TopBuild Corp. (BLD) News https:///rss The latest news released by TopBuild Corp. (BLD) en-us Equisolve Investor Relations Suite TopBuild to Participate in Fireside Chat at KeyBanc Capital Markets’ Virtual Industrials & Basic Materials Conference https://www.topbuild.com/news-events/press-releases/detail/113/topbuild-to-participate-in-fireside-chat-atkeybanc Mon, 24 May 2021 08:00:00 -0400 https://www.topbuild.com/news-events/press-releases/detail/113/topbuild-to-participate-in-fireside-chat-atkeybanc Tuesday, June 1, at 10:00 a.m. Eastern Time

DAYTONA BEACH, Fla., May 24, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products to the U.S. construction industry, announced that John Peterson, Chief Financial Officer, will participate in a fireside chat at KeyBanc Capital Markets’ Virtual Industrials and Basic Materials Conference on Tuesday, June 1, at 10:00 a.m. Eastern Time.

The 30-minute presentation will be webcast. To listen to the live webcast select the link below or go to the Investor Relations section of TopBuild’s website at www.topbuild.com.

https://wsw.com/webcast/key16/bld/1516320 [wsw.com]

About TopBuild
TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has approximately 200 branches, and through Service Partners® which distributes insulation and building material products from approximately 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website at www.topbuild.com.

Investor Relations and Media Contact
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801


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Source: TopBuild Corp. ]]>
TopBuild to Participate in Fireside Chat at J.P. Morgan’s Homebuilding and Building Products Conference https://www.topbuild.com/news-events/press-releases/detail/112/topbuild-to-participate-in-fireside-chat-at-j-p-morgans Thu, 13 May 2021 08:00:00 -0400 https://www.topbuild.com/news-events/press-releases/detail/112/topbuild-to-participate-in-fireside-chat-at-j-p-morgans Thursday, May 20 at 2:00 p.m. Eastern Time

DAYTONA BEACH, Fla., May 13, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products to the U.S. construction industry, announced that Robert Buck, President and Chief Executive Officer, and John Peterson, Chief Financial Officer, will participate in a live fireside chat at J.P. Morgan’s Homebuilding and Building Products Conference on Thursday, May 20, at 2:00 p.m. Eastern Time.

The 35-minute presentation will be webcast. To listen to the live webcast select the link below or go to the Investor Relations section of TopBuild’s website at www.topbuild.com.

https://jpmorgan.metameetings.net/events/homebuilding21/sessions/38034-topbuild-corp/webcast?gpu_only=true&kiosk=true

About TopBuild
TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has approximately 200 branches, and through Service Partners® which distributes insulation and building material products from approximately 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website at www.topbuild.com.

Investor Relations and Media Contact
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801


Primary Logo

Source: TopBuild Corp. ]]>
TopBuild Reports First Quarter 2021 Results https://www.topbuild.com/news-events/press-releases/detail/111/topbuild-reports-first-quarter-2021-results Thu, 06 May 2021 06:45:00 -0400 https://www.topbuild.com/news-events/press-releases/detail/111/topbuild-reports-first-quarter-2021-results
  • Net sales increased 13.7%
  • Gross margin expanded 30 basis points
  • 12.9% operating margin, 13.1% on an adjusted basis, up 230 basis points
  • Adjusted EBITDA increased 31.1%, adjusted EBITDA margin up 210 basis points
  • $1.80 net income per diluted share, $2.02 on an adjusted basis
  • DAYTONA BEACH, Fla., May 06, 2021 (GLOBE NEWSWIRE) --  TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products today reported results for the first quarter ended March 31, 2021.

    Robert Buck, President and Chief Executive Officer, stated, “TopBuild reported another solid quarter with sales benefitting from the strong growth in both our residential and commercial businesses. Adjusted operating margins expanded at both TruTeam and Service Partners, despite the impact of severe weather in February, most notably in Texas where we have significant operations.

    “Our team is executing well and remains focused on profitable growth, which includes successfully managing the multiple material cost increases announced this year, leveraging our fixed cost base and continuing to focus on operational efficiency.”

