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TOPBUILD CORP.

(BLD)
  Report
Delayed Nyse  -  04:00 2022-09-23 pm EDT
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TopBuild : Reports Second Quarter 2022 Results - Form 8-K

08/02/2022 | 07:02am EDT

TopBuild Reports Second Quarter 2022 Results

Sales increase 52.7% to $1.3 billion, same branch revenue increases 20.7%
Net income increases 59.0% to $143.7 million, and 57.5% on an adjusted basis
Adjusted EBITDA margin expands 100 basis points to 19.0%, 19.9% on a same branch basis, up 190 basis points

Second Quarter Financial Highlights ($ in 000s)

(unless otherwise indicated, comparisons are to the quarter ended June 30, 2021)

3 Months Ended 6/30/22

Reported

Change

Sales

$1,274,285

52.7%

"We are pleased to report another quarter of strong financial results. Our unique business model combining both installation and specialty distribution, a key differentiator and critical component of our success, should enable us to outperform in any environment.

"We also continue to make great progress in the integration of DI and are ahead of schedule to achieve the $35 million to $40 million of synergies forecasted when we announced this transaction."

ROBERT BUCK, PRESIDENT & CEO, TOPBUILD

Gross Margin

30.1%

100 bps

SG&A as % of revenue

13.9%

10 bps

Operating Profit

$207,221

61.5%

Operating Margin

16.3%

90 bps

Net Income

$143,697

59.0%

Net Income per diluted share

$4.41

62.1%

3 Months Ended 6/30/22

Adjusted

Change

Sales

$1,274,285

52.7%

Gross Margin

30.1%

90 bps

SG&A as % of revenue

13.8%

20 bps

Operating Profit

$208,798

60.8%

Operating Margin

16.4%

80 bps

Net Income

$144,381

57.5%

Net Income per diluted share

$4.43

60.5%

EBITDA

$242,254

61.7%

EBITDA Margin

19.0%

100 bps

3 Months Ended 6/30/22

Adj. Same
Branch

Change

Sales

$1,007,185

20.7%

Gross Margin

31.2%

200 bps

Operating Margin

17.8%

220 bps

EBITDA Margin

19.9%

190 bps

Incremental EBITDA

29.4%

NYSE:BLD

August 2, 2022

topbuild.com

2

Six Month Financial Highlights ($ in 000s)

(unless otherwise indicated, comparisons are to the six months ended June 30, 2021)

6 Months Ended 6/30/22

Reported

Change

Sales

$2,443,203

54.9%

Gross Margin

29.3%

130 bps

SG&A as % of revenue

14.1%

40 bps

Operating Profit

$371,175

65.6%

Operating Margin

15.2%

100 bps

Net Income

$258,410

72.0%

Net Income per diluted share

$7.87

73.7%

6 Months Ended 6/30/22

Adjusted

Change

Sales

$2,443,203

54.9%

Gross Margin

29.3%

130 bps

SG&A as % of revenue

13.9%

30 bps

Operating Profit

$376,302

65.7%

Operating Margin

15.4%

100 bps

Net Income

$259,986

63.8%

Net Income per diluted share

$7.92

65.7%

EBITDA

$443,984

67.1%

EBITDA Margin

18.2%

140 bps

6 Months Ended 6/30/22

Adj. Same Branch

Change

Sales

$1,889,050

19.8%

Gross Margin

30.4%

240 bps

Operating Margin

17.2%

280 bps

EBITDA Margin

19.3%

250 bps

Incremental EBITDA

32.0%

Operating Segment Highlights ($ in 000s)

(unless otherwise indicated, comparisons are to the period ended June 30, 2021)

NYSE:BLD

August 2, 2022

topbuild.com

3

Capital Allocation

Acquisitions

The Company acquired one residential insulation company in the second quarter, Assured Insulating, which serves markets in Northeastern Texas and Northwestern Louisiana. Through June 30, the Company has completed four acquisitions which are expected to contribute approximately $15.7 million in annual revenue.

Share Repurchases

The Company announced that its Board of Directors recently approved a new share repurchase program with authorization to purchase up to $200 million shares of the Company's common stock.

As of June 30, 2022, Company has repurchased a total of 647,466 shares which includes a portion of the shares repurchased under an accelerated share repurchase program which will be completed in the third quarter.

Sales and Adjusted EBITDA Guidance (1)

($ in millions)

2022

Low

High

"As we look toward the second half of 2022, we expect demand for our services to remain steady in all three end-markets we serve: residential, commercial, and industrial.

