TopBuild Corp. (NYSE:BLD) a
leading installer and specialty distributor of insulation and
building material products to the construction industry in the
United States and Canada today reported results for the second
quarter ended June 30, 2024.
“We’re pleased with our solid results in
the second quarter, as our teams continued to focus on growth and
profitability across the business. We grew sales 3.7% to $1.37
billion and delivered adjusted EBITDA of $277.7 million and
adjusted EBITDA margin of 20.3%. Excluding the benefit from
higher-than-normal multi-family and commercial margins in the
second and third quarter of 2023,1
we delivered our highest level of sales and profitability
in our history,” said Robert Buck, President and Chief Executive
Officer.
“Both segments delivered sales growth in
the second quarter, however volume was less than anticipated due to
higher interest rates, project delays and supply constraints that
continue to impact results across some residential and commercial
end markets. Our residential single-family sales continued to
improve, and our backlog continues to support our multi-family
sales. Commercial and industrial backlogs and bidding activity
remain robust.
“The long-term fundamentals for our
business are strong, supported by the undersupply of housing in the
United States, increasing household formations, the potential for
moderating interest rates, and strengthening demand for greater
energy efficiency. We expect to continue driving profitable growth
and strong free cash flows for TopBuild to reinvest or return to
shareholders.
“Year to date, we have completed 6
acquisitions, and our M&A pipeline is very healthy. We are also
returning capital to shareholders, and as of June 30, we
repurchased approximately 1.25 million shares totaling $505.2
million, underscoring management and our Board’s continued
confidence in our future growth and capital allocation approach,”
concluded Mr. Buck.
1 The Company noted that its results for
the second quarter of 2023 included an estimated $10 million margin
benefit related to certain multi-family/commercial business. In the
third quarter of 2023, a similar benefit is estimated to be $15
million.
Financial Highlights
(comparisons are to the periods ended June 30,
2023)
Three Months Ended June 30 |
|
|
|
|
|
$ in
thousands |
Reported |
|
Adjusted |
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Sales |
$ |
1,365,612 |
|
$ |
1,317,262 |
|
|
$ |
1,365,612 |
|
$ |
1,317,262 |
|
Gross Profit |
|
423,922 |
|
|
421,800 |
|
|
|
423,922 |
|
|
421,800 |
|
Gross Margin |
|
31.0 |
% |
|
32.0 |
% |
|
|
31.0 |
% |
|
32.0 |
% |
SG&A |
|
213,530 |
|
|
184,697 |
|
|
|
185,893 |
|
|
182,597 |
|
SG&A as % of revenue |
|
15.6 |
% |
|
14.0 |
% |
|
|
13.6 |
% |
|
13.9 |
% |
Operating Profit |
|
210,392 |
|
|
237,103 |
|
|
|
238,029 |
|
|
239,203 |
|
Operating Margin |
|
15.4 |
% |
|
18.0 |
% |
|
|
17.4 |
% |
|
18.2 |
% |
Net
Income |
|
150,723 |
|
|
164,400 |
|
|
|
170,800 |
|
|
166,685 |
|
Net
Income per diluted share |
$ |
4.78 |
|
$ |
5.18 |
|
|
$ |
5.42 |
|
$ |
5.25 |
|
EBITDA |
|
|
$ |
277,694 |
|
$ |
275,505 |
|
EBITDA Margin |
|
|
|
20.3 |
% |
|
20.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30 |
|
|
|
|
|
$ in
thousands |
Reported |
|
Adjusted |
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Sales |
$ |
2,644,329 |
|
$ |
2,582,500 |
|
|
$ |
2,644,329 |
|
$ |
2,582,500 |
|
Gross Profit |
|
811,072 |
|
|
792,015 |
|
|
|
811,072 |
|
|
792,015 |
|
Gross Margin |
|
30.7 |
% |
|
30.7 |
% |
|
|
30.7 |
% |
|
30.7 |
% |
SG&A |
|
386,172 |
