糖心vlog官网

TopBuild Reports Third Quarter 2021 Results

• 21.3% increase in net sales

• 120 basis point gross margin expansion to 29.6%

• 120 basis point operating margin expansion to 15.8%, 170 basis points on an adjusted basis

• 160 basis point adjusted EBITDA margin expansion to 18.7%

DAYTONA BEACH, Fla., Nov. 02, 2021 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), a leading installer and specialty distributor of insulation and building material products to the North American construction industry today reported results for the third quarter ended September 30, 2021.

Robert Buck, President and Chief Executive Officer, stated, 鈥�We are pleased with our overall results, particularly in this challenging environment characterized by supply chain disruptions and labor shortages across the entire construction industry. These market imbalances have impacted homebuilders鈥� ability to meet the continuing strong consumer demand, constraining growth for the entire industry.

鈥淥ur teams continue to do an excellent job managing inputs costs and pricing as evidenced by our strong EBITDA margin expansion this quarter.

鈥淟ooking ahead, we are confident in the overall fundamentals of our three end-markets; residential, commercial, and industrial, and our ability to leverage our size, scale, and operational excellence to continue to drive profitable growth.鈥�

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

• Net sales increased 21.3% to $845.8 million, 10.6% on a same branch basis, primarily driven by price and acquisitions.
• Gross margin increased 120 basis points to 29.6%.
• Operating profit was $133.8 million, compared to operating profit of $101.5 million. On an adjusted basis, operating profit was $137.4 million, compared to $101.7 million, a 35.2% improvement.
• Operating margin increased 120 basis points, and on an adjusted basis expanded 170 basis points to 16.3%.
• Net income was $95.4 million, or $2.88 per diluted share, compared to $70.0 million, or $2.11 per diluted share. Adjusted income was $97.7 million, or $2.95 per diluted share, compared to $69.6 million, or $2.10 per diluted share.
• Adjusted EBITDA was $158.2 million, compared to $119.2 million, a 32.8% increase, and adjusted EBITDA margin improved 160 basis points to 18.7%.
• At September 30, 2021, the Company had cash and cash equivalents of $327.9 million and availability under its revolving credit facility of $381.9 million for total liquidity of $709.8 million.

Nine Month Financial Highlights
(unless otherwise indicated, comparisons are to nine months ended September 30, 2020)

• Net sales increased 21.3% to $2,422.8 million.
• Gross margin expanded 100 basis points to 28.5%.
• Operating profit was $358.0 million, compared to operating profit of $252.0 million. On an adjusted basis, operating profit was $364.5 million, compared to $255.5 million, a 42.7% improvement.
• Operating margin was 14.8% a 220-basis point improvement. On an adjusted basis, operating margin improved 220 basis points to 15.0%.
• Net income was $245.7 million, or $7.41 per diluted share, compared to $176.3 million, or $5.29 per diluted share. Adjusted income was $256.4 million, or $7.73 per diluted share, compared to $171.2 million, or $5.14 per diluted share.
• Adjusted EBITDA was $423.9 million, compared to $315.3 million, a 34.4% increase. Adjusted EBITDA margin was 17.5%, a 170-basis point improvement.

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

Capital Allocation
Acquisitions

I = Installation
D = Distribution

Buck added, 鈥淎cquisitions continue to be our number one capital allocation priority and our acquisition of Distribution International has further enhanced our robust M&A pipeline focused on three end-markets: residential, commercial, and industrial. Over the past six years, we have put together a disciplined team to source and integrate deals, and during this timeframe have put almost $2 billion of capital to work for our shareholders.鈥�

Share repurchases
In the third quarter of 2021, the Company repurchased 60,105 shares at an average price of $191.64 per share.听 Year-to-date the Company has repurchased 183,136 shares as an average price of $194.15 per share.

2021 Outlook

Sales and Adjusted EBITDA Guidance ^(*)
($ in millions)

*See table for adjusted EBITDA reconciliation.

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 third quarter 2021 financial results is scheduled for today, Tuesday, November 2, 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., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and building material products to the North American construction industry. We provide insulation solutions and building material installation services through TruTeam which has approximately 235 branches. We distribute building insulation and building product materials for the residential and commercial end-markets through Service Partners and mechanical insulation and other specialty products for the commercial and industrial end-markets through Distribution International. Our specialty distribution network encompasses 175 branches. 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 in February 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. 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. 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

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Released November 2, 2021