TopBuild Reports Third Quarter 2021 Results

11/2/2021, 11:45 AM (Source: GlobeNewswire)
  • 21.3% increase in net sales
  • 120 basis point gross margin expansion to 29.6%
  • 120 basis point operating margin expansion to 15.8%, 170 basis points on an adjusted basis
  • 160 basis point adjusted EBITDA margin expansion to 18.7%

DAYTONA BEACH, Fla., Nov. 02, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and specialty distributor of insulation and building material products to the North American construction industry today reported results for the third quarter ended September 30, 2021.

Robert Buck, President and Chief Executive Officer, stated, We are pleased with our overall results, particularly in this challenging environment characterized by supply chain disruptions and labor shortages across the entire construction industry. These market imbalances have impacted homebuilders’ ability to meet the continuing strong consumer demand, constraining growth for the entire industry.

“Our teams continue to do an excellent job managing inputs costs and pricing as evidenced by our strong EBITDA margin expansion this quarter.

“Looking ahead, we are confident in the overall fundamentals of our three end-markets; residential, commercial, and industrial, and our ability to leverage our size, scale, and operational excellence to continue to drive profitable growth.”

Third Quarter Financial Highlights
(unless otherwise indicated, comparisons are to the quarter ended September 30, 2020)

  • Net sales increased 21.3% to $845.8 million, 10.6% on a same branch basis, primarily driven by price and acquisitions.
  • Gross margin increased 120 basis points to 29.6%.
  • Operating profit was $133.8 million, compared to operating profit of $101.5 million. On an adjusted basis, operating profit was $137.4 million, compared to $101.7 million, a 35.2% improvement.
  • Operating margin increased 120 basis points, and on an adjusted basis expanded 170 basis points to 16.3%.
  • Net income was $95.4 million, or $2.88 per diluted share, compared to $70.0 million, or $2.11 per diluted share. Adjusted income was $97.7 million, or $2.95 per diluted share, compared to $69.6 million, or $2.10 per diluted share.
  • Adjusted EBITDA was $158.2 million, compared to $119.2 million, a 32.8% increase, and adjusted EBITDA margin improved 160 basis points to 18.7%.
  • At September 30, 2021, the Company had cash and cash equivalents of $327.9 million and availability under its revolving credit facility of $381.9 million for total liquidity of $709.8 million.

Nine Month Financial Highlights
(unless otherwise indicated, comparisons are to nine months ended September 30, 2020)

  • Net sales increased 21.3% to $2,422.8 million.
  • Gross margin expanded 100 basis points to 28.5%.
  • Operating profit was $358.0 million, compared to operating profit of $252.0 million. On an adjusted basis, operating profit was $364.5 million, compared to $255.5 million, a 42.7% improvement.
  • Operating margin was 14.8% a 220-basis point improvement. On an adjusted basis, operating margin improved 220 basis points to 15.0%.
  • Net income was $245.7 million, or $7.41 per diluted share, compared to $176.3 million, or $5.29 per diluted share. Adjusted income was $256.4 million, or $7.73 per diluted share, compared to $171.2 million, or $5.14 per diluted share.
  • Adjusted EBITDA was $423.9 million, compared to $315.3 million, a 34.4% increase. Adjusted EBITDA margin was 17.5%, a 170-basis point improvement.

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended September 30, 2020)

TruTeam3 Months Ended
9/30/21
9 Months Ended
9/30/21
 Service Partners3 Months Ended
9/30/21
 9 Months Ended 9/30/21  
Sales $612,900  $1,751,278  Sales $276,398  $801,363  
Change   Change     
Volume 1.9%  5.7%  Volume -5.2%  7.1%  
Price 8.4%  4.9%  Price 16.5%  10.4%  
M&A 14.3%  11.5%  M&A 1.9%  1.3%  
Total Change 24.5%  22.1%  Total Change 13.2%  18.8%  
Operating Margin 17.1%  15.9%  Operating Margin 17.1%  15.6%  
Change20 bps100 bps Change 370 bps  350 bps  
Adj. Operating Margin 17.2%  16.0%  Adj. Operating Margin 17.1%  15.7%  
Change20 bps100 bps Change 370 bps  350 bps  

