糖心vlog官网

TopBuild Reports First Quarter 2018 Results

DAYTONA BEACH, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), the leading purchaser, installer and distributor of insulation products to the United States construction industry, today reported results for the first quarter ended March 31, 2018.听

Jerry Volas, Chief Executive Officer, stated, 鈥淭opBuild reported another strong quarter in both sales and earnings.听 We are taking full advantage of the ongoing recovery in residential and commercial construction with our national scale as well as our continued focus on improving operational efficiency throughout the Company. 听We are confident that 2018 will be another year of profitable growth.鈥�

First Quarter 2018 Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended March 31, 2017)

• Net Sales increased 11.3% to $491.4 million, primarily driven by sales volume growth in both operating segments. 听Of the 11.3% revenue growth, same branch contributed 6.7%.听
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• Gross margin, impacted by higher material costs, declined 40 basis points to 22.6%.
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• Operating profit was $33.9 million, compared to an operating loss of $3.5 million.听 The first quarter 2017 operating loss was the result of a $30 million legal settlement.听 On an adjusted basis, operating profit was $38.2 million, compared to $28.6 million, a 33.6% improvement.
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• Operating margin was 6.9% compared to (0.8%).听 Adjusted operating margin improved 130 basis points to 7.8%.听
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• Net income was $26.4 million, or $0.74 per diluted share, compared to a net loss of $1.7 million, or $0.05 per diluted share.听 Adjusted net income was $26.2 million, or $0.73 per diluted share, compared to $16.9 million, or $0.46 per diluted share.听
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• Adjusted EBITDA was $46.0 million, compared to $33.9 million, a 35.8% increase and adjusted EBITDA margin was 9.4%, a 170-basis point improvement.听 Incremental EBITDA margin was 24.2%.听 On a same branch basis, compared with prior year total adjusted EBITDA, adjusted EBITDA grew $10.9 million and incremental EBITDA margin was 36.9%.
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• At March 31, 2018, the Company had cash and cash equivalents of $37.3 million, availability under the revolving credit facility of $203.0 million and $100 million under a delayed-draw term loan for total liquidity of $340.3 million.

Operating Segment Highlights ($ in 000s)
(comparisons are to the quarter ended March 31, 2017)

Capital Allocation
Acquisitions
Year-to-date, through May 8, 2018, the Company has completed three acquisitions which are listed below.听 Combined, they are expected to generate approximately $409 million of incremental revenue on an annual basis.

Volas stated, 鈥淪ince closing on our first acquisition in August 2016, we鈥檝e been consistent with regard to our strategy and the types of acquisitions we are seeking.听 We look for profitable, well-managed companies with solid customer bases that expand our market share and revenue quality in high growth regions and are accretive to earnings.听 USI, ADO and Santa Rosa check all of these boxes.鈥�

Share Repurchases
The Company completed the $100 million accelerated share repurchase program announced on May 9, 2017.听 Under the terms of the program, the Company repurchased a total of approximately 1.5 million shares at an average price of $65.74 per share.

The accelerated share repurchase program was completed as part of the Company鈥檚 $200 million share repurchase authorization announced on February 28, 2017 and which expires on February 24, 2019.听 As of May 8, 2018, approximately $65 million of the $200 million authorization remained.听

2018 Revenue and Adjusted EBITDA Outlook, Assumptions and Three-Year Targets

Annual Guidance
(Assumes housing starts between 1.250k and 1.280k,
includes 8 months of expected revenue from USI with $2M to $4M of cost savings synergies)

Assumptions
$75 million of incremental revenue for every 50,000 increase in new housing starts

Three-Year Targets

This outlook reflects management鈥檚 current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, weighted average diluted shares outstanding and interest rates.听 This outlook does not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release.听 Factors that could cause actual 2018 results to differ materially from TopBuild鈥檚 current expectations are discussed below and are also detailed in the Company鈥檚 2017 Annual Report on Form 10-K and subsequent SEC reports.听

2018 ENERGY STAR^庐 Partner of the Year Sustained Excellence Award Received
TopBuild Home Services group received the 2018 ENERGY STAR^庐 Partner of the Year Sustained Excellence Award for continued leadership and superior contributions to ENERGY STAR.听 TopBuild鈥檚 accomplishment was recognized by the U.S. Environmental Protection Agency and the U.S. Department of Energy in Washington, D.C. on April 20, 2018.听 The Company鈥檚 extensively trained Home Energy Raters provide the evaluation, testing and independent verification required to be considered an ENERGY STAR compliant home.听

鈥淲e are honored to once again be recognized for our leadership role in verifying ENERGY STAR compliant homes,鈥� said Volas. 鈥淭opBuild Home Services has been an ENERGY STAR partner for 16 years, working closely with home builders and consumers to create homes that are more comfortable and energy efficient.鈥�

Additional Information

Quarterly supplemental materials, including a presentation that will be referenced on today鈥檚 conference call, are available on the 鈥淚nvestors鈥� section of the Company鈥檚 website at .

Conference Call
A conference call to discuss first quarter 2018 financial results is scheduled for today, Tuesday, May 8, 2018, at 9:30 a.m. Eastern Time.听 The call may be accessed by dialing (800) 920-2997.听 The conference call will be webcast simultaneously on the 鈥淚nvestors鈥� section of the Company鈥檚 website at .

About TopBuild

糖心vlog官网., headquartered in Daytona Beach, Florida, is the leading purchaser, installer and distributor of insulation products to the U.S. construction industry. We provide insulation services nationwide through TruTeam^庐, which has over 215 branches, and through Service Partners^庐 which distributes insulation from over 75 branches.听 We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers.听 To learn more about TopBuild please visit our website at .

Use of Non-GAAP Financial Measures
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�).听 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.听 听We define same branch sales as sales from branches in operation for at least 12 full calendar months.听 Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release. 听Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company鈥檚 reported results under GAAP.听 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 鈥淚nvestors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 and the related assumptions underlying our expected results.听 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.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 publicly 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 May 8, 2018