糖心vlog官网

TopBuild Reports Second Quarter 2019 Results

• 8.9% increase in net sales
• 260 bps gross margin expansion
• 11.5% operating margin, 11.6% on an adjusted basis, up 210 bps
• $1.51 net income per diluted share, $1.43 on an adjusted basis
• 33.2% increase in adjusted EBITDA
• 260 basis point increase in adjusted EBITDA margin to 14.2%

DAYTONA BEACH, Fla., Aug. 01, 2019 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), a leading installer and distributor of insulation and building material products today reported results for the second quarter ended June 30, 2019.听

Jerry Volas, Chief Executive Officer, stated, 鈥�TopBuild reported another strong quarter, led by TruTeam鈥檚 growth in both commercial and residential new construction.听 Operating margins at TruTeam and Service Partners expanded as we continue to drive operational efficiencies throughout our Company.听

鈥淥nce again, our results demonstrate the strengths of our uniquely diversified business model, along with our focus on profitable growth.听 We look forward to a solid second half of the year.鈥�

Second Quarter Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended June 30, 2018)

• Net sales increased 8.9% to $660.1 million, primarily driven by acquisitions and increased selling prices in both operating segments. 听Same branch contributed 95.2% of total revenue.
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• Gross margin increased 260 basis points to 26.5%.听
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• Operating profit was $76.0 million, compared to operating profit of $43.7 million.听 On an adjusted basis, operating profit was $76.4 million, compared to $57.8 million, a 32.2% improvement.
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• Operating margin was 11.5%, up 430 basis points.听 Adjusted operating margin improved 210 basis points to 11.6%.
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• Net income was $52.1 million, or $1.51 per diluted share, compared to $27.2 million, or $0.76 per diluted share. Adjusted income was $49.5 million, or $1.43 per diluted share, compared to $36.9 million, or $1.03 per diluted share.听
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• Adjusted EBITDA was $94.0 million, compared to $70.6 million, a 33.2% increase, and adjusted EBITDA margin improved 260 basis points to 14.2%.听
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• Incremental EBITDA margin was 43.3%.听听 On a same branch basis, adjusted EBITDA was $87.7 million, a 24.3% increase, and incremental EBITDA margin was 76.3%.听
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• At June 30, 2019, the Company had cash and cash equivalents of $141.8 million and availability under its revolving credit facility of $187.1 million for total liquidity of $328.9 million.

Six Month Financial Highlights

(unless otherwise indicated, comparisons are to six months ended June 30, 2018)

• Net sales increased 16.6% to $1,279.4 million. On a same branch basis, revenue increased 5.2% to $1,154.5 million.听
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• Gross margin expanded 250 basis points to 25.8%.
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• Operating profit was $132.7 million, compared to operating profit of $77.6 million.听听 On an adjusted basis, operating profit was $135.5 million, compared to $96.0 million, a 41.2% improvement.
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• Operating margin was 10.4%.听 On an adjusted basis, operating margin improved 190 basis points to 10.6%.听
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• Net income was $90.0 million, or $2.60 per diluted share, compared to $53.5 million, or $1.49 per diluted share.听 Adjusted income was $86.1 million, or $2.49 per diluted share, compared to $63.1 million, or $1.76 per diluted share.听
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• Adjusted EBITDA was $168.6 million, compared to $116.6 million, a 44.6% increase.听 Adjusted EBITDA margin was 13.2%, a 260-basis point improvement.
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• Incremental EBITDA margin was 28.6%. 听On a same branch basis, adjusted EBITDA grew 24.3% to $144.9 million and incremental EBITDA margin was 49.5%.听

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended June 30, 2018)

Capital Allocation
Acquisitions
On July 15, the Company acquired Viking Insulation based in Burbank, California.听 Viking focuses on fiberglass installation in a wide variety of light commercial and residential projects.听 For the trailing twelve months ended March 31, 2019, Viking generated approximately $9.0 million in revenue.听

Volas stated, 鈥淰iking Insulation is an outstanding addition to TruTeam.听 Viking has operated in Southern California for 35 years with strong customer relationships throughout the region.听 Acquisitions remain our top capital allocation priority.听 Our dedicated M&A team is working with a healthy pipeline of prospects, some of which we expect will become valuable additions to TopBuild over the next several quarters.鈥�

Share Repurchases
In the second quarter of 2019, the Company repurchased 196,885 shares at an average price of $75.57 per share.听 These shares were purchased as part of the Company鈥檚 $200 million share repurchase authorization announced on February 26, 2019.听 As of June 30, 2019, approximately $180 million of the $200 million authorization remained.

2019 Revenue and Adjusted EBITDA Outlook
The Company has lowered its outlook for housing starts for 2019 to a range of 1.23 million to 1.27 million from the previous range of 1.26 million to 1.3 million starts.听 Accordingly, the high end of the Company鈥檚 revenue outlook has been lowered by $30 million while the low end of its revenue range remains unchanged.听 The Company has also raised the low and high end of its adjusted EBITDA outlook by $15 million and $5 million, respectively.听听

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 2019 results to differ materially from TopBuild鈥檚 current expectations are discussed below and are also detailed in the Company鈥檚 2018 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 second quarter 2019 financial results is scheduled for today, Thursday, August 1, at 9:00 a.m. Eastern Time.听 The call may be accessed by dialing (888) 225-2706.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., a Fortune 1000 Company 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 close to 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, 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

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Released August 1, 2019