|
|
355,481 |
|
|
|
358,609 |
|
|
349,723 |
|
SG&A as % of revenue |
|
14.6 |
% |
|
13.8 |
% |
|
|
13.6 |
% |
|
13.5 |
% |
Operating Profit |
|
424,900 |
|
|
436,534 |
|
|
|
452,463 |
|
|
442,292 |
|
Operating Margin |
|
16.1 |
% |
|
16.9 |
% |
|
|
17.1 |
% |
|
17.1 |
% |
Net
Income |
|
303,104 |
|
|
300,270 |
|
|
|
323,922 |
|
|
305,045 |
|
Net
Income per diluted share |
$ |
9.56 |
|
$ |
9.47 |
|
|
$ |
10.22 |
|
$ |
9.62 |
|
EBITDA |
|
|
$ |
531,513 |
|
$ |
513,830 |
|
EBITDA Margin |
|
|
|
20.1 |
% |
|
19.9 |
% |
Sales Drivers
(comparisons are to the periods ended June 30,
2023)
|
Three Months
Ended June 30, 2024 |
|
Installation |
Specialty Distribution |
TopBuild, net of elims |
Sales (in millions) |
$ |
851 |
|
$ |
593 |
|
$ |
1,366 |
|
Sales
Drivers |
|
|
|
Volume |
|
1.0 |
% |
|
0.6 |
% |
|
0.0 |
% |
Price |
|
1.3 |
% |
|
1.3 |
% |
|
1.3 |
% |
M&A |
|
3.8 |
% |
|
1.3 |
% |
|
2.9 |
% |
Dispositions |
|
-0.9 |
% |
|
|
-0.6 |
% |
Total Sales Change |
|
5.2 |
% |
|
3.2 |
% |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
Installation |
Specialty Distribution |
TopBuild, net of elims |
Sales (in millions) |
$ |
1,650 |
|
$ |
1,139 |
|
$ |
2,644 |
|
Sales
Drivers |
|
|
|
Volume |
|
0.7 |
% |
|
-1.8 |
% |
|
-1.0 |
% |
Price |
|
1.2 |
% |
|
1.4 |
% |
|
1.3 |
% |
M&A |
|
3.7 |
% |
|
0.9 |
% |
|
2.6 |
% |
Dispositions |
|
-0.9 |
% |
|
|
-0.5 |
% |
Total Sales Change |
|
4.7 |
% |
|
0.5 |
% |
|
2.4 |
% |
|
|
|
|
Segment Profitability(comparisons are to the
periods ended June 30, 2023)
|
Three Months
Ended June 30, 2024 |
|
Six Months Ended June 30, 2024 |
$ in
thousands |
Installation |
Specialty Distribution |
|
Installation |
Specialty Distribution |
Operating Profit |
$ |
170,718 |
|
$ |
89,373 |
|
|
$ |
327,475 |
|
$ |
166,951 |
|
Change |
|
-0.9 |
% |
|
3.9 |
% |
|
|
2.6 |
% |
|
4.8 |
% |
Operating
Margin |
|
20.1 |
% |
|
15.1 |
% |
|
|
19.9 |
% |
|
14.7 |
% |
Adj.
Operating Profit |
$ |
171,006 |
|
$ |
89,383 |
|
|
$ |
327,808 |
|
$ |
166,211 |
|
Change |
|
-0.9 |
% |
|
4.0 |
% |
|
|
2.5 |
% |
|
4.1 |
% |
Adj.
Operating Margin |
|
20.1 |
% |
|
15.1 |
% |
|
|
19.9 |
% |
|
14.6 |
% |
Adj.
EBITDA |
$ |
190,036 |
|
$ |
104,810 |
|
|
$ |
365,435 |
|
$ |
196,907 |
|
Change |
|
0.2 |
% |
|
3.7 |
% |
|
|
3.3 |
% |
|
3.9 |
% |
Adj. EBITDA Margin |
|
22.3 |
% |
|
17.7 |
% |
|
|
22.2 |
% |
|
17.3 |
% |
|
|
|
|
|
|
Capital Allocation
2024 AcquisitionsYear to date,
the Company has completed the acquisition of 6 insulation companies
which are expected to generate approximately $107 million in annual
revenue. They are listed in the chart below.
|
Annual
Revenue |
Company |
($ millions) |
|
Month Closed |
|
Brabble Insulation (I) |
$ |
5.2 |
|
|
February |
|
Morris Black & Sons (I) |
|
3.8 |
|
|
March |
|
Pest Control Insulation (D) |
|
25.4 |
|
|
March |
|
Green Space Insulation (I) |
|
6.0 |
|
|
April |
|
Insulation Works (I) |
|
28.0 |
|
|
May |
|
Texas Insulation (I) |
|
38.9 |
|
|
May |
|
Total |
$ |
107.3 |
|
|
|
|
I = Installation, D = Specialty Distribution |
|
|
|
Share RepurchasesDuring the
quarter, TopBuild repurchased approximately 1.25 million shares
totaling $505.2 million (average price of $405.43 per share).
$649.2 million remained under the current authorization.
2024
Outlook2The Company revised its full year
2024 guidance as indicated below. The sales guidance assumes
mid-single digit residential growth and low single digit
commercial/industrial growth for the year. The Company noted that
the revision largely reflects timing of demand, rather than any
underlying changes in the business.