Capital Allocation
Acquisitions

 TTM Revenue at Month  
YTD 2021Acquisition ($millions)AcquiredBusiness Focus 
LCR Contractors (I) $58.0JanuaryHeavy Commercial/Fireproofing 
Ozark Foam (I) $7.7MarchResidential, primarily spray foam 
American Building Systems (I&D) $144.0AprilResidential (94%) & Distribution (6%) 
Creative Conservation (I) $7.4AprilResidential 
RJ Insulation (I) $4.0JuneResidential, shower doors/mirrors 
Valley Gutter Supply (D) $10.0AugustFabricator & distributor 
California Building Products (I) $18.0OctoberResidential and light commercial 
Distribution International (D) $747.0OctoberFabricator and specialty distributor 
Total  $996.1   

I = Installation
D = Distribution

Buck added, “Acquisitions continue to be our number one capital allocation priority and our acquisition of Distribution International has further enhanced our robust M&A pipeline focused on three end-markets: residential, commercial, and industrial. Over the past six years, we have put together a disciplined team to source and integrate deals, and during this timeframe have put almost $2 billion of capital to work for our shareholders.”

Share repurchases
In the third quarter of 2021, the Company repurchased 60,105 shares at an average price of $191.64 per share.  Year-to-date the Company has repurchased 183,136 shares as an average price of $194.15 per share.

2021 Outlook

Sales and Adjusted EBITDA Guidance (*)
($ in millions)

2021Low High 
Legacy BLD Sales$3,255$3,295 
DI Sales$170$180 
Total Sales$ 3,425$ 3,475 
     
2021Low High 
Legacy BLD Adj. EBITDA*$570$585 
DI Adj. EBITDA$15$20 
Total Adj. EBITDA$ 585$ 605 

*See table for adjusted EBITDA reconciliation.

Additional Information
Quarterly supplemental materials, including a presentation that will be referenced on today’s conference call, are available on the Company’s website at www.topbuild.com.

Conference Call
A conference call to discuss third quarter 2021 financial results is scheduled for today, Tuesday, November 2, 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’s website at www.topbuild.com.

About TopBuild
TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and building material products to the North American construction industry. We provide insulation solutions and building material installation services through TruTeam which has approximately 235 branches. We distribute building insulation and building product materials for the residential and commercial end-markets through Service Partners and mechanical insulation and other specialty products for the commercial and industrial end-markets through Distribution International. Our specialty distribution network encompasses 175 branches. To learn more about TopBuild please visit our website at www.topbuild.com.

Use of Non-GAAP Financial Measures
Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the “adjusted” financial measures presented above, and figures presented on a “same branch basis” are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). 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’s reported results under GAAP. Additional information may be found in the Company’s filings with the Securities and Exchange Commission which are available on TopBuild’s website at www.topbuild.com.

Safe Harbor Statement
Statements contained herein reflect our views about future periods, including our future plans and performance, constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods.  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.  We caution you against unduly relying on any of these forward-looking statements.  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.  We discuss the material risks we face under the caption entitled “Risk Factors” in our Annual Report for the year ended December 31, 2020, as filed with the SEC in February 2021, as well as under the caption entitled “Risk Factors” in subsequent reports that we file with the SEC.  Our forward-looking statements in this filing speak only as of the date of this filing.  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.  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.  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 www.topbuild.com.