"Our focus will remain on the successful integration of DI, the strategic allocation of capital and ongoing initiatives to enhance operational efficiency, drive productivity and leverage our fixed costs."

ROBERT BUCK, PRESIDENT & CEO, TOPBUILD

Sales

$ 4,800

$ 4,900

Adjusted EBITDA*

$ 860

$ 900

*See table for adjusted EBITDA reconciliation.

(1) This outlook reflects management's current view of present and future market conditions and are based on assumptions such as housing starts and completions, general and administrative expenses, weighted average diluted shares outstanding and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release.

A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future and therefore, cannot be reasonably predicted. The effect of these excluded items may be significant. Factors that could cause actual long-term results to differ materially from TopBuild's current expectations are discussed below and are also detailed in the Company's 2021 Annual Report on Form 10-K and subsequent SEC reports.

Conference Call

A conference call to discuss second quarter financial results is scheduled for today, Tuesday, August 2nd, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. The conference call will be webcast simultaneously on the Company's website at www.topbuild.com. In addition, a copy of management's formal remarks and a presentation that summarizes management's formal remarks will be available immediately prior to the conference call on www.topbuild.com.

About 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 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.

NYSE:BLD

August 2, 2022

topbuild.com

4

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 Contact

Tabitha Zane

tabitha.zane@topbuild.com

386-763-8801

(tables follow)

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per common share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Net sales

$

1,274,285

$

834,255

$

2,443,203

$

1,577,053

Cost of sales

890,188

591,075

1,727,905

1,136,114

Gross profit

384,097

243,180

715,298

440,939

Selling, general, and administrative expense

176,876

114,894

344,123

216,767

Operating profit

207,221

128,286

371,175

224,172

Other income (expense), net:

Interest expense

(13,410)

(6,105)

(25,375)

(12,707)

Loss on extinguishment of debt

-

-

-

(13,862)

Other, net

(279)

66

406

144

Other expense, net

(13,689)

(6,039)

(24,969)

(26,425)

Income before income taxes

193,532

122,247

346,206

197,747

Income tax expense

(49,835)

(31,867)

(87,796)

(47,525)

Net income

$

143,697

$

90,380

$

258,410

$

150,222

Net income per common share:

Basic

$

4.43

$

2.75

$

7.93

$

4.57

Diluted

$

4.41

$

2.72

$

7.87

$

4.53

Weighted average shares outstanding:

Basic

32,405,292

32,865,303

32,570,988

32,846,016

Diluted

32,614,449

33,177,435

32,827,549

33,190,107

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Net income

$

143,697

$

90,380

$

258,410

$

150,222

Other comprehensive (loss) income:

Foreign currency translation adjustment

(2,193)

-

1,026

-

Comprehensive income

$

141,504

$

90,380

$

259,436

$

150,222

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)

(dollars in thousands)

As of

June 30, 2022

December 31, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

123,869

$

139,779

Receivables, net of an allowance for credit losses of $12,558 at June 30, 2022, and $8,798 at December 31, 2021

773,744

668,419

Inventories, net

431,098

352,801

Prepaid expenses and other current assets

25,835

26,692

Total current assets

1,354,546

1,187,691

Right of use assets

174,361

177,177

Property and equipment, net

250,051

244,574

Goodwill

1,968,603

1,949,763

Other intangible assets, net

653,458

684,209

Deferred tax assets, net

-

1,905

Other assets

19,965

13,211

Total assets

$

4,420,984

$

4,258,530

LIABILITIES

Current liabilities:

Accounts payable

$

508,227

$

461,917

Current portion of long-term debt

38,162

38,640

Accrued liabilities

197,308

175,891

Short-term operating lease liabilities

55,284

54,591

Short-term finance lease liabilities

2,712

2,387

Total current liabilities

801,693

733,426

Long-term debt

1,437,102

1,454,483

Deferred tax liabilities, net

245,687

248,243

Long-term portion of insurance reserves

60,805

51,875

Long-term operating lease liabilities

124,191

125,339

Long-term finance lease liabilities

7,055

7,770

Other liabilities

1,788

960

Total liabilities

2,678,321

2,622,096

EQUITY

1,742,663

1,636,434

Total liabilities and equity

$

4,420,984

$

4,258,530

As of June 30,

2022

2021

Other Financial Data

Receivable days

46

45

Inventory days

48

30

Accounts payable days

62

74

Receivables, net plus inventories, net less accounts payable

$

696,615

$

313,631

Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM) †

15.0

%

9.9

%

† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

Six Months Ended June 30,

2022

2021

Cash Flows Provided by (Used in) Operating Activities:

Net income

$

258,410

$

150,222

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

60,621

33,221

Share-based compensation

7,061

5,377

Loss on extinguishment of debt

-

13,862

Loss on sale of property and equipment

525

833

Amortization of debt issuance costs

1,427

858

Provision for bad debt expense

6,404

4,037

Loss from inventory obsolescence

3,610

1,129

Change in certain assets and liabilities

Receivables, net

(107,739)

(36,277)

Inventories, net

(82,621)

(8,055)

Prepaid expenses and other current assets

648

(2,273)

Accounts payable

47,540

21,782

Accrued liabilities

16,884

17,693

Other, net

4,927

(206)

Net cash provided by operating activities

217,697

202,203

Cash Flows Provided by (Used in) Investing Activities:

Purchases of property and equipment

(36,034)

(28,560)

Acquisition of businesses, net of cash acquired

(18,746)

(195,411)

Proceeds from sale of property and equipment

618

193

Net cash used in investing activities

(54,162)

(223,778)

Cash Flows Provided by (Used in) Financing Activities:

Proceeds from issuance of long-term debt

-

411,250

Repayment of long-term debt

(19,287)

(421,716)

Payment of debt issuance costs

-

(6,500)

Proceeds from revolving credit facility

70,000

-

Repayment of revolving credit facility

(70,000)

-

Taxes withheld and paid on employees' equity awards

(11,667)

(11,491)

Exercise of stock options

1,452

5,952

Repurchase of shares of common stock

(150,050)

(24,038)

Payment of contingent consideration

(35)

(150)

Net cash used in financing activities

(179,587)

(46,693)

Impact of exchange rate changes on cash

142

-

Net decrease in cash and cash equivalents

(15,910)

(68,268)

Cash and cash equivalents- Beginning of period

139,779

330,007

Cash and cash equivalents- End of period

$

123,869

$

261,739

Supplemental disclosure of noncash activities:

Leased assets obtained in exchange for new operating lease liabilities

$

36,129

$

39,135

Accruals for property and equipment

563

460

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Segment Data (Unaudited)

(dollars in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

Change

2022

2021

Change

Installation

Sales

$

748,968

$

605,625

23.7

%

$

1,425,661

$

1,138,378

25.2

%

Operating profit, as reported

$

139,919

$

99,066

$

252,598

$

172,702

Operating margin, as reported

18.7

%

16.4

%

17.7

%

15.2

%

Rationalization charges

473

Acquisition related costs

16

1,112

96

1,112

COVID-19 pay

116

605

Operating profit, as adjusted

$

139,935

$

100,294

$

253,167

$

174,419

Operating margin, as adjusted

18.7

%

16.6

%

17.8

%

15.3

%

Share-based compensation

282

274

689

614

Depreciation and amortization

15,319

14,857

31,004

27,683

EBITDA, as adjusted

$

155,536

$

115,425

34.8

%

$

284,860

$

202,716

40.5

%

EBITDA margin, as adjusted

20.8

%

19.1

%

20.0

%

17.8

%

Specialty Distribution

Sales

$

587,791

$

273,364

115.0

%

$

1,131,653

$

524,965

115.6

%

Operating profit, as reported

$

86,749

$

42,856

$

157,170

$

78,241

Operating margin, as reported

14.8

%

15.7

%

13.9

%

14.9

%

Acquisition related costs

334

575

COVID-19 pay

20

54

Operating profit, as adjusted

$

87,083

$

42,876

$

157,745

$

78,295

Operating margin, as adjusted

14.8

%

15.7

%

13.9

%

14.9

%

Share-based compensation

287

244

641

488

Depreciation and amortization

14,005

2,112

28,034

4,200

EBITDA, as adjusted

$

101,375

$

45,232

124.1

%

$

186,420

$

82,983

124.6

%

EBITDA margin, as adjusted

17.2

%

16.5

%

16.5

%

15.8

%

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Adjusted EBITDA (Unaudited)

(dollars in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

Change

2022

2021

Change

Total net sales

Sales before eliminations

$

1,336,759

$

878,989

$

2,557,314

$

1,663,343

Intercompany eliminations

(62,474)

(44,734)

(114,111)

(86,290)