$ in
millions |
|
|
2024 Outlook |
Low |
High |
Sales |
$ |
5,300 |
|
$ |
5,500 |
|
Adjusted EBITDA* |
$ |
1,055 |
|
$ |
1,125 |
|
|
|
|
* See table for Adjusted EBITDA reconciliation. |
2 This outlook reflects management’s current
view of present and future market conditions and is based on
assumptions such as housing starts, general and administrative
expenses, 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 second quarter 2024 financial
results is scheduled for today, Tuesday, August 6, at 9:00 a.m.
Eastern Time. The call may be accessed by dialing (877) 407-9037. A
simultaneous webcast of the call, along with management’s formal
remarks and a presentation, will be available on the Company’s
website at www.topbuild.com shortly before the call begins.
About TopBuild
TopBuild 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 250 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 170 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 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.
(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, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
1,365,612 |
|
|
$ |
1,317,262 |
|
|
$ |
2,644,329 |
|
|
$ |
2,582,500 |
|
Cost of
sales |
|
941,690 |
|
|
|
895,462 |
|
|
|
1,833,257 |
|
|
|
1,790,485 |
|
Gross profit |
|
423,922 |
|
|
|
421,800 |
|
|
|
811,072 |
|
|
|
792,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general, and administrative expense |
|
213,530 |
|
|
|
184,697 |
|
|
|
386,172 |
|
|
|
355,481 |
|
Operating profit |
|
210,392 |
|
|
|
237,103 |
|
|
|
424,900 |
|
|
|
436,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(18,568 |
) |
|
|
(18,558 |
) |
|
|
(37,363 |
) |
|
|
(36,597 |
) |
Other, net |
|
11,350 |
|
|
|
4,605 |
|
|
|
22,632 |
|
|
|
6,528 |
|
Other
expense, net |
|
(7,218 |
) |
|
|
(13,953 |
) |
|
|
(14,731 |
) |
|
|
(30,069 |
) |
Income before income taxes |
|
203,174 |
|
|
|
223,150 |
|
|
|
410,169 |
|
|
|
406,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
(52,451 |
) |
|
|
(58,750 |
) |
|
|
(107,065 |
) |
|
|
(106,195 |
) |
Net income |
$ |
150,723 |
|
|
$ |
164,400 |
|
|
$ |
303,104 |
|
|
$ |
300,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
4.81 |
|
|
$ |
5.20 |
|
|
$ |
9.63 |
|
|
$ |
9.51 |
|
Diluted |
$ |
4.78 |
|
|
$ |
5.18 |
|
|
$ |
9.56 |
|
|
$ |
9.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
31,324,833 |
|
|
|
31,599,744 |
|
|
|
31,483,144 |
|
|
|
31,575,337 |
|
Diluted |
|
31,524,063 |
|
|
|
31,731,807 |
|
|
|
31,693,524 |
|
|
|
31,722,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
(Unaudited) |
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net
income |
$ |
150,723 |
|
|
$ |
164,400 |
|
|
$ |
303,104 |
|
|
$ |
300,270 |
|
Other
comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(1,836 |
) |
|
|
4,283 |
|
|
|
(5,928 |
) |
|
|
6,037 |
|
Comprehensive income |
$ |
148,887 |
|
|
$ |
168,683 |
|
|
$ |
297,176 |
|
|
$ |
306,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets and Other Financial
Data (Unaudited) |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
As of |
|
June 30, 2024 |
|
December 31, 2023 |
ASSETS |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
463,221 |
|
|
$ |
848,565 |
|
Receivables, net of an allowance for credit losses of $22,718 at
June 30, 2024, and $23,948 at December 31, 2023 |
|
859,725 |
|
|
|
799,009 |
|
Inventories |
|
393,810 |
|
|
|
364,731 |
|
Prepaid expenses and other current assets |
|
43,550 |
|
|
|
36,939 |
|
Total current assets |
|
1,760,306 |
