|
1,549,041 |
|
|
|
1,187,691 |
|
|
|
|
|
|
|
|
|
|
Right of
use assets |
|
|
205,892 |
|
|
|
177,177 |
|
Property
and equipment, net |
|
|
253,484 |
|
|
|
244,574 |
|
Goodwill |
|
|
1,966,994 |
|
|
|
1,949,763 |
|
Other
intangible assets, net |
|
|
614,967 |
|
|
|
684,209 |
|
Other
assets |
|
|
16,453 |
|
|
|
15,116 |
|
Total assets |
|
$ |
4,606,831 |
|
|
$ |
4,258,530 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
487,114 |
|
|
$ |
461,917 |
|
Current portion of long-term debt |
|
|
40,068 |
|
|
|
38,640 |
|
Accrued liabilities |
|
|
199,370 |
|
|
|
175,891 |
|
Short-term operating lease liabilities |
|
|
60,880 |
|
|
|
54,591 |
|
Short-term finance lease liabilities |
|
|
2,207 |
|
|
|
2,387 |
|
Total current liabilities |
|
|
789,639 |
|
|
|
733,426 |
|
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,417,257 |
|
|
|
1,454,483 |
|
Deferred
tax liabilities, net |
|
|
251,481 |
|
|
|
248,243 |
|
Long-term
portion of insurance reserves |
|
|
59,783 |
|
|
|
51,875 |
|
Long-term
operating lease liabilities |
|
|
149,943 |
|
|
|
125,339 |
|
Long-term
finance lease liabilities |
|
|
6,673 |
|
|
|
7,770 |
|
Other
liabilities |
|
|
2,349 |
|
|
|
960 |
|
Total liabilities |
|
|
2,677,125 |
|
|
|
2,622,096 |
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
1,929,706 |
|
|
|
1,636,434 |
|
Total liabilities and equity |
|
$ |
4,606,831 |
|
|
$ |
4,258,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2022 |
|
|
2021 |
|
Other Financial Data |
|
|
|
|
|
|
|
|
Receivable days |
|
|
54 |
|
|
|
48 |
|
Inventory days |
|
|
45 |
|
|
|
43 |
|
Accounts payable days |
|
|
66 |
|
|
|
65 |
|
Receivables, net plus inventories, net less accounts payable |
|
$ |
787,601 |
|
|
$ |
559,303 |
|
Receivables, net plus inventories, net less accounts payable as a
percent of sales (TTM) † |
|
|
15.7 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
† Trailing 12 months sales have been adjusted for the pro forma
effect of acquired branches |
|
|
TopBuild Corp. |
Consolidated Statement of Cash Flows |
(in thousands) |
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
Cash
Flows Provided by (Used in) Operating Activities: |
|
|
|
|
|
Net income |
|
$ |
555,989 |
|
|
$ |
324,016 |
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
123,335 |
|
|
|
79,390 |
|
Share-based compensation |
|
|
12,310 |
|
|
|
11,316 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
13,837 |
|
Loss on sale of property and equipment |
|
|
1,833 |
|
|
|
1,356 |
|
Amortization of debt issuance costs |
|
|
2,867 |
|
|
|
2,036 |
|
Provision for bad debt expense |
|
|
5,510 |
|
|
|
7,304 |
|
Loss from inventory obsolescence |
|
|
6,659 |
|
|
|
2,637 |
|
Deferred income taxes, net |
|
|
6,041 |
|
|
|
(2,818 |
) |
Change in certain assets and liabilities |
|
|
|
|
|
|
Receivables, net |
|
|
(169,327 |
) |
|
|
(69,042 |
) |
Inventories, net |
|
|
(93,874 |
) |
|
|
(46,518 |
) |
Prepaid expenses and other current assets |
|
|
(9,222 |
) |
|
|
558 |
|
Accounts payable |
|
|
26,581 |
|
|
|
54,961 |
|
Accrued liabilities |
|
|
20,703 |
|
|
|
24,816 |
|
Other, net |
|
|
6,396 |
|
|
|
(824 |
) |
Net cash provided by operating activities |
|
|
495,801 |
|
|
|
403,025 |
|
|
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Investing Activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(76,382 |