Net sales after eliminations

$

1,274,285

$

834,255

52.7

%

$

2,443,203

$

1,577,053

54.9

%

Operating profit, as reported - segments

$

226,668

$

141,922

$

409,768

$

250,943

General corporate expense, net

(9,012)

(6,704)

(19,449)

(13,311)

Intercompany eliminations

(10,435)

(6,932)

(19,144)

(13,460)

Operating profit, as reported

$

207,221

$

128,286

$

371,175

$

224,172

Operating margin, as reported

16.3

%

15.4

%

15.2

%

14.2

%

Rationalization charges

-

-

473

16

Acquisition related costs †

1,577

1,457

4,654

2,210

COVID-19 pay

-

136

-

659

Operating profit, as adjusted

$

208,798

$

129,879

$

376,302

$

227,057

Operating margin, as adjusted

16.4

%

15.6

%

15.4

%

14.4

%

Share-based compensation

3,334

2,266

7,061

5,377

Depreciation and amortization

30,122

17,703

60,621

33,221

EBITDA, as adjusted

$

242,254

$

149,848

61.7

%

$

443,984

$

265,655

67.1

%

EBITDA margin, as adjusted

19.0

%

18.0

%

18.2

%

16.8

%

Sales change period over period

440,030

866,150

EBITDA, as adjusted, change period over period

92,406

178,329

Incremental EBITDA, as adjusted, as a percentage of change in sales

21.0

%

20.6

%

† Acquisition related costs include corporate level adjustments as well as segment operating adjustments.

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Non-GAAP Reconciliations (Unaudited)

(in thousands, except share and per common share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Gross Profit Reconciliation

Net sales

$

1,274,285

$

834,255

$

2,443,203

$

1,577,053

Gross profit, as reported

$

384,097

$

243,180

$

715,298

$

440,939

Acquisition related costs

-

-

121

-

COVID-19 pay

-

122

-

592

Gross profit, as adjusted

$

384,097

$

243,302

$

715,419

$

441,531

Gross margin, as reported

30.1

%

29.1

%

29.3

%

28.0

%

Gross margin, as adjusted

30.1

%

29.2

%

29.3

%

28.0

%

Selling, General and Administrative Expense Reconciliation

Selling, general, and administrative expense, as reported

$

176,876

$

114,894

$

344,123

$

216,767

Rationalization charges

-

-

473

16

Acquisition related costs

1,577

1,457

4,533

2,210

COVID-19 pay

-

14

-

67

Selling, general, and administrative expense, as adjusted

$

175,299

$

113,423

$

339,117

$

214,474

Operating Profit Reconciliation

Operating profit, as reported

$

207,221

$

128,286

$

371,175

$

224,172

Rationalization charges

-

-

473

16

Acquisition related costs

1,577

1,457

4,654

2,210

COVID-19 pay

-

136

-

659

Operating profit, as adjusted

$

208,798

$

129,879

$

376,302

$

227,057

Operating margin, as reported

16.3

%

15.4

%

15.2

%

14.2

%

Operating margin, as adjusted

16.4

%

15.6

%

15.4

%

14.4

%

Income Per Common Share Reconciliation

Income before income taxes, as reported

$

193,532

$

122,247

$

346,206

$

197,747

Rationalization charges

-

-

473

16

Acquisition related costs

1,577

1,457

4,654

2,210

Refinancing costs and loss on extinguishment of debt

-

-

-

13,862

COVID-19 pay

-

136

-

659

Income before income taxes, as adjusted

195,109

123,840

351,333

214,494

Tax rate at 26.0%

(50,728)

(32,198)

(91,347)

(55,769)

Income, as adjusted

$

144,381

$

91,642

$

259,986

$

158,725

Income per common share, as adjusted

$

4.43

$

2.76

$

7.92

$

4.78

Weighted average diluted common shares outstanding

32,614,449

33,177,435

32,827,549

33,190,107

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Same Branch and Acquisition Metrics (Unaudited)

(dollars in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Net sales

Same branch:

Installation

$

736,643

$

605,625

$

1,360,243

$

1,138,378

Specialty Distribution

328,807

273,364

638,018

524,965

Eliminations

(58,265)

(44,734)

(109,211)

(86,290)

Total same branch

1,007,185

834,255

1,889,050

1,577,053

Acquisitions (a):

Installation

$

12,325

$

-

$

65,418

$

-

Specialty Distribution

258,984

-

493,635

-

Eliminations

(4,209)