    First Quarter 2021 Financial Highlights

    (unless otherwise indicated, comparisons are to the quarter ended March 31, 2020)

    • Net Sales increased 13.7% to $742.8 million, 9.5% on a same branch basis. The increase was primarily driven by increased sales volume, contributions from acquisitions and price.
    • Gross margin increased 30 basis points to 26.6%. On an adjusted basis, gross margin increased 40 basis points to 26.7%.
    • Operating profit was $95.9 million, compared to $70.0 million, a 37.0% increase. On an adjusted basis, operating profit was $97.2 million, compared to $70.3 million, a 38.3% improvement.
    • Operating margin was 12.9% compared to 10.7%. Adjusted operating margin improved 230 basis points to 13.1%.
    • Net income was $59.8 million, or $1.80 per diluted share, compared to net income of $50.8 million or $1.51 per diluted share. Adjusted net income was $67.1 million, or $2.02 per diluted share, compared to $45.9 million, or $1.37 per diluted share.

    • Adjusted EBITDA was $115.8 million, compared to $88.4 million, a 31.1% increase and adjusted EBITDA margin improved 210 basis points to 15.6%. Incremental adjusted EBITDA margin was 30.6%, 39.9% on a same branch basis.

    • At March 31, 2021, the Company had cash and cash equivalents of $319.6 million and availability under the revolving credit facility of approximately $389.6 million for total liquidity of $709.2 million.

    Operating Segment Highlights ($ in 000s)
    (comparisons are to the quarter ended March 31, 2020)

                 
      TruTeam 3 Months
    Ended
    3/31/21
      Service Partners 3 Months
    Ended
    3/31/21
     
      Sales $532,753     Sales $251,601    
      Change     Change    
      Volume   5.1%     Volume   13.8%    
      Price   1.1%     Price   3.7%    
      M&A   5.8%     M&A   0.0%    
      Total Change   12.0%     Total Change   17.4%    
      Operating Margin   13.8%     Operating Margin   14.1%    
      Change 110 bps   Change 260 bps  
      Adj. Operating Margin   13.9%     Adj. Operating Margin   14.1%    
      Change 120 bps   Change 260 bps  
                 

    Capital Allocation
    Acquisitions
    Year-to-date, the Company has completed four acquisitions.

           
      Forecasted Month  
    YTD 2021 Annual Revenue ($millions) Acquired Business Focus
    LCR Contractors $58.0 January Heavy Commercial/Fireproofing
    Ozark Foam $7.7 March Residential, primarily spray foam
    American Building Systems $144.0 April Residential (94%) & Distribution (6%)
    Creative Conservation $7.4 April Residential
    Total $217.1    
           

    “We were pleased to acquire LCR Contractors and Ozark Foam in the first quarter and ABS and Creative Conservation in April. Combined, these four acquisitions are expected to produce approximately $217 million of annual revenue,” added Buck.

    “Targeted M&A remains our number one capital allocation priority and our team has demonstrated its skill at identifying, executing and integrating acquisitions, thereby maximizing the synergies inherent in each transaction and creating long-term value for our shareholders.”

    Share Repurchases
    In the first quarter the Company repurchased 49,284 shares at an average price of $199.98 per share. These shares were purchased as part of the Company’s $200 million share repurchase program announced on February 26, 2019. As of March 31, 2021, approximately $30.1 million of the $200 million authorization remained.

    Senior Notes Offering
    On March 15, 2021, the Company closed its private offering of $400 million in aggregate principal amount of 3.625% senior notes due 2029. The Company used the net proceeds from the offering, together with cash on hand, to redeem its existing $400 million 5.625% senior unsecured notes maturing in 2026 and to pay fees and expenses related to the offering.

    2021 Outlook

    Sales and Adjusted EBITDA Guidance (1)
    ($ in millions)

             
      2021 Low High  
      Sales $ 3,220 $ 3,320  
      Adjusted EBITDA* $ 532 $ 562  
             

    *See table for adjusted EBITDA reconciliation.