) |
|
|
(55,546 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(20,500 |
) |
|
|
(1,267,114 |
) |
Proceeds from sale of property and equipment |
|
|
2,975 |
|
|
|
415 |
|
Net cash used in investing activities |
|
|
(93,907 |
) |
|
|
(1,322,245 |
) |
|
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Financing Activities: |
|
|
|
|
|
|
Proceeds from issuance of long-term debt |
|
|
— |
|
|
|
1,218,750 |
|
Repayment of long-term debt |
|
|
(38,658 |
) |
|
|
(433,070 |
) |
Payment of debt issuance costs |
|
|
— |
|
|
|
(14,965 |
) |
Proceeds from revolving credit facility |
|
|
70,000 |
|
|
|
— |
|
Repayment of revolving credit facility |
|
|
(70,000 |
) |
|
|
— |
|
Taxes withheld and paid on employees' equity awards |
|
|
(11,719 |
) |
|
|
(8,805 |
) |
Exercise of stock options |
|
|
2,028 |
|
|
|
3,303 |
|
Repurchase of shares of common stock |
|
|
(250,050 |
) |
|
|
(35,556 |
) |
Payment of contingent consideration |
|
|
(1,674 |
) |
|
|
(650 |
) |
Net cash (used in) provided by financing activities |
|
|
(300,073 |
) |
|
|
729,007 |
|
Impact of exchange rate changes on cash |
|
|
(1,531 |
) |
|
|
(15 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
100,290 |
|
|
|
(190,228 |
) |
Cash and cash equivalents- Beginning of period |
|
|
139,779 |
|
|
|
330,007 |
|
Cash and cash equivalents- End of period |
|
$ |
240,069 |
|
|
$ |
139,779 |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash paid for: |
|
|
|
|
|
|
Interest |
|
$ |
49,888 |
|
|
$ |
22,144 |
|
Income taxes |
|
|
186,722 |
|
|
|
109,179 |
|
|
|
|
|
|
|
|
Supplemental disclosure of noncash
activities: |
|
|
|
|
|
|
Leased assets obtained in exchange for new operating lease
liabilities |
|
$ |
103,997 |
|
|
$ |
131,909 |
|
Leased assets obtained in exchange for new finance lease
liabilities |
|
|
— |
|
|
|
10,469 |
|
Accruals for property and equipment |
|
|
141 |
|
|
|
1,060 |
|
|
|
|
|
|
|
|
|
|
|
TopBuild
Corp. |
Segment Data
(Unaudited) |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
2022 |
|
2021 |
|
Change |
|
|
2022 |
|
2021 |
|
Change |
Installation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
761,261 |
|
$ |
627,123 |
|
21.4 |
% |
|
$ |
2,969,978 |
|
|
$ |
2,378,401 |
|
24.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
141,961 |
|
$ |
105,975 |
|
|
|
|
$ |
548,795 |
|
|
$ |
383,722 |
|
|
|
Operating margin, as reported |
|
|
18.6 |
% |
|
16.9 |
% |
|
|
|
|
18.5 |
|
% |
|
16.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
161 |
|
|
— |
|
|
|
|
|
(174 |
) |
|
|
— |
|
|
|
Acquisition related costs |
|
|
23 |
|
|
362 |
|
|
|
|
|
135 |
|
|
|
1,642 |
|
|
|
COVID-19 pay |
|
|
— |
|
|
— |
|
|
|
|
|
— |
|
|
|
605 |
|
|
|
Operating profit, as adjusted |
|
$ |
142,145 |
|
$ |
106,337 |
|
|
|
|
$ |
548,756 |
|
|
$ |
385,969 |
|
|
|
Operating margin, as adjusted |
|
|
18.7 |
% |
|
17.0 |
% |
|
|
|
|
18.5 |
|
% |
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
339 |
|
|
270 |
|
|
|
|
|
1,296 |
|
|
|
1,157 |
|
|
|
Depreciation and amortization |
|
|
15,869 |
|
|
15,227 |
|
|
|
|
|
62,483 |
|
|
|
57,815 |
|
|
|
EBITDA, as adjusted |
|
$ |
158,353 |
|
$ |
121,834 |
|
30.0 |
% |
|
$ |
612,535 |
|
|
$ |
444,941 |
|
37.7 |
% |
EBITDA margin, as adjusted |
|
|
20.8 |
% |
|
19.4 |
% |
|
|
|
|
20.6 |
|
% |
|
18.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