|
|
|
2,049,244 |
|
|
|
|
|
|
|
|
|
Right of
use assets |
|
191,048 |
|
|
|
204,629 |
|
Property
and equipment, net |
|
267,523 |
|
|
|
264,487 |
|
Goodwill |
|
2,090,788 |
|
|
|
2,042,568 |
|
Other
intangible assets, net |
|
583,141 |
|
|
|
591,058 |
|
Other
assets |
|
10,187 |
|
|
|
10,865 |
|
Total assets |
$ |
4,902,993 |
|
|
$ |
5,162,851 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
461,139 |
|
|
$ |
469,585 |
|
Current portion of long-term debt |
|
45,665 |
|
|
|
47,039 |
|
Accrued liabilities |
|
176,753 |
|
|
|
187,217 |
|
Short-term operating lease liabilities |
|
66,953 |
|
|
|
65,780 |
|
Short-term finance lease liabilities |
|
1,739 |
|
|
|
1,917 |
|
Total current liabilities |
|
752,249 |
|
|
|
771,538 |
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
1,351,969 |
|
|
|
1,373,028 |
|
Deferred
tax liabilities, net |
|
243,790 |
|
|
|
243,930 |
|
Long-term
portion of insurance reserves |
|
60,402 |
|
|
|
58,783 |
|
Long-term
operating lease liabilities |
|
132,529 |
|
|
|
146,213 |
|
Long-term
finance lease liabilities |
|
3,318 |
|
|
|
4,150 |
|
Other
liabilities |
|
1,422 |
|
|
|
1,554 |
|
Total liabilities |
|
2,545,679 |
|
|
|
2,599,196 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
2,357,314 |
|
|
|
2,563,655 |
|
Total liabilities and equity |
$ |
4,902,993 |
|
|
$ |
5,162,851 |
|
|
|
|
|
|
|
|
|
|
As of June 30, |
|
2024 |
|
2023 |
Other Financial Data |
|
|
|
|
|
|
|
Receivable days |
|
51 |
|
|
|
50 |
|
Inventory days |
|
39 |
|
|
|
39 |
|
Accounts payable days |
|
57 |
|
|
|
64 |
|
Receivables, net plus inventories less accounts payable |
$ |
792,396 |
|
|
$ |
774,111 |
|
Receivables, net plus inventories less accounts payable as a
percent of sales (TTM) † |
|
14.8 |
% |
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
† 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, |
|
|
2024 |
|
|
|
2023 |
|
Cash
Flows Provided by (Used in) Operating Activities: |
|
|
|
|
Net income |
$ |
303,104 |
|
|
$ |
300,270 |
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
Depreciation
and amortization |
|
69,291 |
|
|
|
64,652 |
|
Share-based
compensation |
|
9,759 |
|
|
|
6,886 |
|
(Gain)/loss
on sale of assets |
|
(131 |
) |
|
|
621 |
|
Amortization
of debt issuance costs |
|
1,440 |
|
|
|
1,440 |
|
Provision
for bad debt expense |
|
9,874 |
|
|
|
4,031 |
|
Provision
for inventory obsolescence |
|
4,892 |
|
|
|
3,290 |
|
Change in
certain assets and liabilities: |
|
|
|
|
|
Receivables,
net |
|
(58,411 |
) |
|
|
(37,247 |
) |
Inventories |
|
(30,758 |
) |
|
|
54,623 |
|
Prepaid
expenses and other current assets |
|
(6,595 |
) |
|
|
8,897 |
|
Accounts
payable |
|
(17,480 |
) |
|
|
(8,806 |
) |
Accrued
liabilities |
|
(13,348 |
) |
|
|
(13,872 |
) |
Other,
net |
|
(2,509 |
) |
|
|
1,012 |
|
Net cash
provided by operating activities |
|
269,128 |
|
|
|
385,797 |
|
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Investing Activities: |
|
|
|
|
|
Purchases of
property and equipment |
|
(35,974 |
) |
|
|
(30,672 |
) |
Acquisition
of businesses, net of cash acquired |
|
(88,123 |
) |
|
|
(45,948 |
) |
Proceeds
from sale of assets |
|
2,150 |
|
|
|
782 |
|
Net cash
used in investing activities |
|
(121,947 |
) |
|
|
(75,838 |
) |
|
|
|
|
|
|
Cash
Flows Provided by (Used in) Financing Activities: |
|
|
|
|
|
Repayment of
long-term debt |
|
(23,873 |
) |
|
|
(18,829 |
) |
Taxes
withheld and paid on employees' equity awards |
|
(6,059 |
) |
|
|
(6,350 |
) |
Exercise of
stock options |
|
3,224 |
|
|
|