-

(4,900)

-

Total acquisitions

267,100

-

554,153

-

Total

$

1,274,285

$

834,255

$

2,443,203

$

1,577,053

Gross profit, as adjusted

Same branch

$

314,012

$

243,302

$

575,006

$

441,531

Acquisitions (a)

70,085

-

140,292

-

Total

$

384,097

$

243,302

$

715,298

$

441,531

Gross margin, as adjusted

Same branch (b)

31.2

%

29.2

%

30.4

%

28.0

%

Acquisitions (c)

26.2

%

25.3

%

Operating profit, as adjusted

Same branch

$

179,512

$

129,879

$

324,127

$

227,057

Acquisitions (a)

29,286

-

52,175

-

Total

$

208,798

$

129,879

$

376,302

$

227,057

Operating margin, as adjusted

Same branch (b)

17.8

%

15.6

%

17.2

%

14.4

%

Acquisitions (c)

11.0

%

9.4

%

EBITDA, as adjusted

Same branch

$

200,667

$

149,848

$

365,435

$

265,655

Acquisitions (a)

41,587

-

78,549

-

Total

$

242,254

$

149,848

$

443,984

$

265,655

EBITDA, as adjusted, as a percentage of sales

Same branch (b)

19.9

%

19.3

%

Acquisitions (c)

15.6

%

14.2

%

Total (d)

19.0

%

18.0

%

18.2

%

16.8

%

As Adjusted Incremental EBITDA, as a percentage of change in sales

Same branch (e)

29.4

%

32.0

%

Acquisitions (c)

15.6

%

14.2

%

Total (f)

21.0

%

20.6

%

(a) Represents current year impact of acquisitions in their first twelve months

(b) Same branch metric, as adjusted, as a percentage of same branch sales

(c) Acquired metric, as adjusted, as a percentage of acquired sales

(d) Total EBITDA, as adjusted, as a percentage of total sales

(e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales

(f) Change in total EBITDA, as adjusted, as a percentage of change in total sales

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Reconciliation of Adjusted EBITDA to Net Income (Unaudited)

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Net income, as reported

$

143,697

$

90,380

$

258,410

$

150,222

Adjustments to arrive at EBITDA, as adjusted:

Interest expense and other, net

13,689

6,039

24,969

12,563

Income tax expense

49,835

31,867

87,796

47,525

Depreciation and amortization

30,122

17,703

60,621

33,221

Share-based compensation

3,334

2,266

7,061

5,377

Rationalization charges

-

-

473

16

Acquisition related costs

1,577

1,457

4,654

2,210

Refinancing costs and loss on extinguishment of debt

-

-

-

13,862

COVID-19 pay

-

136

-

659

EBITDA, as adjusted

$

242,254

$

149,848

$

443,984

$

265,655

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

Acquisition Adjusted Net Sales (Unaudited)

(in thousands)

2021

2022

Trailing Twelve Months Ended

Q3

Q4

Q1

Q2

June 30, 2022

Net Sales

$

845,757

$

1,063,398

$

1,168,918

$

1,274,285

$

4,352,358

Acquisitions proforma adjustment †

231,146

48,816

2,481

39

282,482

Net sales, acquisition adjusted

$

1,076,903

$

1,112,214

$

1,171,399

$

1,274,324

$

4,634,840

† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

NYSE:BLD

August 2, 2022

topbuild.com

TopBuild Corp.

2022 Estimated Adjusted EBITDA Range (Unaudited)
(in millions)

Twelve Months Ending December 31, 2022

Low

High

Estimated net income

$

481.5

520.1

Adjustments to arrive at estimated EBITDA, as adjusted:

Interest expense and other, net

61.0

58.0

Income tax expense

169.2

182.7

Depreciation and amortization

124.9

120.8

Share-based compensation

13.4

11.4

Rationalization charges

2.0

1.0

Acquisition related costs

8.0

6.0

Estimated EBITDA, as adjusted

$

860.0

$

900.0

NYSE:BLD

August 2, 2022

topbuild.com

Disclaimer

TopBuild Corp. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 11:01:12 UTC.


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Sales 2022 4 869 M - -
Net income 2022 512 M - -
Net Debt 2022 1 177 M - -
P/E ratio 2022 10,2x
Yield 2022 -
Capitalization 5 155 M 5 155 M -
EV / Sales 2022 1,30x
EV / Sales 2023 1,22x
Nbr of Employees 13 006
Free-Float 81,9%
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