Investor Relations and Media Contact
Tabitha Zane
tabitha.zane@topbuild.com

TopBuild Corp.             
Condensed Consolidated Statements of Operations (Unaudited)          
(in thousands, except share and per common share amounts)          
              
  Three Months Ended September 30,  Nine Months Ended September 30,  
  2021  2020  2021  2020  
Net sales $845,757  $697,223     $2,422,810  $1,996,551  
Cost of sales  595,466   498,895   1,731,581   1,448,210  
Gross profit  250,291   198,328   691,229   548,341  
              
Selling, general, and administrative expense  116,485   96,805   333,252   296,372  
Operating profit  133,806   101,523   357,977   251,969  
              
Other income (expense), net:             
Interest expense  (5,503)  (7,692)  (18,210)  (24,711) 
Loss on extinguishment of debt        (13,862)  (233) 
Other, net  66   86   210   648  
Other expense, net  (5,437)  (7,606)  (31,862)  (24,296) 
Income before income taxes  128,369   93,917   326,115   227,673  
              
Income tax expense  (32,934)  (23,921)  (80,457)  (51,407) 
Net income $95,435  $69,996  $245,658  $176,266  
              
Net income per common share:             
Basic $2.91  $2.13  $7.49  $5.35  
Diluted $2.88  $2.11  $7.41  $5.29  
              
Weighted average shares outstanding:             
Basic  32,763,311   32,847,652   32,818,145   33,960,969  
Diluted  33,088,680   33,210,545   33,155,995   33,337,259  
                  


TopBuild Corp.         
Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)         
(dollars in thousands)         
  As of 
  September 30,     December 31,  
ASSETS 2021 2020 
Current assets:         
Cash and cash equivalents $327,906  $330,007  
Receivables, net of an allowance for credit losses of $8,856 at September 30, 2021, and $6,926 at December 31, 2020  516,941   427,340  
Inventories, net  202,018   161,369  
Prepaid expenses and other current assets  21,240   17,689  
Total current assets  1,068,105   936,405  
          
Right of use assets  104,047   83,490  
Property and equipment, net  203,530   180,053  
Goodwill  1,496,737   1,410,685  
Other intangible assets, net  234,872   190,605  
Deferred tax assets, net  2,751   2,728  
Other assets  10,646   11,317  
Total assets $3,120,688  $2,815,283  
          
LIABILITIES         
Current liabilities:         
Accounts payable $382,932  $331,710  
Current portion of long-term debt  23,557   23,326  
Accrued liabilities  141,261   107,949  
Short-term lease liabilities  37,048   33,492  
Total current liabilities  584,798   496,477  
          
Long-term debt  675,567   683,396  
Deferred tax liabilities, net  166,240   168,568  
Long-term portion of insurance reserves  47,775   50,657  
Long-term lease liabilities  71,290   53,749  
Other liabilities  13,307   13,642  
Total liabilities  1,558,977   1,466,489  
          
EQUITY  1,561,711   1,348,794  
Total liabilities and equity $3,120,688  $2,815,283  
          
          
  As of September 30,  
     2021 2020 
Other Financial Data         
Receivable days  45   48  
Inventory days  33   27  
Accounts payable days  75   81  
Receivables, net plus inventories, net less accounts payable $336,027  $267,369  
Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM) †10.3  10.1 
          
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches       
        


TopBuild Corp.       
Condensed Consolidated Statement of Cash Flows (Unaudited)       
(in thousands)       
        
  Nine Months Ended September 30,  
  2021  2020  
Cash Flows Provided by (Used in) Operating Activities:                  
Net income $245,658  $176,266  
Adjustments to reconcile net income to net cash provided by operating activities:       
Depreciation and amortization  51,005   47,527  
Share-based compensation  8,375   12,159  
Loss on extinguishment of debt  13,862   233  
Loss on sale or abandonment of property and equipment  1,410   290  
Amortization of debt issuance costs  1,352   1,103  
Provision for bad debt expense  5,215   5,625  
Loss from inventory obsolescence  1,667   1,908  
Deferred income taxes, net  (1,661)  (709) 
Change in certain assets and liabilities       
Receivables, net  (62,257)  (13,645) 
Inventories, net  (30,115)  4,759  
Prepaid expenses and other current assets  (2,984)  (14,989) 
Accounts payable  47,907   2,152  
Accrued liabilities  30,397   33,436  
Payment of contingent consideration  (22)  (413) 
Other, net  (304)  21  
Net cash provided by operating activities  309,505   255,723  
        
