糖心vlog官网

TopBuild Reports Fourth Quarter and Year-End 2022 Results

Fourth Quarter Highlights

• Sales increase 18.9% to $1.3 billion, with same branch revenue increasing 14.2%
• Net income increases 83.6% to $143.8 million, or $4.52 per diluted share
• Adjusted EBITDA margin expands 170 basis points to 18.8%

Full Year Highlights

• Sales increase 43.7% to $5.0 billion, with same branch revenue increasing 18.8%
• Net income increases 71.6% to $556.0 million, or $17.14 per diluted share
• Adjusted EBITDA margin expands 140 basis points to 18.8%

Provides 2023 Sales, Adjusted EBITDA Guidance and Assumptions

DAYTONA BEACH, Fla., Feb. 23, 2023 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada today reported results for the fourth quarter and full-year ended December 31, 2022.

Robert Buck, President and Chief Executive Officer, stated, 鈥�We closed 2022 with a solid fourth quarter, completing another outstanding year for TopBuild. The TopBuild team delivered on our objective of achieving strong top and bottom-line growth as our unique operating model continues to differentiate TopBuild, giving us distinct competitive advantages in the three end-markets we serve.

鈥淭hroughout 2022, the TopBuild team demonstrated profitable growth, benefitting from a relentless focus on improving operational efficiencies and leveraging fixed costs. We also successfully integrated DI and demonstrated improved operating results with this key acquisition.

鈥淭opBuild鈥檚 unique operating model continues to enable our ability to outperform in any environment. Since 2018, revenue has doubled, growing at a compounded annual rate of 20% and our adjusted EBITDA margin has expanded 690 basis points.

鈥淟ooking at 2023 and beyond, we see multiple avenues of growth available to us. We have a strong track record of executing on our plan, producing solid results, and creating value for our shareholders.鈥�

Fourth Quarter Financial Highlights

(comparisons are to the quarter ended December 31, 2021)

Full Year 2022 Financial Highlights

(comparisons are to twelve months ended December 31, 2021)

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended December 31, 2021)

Capital Allocation
鈥淲e remain focused on acquiring quality installation and specialty distribution companies that fit within our core insulation businesses. Disciplined identification, analysis, and integration of strategic acquisitions are core competencies as evidenced by our successful track record.

鈥淥ver the past five years we have acquired 24 companies that are contributing approximately $1.6 billion of annual revenue,鈥� added Buck.

Acquisitions
In 2022, the Company acquired five residential insulation installation companies which are expected to generate over $17 million in annual revenue. They are listed in the chart below.

On January 26, 2023, the Company acquired SRI Holdings, a residential insulation installation company founded in 2012, which generated annual revenue of approximately $62 million for the twelve months ended November 30, 2022.

Share Repurchases
In 2022, the Company repurchased a total of 1,390,667 shares of its common stock for approximately $250.0 million.

2023 Outlook

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

*See table for adjusted EBITDA reconciliation.

Assumptions⁽¹⁾听听 听听

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

Conference Call
A conference call to discuss fourth quarter 2022 financial results is scheduled for today, Thursday, 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 www.topbuild.com. In addition, a copy of management鈥檚 formal remarks and a presentation that summarizes management鈥檚 formal remarks will be available immediately prior to the conference call on www.topbuild.com.

About TopBuild
糖心vlog官网., 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 Installation segment,听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 .

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.听 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 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� 鈥渕ay,鈥� 鈥減roject,鈥� 鈥渆stimate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 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

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Released February 23, 2023