1,497 |
|
Repurchase
of shares of common stock |
|
(505,241 |
) |
|
|
— |
|
Payment of
contingent consideration |
|
— |
|
|
|
(300 |
) |
Net cash
used in financing activities |
|
(531,949 |
) |
|
|
(23,982 |
) |
Impact of
exchange rate changes on cash |
|
(576 |
) |
|
|
281 |
|
Net
(decrease) increase in cash and cash equivalents |
|
(385,344 |
) |
|
|
286,258 |
|
Cash and
cash equivalents - Beginning of period |
|
848,565 |
|
|
|
240,069 |
|
Cash and
cash equivalents - End of period |
$ |
463,221 |
|
|
$ |
526,327 |
|
|
|
|
|
|
|
Supplemental disclosure of noncash
activities: |
|
|
|
|
|
Leased
assets obtained in exchange for new operating lease
liabilities |
$ |
20,180 |
|
|
$ |
26,310 |
|
Accruals for
property and equipment |
|
277 |
|
|
|
1,449 |
|
Excise taxes
capitalized to treasury stock |
|
5,202 |
|
|
|
— |
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
Installation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
850,983 |
|
|
$ |
809,055 |
|
|
|
5.2 |
% |
|
$ |
1,649,726 |
|
|
$ |
1,576,145 |
|
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
$ |
170,718 |
|
|
$ |
172,278 |
|
|
|
|
|
|
$ |
327,475 |
|
|
$ |
319,176 |
|
|
|
|
|
Operating margin, as reported |
|
20.1 |
% |
|
|
21.3 |
% |
|
|
|
|
|
|
19.9 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related costs |
|
288 |
|
|
|
227 |
|
|
|
|
|
|
|
333 |
|
|
|
490 |
|
|
|
|
|
Operating profit, as adjusted |
$ |
171,006 |
|
|
$ |
172,505 |
|
|
|
|
|
|
$ |
327,808 |
|
|
$ |
319,666 |
|
|
|
|
|
Operating margin, as adjusted |
|
20.1 |
% |
|
|
21.3 |
% |
|
|
|
|
|
|
19.9 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
318 |
|
|
|
310 |
|
|
|
|
|
|
|
648 |
|
|
|
689 |
|
|
|
|
|
Depreciation and amortization |
|
18,712 |
|
|
|
16,791 |
|
|
|
|
|
|
|
36,979 |
|
|
|
33,284 |
|
|
|
|
|
EBITDA, as adjusted |
$ |
190,036 |
|
|
$ |
189,606 |
|
|
|
0.2 |
% |
|
$ |
365,435 |
|
|
$ |
353,639 |
|
|
|
3.3 |
% |
EBITDA margin, as adjusted |
|
22.3 |
% |
|
|
23.4 |
% |
|
|
|
|
|
|
22.2 |
% |
|
|
22.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
592,826 |
|
|
$ |
574,488 |
|
|
|
3.2 |
% |
|
$ |
1,138,620 |
|
|
$ |
1,132,862 |
|
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
$ |
89,373 |
|
|
$ |
85,980 |
|
|
|
|
|
|
$ |
166,951 |
|
|
$ |
159,313 |
|
|
|
|
|
Operating margin, as reported |
|
15.1 |
% |
|
|
15.0 |
% |
|
|
|
|
|
|
14.7 |
% |
|
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
(750 |
) |
|
|
— |
|
|
|
|
|
Acquisition related costs |
|
10 |
|
|
|
— |
|
|
|
|
|
|
|
10 |
|
|
|
340 |
|
|
|
|
|
Operating profit, as adjusted |
$ |
89,383 |
|
|
$ |
85,980 |
|
|
|
|
|
|
$ |
166,211 |
|
|
$ |
159,653 |
|
|
|
|
|
Operating margin, as adjusted |
|
15.1 |
% |
|
|
15.0 |
% |
|
|
|
|
|
|
14.6 |
% |
|
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
380 |
|
|
|
316 |
|
|
|
|
|
|
|
813 |
|
|
|
554 |
|
|
|
|
|
Depreciation and amortization |
|
15,047 |
|
|
|
14,740 |
|
|
|
|
|
|
|
29,883 |
|
|
|
29,312 |
|
|
|
|
|
EBITDA, as adjusted |
$ |
104,810 |
|
|
$ |
101,036 |
|
|
|
3.7 |
% |
|
$ |
196,907 |
|
|
$ |
189,519 |
|
|
|
3.9 |
% |
EBITDA margin, as adjusted |
|
17.7 |
% |
|
|
17.6 |
% |
|
|
|
|
|
|
17.3 |
% |
|
|
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Change |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Change |
Total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales before eliminations |
$ |
1,443,809 |
|
|
$ |
1,383,543 |
|
|
|
|
|
|
$ |
2,788,346 |
|
|
$ |
2,709,007 |
|
|
|
|
|
Intercompany eliminations |
|
(78,197 |
) |