Cash Flows Provided by (Used in) Investing Activities:       
Purchases of property and equipment  (42,320)  (27,206) 
Acquisition of businesses  (205,028)  (21,450) 
Proceeds from sale of property and equipment  298   2,332  
Net cash used in investing activities  (247,050)  (46,324) 
        
Cash Flows Provided by (Used in) Financing Activities:       
Proceeds from issuance of long-term debt  411,250   300,000  
Repayment of long-term debt  (427,563)  (319,168) 
Payment of debt issuance costs  (6,500)  (2,280) 
Taxes withheld and paid on employees' equity awards  (11,511)  (14,781) 
Exercise of stock options  5,952   1,438  
Repurchase of shares of common stock  (35,556)  (43,149) 
Payment of contingent consideration  (628)  (928) 
Net cash used in financing activities  (64,556)  (78,868) 
        
Cash and Cash Equivalents       
(Decrease) increase for the period  (2,101)  130,531  
Beginning of period  330,007   184,807  
End of period $327,906  $315,338  
        
Supplemental disclosure of noncash activities:       
Leased assets obtained in exchange for new operating lease liabilities $51,190  $27,098  
Accruals for property and equipment  580   278  
          


TopBuild Corp.                      
Segment Data (Unaudited)                      
(dollars in thousands)                      
                       
  Three Months Ended September 30,       Nine Months Ended September 30,      
  2021  2020  Change   2021  2020   Change 
TruTeam                      
Sales $612,900  $492,206   24.5%  $1,751,278  $1,434,648   22.1 
                       
Operating profit, as reported $105,046  $83,142        277,748  $213,136      
Operating margin, as reported  17.1 %  16.9 %       15.9 %  14.9 %     
                       
Rationalization charges     9           866      
Acquisition related costs  171           1,283   4      
COVID-19 pay     278        605   916      
Operating profit, as adjusted $105,217  $83,429       $279,636  $214,922      
Operating margin, as adjusted  17.2 %  17.0 %       16.0 %  15.0 %     
                       
Service Partners                      
Sales $276,398  $244,113   13.2%  $801,363  $674,672   18.8 
                       
Operating profit, as reported $47,162  $32,787        125,403  $81,612      
Operating margin, as reported  17.1 %  13.4 %       15.6 %  12.1 %     
                       
Rationalization charges     (161)          783      
COVID-19 pay     15        54   70      
Operating profit, as adjusted $47,162  $32,641       $125,457  $82,464      
Operating margin, as adjusted  17.1 %  13.4 %       15.7 %  12.2 %     
                       
Total                      
Sales before eliminations $889,298  $736,319       $2,552,641  $2,109,320      
Intercompany eliminations  (43,541)  (39,096)       (129,831)  (112,769)     
Net sales after eliminations $845,757  $697,223   21.3%  $2,422,810  $1,996,551   21.3 
                       
Operating profit, as reported - segments $152,208  $115,929       $403,151  $294,748      
General corporate expense, net  (10,812)  (8,032)       (24,124)  (24,610)     
Intercompany eliminations  (7,590)  (6,374)       (21,050)  (18,169)     
Operating profit, as reported $133,806  $101,523       $357,977  $251,969      
Operating margin, as reported  15.8 %  14.6 %       14.8 %  12.6 %     
                       
Rationalization charges     (274)       16   2,102      
Acquisition related costs †  3,634   142        5,844   338      
Refinancing costs                57      
COVID-19 pay     293        659   984      
Operating profit, as adjusted $137,440  $101,684       $364,496  $255,450      
Operating margin, as adjusted  16.3 %  14.6 %       15.0 %  12.8 %     
                       
Share-based compensation  2,998   3,280        8,375   12,317      
Depreciation and amortization  17,784   14,216        51,005   47,527      
EBITDA, as adjusted $158,222  $119,180       $423,876  $315,294      
EBITDA margin, as adjusted  18.7 %  17.1 %       17.5 %  15.8 %     
                       
Sales change period over period  148,534           426,259         
EBITDA, as adjusted, change period over period  39,042           108,582         
Incremental EBITDA, as adjusted, as a percentage of change in sales26.3 %          25.5 %        
                       
