糖心vlog官网

TopBuild Reports Third Quarter 2018 Results

• Net Sales increase 32.4%
  
• Gross Margin Expands 30 Basis Points
• 10.2% Operating Margin, 10.7% on an Adjusted Basis, up 40 Basis Points
• $1.19 Net Income per diluted share, $1.23 on an Adjusted Basis
• Adjusted EBITDA Increases 46.4%, Margin Expands 120 Basis Points听 听 听 听 听 听 听听

Raises 2018 Revenue and EBITDA Outlook
Announces $50 Million Accelerated Share Repurchase

DAYTONA BEACH, Fla., Nov. 06, 2018 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), the leading installer and distributor of insulation and building material products today reported results for the third quarter ended September 30, 2018.听

Jerry Volas, Chief Executive Officer, stated, 鈥淲e continue our track record of consistently delivering excellent top and bottom line results.听 Profitable growth remains the key focus for TopBuild.听 Demand is healthy and we expect a strong finish to 2018.听 We are also encouraged by strong housing market fundamentals which should drive growth over the next several years. Our unique operating model and our national scale are significant competitive advantages that enable growth in any environment.鈥�

Third Quarter Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended September 30, 2017)

• Net sales increased 32.4% to $647.3 million, primarily driven by acquisitions, sales volume growth and price in both operating segments. On a same branch basis, revenue increased 10.2% to $538.8 million.听
  听
• Gross margin expanded 30 basis points to 25.0%.
  听
• Operating profit was $66.2 million, compared to $49.6 million.听 On an adjusted basis, operating profit was $69.5 million, compared to $50.3 million, a 38.2% improvement.
  听
• Operating margin was 10.2%, up 10 basis points.听 Adjusted operating margin improved 40 basis points to 10.7%.
  听
• Net income was $42.7 million, or $1.19 per diluted share, compared to $31.4 million, or $0.88 per diluted share. Adjusted net income was $44.0 million, or $1.23 per diluted share, compared to $29.7 million, or $0.83 per diluted share.
  听
• Adjusted EBITDA was $84.3 million, compared to $57.6 million, a 46.4% increase, and adjusted EBITDA margin improved 120 basis points to 13.0%.听 Incremental adjusted EBITDA margin was 16.9%.
  听
• On a same branch basis, adjusted EBITDA was $68.2 million, a 18.5% increase, adjusted EBITDA margin was 12.7%, and incremental adjusted EBITDA margin was 21.4%.听
  听
• The three acquisitions completed in 2018 contributed $108.5 million of revenue and adjusted EBITDA margin was 14.8%.
  听
• At September 30, 2018, the Company had cash and cash equivalents of $93.5 million, availability under its revolving credit facility of $190.7 million for total liquidity of $284.2 million.

Nine Month Financial Highlights

(unless otherwise indicated, comparisons are to nine months ended September 30, 2017)

• Net sales increased 24.2% to $1,744.7 million. On a same branch basis, revenue increased 9.2% to $1,533.7 million.听
  听
• Gross margin declined 10 basis points to 24.0%.
  听
• Operating profit was $143.8 million, compared to operating profit of $86.9 million.听 On an adjusted basis, operating profit was $165.5 million, compared to $121.0 million, a 36.7% improvement.
  听
• Operating margin was 8.2%, up 200 basis points.听 Adjusted operating margin improved 90 basis points to 9.5%.听
  听
• Net income was $96.2 million, or $2.69 per diluted share, compared to $53.1 million, or $1.44 per diluted share.听 Adjusted net income was $107.1 million, or $2.99 per diluted share, compared to $71.6 million, or $1.94 per diluted share.听
  听
• Adjusted EBITDA was $200.8 million, compared to $139.7 million, a 43.8% increase, and adjusted EBITDA margin improved 160 basis points to 11.5%. 听听Incremental EBITDA margin was 18.0%.
  听
• On a same branch basis, adjusted EBITDA was $172.9 million, a 23.8% increase, adjusted EBITDA margin was 11.3%, and incremental EBITDA margin was 25.8%.

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended September 30, 2017)

Capital Allocation
Acquisitions
Year-to-date, the Company has completed three acquisitions, two concentrating on residential insulation as well as a distributor of insulation accessories.听 Combined, these acquisitions are expected to generate approximately $410 million of incremental revenue on an annual basis.

Volas stated, 鈥�The integration of USI is proceeding extremely well. Having successfully combined our supply chains, corporate groups and back office operations, we will now turn our attention to maximizing the scale and effectiveness of our national footprint.鈥�

Share Repurchases
In the third quarter, the Company spent approximately $9.5 million to repurchase 142,780 shares of its common stock.听 In October 2018, the Company spent approximately $5.1 million to repurchase 100,412 shares of its common stock.

Additionally, the Company intends to enter into an agreement to repurchase $50 million of its common stock under an accelerated share repurchase (ASR) program. This ASR is part of TopBuild鈥檚 $200 million share repurchase authorization announced on February 28, 2017. Since January 1, 2016, through September 30, 2018, the Company has repurchased approximately 3.2 million shares of its common stock.听

鈥淲e are also pleased to initiate our second accelerated share repurchase, demonstrating our Board鈥檚 confidence in TopBuild鈥檚 present and future growth,鈥� added Volas.

2018 Revenue and Adjusted EBITDA Outlook
The Company has raised the low end of revenue and adjusted EBITDA by $25 million and $9 million, respectively, and the high end of revenue and adjusted EBITDA by $5 million and $2 million, respectively.

This outlook reflects management鈥檚 current view of present and future market conditions and is based on additional assumptions such as general and administrative expenses, weighted average diluted shares outstanding and interest rates.听 It 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

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 third quarter 2018 financial results is scheduled for today, Tuesday, November 6, at 9:00 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 . 听

About TopBuild
糖心vlog官网., 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 over 200 branches, and through Service Partners^庐 which distributes insulation and building material products 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, 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 the Company鈥檚 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.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. 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 statements 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. 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

听

听

听

听

听

听

听

Released November 6, 2018