    Assumptions (1)
    ($ in millions)

                 
      2021 Low High  
      Housing Starts   1,450   1,500  
      Estimated net income $ 315.3 $ 344.6  
      Interest Expense and other, net $ 23.8 $ 20.8  
      Income tax expense $ 110.8 $ 121.0  
      Depreciation and Amortization $ 70.9 $ 66.9  
      Share based compensation $ 11.2 $ 8.7  
             

    (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 2020 Annual Report on Form 10-K and subsequent SEC reports.

    Conference Call
    A conference call to discuss first quarter 2021 financial results is scheduled for today, Thursday, May 6, 2021, 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.

    About TopBuild

    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has approximately 200 branches, and through Service Partners® which distributes insulation and building material products from approximately 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. 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 a stock repurchase transaction. 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)

    TopBuild Corp.              
    Condensed Consolidated Statements of Operations (Unaudited)          
    (in thousands, except share and per common share amounts)        
                   
        Three Months Ended March 31,   
        2021     2020    
    Net sales   $ 742,798     $ 653,228       
    Cost of sales     545,039       481,272    
    Gross profit     197,759       171,956    
                   
    Selling, general, and administrative expense     101,872       101,967    
    Operating profit     95,887       69,989    
                   
    Other income (expense), net:              
    Interest expense     (6,603 )     (8,742 )  
    Loss on extinguishment of debt     (13,862 )     (233 )  
    Other, net     77       472    
    Other expense, net     (20,388 )     (8,503 )  
    Income before income taxes     75,499       61,486    
                   
    Income tax expense     (15,657 )     (10,715 )  
    Net income   $ 59,842     $ 50,771    
                   
    Net income per common share:              
    Basic   $ 1.82     $ 1.53    
    Diluted   $ 1.80     $ 1.51    
                   
    Weighted average shares outstanding:              
    Basic     32,826,515       33,168,453    
    Diluted     33,202,563       33,599,847    



    TopBuild Corp.              
    Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)              
    (dollars in thousands)              
        As of  
        March 31,       December 31,   
    ASSETS   2021   2020  
    Current assets:              
    Cash and cash equivalents   $ 319,619   $ 330,007  
    Receivables, net of an allowance for credit losses of $7,171 at March 31, 2021, and $6,926 at December 31, 2020     462,848     427,340  
    Inventories, net     163,988     161,369  
    Prepaid expenses and other current assets     14,255     17,689  
    Total current assets     960,710     936,405  
                   
    Right of use assets     94,094     83,490  
    Property and equipment, net     187,033     180,053  
    Goodwill     1,430,913     1,410,685  
    Other intangible assets, net     205,513     190,605  
    Deferred tax assets, net     2,767     2,728  
    Other assets     11,072     11,317  
    Total assets   $ 2,892,102   $ 2,815,283  
                   
    LIABILITIES              
    Current liabilities:              
    Accounts payable   $ 330,813   $ 331,710  
    Current portion of long-term debt     23,406     23,326  
    Accrued liabilities     124,946     107,949  
    Short-term lease liabilities     35,119     33,492  
    Total current liabilities     514,284     496,477  
                   
    Long-term debt     686,493     683,396  
    Deferred tax liabilities, net     168,424     168,568  
    Long-term portion of insurance reserves     50,197     50,657  
    Long-term lease liabilities     62,688     53,749  
    Other liabilities     13,653     13,642  
    Total liabilities     1,495,739     1,466,489  
                   
    EQUITY     1,396,363     1,348,794  
    Total liabilities and equity   $ 2,892,102   $ 2,815,283  
                   
                   
        As of March 31,   
           2021   2020  
    Other Financial Data              
    Receivable days     45     51  
    Inventory days     29     29  
    Accounts payable days     76     79  
    Receivables, net plus inventories, net less accounts payable   $ 296,023   $ 278,756  
    Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM) † 10.2 %   10.5 %
                   
    † 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)            
                 