† Acquisition related costs include corporate level adjustments as well as segment operating adjustments.                
                       


TopBuild Corp.             
Non-GAAP Reconciliations (Unaudited)             
(in thousands, except share and per common share amounts)            
              
  Three Months Ended September 30,  Nine Months Ended September 30,  
  2021  2020  2021  2020  
Gross Profit and Operating Profit Reconciliations             
              
Net sales $845,757  $697,223  $2,422,810  $1,996,551  
              
Gross profit, as reported $250,291  $198,328  $691,229  $548,341  
              
Rationalization charges     (63)     1,016  
COVID-19 pay     273   592   755  
Gross profit, as adjusted $250,291  $198,538  $691,821  $550,111  
              
Gross margin, as reported  29.6%  28.4%  28.5%  27.5% 
Gross margin, as adjusted  29.6%  28.5%  28.6%  27.6% 
              
Operating profit, as reported $133,806  $101,523  $357,977  $251,969  
              
Rationalization charges     (274)  16   2,102  
Acquisition related costs  3,634   142   5,844   338  
Refinancing costs           57  
COVID-19 pay     293   659   984  
Operating profit, as adjusted $137,440  $101,684  $364,496  $255,450  
              
Operating margin, as reported  15.8%  14.6%  14.8%  12.6% 
Operating margin, as adjusted  16.3%  14.6%  15.0%  12.8% 
              
Income Per Common Share Reconciliation             
              
Income before income taxes, as reported $128,369  $93,917  $326,115  $227,673  
              
Rationalization charges     (274)  16   2,102  
Acquisition related costs  3,634   142   5,844   338  
Refinancing costs and loss on extinguishment of debt        13,862   290  
COVID-19 pay     293   659   984  
Income before income taxes, as adjusted  132,003   94,078   346,496   231,387  
              
Tax rate at 26.0%  (34,321)  (24,460)  (90,089)  (60,161) 
Income, as adjusted $97,682  $69,618  $256,407  $171,226  
              
Income per common share, as adjusted $2.95  $2.10  $7.73  $5.14  
              
Weighted average diluted common shares outstanding  33,088,680   33,210,545   33,155,995   33,337,259  
                  


TopBuild Corp.             
Same Branch and Acquisition Net Sales and Adjusted EBITDA (Unaudited)           
(dollars in thousands)             
              
  Three Months Ended September 30,  Nine Months Ended September 30,  
  2021  2020  2021  2020  
Net sales             
Same branch:             
TruTeam $542,679  $492,206  $1,586,336  $1,434,648  
Service Partners  271,760   244,113   792,834   674,672  
Eliminations  (43,206)  (39,096)  (128,511)  (112,769) 
Total same branch  771,233   697,223   2,250,659   1,996,551  
              
Acquisitions (a):             
TruTeam $70,221  $  $164,942  $  
Service Partners  4,638      8,529     
Eliminations  (335)     (1,320)    
Total acquisitions  74,524      172,151     
Total $845,757  $697,223  $2,422,810  $1,996,551  
              
EBITDA, as adjusted             
Same branch $146,774  $119,180  $400,328  $315,294  
Acquisitions (a)  11,448      23,548     
Total $158,222  $119,180  $423,876  $315,294  
              
EBITDA, as adjusted, as a percentage of sales             
Same branch (b)  19.0%     17.8%    
Acquisitions (c)  15.4%     13.7%    
Total (d)  18.7%  17.1%  17.5%  15.8% 
              
As Adjusted Incremental EBITDA, as a percentage of change in sales             
Same branch (e)  37.3%     33.5%    
Acquisitions (c)  15.4%     13.7%    
Total (f)  26.3%     25.5%    
              
(a) Represents current year impact of acquisitions in their first twelve months             
(b) Same branch EBITDA, as adjusted, as a percentage of same branch sales             
(c) Acquired EBITDA, as adjusted, as a percentage of acquired sales             
(d) Total EBITDA, as adjusted, as a percentage of total sales             
(e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales          
(f) Change in total EBITDA, as adjusted, as a percentage of change in total sales             
              