|
|
(66,281 |
) |
|
|
|
|
|
|
(144,017 |
) |
|
|
(126,507 |
) |
|
|
|
|
Net sales after eliminations |
$ |
1,365,612 |
|
|
$ |
1,317,262 |
|
|
|
3.7 |
% |
|
$ |
2,644,329 |
|
|
$ |
2,582,500 |
|
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported - segments |
$ |
260,091 |
|
|
$ |
258,258 |
|
|
|
|
|
|
$ |
494,426 |
|
|
$ |
478,489 |
|
|
|
|
|
General corporate expense, net |
|
(36,859 |
) |
|
|
(9,957 |
) |
|
|
|
|
|
|
(45,926 |
) |
|
|
(20,786 |
) |
|
|
|
|
Intercompany eliminations |
|
(12,840 |
) |
|
|
(11,198 |
) |
|
|
|
|
|
|
(23,600 |
) |
|
|
(21,169 |
) |
|
|
|
|
Operating profit, as reported |
$ |
210,392 |
|
|
$ |
237,103 |
|
|
|
|
|
|
$ |
424,900 |
|
|
$ |
436,534 |
|
|
|
|
|
Operating margin, as reported |
|
15.4 |
% |
|
|
18.0 |
% |
|
|
|
|
|
|
16.1 |
% |
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
258 |
|
|
|
— |
|
|
|
|
|
|
|
(492 |
) |
|
|
— |
|
|
|
|
|
Acquisition related costs † |
|
4,379 |
|
|
|
2,100 |
|
|
|
|
|
|
|
5,055 |
|
|
|
5,758 |
|
|
|
|
|
Acquisition termination fee |
|
23,000 |
|
|
|
— |
|
|
|
|
|
|
|
23,000 |
|
|
|
— |
|
|
|
|
|
Operating profit, as adjusted |
$ |
238,029 |
|
|
$ |
239,203 |
|
|
|
|
|
|
$ |
452,463 |
|
|
$ |
442,292 |
|
|
|
|
|
Operating margin, as adjusted |
|
17.4 |
% |
|
|
18.2 |
% |
|
|
|
|
|
|
17.1 |
% |
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
4,632 |
|
|
|
3,751 |
|
|
|
|
|
|
|
9,759 |
|
|
|
6,886 |
|
|
|
|
|
Depreciation and amortization |
|
35,033 |
|
|
|
32,551 |
|
|
|
|
|
|
|
69,291 |
|
|
|
64,652 |
|
|
|
|
|
EBITDA, as adjusted |
$ |
277,694 |
|
|
$ |
275,505 |
|
|
|
0.8 |
% |
|
$ |
531,513 |
|
|
$ |
513,830 |
|
|
|
3.4 |
% |
EBITDA margin, as adjusted |
|
20.3 |
% |
|
|
20.9 |
% |
|
|
|
|
|
|
20.1 |
% |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales change period over period |
|
48,350 |
|
|
|
|
|
|
|
|
|
|
61,829 |
|
|
|
|
|
|
|
|
EBITDA, as adjusted, change period over period |
|
2,189 |
|
|
|
|
|
|
|
|
|
|
17,683 |
|
|
|
|
|
|
|
|
Incremental EBITDA, as adjusted, as a percentage of change in
sales |
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
28.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Acquisition related
costs include corporate level adjustments as well as segment
operating adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
Same
Branch and Acquisition Metrics (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
Same
branch: |
|
|
|
|
|
|
|
|
|
|
|
Installation |
$ |
820,243 |
|
|
$ |
802,086 |
|
|
$ |
1,592,184 |
|
|
$ |
1,562,737 |
|
Specialty Distribution |
|
585,181 |
|
|
|
574,488 |
|
|
|
1,128,626 |
|
|
|
1,132,862 |
|
Eliminations |
|
(78,197 |
) |
|
|
(66,281 |
) |
|
|
(144,017 |
) |
|
|
(126,507 |
) |
Total same
branch |
$ |
1,327,227 |
|
|
$ |
1,310,293 |
|
|
$ |
2,576,793 |
|
|
$ |
2,569,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
(a): |
|
|
|
|
|
|
|
|
|
|
|
Installation |
$ |
30,740 |
|
|
$ |
— |
|
|
$ |
57,542 |
|
|
$ |
— |
|
Specialty Distribution |
|
7,645 |
|
|
|
— |
|
|
|
9,994 |
|
|
|
— |
|
Total
acquisitions |
|
38,385 |
|
|
|
— |
|
|
|
67,536 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
(b): |
|
|
|
|
|
|
|
|
|
|
|
Installation |
$ |
— |
|
|
$ |
6,969 |
|
|
$ |
— |
|
|
$ |
13,408 |
|
Total
dispositions |
|
— |
|
|
|
6,969 |
|
|
|
— |
|
|
|
13,408 |
|
Total net sales |
$ |
1,365,612 |
|
|
$ |
1,317,262 |
|
|
$ |
2,644,329 |
|
|
$ |
2,582,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
Same
branch |
$ |
271,096 |
|
|
$ |
274,113 |
|
|
$ |
521,202 |
|
|
$ |
511,305 |