        Three Months Ended March 31, 
        2021     2020  
    Cash Flows Provided by (Used in) Operating Activities:                     
    Net income   $ 59,842     $ 50,771  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     15,519       14,190  
    Share-based compensation     3,111       3,908  
    Loss on extinguishment of debt     13,862       233  
    Loss on sale or abandonment of property and equipment     56       383  
    Amortization of debt issuance costs     422       328  
    Provision for bad debt expense     1,765       1,670  
    Loss from inventory obsolescence     653       529  
    Deferred income taxes, net     (183 )     (39 )
    Change in certain assets and liabilities            
    Receivables, net     (20,831 )     (5,048 )
    Inventories, net     (2,088 )     (3,964 )
    Prepaid expenses and other current assets     3,517       6,193  
    Accounts payable     (2,244 )     (4,173 )
    Accrued liabilities     16,591       9,981  
    Other, net     (570 )     (2,032 )
    Net cash provided by operating activities     89,422       72,930  
                 
    Cash Flows Provided by (Used in) Investing Activities:            
    Purchases of property and equipment     (12,284 )     (15,892 )
    Acquisition of businesses     (61,092 )     (20,526 )
    Proceeds from sale of property and equipment     56       194  
    Other, net            
    Net cash used in investing activities     (73,320 )     (36,224 )
                 
    Cash Flows Provided by (Used in) Financing Activities:            
    Proceeds from issuance of long-term debt     411,250       300,000  
    Repayment of long-term debt     (415,856 )     (307,668 )
    Payment of debt issuance costs     (6,500 )     (2,280 )
    Taxes withheld and paid on employees' equity awards     (11,480 )     (10,399 )
    Exercise of stock options     5,952        
    Repurchase of shares of common stock     (9,856 )     (14,127 )
    Net cash used in financing activities     (26,490 )     (34,474 )
                 
    Cash and Cash Equivalents            
    (Decrease) increase for the period     (10,388 )     2,232  
    Beginning of period     330,007       184,807  
    End of period   $ 319,619     $ 187,039  
                 
    Supplemental disclosure of noncash activities:            
    Leased assets obtained in exchange for new operating lease liabilities   $ 20,322     $ 9,167  
    Accruals for property and equipment     524       496  



    TopBuild Corp.                    
    Segment Data (Unaudited)                    
    (dollars in thousands)                    
                         
        Three Months Ended March 31,         
        2021     2020     Change  
    TruTeam                    
    Sales   $ 532,753     $ 475,873       12.0 %
                         
    Operating profit, as reported   $ 73,636     $ 60,351          
    Operating margin, as reported     13.8   %   12.7   %      
                         
    Acquisition related costs           4          
    COVID-19 pay     489                
    Operating profit, as adjusted   $ 74,125     $ 60,355          
    Operating margin, as adjusted     13.9   %   12.7   %      
                         
    Service Partners                    
    Sales   $ 251,601     $ 214,223       17.4 %
                         
    Operating profit, as reported   $ 35,385     $ 24,669          
    Operating margin, as reported     14.1   %   11.5   %      
                         
    COVID-19 pay     34                
    Operating profit, as adjusted   $ 35,419     $ 24,669          
    Operating margin, as adjusted     14.1   %   11.5   %      
                         
    Total                    
    Sales before eliminations   $ 784,354     $ 690,096          
    Intercompany eliminations     (41,556 )     (36,868 )        
    Net sales after eliminations   $ 742,798     $ 653,228       13.7 %
                         
    Operating profit, as reported - segments   $ 109,021     $ 85,020          
    General corporate expense, net     (6,606 )     (9,198 )        
    Intercompany eliminations     (6,528 )     (5,833 )        
    Operating profit, as reported   $ 95,887     $ 69,989          
    Operating margin, as reported     12.9   %   10.7   %      
                         
    Rationalization charges     16                
    Acquisition related costs †     753       235          
    Refinancing costs           37          
    COVID-19 pay     523                
    Operating profit, as adjusted   $ 97,179     $ 70,261          
    Operating margin, as adjusted     13.1   %   10.8   %      
                         