TopBuild Corp.                
Same Branch and Acquisition Net Sales by Market (Unaudited)            
(in thousands)                
                 
 Three Months Ended September 30,  Nine Months Ended September 30,  
 2021 2020 2021 2020 
Same branch:                
Residential$610,377  $545,688  $1,761,630  $1,557,954  
Commercial 160,856   151,535   489,029   438,597  
Same branch net sales 771,233   697,223   2,250,659   1,996,551  
                 
Acquisitions (a):                
Residential$62,050  $  $140,190  $  
Commercial 12,474      31,961     
Acquisitions net sales 74,524      172,151     
Total net sales$845,757  $697,223  $2,422,810  $1,996,551  
                 
(a) Represents current year impact of acquisitions in their first twelve months            
                 


TopBuild Corp.                   
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)                 
(in thousands)                   
                    
  Three Months Ended September 30, Nine Months Ended September 30,  Trailing Twelve Months Ended 
  2021 2020  2021 2020  September 30, 2021 
Net income, as reported $95,435  $69,996   $245,658  $176,266  $316,415  
Adjustments to arrive at EBITDA, as adjusted:                   
Interest expense and other, net  5,437   7,606    18,000   24,063   25,660  
Income tax expense  32,934   23,921    80,457   51,407   105,117  
Depreciation and amortization  17,784   14,216    51,005   47,527   65,888  
Share-based compensation  2,998   3,280    8,375   12,317   10,968  
Rationalization charges     (274)   16   2,102   12  
Acquisition related costs  3,634   142    5,844   338   6,362  
Refinancing costs and loss on extinguishment of debt         13,862   290   13,862  
COVID-19 pay     293    659   984   1,043  
EBITDA, as adjusted $158,222  $119,180   $423,876  $315,294  $545,327  
                    
Proforma acquisition EBITDA (a)                 105,148  
Proforma combined EBITDA, as adjusted                $650,475  
                    
Net Debt Calculation                   
                    
Long-term debt, gross                $711,694  
Acquisition debt (b)                 807,500  
Total long-term debt, gross                $1,519,194  
                    
Cash and cash equivalents                $327,906  
Acquisition cash, net (c)                 (243,746) 
Total cash and cash equivalents                $84,160  
                    
Net debt, total                $1,435,034  
                    
(a) Represents the trailing twelve months proforma impact of acquisitions completed through the date of this release.        
(b) Represents the trailing twelve months proforma impact of debt incurred to fund the acquisition of Distribution International.        
(c) Represents the trailing twelve months proforma impact of cash used to fund the acquisition of Distribution International.        
                    


TopBuild Corp.                    
Acquisition Adjusted Net Sales (Unaudited)                 
(in thousands)                    
 2020 2021  Trailing Twelve
Months Ended

 
 Q4 Q1 Q2 Q3 September 30, 2021
 
Net Sales$721,487  $742,798  $834,255  $845,757  $3,144,297  
Acquisitions proforma adjustment † 57,830   46,727   4,731   1,336   110,624  
Net sales, acquisition adjusted$779,317  $789,525  $838,986  $847,093  $3,254,921  
                     
                     
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches    
     


TopBuild Corp.        
2021 Estimated Adjusted EBITDA Range (Unaudited)        
(in millions)        
         
 Twelve Months Ending December 31, 2021 
  Low   High  
Estimated net income$273.0  $308.7  
Adjustments to arrive at estimated EBITDA, as adjusted:        
Interest expense and other, net 29.8   27.8  
Income tax expense 95.8   108.4  
Depreciation and amortization 80.6   78.5  
Share-based compensation 11.8   10.8  
Rationalization charges 0.9   0.7  
Acquisition related costs 18.2   16.2  
Refinancing costs and loss on extinguishment of debt 14.9   13.9  
Acquisition purchase accounting, including inventory step-up 60.0   40.0  
Estimated EBITDA, as adjusted$585.0  $605.0  

 

 

 


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