|
Acquisitions
(a) |
|
6,598 |
|
|
|
— |
|
|
|
10,311 |
|
|
|
— |
|
Dispositions
(b) |
|
— |
|
|
|
1,392 |
|
|
|
— |
|
|
|
2,525 |
|
Total |
$ |
277,694 |
|
|
$ |
275,505 |
|
|
$ |
531,513 |
|
|
$ |
513,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted, as a percentage of sales |
|
|
|
|
|
|
|
|
|
|
|
Same branch
(c) |
|
20.4 |
% |
|
|
|
|
|
20.2 |
% |
|
|
|
Acquisitions
(d) |
|
17.2 |
% |
|
|
|
|
|
15.3 |
% |
|
|
|
Total (e) |
|
20.3 |
% |
|
|
20.9 |
% |
|
20.1 |
% |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
As
Adjusted Incremental EBITDA, as a percentage of change in
sales |
|
|
|
|
|
|
|
|
|
|
|
Same branch
(f) |
|
NM |
|
|
|
|
|
|
128.5 |
|
|
|
|
Acquisitions
(d) |
|
17.2 |
% |
|
|
|
|
|
15.3 |
% |
|
|
|
Total (g) |
|
4.5 |
% |
|
|
|
|
|
28.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents current
year impact of acquisitions in their first twelve months |
(b) Represents
operating results in prior period previously classified as same
branch |
(c) Same branch
metric, as adjusted, as a percentage of same branch sales |
(d) Acquired metric,
as adjusted, as a percentage of acquired sales |
(e) Total EBITDA, as
adjusted, as a percentage of total sales |
(f) Change in same
branch EBITDA, as adjusted, as a percentage of change in same
branch sales |
(g) Change in total
EBITDA, as adjusted, as a percentage of change in total sales |
NM Not Meaningful |
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, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,365,612 |
|
|
$ |
1,317,262 |
|
|
$ |
2,644,329 |
|
|
$ |
2,582,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit, as reported |
$ |
423,922 |
|
|
$ |
421,800 |
|
|
$ |
811,072 |
|
|
$ |
792,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
related costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gross profit, as adjusted |
$ |
423,922 |
|
|
$ |
421,800 |
|
|
$ |
811,072 |
|
|
$ |
792,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin, as reported |
|
31.0 |
|
% |
32.0 |
|
% |
30.7 |
|
% |
30.7 |
% |
Gross
margin, as adjusted |
|
31.0 |
|
% |
32.0 |
|
% |
30.7 |
|
% |
30.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative Expense
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expense, as
reported |
$ |
213,530 |
|
|
$ |
184,697 |
|
|
$ |
386,172 |
|
|
$ |
355,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
258 |
|
|
|
— |
|
|
|
(492 |
) |
|
|
— |
|
Acquisition
related costs |
|
4,379 |
|
|
|
2,100 |
|
|
|
5,055 |
|
|
|
5,758 |
|
Acquisition
termination fee |
|
23,000 |
|
|
|
— |
|
|
|
23,000 |
|
|
|
— |
|
Selling, general, and administrative expense, as
adjusted |
$ |
185,893 |
|
|
$ |
182,597 |
|
|
$ |
358,609 |
|
|
$ |
349,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit, as reported |
$ |
210,392 |
|
|
$ |
237,103 |
|
|
$ |
424,900 |
|
|
$ |
436,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
258 |
|
|
|
— |
|
|
|
(492 |
) |
|
|
— |
|
Acquisition
related costs |
|
4,379 |
|
|
|
2,100 |
|
|
|
5,055 |
|
|
|
5,758 |
|
Acquisition
termination fee |
|
23,000 |
|
|
|
— |
|
|
|
23,000 |
|
|
|
— |
|
Operating profit, as adjusted |
$ |
238,029 |
|
|
$ |
239,203 |
|
|
$ |
452,463 |
|
|
$ |
442,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin, as reported |
|
15.4 |
|
% |
18.0 |
|
% |
16.1 |
% |
|
|
16.9 |
% |
Operating
margin, as adjusted |
|
17.4 |
|
% |
18.2 |
|
% |
17.1 |
% |
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income Per Common Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes, as reported |