    Share-based compensation     3,111       3,908          
    Depreciation and amortization     15,519       14,190          
    EBITDA, as adjusted   $ 115,809     $ 88,359          
    EBITDA margin, as adjusted     15.6   %   13.5   %      
                         
    Sales change period over period     89,570                
    EBITDA, as adjusted, change period over period     27,450                
    Incremental EBITDA, as adjusted, as a percentage of change in sales 30.6   %            
                         
    † Acquisition related costs include corporate level adjustments as well as segment operating adjustments.                        
                         



    TopBuild Corp.              
    Non-GAAP Reconciliations (Unaudited)              
    (in thousands, except share and per common share amounts)            
                   
        Three Months Ended March 31,   
        2021     2020    
    Gross Profit and Operating Profit Reconciliations              
                   
    Net sales   $ 742,798     $ 653,228    
                   
    Gross profit, as reported   $ 197,759     $ 171,956    
                   
    COVID-19 pay     470          
    Gross profit, as adjusted   $ 198,229     $ 171,956    
                   
    Gross margin, as reported     26.6   % 26.3   %
    Gross margin, as adjusted     26.7   % 26.3   %
                   
    Operating profit, as reported   $ 95,887     $ 69,989    
                   
    Rationalization charges     16          
    Acquisition related costs     753       235    
    Refinancing costs           37    
    COVID-19 pay     523          
    Operating profit, as adjusted   $ 97,179     $ 70,261    
                   
    Operating margin, as reported     12.9   % 10.7   %
    Operating margin, as adjusted     13.1   % 10.8   %
                   
    Income Per Common Share Reconciliation              
                   
    Income before income taxes, as reported   $ 75,499     $ 61,486    
                   
    Rationalization charges     16          
    Acquisition related costs     753       235    
    Refinancing costs and loss on extinguishment of debt     13,862       270    
    COVID-19 pay     523          
    Income before income taxes, as adjusted     90,653       61,991    
                   
    Tax rate at 26.0%     (23,570 )     (16,118 )  
    Income, as adjusted   $ 67,083     $ 45,873    
                   
    Income per common share, as adjusted   $ 2.02     $ 1.37    
                   
    Weighted average diluted common shares outstanding     33,202,563       33,599,847    



    TopBuild Corp.              
    Same Branch and Acquisition Net Sales and Adjusted EBITDA (Unaudited)              
    (dollars in thousands)              
                   
        Three Months Ended March 31,   
        2021     2020    
    Net sales              
    Same branch:              
    TruTeam   $ 505,297     $ 475,873    
    Service Partners     251,601       214,223    
    Eliminations     (41,556 )     (36,868 )  
    Total same branch     715,342       653,228    
                   
    Acquisitions (a):              
    TruTeam   $ 27,456     $    
    Service Partners              
    Eliminations              
    Total acquisitions     27,456          
    Total   $ 742,798     $ 653,228    
                   
    EBITDA, as adjusted              
    Same branch   $ 113,132     $ 88,359    
    Acquisitions (a)     2,677          
    Total   $ 115,809     $ 88,359    
                   
    EBITDA, as adjusted, as a percentage of sales              
    Same branch (b)     15.8   %      
    Acquisitions (c)     9.8   %      
    Total (d)     15.6   %   13.5   %
                   
    As Adjusted Incremental EBITDA, as a percentage of change in sales              
    Same branch (e)     39.9   %      
    Acquisitions (c)     9.8   %      
    Total (f)     30.6   %      
                   
    (a) Represents current year impact of acquisitions in their first twelve months              
    (b) Same branch EBITDA, as adjusted, as a percentage of same branch sales              
    (c) Acquired EBITDA, 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.            
    Same Branch and Acquisition Net Sales by Market (Unaudited)      
    (in thousands)            
                 
      Three Months Ended March 31,   
      2021   2020  
    Same branch:            
    Residential $ 556,993   $ 506,731  
    Commercial   158,349     146,497  
    Same branch net sales   715,342     653,228  
                 
    Acquisitions (a):            
    Residential $ 19,791   $  
    Commercial   7,665      
    Acquisitions net sales   27,456      
    Total net sales $ 742,798   $ 653,228  
                 