563,065 |
|
$ |
485,813 |
|
15.9 |
% |
|
$ |
2,278,261 |
|
|
$ |
1,287,176 |
|
77.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
80,692 |
|
$ |
43,964 |
|
|
|
|
$ |
326,226 |
|
|
$ |
169,368 |
|
|
|
Operating margin, as reported |
|
|
14.3 |
% |
|
9.0 |
% |
|
|
|
|
14.3 |
|
% |
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related costs |
|
|
266 |
|
|
530 |
|
|
|
|
|
1,502 |
|
|
|
530 |
|
|
|
Acquisition purchase accounting (inventory step-up) |
|
|
— |
|
|
15,853 |
|
|
|
|
|
— |
|
|
|
15,853 |
|
|
|
COVID-19 pay |
|
|
— |
|
|
— |
|
|
|
|
|
— |
|
|
|
54 |
|
|
|
Operating profit, as adjusted |
|
$ |
80,958 |
|
$ |
60,347 |
|
|
|
|
$ |
327,728 |
|
|
$ |
185,805 |
|
|
|
Operating margin, as adjusted |
|
|
14.4 |
% |
|
12.4 |
% |
|
|
|
|
14.4 |
|
% |
|
14.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
104 |
|
|
304 |
|
|
|
|
|
1,041 |
|
|
|
1,032 |
|
|
|
Depreciation and amortization |
|
|
13,184 |
|
|
12,405 |
|
|
|
|
|
56,881 |
|
|
|
18,743 |
|
|
|
EBITDA, as adjusted |
|
$ |
94,246 |
|
$ |
73,056 |
|
29.0 |
% |
|
$ |
385,650 |
|
|
$ |
205,580 |
|
87.6 |
% |
EBITDA margin, as adjusted |
|
|
16.7 |
% |
15.0 |
% |
|
|
|
|
16.9 |
|
% |
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild
Corp. |
Adjusted
EBITDA (Unaudited) |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2022 |
|
2021 |
|
Change |
|
|
2022 |
|
2021 |
|
Change |
|
Total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales before eliminations |
|
$ |
1,324,326 |
|
|
$ |
1,112,936 |
|
|
|
|
|
|
$ |
5,248,239 |
|
|
$ |
3,665,577 |
|
|
|
|
|
Intercompany eliminations |
|
|
(59,783 |
) |
|
|
(49,538 |
) |
|
|
|
|
|
|
(239,495 |
) |
|
|
(179,370 |
) |
|
|
|
|
Net sales after eliminations |
|
$ |
1,264,543 |
|
|
$ |
1,063,398 |
|
|
|
18.9 |
% |
|
$ |
5,008,744 |
|
|
$ |
3,486,207 |
|
|
|
43.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported - segments |
|
$ |
222,653 |
|
|
$ |
149,939 |
|
|
|
|
|
|
$ |
875,021 |
|
|
$ |
553,090 |
|
|
|
|
|
General corporate expense, net |
|
|
(9,650 |
) |
|
|
(22,893 |
) |
|
|
|
|
|
|
(38,018 |
) |
|
|
(47,018 |
) |
|
|
|
|
Intercompany eliminations |
|
|
(9,889 |
) |
|
|
(8,603 |
) |
|
|
|
|
|
|
(39,839 |
) |
|
|
(29,653 |
) |
|
|
|
|
Operating profit, as reported |
|
$ |
203,114 |
|
|
$ |
118,443 |
|
|
|
|
|
|
$ |
797,164 |
|
|
$ |
476,419 |
|
|
|
|
|
Operating margin, as reported |
|
|
16.1 |
|
% |
|
11.1 |
|
% |
|
|
|
|
|
15.9 |
|
% |
|
13.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
162 |
|
|
|
— |
|
|
|
|
|
|
|
(172 |
) |
|
|
16 |
|
|
|
|
|
Acquisition related costs† |
|
|
1,216 |
|
|
|
16,262 |
|
|
|
|
|
|
|
7,974 |
|
|
|
22,107 |
|
|
|
|
|
Acquisition purchase accounting (inventory step-up) |
|
|
— |
|
|
|
15,853 |
|
|
|
|
|
|
|
— |
|
|
|
15,853 |
|
|
|
|
|
Refinancing costs |
|
|
— |
|
|
|
188 |
|
|
|
|
|
|
|
— |
|
|
|
188 |
|
|
|
|
|
COVID-19 pay |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
659 |
|
|
|
|
|
Operating profit, as adjusted |
|
$ |
204,492 |
|
|
$ |
150,746 |
|
|
|
|
|
|
$ |
804,966 |
|
|
$ |
515,242 |
|
|
|
|
|
Operating margin, as adjusted |
|
|
16.2 |
|
% |
|
14.2 |
|
% |
|
|
|
|
|
16.1 |
|
% |
|
14.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
2,637 |
|
|
|
2,941 |
|
|
|
|
|
|
|
12,310 |
|
|
|
11,316 |
|
|
|
|
|
Depreciation and amortization |