$ |
203,174 |
|
|
$ |
223,150 |
|
|
$ |
410,169 |
|
|
$ |
406,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization charges |
|
258 |
|
|
|
— |
|
|
|
(492 |
) |
|
|
— |
|
Acquisition
related costs |
|
4,379 |
|
|
|
2,100 |
|
|
|
5,055 |
|
|
|
5,758 |
|
Acquisition
termination fee |
|
23,000 |
|
|
|
— |
|
|
|
23,000 |
|
|
|
— |
|
Income before income taxes, as adjusted |
|
230,811 |
|
|
|
225,250 |
|
|
|
437,732 |
|
|
|
412,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate at
26.0% |
|
(60,011 |
) |
|
|
(58,565 |
) |
|
|
(113,810 |
) |
|
|
(107,178 |
) |
Income, as adjusted |
$ |
170,800 |
|
|
$ |
166,685 |
|
|
$ |
323,922 |
|
|
$ |
305,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share, as adjusted |
$ |
5.42 |
|
|
$ |
5.25 |
|
|
$ |
10.22 |
|
|
$ |
9.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted common shares outstanding |
|
31,524,063 |
|
|
|
31,731,807 |
|
|
|
31,693,524 |
|
|
|
31,722,660 |
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Income
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net
income, as reported |
$ |
150,723 |
|
|
$ |
164,400 |
|
|
$ |
303,104 |
|
|
$ |
300,270 |
|
Adjustments
to arrive at EBITDA, as adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and other, net |
|
7,218 |
|
|
|
13,953 |
|
|
|
14,731 |
|
|
|
30,069 |
|
Income tax expense |
|
52,451 |
|
|
|
58,750 |
|
|
|
107,065 |
|
|
|
106,195 |
|
Depreciation and amortization |
|
35,033 |
|
|
|
32,551 |
|
|
|
69,291 |
|
|
|
64,652 |
|
Share-based compensation |
|
4,632 |
|
|
|
3,751 |
|
|
|
9,759 |
|
|
|
6,886 |
|
Rationalization charges |
|
258 |
|
|
|
— |
|
|
|
(492 |
) |
|
|
— |
|
Acquisition related costs |
|
4,379 |
|
|
|
2,100 |
|
|
|
5,055 |
|
|
|
5,758 |
|
Acquisition termination fee |
|
23,000 |
|
|
|
— |
|
|
|
23,000 |
|
|
|
— |
|
EBITDA, as adjusted |
$ |
277,694 |
|
|
$ |
275,505 |
|
|
$ |
531,513 |
|
|
$ |
513,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Adjusted Net Sales (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2024 |
|
Trailing
Twelve Months Ended |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
June 30, 2024 |
Net
sales |
$ |
1,326,120 |
|
|
$ |
1,286,074 |
|
|
$ |
1,278,717 |
|
|
$ |
1,365,612 |
|
|
$ |
5,256,523 |
|
Acquisitions
proforma adjustment † |
|
33,549 |
|
|
|
28,367 |
|
|
|
24,075 |
|
|
|
10,603 |
|
|
|
96,594 |
|
Net sales,
acquisition adjusted |
$ |
1,359,669 |
|
|
$ |
1,314,441 |
|
|
$ |
1,302,792 |
|
|
$ |
1,376,215 |
|
|
$ |
5,353,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Trailing 12 months sales have been adjusted for the pro forma
effect of acquired branches |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TopBuild Corp. |
|
|
|
|
|
|
|
2024 Estimated Adjusted EBITDA Range
(Unaudited) |
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ending December 31, 2024 |
|
|
|
Low |
|
|
|
High |
|
Estimated net income, as reported |
$ |
603.0 |
|
|
$ |
663.0 |
|
Adjustments to arrive at estimated EBITDA, as adjusted: |
|
|
|
|
|
|
|
Interest expense and other, net |
|
48.0 |
|
|
|
45.0 |
|
Income tax expense |
|
212.0 |
|
|
|
230.0 |
|
Depreciation and amortization |
|
144.0 |
|
|
|
141.0 |
|
Share-based compensation |
|
19.0 |
|
|
|
18.0 |
|
Acquisition related costs & rationalization charges |
|
29.0 |
|
|
|
28.0 |
|
Estimated EBITDA, as adjusted |
$ |
1,055.0 |
|
|
$ |
1,125.0 |
|
|
|
|
|
|
|
|
|
Investor Relations and Media Contact
PI Aquino
pi.aquino@topbuild.com
386-763-8801
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