    (a) Represents current year impact of acquisitions in their first twelve months      
                 

    TopBuild Corp.              
    Reconciliation of Adjusted EBITDA to Net Income (Unaudited)        
    (in thousands)              
                   
        Three Months Ended March 31,   
        2021   2020  
    Net income, as reported   $ 59,842   $ 50,771  
    Adjustments to arrive at EBITDA, as adjusted:              
    Interest expense and other, net     6,526     8,270  
    Income tax expense     15,657     10,715  
    Depreciation and amortization     15,519     14,190  
    Share-based compensation     3,111     3,908  
    Rationalization charges     16      
    Acquisition related costs     753     235  
    Refinancing costs and loss on extinguishment of debt     13,862     270  
    COVID-19 pay     523      
    EBITDA, as adjusted   $ 115,809   $ 88,359  
                   

    TopBuild Corp.                            
    Acquisition Adjusted Net Sales (Unaudited)                        
    (in thousands)                            
      2020   2021   Trailing Twelve
    Months Ended
      Q2   Q3   Q4   Q1   March 31, 2021
    Net Sales $ 646,099   $ 697,223   $ 721,487   $ 742,798   $ 2,807,607
    Acquisitions proforma adjustment †   32,607     34,823     16,056     3,652     87,138
    Net sales, acquisition adjusted $ 678,706   $ 732,046   $ 737,543   $ 746,450   $ 2,894,745
                                 
                                 
    † Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

    TopBuild Corp.            
    2021 Estimated Adjusted EBITDA Range (Unaudited)            
    (in millions)            
                 
      Twelve Months Ending December 31, 2021  
        Low     High  
    Estimated net income $ 315.3   $ 344.6  
    Adjustments to arrive at estimated EBITDA, as adjusted:            
    Interest expense and other, net   23.8     20.8  
    Income tax expense   110.8     121.0  
    Depreciation and amortization   70.9     66.9  
    Share-based compensation   11.2     8.7  
    Estimated EBITDA, as adjusted $ 532.0   $ 562.0  
                 

    Primary Logo

    Source: TopBuild Corp.]]>
    TopBuild to Release First Quarter 2021 Results Thursday, May 6 https://www.topbuild.com/news-events/press-releases/detail/110/topbuild-to-release-first-quarter-2021-results-thursday Thu, 08 Apr 2021 06:43:00 -0400 https://www.topbuild.com/news-events/press-releases/detail/110/topbuild-to-release-first-quarter-2021-results-thursday Conference Call at 9:00 A.M.

    DAYTONA BEACH, Fla., April 08, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), the leading installer and distributor of insulation and building material products in the United States, will release its first quarter 2021 results prior to 7:00 a.m. on Thursday, May 6. The Company will host a conference call at 9:00 a.m. Eastern time that same day to review its financial results.

    Live Call: US/Canada callers dial (877) 407-9037

    A live, listen-only webcast can be accessed through the Company’s Web site at www.topbuild.com under the “Investor Relations” section. A replay of the call will also be available on the Company’s web site.

    About TopBuild
    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has close to 200 branches, and through Service Partners® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website at www.topbuild.com.

    Investor Relations and Media Contact
    Tabitha Zane
    tabitha.zane@topbuild.com
    386-763-8801


    Primary Logo

    Source: TopBuild Corp. ]]>
    TopBuild Acquires Creative Conservation https://www.topbuild.com/news-events/press-releases/detail/109/topbuild-acquires-creative-conservation Wed, 07 Apr 2021 16:05:00 -0400 https://www.topbuild.com/news-events/press-releases/detail/109/topbuild-acquires-creative-conservation Residential and Light Commercial Insulation
    $7.4 Million Annual Revenue

    DAYTONA BEACH, Fla., April 07, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD) a leading installer and distributor of insulation and building material products in the United States, has acquired Creative Conservation, a residential and light commercial company serving customers in Richmond, Charlottesville, Roanoke and Northern Virginia. Creative Conservation, which was been in business for 40 years, generated approximately $7.4 million in revenue for the twelve months ended December 31, 2020. Its mix of installation business is evenly divided between fiberglass and spray foam.