|
|
30,284 |
|
|
|
28,385 |
|
|
|
|
|
|
|
123,335 |
|
|
|
79,390 |
|
|
|
|
|
EBITDA, as adjusted |
|
$ |
237,413 |
|
|
$ |
182,072 |
|
|
|
30.4 |
% |
|
$ |
940,611 |
|
|
$ |
605,948 |
|
|
|
55.2 |
% |
EBITDA margin, as adjusted |
|
|
18.8 |
|
% |
|
17.1 |
|
% |
|
|
|
|
|
18.8 |
|
% |
|
17.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales change period over period |
|
|
201,145 |
|
|
|
|
|
|
|
|
|
|
1,522,537 |
|
|
|
|
|
|
|
|
EBITDA, as adjusted, change period over period |
|
|
55,341 |
|
|
|
|
|
|
|
|
|
|
334,663 |
|
|
|
|
|
|
|
|
Incremental EBITDA, as adjusted, as a percentage of change in
sales |
|
|
27.5 |
|
% |
|
|
|
|
|
|
|
|
22.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† 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 December 31, |
|
Year Ended December 31, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Gross Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,264,543 |
|
|
$ |
1,063,398 |
|
|
$ |
5,008,744 |
|
|
$ |
3,486,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit, as reported |
|
$ |
375,672 |
|
|
$ |
283,161 |
|
|
$ |
1,486,719 |
|
|
$ |
974,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
purchase accounting (inventory step-up) |
|
|
— |
|
|
|
15,853 |
|
|
|
— |
|
|
|
15,853 |
|
|
Rationalization charges |
|
|
15 |
|
|
|
— |
|
|
|
135 |
|
|
|
— |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
592 |
|
|
Gross profit, as adjusted |
|
$ |
375,687 |
|
|
$ |
299,014 |
|
|
$ |
1,486,854 |
|
|
$ |
990,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin, as reported |
|
|
29.7 |
|
% |
|
26.6 |
|
% |
|
29.7 |
|
% |
|
27.9 |
|
% |
Gross
margin, as adjusted |
|
|
29.7 |
|
% |
|
28.1 |
|
% |
|
29.7 |
|
% |
|
28.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sellling, General and Administrative Expense
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expense, as
reported |
|
$ |
172,558 |
|
|
$ |
164,718 |
|
|
$ |
689,555 |
|
|
$ |
497,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
162 |
|
|
|
— |
|
|
|
(172 |
) |
|
|
16 |
|
|
Acquisition
related costs |
|
|
1,201 |
|
|
|
16,262 |
|
|
|
7,839 |
|
|
|
22,107 |
|
|
Refinancing
costs |
|
|
— |
|
|
|
188 |
|
|
|
— |
|
|
|
188 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
67 |
|
|
Selling, general, and administrative expense, as
adjusted |
|
$ |
171,195 |
|
|
$ |
148,268 |
|
|
$ |
681,888 |
|
|
$ |
475,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
|
$ |
203,114 |
|
|
$ |
118,443 |
|
|
$ |
797,164 |
|
|
$ |
476,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
162 |
|
|
|
— |
|
|
|
(172 |
) |
|
|
16 |
|
|
Acquisition
related costs |
|
|
1,216 |
|
|
|
16,262 |
|
|
|
7,974 |
|
|
|
22,107 |
|
|
Acquisition
purchase accounting (inventory step-up) |
|
|
— |
|
|
|
15,853 |
|
|
|
— |
|
|
|
15,853 |
|
|
Refinancing
costs |
|
|
— |
|
|
|
188 |
|
|
|
— |
|
|
|
188 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
659 |
|
|
Operating profit, as adjusted |
|
$ |
204,492 |
|
|
$ |
150,746 |
|
|
$ |
804,966 |
|
|
$ |
515,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin, as reported |
|
|
16.1 |
|
% |
|
11.1 |
|
% |
|
15.9 |
|
% |
|
13.7 |
|
% |
Operating
margin, as adjusted |
|
|
16.2 |
|
% |
|
14.2 |
|
% |
|
16.1 |
|
% |
|
14.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Per Common Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes, as reported |
