糖心vlog官网

TopBuild Reports Second Quarter 2021 Results

• 29.1% increase in net sales
• 150 bps gross margin expansion, 140 bps on an adjusted basis
• 15.4% operating margin, 15.6% on an adjusted basis, up 270 bps
• $2.72 net income per diluted share, $2.76 on an adjusted basis
• 18.0% adjusted EBITDA margin, 18.4% on a same branch basis

Announces New $200 Million Share Repurchase Program

DAYTONA BEACH, Fla., Aug. 03, 2021 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), a leading installer and distributor of insulation and building material products today reported results for the听second quarter ended June 30, 2021.

Robert Buck, President and Chief Executive Officer, stated, 鈥淲e are very pleased with our second quarter results. Top line growth was strong and operating margins expanded at both business segments. Our solid performance demonstrates our team鈥檚 ability to successfully manage pricing in conjunction with multiple material cost increases as well as productivity in a labor and material constrained market.

鈥淟ooking ahead, we expect the residential housing market to remain solid and the commercial market to continue to strengthen. Our focus will remain on driving profitable growth and creating long-term value for our stakeholders.鈥�

Second Quarter Financial Highlights
(unless otherwise indicated, comparisons are to the quarter ended June 30, 2020)

• Net sales increased 29.1% to $834.3. million, 18.3% on a same branch basis, primarily driven by increases in both price and volume as well as M&A.
• Gross margin increased 150 basis points to 29.1%. On an adjusted basis, gross margin increased 140 basis points to 29.2%.
• Operating profit was $128.3 million, compared to operating profit of $80.5 million, a 59.5% improvement. On an adjusted basis, operating profit was $129.9 million, compared to $83.5 million, a 55.5% improvement.
• Operating margin was 15.4%, up 290 basis points. Adjusted operating margin improved 270 basis points to 15.6%.
• Net income was $90.4 million, or $2.72 per diluted share, compared to $55.5 million, or $1.67 per diluted share. Adjusted income was $91.6 million, or $2.76 per diluted share, compared to $55.7 million, or $1.68 per diluted share.
• Adjusted EBITDA was $149.8 million, compared to $107.8 million, a 39.1% increase, and adjusted EBITDA margin improved 130 basis points to 18.0%.
  
  
• At June 30, 2021, the Company had cash and cash equivalents of $261.7 million and availability under its revolving credit facility of $378.8 million for total liquidity of $640.5 million.

Six Month Financial Highlights
(unless otherwise indicated, comparisons are to six months ended June 30, 2020)

• Net sales increased 21.4% to $1,577.1 million. On a same branch basis, revenue increased 13.9% to $1,479.4 million.
• Gross margin expanded 110 basis points to 28.0%. On an adjusted basis, gross margin expanded 90 basis points to 28.0%.
• Operating profit was $224.2 million, compared to operating profit of $150.4 million, a 49.0% improvement. On an adjusted basis, operating profit was $227.1 million, compared to $153.8 million, a 47.7% improvement.
• Operating margin was 14.2%, and 14.4% on an adjusted basis, a 260-basis point improvement.
• Net income was $150.2 million, or $4.53 per diluted share, compared to $106.3 million, or $3.18 per diluted share. Adjusted income was $158.7 million, or $4.78 per diluted share, compared to $101.6 million, or $3.04 per diluted share.
  
  
• Adjusted EBITDA was $265.7 million, compared to $196.1 million, a 35.5% increase. Adjusted EBITDA margin was 16.8%, a 170-basis point improvement.

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended June 30, 2020)

Capital Allocation

Acquisitions
Three companies were acquired in the second quarter, American Building Systems, Creative Conservation and RJ Insulation. Combined, they are expected to generate approximately $155 million of revenue on a pro forma full year basis. Year-to-date, the Company has acquired five companies which are expected to generate approximately $221 million of revenue on a pro forma, full year basis.

鈥淢&A remains our number one capital allocation priority. Our prospects center around our core of insulation and related adjacent products that will further strengthen our industry leadership position. Our pipeline is robust, and we expect to stay very busy on this front through the remainder of the year,鈥� added Buck.

鈥淥ur strong balance sheet and cash flows also provide us with the flexibility to continue our history of share repurchases, and we are pleased to announce another $200 million share repurchase program.鈥�

Share Repurchase Program
In the second quarter, the Company repurchased 73,747 shares at an average price of $192.30 per share. Year-to-date, the Company has repurchased 123,031 shares at an average price of $195.38 per share.

The Company also announced that its Board of Directors has approved an additional share repurchase program whereby the Company may purchase up to $200 million of its common stock. Repurchases will be made from cash on hand as well as from a portion of the free cash flow expected to be generated from the business. The program may be suspended or discontinued at any time.

2021 Outlook

Sales and Adjusted EBITDA Guidance ⁽¹⁾

*See table for adjusted EBITDA reconciliation.

Assumptions ⁽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.

Conference Call
A conference call to discuss second quarter 2021 financial results is scheduled for today, Tuesday, August 3, 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 .

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 approximately 235 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 at .

Safe Harbor Statement
Statements contained herein reflect our views about future periods, including our future plans and performance, constitute 鈥渇orward-looking statements鈥� under the Private Securities Litigation Reform Act of 1995.听 Forward-looking statements can be identified by 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.听 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 We caution you against unduly relying on any of these forward-looking statements.听 Our future performance may be affected by the duration and impact of the COVID-19 pandemic on the United States economy, specifically with respect to residential and commercial construction; our ability to continue operations in markets affected by the COVID-19 pandemic and our ability to collect receivables from our customers; our reliance on residential new construction, residential repair/remodel, and commercial construction; our reliance on third-party suppliers and manufacturers; our ability to attract, develop, and retain talented personnel and our sales and labor force; our ability to maintain consistent practices across our locations; and our ability to maintain our competitive position.听 We discuss the material risks we face under the caption entitled 鈥淩isk Factors鈥� in our Annual Report for the year ended December听31,听2020, as filed with the SEC on February 23, 2021, as well as under the caption entitled 鈥淩isk Factors鈥� in subsequent reports that we file with the SEC.听 Our forward-looking statements in this filing speak only as of the date of this filing.听 Factors or events that could cause our actual results to differ may emerge from time to time and it is not possible for us to predict all of them.听 Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise.听 The Company believes that the non-GAAP performance measures and ratios that are contained herein, which management uses to manage our business, provide users of this financial information with additional meaningful comparisons between current results and results in our prior periods.听 Non-GAAP performance measures and ratios should be viewed in addition, and not as an alternative, to the Company's reported results under accounting principles generally accepted in the United States.听 Additional information about the Company is contained in the Company's filings with the SEC and is available on TopBuild's website at .

糖心vlog官网 and Media Contact
Tabitha Zane

386-763-8801

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Released August 3, 2021