糖心vlog官网

TopBuild Reports Third Quarter 2020 Results

• 2.2% increase in net sales
• 210 basis point gross margin expansion to 28.4%
• 280 basis point operating margin expansion to 14.6%
• 270 basis point adjusted EBITDA margin expansion to 17.1%
• $2.11 net income per diluted share
  

DAYTONA BEACH, Fla., Nov. 03, 2020 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products today reported results for the third quarter ended September 30, 2020.

Jerry Volas, Chief Executive Officer, stated, 鈥�We are pleased with our overall results that included strong adjusted operating and EBITDA margins. Our team continues to do an outstanding job of generating profitable growth. Sales at TruTeam were adversely impacted by our commercial business where some projects have been delayed due to COVID-19 safety protocols.

鈥淟ooking ahead, we are bullish on the overall fundamentals of our end markets and our ability to leverage our size and scale to drive market share.鈥�

Third Quarter Financial Highlights
(unless otherwise indicated, comparisons are to the quarter ended September 30, 2019)

• Net sales increased 2.2% to $697.2 million, driven by increased volume and sales from acquisitions.
  
• Gross margin increased 210 basis points to 28.4%.
  
• Operating profit was $101.5 million, compared to operating profit of $80.4 million. On an adjusted basis, operating profit was $101.7 million, compared to $80.6 million, a 26.2% improvement.
  
• Operating margin, both reported and adjusted, was 14.6%, up 280 basis points.
  
• Net income was $70.0 million, or $2.11 per diluted share, compared to $55.0 million, or $1.60 per diluted share. Adjusted income was $69.6 million, or $2.10 per diluted share, compared to $52.7 million, or $1.53 per diluted share.
  
• Adjusted EBITDA was $119.2 million, compared to $98.0 million, a 21.6% increase, and adjusted EBITDA margin improved 270 basis points to 17.1%.
  
  
• At September 30, 2020, the Company had cash and cash equivalents of $315.3 million and availability under its revolving credit facility of $389.6 million for total liquidity of $704.9 million.
  

Nine Month Financial Highlights
(unless otherwise indicated, comparisons are to nine months ended September 30, 2019)

• Net sales increased 1.8% to $1,996.6 million.
  
• Gross margin expanded 150 basis points to 27.5%.
  
• Operating profit was $252.0 million, compared to operating profit of $213.1 million. On an adjusted basis, operating profit was $255.5 million, compared to $216.1 million, a 18.2% improvement.
  
• Operating margin was 12.6% a 170-basis point improvement. On an adjusted basis, operating margin improved 180 basis points to 12.8%.
  
• Net income was $176.3 million, or $5.29 per diluted share, compared to $145.0 million, or $4.20 per diluted share. Adjusted income was $171.2 million, or $5.14 per diluted share, compared to $138.8 million, or $4.02 per diluted share.
  
  
• Adjusted EBITDA was $315.3 million, compared to $266.5 million, a 18.3% increase. Adjusted EBITDA margin was 15.8%, a 220-basis point improvement.
  

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended September 30, 2019)

Capital Allocation
Acquisitions
On October 1, 2020, the Company completed the acquisition of Garland Insulating, one of the largest locally owned and operated insulation installation companies in Texas. Garland generated approximately $60 million in revenue for the trailing twelve months ended June 30, 2020.

鈥淎cquisitions continue to be our number one capital allocation priority. Garland Insulating, which has a great reputation, strong customer base and outstanding leadership, is a good example of the type of quality companies we have in our pipeline,鈥� noted Volas.

Year-to-date, the Company has announced three acquisitions, which combined, are expected to generate approximately $79 million in annual revenue.

Share repurchases
In the third quarter of 2020, the Company repurchased 57,810 shares at an average price of $155.63 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 September 30, 2020, $46 million of the $200 million authorization remained.

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 2020 financial results is scheduled for today, Tuesday, November 3, 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 鈥淚nvestors鈥� section of the Company鈥檚 website at .

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. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. 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 鈥淚nvestors鈥� at .

Safe Harbor Statement
Statements contained herein reflect our views about future periods, including our future plans and performance, constitute 鈥渇orward-looking statements鈥� under the Private Securities Litigation Reform Act of 1995.听 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� 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 We caution you against unduly relying on any of these forward-looking statements.听 Our future performance may be affected by the duration and impact of the COVID-19 pandemic on the United States economy, specifically with respect to residential and commercial construction; our ability to continue operations in markets affected by the COVID-19 pandemic and our ability to collect receivables from our customers; our reliance on residential new construction, residential repair/remodel, and commercial construction; our reliance on third-party suppliers and manufacturers; our ability to attract, develop, and retain talented personnel and our sales and labor force; our ability to maintain consistent practices across our locations; and our ability to maintain our competitive position.听 We discuss the material risks we face under the caption entitled 鈥淩isk Factors鈥� in our Annual Report for the year ended December听31,听2019, as filed with the SEC on February 25, 2020, as well as under the caption entitled 鈥淩isk Factors鈥� in subsequent reports that we file with the SEC.听 Our forward-looking statements in this filing speak only as of the date of this filing.听 Factors or events that could cause our actual results to differ may emerge from time to time and it is not possible for us to predict all of them.听 Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise.听 The Company believes that the non-GAAP performance measures and ratios that are contained herein, which management uses to manage our business, provide users of this financial information with additional meaningful comparisons between current results and results in our prior periods. Non-GAAP performance measures and ratios should be viewed in addition, and not as an alternative, to the Company's reported results under accounting principles generally accepted in the United States. Additional information about the Company is contained in the Company's filings with the SEC and is available on TopBuild's website at .

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Released November 3, 2020