|
$ |
187,920 |
|
|
$ |
107,328 |
|
|
$ |
742,135 |
|
|
$ |
433,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
|
162 |
|
|
|
— |
|
|
|
(172 |
) |
|
|
16 |
|
|
Acquisition
related costs |
|
|
1,216 |
|
|
|
16,262 |
|
|
|
7,974 |
|
|
|
22,107 |
|
|
Acquisition
purchase accounting (inventory step-up) |
|
|
— |
|
|
|
15,853 |
|
|
|
— |
|
|
|
15,853 |
|
|
Refinancing
costs and loss on extinguishment of debt |
|
|
— |
|
|
|
163 |
|
|
|
— |
|
|
|
14,025 |
|
|
COVID-19
pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
659 |
|
|
Income before income taxes, as adjusted |
|
|
189,298 |
|
|
|
139,606 |
|
|
|
749,937 |
|
|
|
486,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate at
26.0% |
|
|
(49,217 |
) |
|
|
(36,298 |
) |
|
|
(194,984 |
) |
|
|
(126,387 |
) |
|
Income, as adjusted |
|
$ |
140,081 |
|
|
$ |
103,308 |
|
|
$ |
554,953 |
|
|
$ |
359,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share, as adjusted |
|
$ |
4.40 |
|
|
$ |
3.12 |
|
|
$ |
17.11 |
|
|
$ |
10.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted common shares outstanding |
|
|
31,838,352 |
|
|
|
33,117,227 |
|
|
|
32,440,405 |
|
|
|
33,146,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild
Corp. |
Same Branch
and Acquisition Metrics (Unaudited) |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
756,312 |
|
|
$ |
627,123 |
|
|
$ |
2,889,145 |
|
|
$ |
2,378,401 |
|
|
Specialty Distribution |
|
|
517,010 |
|
|
|
485,813 |
|
|
|
1,483,155 |
|
|
|
1,287,176 |
|
|
Eliminations |
|
|
(59,139 |
) |
|
|
(49,538 |
) |
|
|
(231,788 |
) |
|
|
(179,370 |
) |
|
Total same
branch |
|
|
1,214,183 |
|
|
|
1,063,398 |
|
|
|
4,140,512 |
|
|
|
3,486,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
4,949 |
|
|
$ |
— |
|
|
$ |
80,833 |
|
|
$ |
— |
|
|
Specialty Distribution |
|
|
46,055 |
|
|
|
— |
|
|
|
795,106 |
|
|
|
— |
|
|
Eliminations |
|
|
(644 |
) |
|
|
— |
|
|
|
(7,707 |
) |
|
|
— |
|
|
Total
acquisitions |
|
|
50,360 |
|
|
|
— |
|
|
|
868,232 |
|
|
|
— |
|
|
Total |
|
$ |
1,264,543 |
|
|
$ |
1,063,398 |
|
|
$ |
5,008,744 |
|
|
$ |
3,486,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
361,974 |
|
|
$ |
299,014 |
|
|
$ |
1,261,934 |
|
|
$ |
990,834 |
|
|
Acquisitions
(a) |
|
|
13,713 |
|
|
|
— |
|
|
|
224,920 |
|
|
|
— |
|
|
Total |
|
$ |
375,687 |
|
|
$ |
299,014 |
|
|
$ |
1,486,854 |
|
|
$ |
990,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
29.8 |
|
% |
|
28.1 |
|
% |
|
30.5 |
|
% |
|
28.4 |
|
% |
Acquisitions
(c) |
|
|
27.2 |
|
% |
|
|
|
|
25.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
197,680 |
|
|
$ |
150,746 |
|
|
$ |
714,058 |
|
|
$ |
515,242 |
|
|
Acquisitions
(a) |
|
|
6,812 |
|
|
|
— |
|
|
|
90,908 |
|
|
|
— |
|
|
Total |
|
$ |
204,492 |
|
|
$ |
150,746 |
|
|
$ |
804,966 |
|
|
$ |
515,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
16.3 |
|
% |
|
14.2 |
|
% |
|
17.2 |
|
% |
|
14.8 |
|
% |
Acquisitions
(c) |
|
|
13.5 |
|
% |
|
|
|
|
10.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
|
$ |
228,459 |
|
|
$ |
182,072 |
|
|
$ |
807,309 |
|
|
$ |
605,948 |
|
|
Acquisitions
(a) |
|
|
8,954 |
|
|
|
— |
|
|
|
133,302 |
|
|
|
— |
|
|
Total |
|
$ |
237,413 |
|
|
$ |
182,072 |
|
|
$ |
940,611 |
|
|
$ |
605,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted, as a percentage of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch
(b) |
|
|
18.8 |
|
% |
|
|
|
|
19.5 |
|
% |
|
|
|
Acquisitions
(c) |
|
|
17.8 |
|
% |
|
|
|
|
15.4 |
|
% |
|
|
|
Total (d) |
|
|
18.8 |
|
% |
|
17.1 |
|
% |
|
18.8 |
|
% |
|
17.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Adjusted Incremental EBITDA, as a percentage of change
in sales |
|
|
|
|
|
|
|
|
|
|
Same branch
(e) |
|
|
30.8 |
|
% |
|
|
|
|
30.8 |
|
% |
|
|
|
Acquisitions
(c) |
|
|
17.8 |
|
% |
|
|
|
|
15.4 |
|
% |
|
|
|
Total (f) |
|
|
27.5 |
|
% |
|
|
|
|
22.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net income, as reported |
|
$ |
143,834 |
|
|
$ |
78,360 |
|
|
$ |
555,989 |
|
|
$ |
324,016 |
|
Adjustments
to arrive at EBITDA, as adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and other, net |
|
|
15,194 |
|
|
|
11,140 |
|
|
|
55,029 |
|
|
|
29,139 |
|
Income tax expense |
|
|
44,086 |
|
|
|
28,968 |
|
|
|
186,146 |
|
|
|
109,427 |
|
Depreciation and amortization |
|
|
30,284 |
|
|
|
28,385 |
|
|
|
123,335 |
|
|
|
79,390 |
|
Share-based compensation |
|
|
2,637 |
|
|
|
2,941 |
|
|
|
12,310 |
|
|
|
11,316 |
|
Rationalization charges |
|
|
162 |
|
|
|
— |
|
|
|
(172 |
) |
|
|
16 |
|
Acquisition related costs |
|
|
1,216 |
|
|
|
16,262 |
|
|
|
7,974 |
|
|
|
22,107 |
|
Acquisition purchase accounting (inventory step-up) |
— |
|
|
|
15,853 |
|
|
|
— |
|
|
|
15,853 |
|
Refinancing costs and loss on extinguishment of debt |
— |
|
|
|
163 |
|
|
|
— |
|
|
|
14,025 |
|
COVID-19 pay |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
659 |
|
EBITDA, as adjusted |
|
$ |
237,413 |
|
|
$ |
182,072 |
|
|
$ |
940,611 |
|
|
$ |
605,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proforma acquisition EBITDA(a) |
|
|
|
|
|
|
|
|
|
|
548 |
|
|
|
|
|
Proforma TTM EBITDA, as adjusted |
|
|
|
|
|
|
|
|
|
$ |
941,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents the
trailing twelve months proforma impact of acquisitions completed in
2022. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild
Corp. |
Acquisition
Adjusted Net Sales (Unaudited) |
(in
thousands) |
|
2022 |
|
Year
Ended |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
December 31, 2022 |
Net Sales |
$ |
1,168,918 |
|
$ |
1,274,285 |
|
$ |
1,300,998 |
|
$ |
1,264,543 |
|
$ |
5,008,744 |
Acquisitions
proforma adjustment † |
|
2,934 |
|
|
438 |
|
|
- |
|
|
- |
|
|
3,372 |
Net sales,
acquisition adjusted |
$ |
1,171,852 |
|
$ |
1,274,723 |
|
$ |
1,300,998 |
|
$ |
1,264,543 |
|
$ |
5,012,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Trailing 12 months
sales have been adjusted for the pro forma effect of acquired
branches |
|
|
TopBuild Corp. |
2023 Estimated Adjusted EBITDA Range
(Unaudited) |
(in millions) |
|
|
|
|
|
|
|
|
|
Twelve Months Ending December 31, 2023 |
|
Low |
|
High |
Estimated net income |
$ |
445.0 |
|
|
$ |
523.0 |
|
Adjustments to arrive at estimated EBITDA, as adjusted: |
|
|
|
|
Interest expense and other, net |
|
72.0 |
|
|
|
66.0 |
|
Income tax expense |
|
157.0 |
|
|
|
184.0 |
|
Depreciation and amortization |
|
128.0 |
|
|
|
123.0 |
|
Share-based compensation |
|
16.0 |
|
|
|
13.0 |
|
Acquisition related costs |
|
2.0 |
|
|
|
1.0 |
|
Estimated EBITDA, as adjusted |
$ |
820.0 |
|
|
$ |
910.0 |
|
|
|
|
|
|
|
|
|
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