糖心vlog官网

TopBuild Reports Fourth Quarter and Full Year 2020 Results

4Q Highlights

• Net sales increase 8.9%
• Gross margin expands 150 basis points
• 14.3% operating margin, 14.4% on an adjusted basis, up 280 basis points
• Adjusted EBITDA margin expands 280 basis points to 16.8%
• $2.13 net income per diluted share, $2.15 on an adjusted basis

Provides 2021 Sales and Adjusted EBITDA Guidance

DAYTONA BEACH, Fla., Feb. 23, 2021 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), a leading installer and distributor of insulation and building material products to the U.S. construction industry today reported results for the fourth quarter and year ended December 31, 2020.

Robert Buck, President and Chief Executive Officer, stated, 鈥淥ur fourth quarter results were strong with operating margins expanding over 200 basis points at both TruTeam and Service Partners. Same branch residential and commercial revenue improved sequentially from the third quarter and continues to strengthen.

鈥淟abor shortages and material constraints are extending the building cycle and the traditional lag time in our business. Our ability to share labor and material across our footprint gives us an advantage in serving our customers and helps us mitigate these challenges.鈥�

Fourth Quarter Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended December 31, 2019)

• Net sales increased 8.9% to $721.5 million, driven by increased volume and sales from acquisitions.
• Gross margin expanded 150 basis points to 27.4%. On an adjusted basis, gross margin was 27.5%, a 160-basis point increase.
• Operating profit was $103.1 million, compared to $76.4 million. On an adjusted basis, operating profit was $104.0 million, compared to $76.6 million, a 35.7% improvement.
• Operating margin was 14.3%. Adjusted operating margin improved 280 basis points to 14.4%.
• Net income was $70.8 million, or $2.13 per diluted share, compared to $46.0 million, or $1.36 per diluted share.
• Adjusted net income was $71.3 million, or $2.15 per diluted share, compared to $50.0 million, or $1.48 per diluted share.
• Adjusted EBITDA was $121.5 million, compared to $92.5 million, a 31.2% increase and adjusted EBITDA margin improved 280 basis points to 16.8%. Incremental adjusted EBITDA margin was 48.9%.
  
  
• At December 31, 2020, the Company had cash and cash equivalents of $330.0 million, availability under its revolving credit facility of $389.6 million for total liquidity of $719.6 million.
  
  

Full Year 2020 Financial Highlights

(unless otherwise indicated, comparisons are to twelve months ended December 31, 2019)

• Net sales increased 3.6% to $2,718.0 million.
• Gross margin expanded 150 basis points to 27.5%.
• Operating profit was $355.0 million, compared to operating profit of $289.5 million. On an adjusted basis, operating profit was $359.4 million, compared to $292.7 million, a 22.8% improvement.
• Operating margin was 13.1%, up 210 basis points. Adjusted operating margin improved 200 basis points to 13.2%.
• Net income was $247.0 million, or $7.42 per diluted share, compared to $191.0 million, or $5.56 per diluted share. Adjusted net income was $242.5 million, or $7.28 per diluted share, compared to $188.9 million, or $5.49 per diluted share.
  
  
• Adjusted EBITDA was $436.7 million, compared to $359.1 million, a 21.6% increase and adjusted EBITDA margin improved 240 basis points to 16.1%.
  
  

Buck added, 鈥淥ur 2020 financial results demonstrate the strength of our operating model and the hard work and dedication of our entire TopBuild team. Despite the challenges resulting from the pandemic, both of our business segments reported revenue growth and solid margin expansion.

鈥淚n addition, during the year we completed three acquisitions, strengthening our footprint in the high growth markets of Texas, Colorado and Tennessee.

鈥淟ooking ahead, housing fundamentals remain robust and our Company should continue to benefit from strong demand for new housing construction. Our focus remains on driving top line growth and improving operational efficiencies throughout the Company.鈥�

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended December 31, 2019)

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Capital Allocation
Acquisitions
In 2020, the Company completed three acquisitions, Hunter Insulation, an installation company based in Long Island, New York, Cooper Glass a commercial glass company serving the Memphis market, and Garland Insulating, a residential and light commercial installation company serving markets in Texas and Colorado.

In January 2021, the Company acquired LCR Contractors, a residential and heavy commercial insulation company serving markets in Texas and Tennessee. Combined, these four companies are expected to contribute approximately $137 million of annual revenue

鈥淎cquisitions remain our number one capital allocation priority. We have a robust pipeline of prospects with the majority concentrated in our core insulation business. These companies are located in attractive growth regions with strong management teams, solid customer bases and experienced installers,鈥� stated Buck.

Share Repurchase Program
In 2020, the Company repurchased a total of 616,227 shares of its common stock for approximately $49.2 million.

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

*See table for adjusted EBITDA reconciliation.

Assumptions⁽¹⁾ 听听
($ in millions)

Long-Term Targets (3-Years) ⁽¹⁾

⁽¹⁾ This guidance and long-term targets reflect management鈥檚 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鈥檚 current expectations are discussed below and are also detailed in the Company鈥檚 2020 Annual Report on Form 10-K and subsequent SEC reports.

Additional Information

Quarterly supplemental materials, including a presentation that will be referenced on today鈥檚 conference call, are available on the Company鈥檚 website at .

Conference Call
A conference call to discuss fourth quarter 2020 financial results is scheduled for today, Tuesday, February 23, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. The conference call will be webcast simultaneously on the Company鈥檚 website at .听

About TopBuild

糖心vlog官网., 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^庐, which has close to 200 branches, and through Service Partners^庐 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 .

Use of Non-GAAP Financial Measures
Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the 鈥渁djusted鈥� financial measures presented above, and figures presented on a 鈥渟ame branch basis鈥� are not calculated in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�). 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鈥檚 reported results under GAAP. Additional information may be found in the Company鈥檚 filings with the Securities and Exchange Commission which are available on TopBuild鈥檚 website under 鈥淪EC Filings鈥� at .

Safe Harbor Statement

This press release contains 鈥渇orward-looking statements鈥� 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 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渁nticipate,鈥� 鈥渆xpect,鈥� 鈥渂elieve,鈥� 鈥渄esigned,鈥� 鈥減lan,鈥� or 鈥渋ntend,鈥� 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.听听Our forward-looking statements contained herein speak only as of the date of this press release.听 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.听 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.

糖心vlog官网 and Media Contact
Tabitha Zane

386-763-8801

Released February 23, 2021