    Robert Buck, President and CEO of TopBuild, noted, “Creative Conservation is an excellent addition to TopBuild with strong customer relationships, an experienced installer base, and extensive spray foam knowledge and expertise. Tom Sprouse II, one of Creative Conservation’s current owners, will join the TopBuild team to focus on the continued growth of our business in this region.”

    Over the past twelve months, TopBuild has completed four acquisitions which are expected to generate approximately $217 million of annual revenue.

    About TopBuild
    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has close to 200 branches, and through Service Partners® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website 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 and the related assumptions underlying our expected results. 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


    Primary Logo

    Source: TopBuild Corp. ]]>
    TopBuild Completes Acquisition of American Building Systems https://www.topbuild.com/news-events/press-releases/detail/108/topbuild-completes-acquisition-of-american-building-systems Mon, 05 Apr 2021 16:05:00 -0400 https://www.topbuild.com/news-events/press-releases/detail/108/topbuild-completes-acquisition-of-american-building-systems DAYTONA BEACH, Fla., April 05, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products in the United States, has successfully completed its acquisition of American Building Systems (“ABS”), announced on March 1, 2021, following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

    Robert Buck, President and Chief Executive Officer of TopBuild, stated, “We welcome the ABS team to TopBuild and expect that our combined company will continue to serve ABS’ customer base and provide enhanced product offerings, services, and capabilities. Our teams have been working together to ensure a smooth transition as we integrate ABS into TopBuild’s systems and operations.”

    ABS, a residential insulation and distribution business, operates 34 branches that primarily service the eastern United States. Approximately 94% of ABS’ $144 million of annual revenue is from installation of insulation and other building products, with the remaining 6% from distribution.

    Over the past twelve months, TopBuild has completed four acquisitions which are expected to generate almost $270 million of annual revenue.

    About TopBuild
    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has close to 200 branches, and through Service Partners® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website 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 and the related assumptions underlying our expected results. 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


    Primary Logo

    Source: TopBuild Corp. ]]>
    TopBuild Announces Closing of Senior Unsecured Notes Offering https://www.topbuild.com/news-events/press-releases/detail/107/topbuild-announces-closing-of-senior-unsecured-notes Mon, 15 Mar 2021 08:15:00 -0400 https://www.topbuild.com/news-events/press-releases/detail/107/topbuild-announces-closing-of-senior-unsecured-notes DAYTONA BEACH, Fla., March 15, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading purchaser, installer and distributor of insulation products to the U.S. construction industry, has closed its previously announced private offering of $400.0 million in aggregate principal amount of 3.625% senior notes due 2029. 

    The Company has used the net proceeds from the offering, together with cash on hand, to redeem its existing $400 million 5.625% senior unsecured notes maturing in 2026 and to pay fees and expenses related to the offering.

    The notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements.  This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    About TopBuild
    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has close to 200 branches, and through Service Partners® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers.

    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, the Company’s expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the 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, the Company’s actual results may differ materially from the results discussed in its forward-looking statements. The Company’s forward-looking statements contained herein speak only as of the date of this press release. Factors or events the Company cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause the Company’s actual results to differ from those expressed in forward-looking statements. Although the Company 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 the Company undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

    Investor Relations and Media Contact
    Tabitha Zane
    tabitha.zane@topbuild.com
    386-763-8801


    Primary Logo

    Source: TopBuild Corp. ]]>
    TopBuild Acquires Ozark Foam https://www.topbuild.com/news-events/press-releases/detail/106/topbuild-acquires-ozark-foam Wed, 03 Mar 2021 17:25:00 -0500 https://www.topbuild.com/news-events/press-releases/detail/106/topbuild-acquires-ozark-foam Residential and Light Commercial Spray Foam Insulation $7.7 Million Annual Revenue

    DAYTONA BEACH, Fla., March 03, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD) a leading installer and distributor of insulation and building material products in the United States, has acquired Ozark Foam, a residential and light commercial insulation company that primarily installs spray foam insulation. Founded in 1995 and serving customers in Missouri, Arkansas and Oklahoma, Ozark Foam generated approximately $7.7 million in revenue in 2020.

