糖心vlog官网

TopBuild Reports Second Quarter 2023 Results

• Sales increased 3.4% to $1.3 billion
• Gross margin expanded 190 basis points to 32.0%
• Adjusted EBITDA margin expanded 190 basis points to 20.9%

DAYTONA BEACH, Fla., Aug. 03, 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 second quarter ended June 30, 2023.

Robert Buck, President and Chief Executive Officer, stated, 鈥淭opBuild once again delivered strong operating results, as we continue to benefit from a favorable operating environment and maintain our focus on driving improvements at both business segments, Installation and Specialty Distribution. We are also encouraged by the increasing optimism we are hearing from the homebuilders.

鈥淥ur commercial and industrial business performance remains strong, with a solid backlog of projects and continued robust bidding activity. We are particularly pleased with how well our Installation branches have successfully grown their light commercial work in their respective regions and believe this will continue to be a growth driver over the long term.鈥�

Second Quarter 2023 Financial Highlights ($ in 000s)
(comparisons are to the quarter ended June 30, 2022)

Six Month Financial Highlights ($ in 000s)
(comparisons are to the six months ended June 30, 2022)

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended June 30, 2022)

Capital Allocation

鈥淲e are pleased with our progress to date on the acquisition front, welcoming three profitable and well-managed companies to the TopBuild family. In late July we also announced that we had signed an agreement to acquire SPI, a leading specialty distributor generating approximately $703 million in annual revenue. This acquisition will further enhance our growth platform in the three end-markets we serve and increase our recurring revenue stream from maintenance and repair operations.鈥� added Buck.

Year-to-date the Company has completed three acquisitions; SRI Holdings, Best Insulation, and Rocky Mountain Spray Foam which, combined, are expected to contribute approximately $170 million of annual revenue.

2023 Outlook

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

*See table for adjusted EBITDA reconciliation.

⁽¹⁾ This outlook reflects management鈥檚 current view of present and future market conditions and are based on assumptions such as housing starts and completions, 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 2022 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 second quarter 2023 financial results is scheduled for today, Thursday, August 3, 2023, 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., 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 which has approximately 235 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 170 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.

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Released August 3, 2023