    Robert Buck, President and CEO of TopBuild noted, “Ozark Foam is a terrific addition to our TruTeam installation business with a strong customer base and an experienced team of installers. We are also pleased that the two former owners, Randi and Tami Williams, have joined the TopBuild team. They will continue to manage and help us grow this business.”

    Year-to-date, TopBuild has completed two acquisitions which are expected to generate close to $66 million of annual revenue and has entered into an agreement for another acquisition which is expected to generate an additional $144 million of annual revenue.

    About TopBuild
    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has approximately 200 branches, and through Service Partners® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website 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 and the related assumptions underlying our expected results. 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


    Primary Logo

    Source: TopBuild Corp. ]]>
    TopBuild to Acquire American Building Systems https://www.topbuild.com/news-events/press-releases/detail/105/topbuild-to-acquire-american-building-systems Mon, 01 Mar 2021 08:05:00 -0500 https://www.topbuild.com/news-events/press-releases/detail/105/topbuild-to-acquire-american-building-systems Residential Insulation and Distribution
    $144 Million Annual Revenue
    Expands Presence on East Coast

    DAYTONA BEACH, Fla., March 01, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD) a leading installer and distributor of insulation and building material products in the United States, has entered into an agreement to acquire all of the assets and business of the American Building Systems Group of Companies (“ABS”).

    ABS, a residential insulation and distribution business founded in 1982, has 34 branches that primarily services the eastern United States. Major operations exist in Georgia, Virginia, the Carolinas, Florida, Massachusetts and New Jersey. Approximately 94% of ABS’ $144 million of annual revenue is from installation of insulation and other building products, with the remaining 6% from distribution.

    Robert Buck, President and CEO of TopBuild, noted, “This is a great opportunity for TopBuild to enhance its presence in many high growth markets. ABS will bring a strong customer base, experienced sales force and 500 highly trained installers to our operations. Wayne Sullivan, ABS’ current owner, has done a great job building the business and developing a talented team. This will be a great addition to our TopBuild family of companies.”

    The transaction, which has been approved by TopBuild’s Board of Directors, is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Company expects the transaction to close early in the second quarter of 2021.  

    About TopBuild
    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has close to 200 branches, and through Service Partners® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website 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 and the related assumptions underlying our expected results. 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


    Primary Logo

    Source: TopBuild Corp.]]>
    TopBuild Announces Pricing of its Senior Notes Offering https://www.topbuild.com/news-events/press-releases/detail/104/topbuild-announces-pricing-of-its-senior-notes-offering Wed, 24 Feb 2021 16:05:00 -0500 https://www.topbuild.com/news-events/press-releases/detail/104/topbuild-announces-pricing-of-its-senior-notes-offering DAYTONA BEACH, Fla., Feb. 24, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), the leading purchaser, installer and distributor of insulation products to the U.S. construction industry, today announced the pricing of its previously announced private offering of $400.0 million in aggregate principal amount of Senior Notes due 2029 to be 3.625%.  The 3.625% Senior Notes due 2029 offering is subject to market and other conditions, and there is no assurance that the offering will be completed or, if completed, as to the terms on which it will be completed. TopBuild expects the offering to close on March 15, 2021, subject to customary closing conditions.

    The notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements.  This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    About TopBuild

    TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has close to 200 branches, and through Service Partners® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers.

    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, the Company’s expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the 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, the Company’s actual results may differ materially from the results discussed in its forward-looking statements. The Company’s forward-looking statements contained herein speak only as of the date of this press release. Factors or events the Company cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause the Company’s actual results to differ from those expressed in forward-looking statements. Although the Company 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 the Company undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

    Investor Relations and Media Contact
    Tabitha Zane
    tabitha.zane@topbuild.com
    386-763-8801


    Primary Logo

    Source: TopBuild Corp. ]]>