TopBuild Reports Second Quarter Results


Both segments drive growth, resulting in second quarter sales of $1.37 billion

Delivered gross margin of 31% and adjusted EBITDA margin of 20.3%

Revises 2024 guidance to $5.3 to $5.5 billion in revenue and $1.055 to $1.125 billion in adjusted EBITDA

DAYTONA BEACH, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD) a leading installer and specialty distributor of insulation and building material products to the construction industry in the United States and Canada today reported results for the second quarter ended June 30, 2024.

“We’re pleased with our solid results in the second quarter, as our teams continued to focus on growth and profitability across the business. We grew sales 3.7% to $1.37 billion and delivered adjusted EBITDA of $277.7 million and adjusted EBITDA margin of 20.3%. Excluding the benefit from higher-than-normal multi-family and commercial margins in the second and third quarter of 2023,1 we delivered our highest level of sales and profitability in our history,” said Robert Buck, President and Chief Executive Officer.

“Both segments delivered sales growth in the second quarter, however volume was less than anticipated due to higher interest rates, project delays and supply constraints that continue to impact results across some residential and commercial end markets. Our residential single-family sales continued to improve, and our backlog continues to support our multi-family sales. Commercial and industrial backlogs and bidding activity remain robust.

“The long-term fundamentals for our business are strong, supported by the undersupply of housing in the United States, increasing household formations, the potential for moderating interest rates, and strengthening demand for greater energy efficiency. We expect to continue driving profitable growth and strong free cash flows for TopBuild to reinvest or return to shareholders.

“Year to date, we have completed 6 acquisitions, and our M&A pipeline is very healthy. We are also returning capital to shareholders, and as of June 30, we repurchased approximately 1.25 million shares totaling $505.2 million, underscoring management and our Board’s continued confidence in our future growth and capital allocation approach,” concluded Mr. Buck.

The Company noted that its results for the second quarter of 2023 included an estimated $10 million margin benefit related to certain multi-family/commercial business. In the third quarter of 2023, a similar benefit is estimated to be $15 million.

Financial Highlights

(comparisons are to the periods ended June 30, 2023)

Three Months Ended June 30     
$ in thousandsReported Adjusted
  2024  2023   2024  2023 
Sales$1,365,612 $1,317,262  $1,365,612 $1,317,262 
Gross Profit 423,922  421,800   423,922  421,800 
Gross Margin 31.0% 32.0%  31.0% 32.0%
SG&A 213,530  184,697   185,893  182,597 
SG&A as % of revenue 15.6% 14.0%  13.6% 13.9%
Operating Profit 210,392  237,103   238,029  239,203 
Operating Margin 15.4% 18.0%  17.4% 18.2%
Net Income 150,723  164,400   170,800  166,685 
Net Income per diluted share$4.78 $5.18  $5.42 $5.25 
EBITDA  $277,694 $275,505 
EBITDA Margin   20.3% 20.9%
      
      
      
Six Months Ended June 30     
$ in thousandsReported Adjusted
  2024  2023   2024  2023 
Sales$2,644,329 $2,582,500  $2,644,329 $2,582,500 
Gross Profit 811,072  792,015   811,072  792,015 
Gross Margin 30.7% 30.7%  30.7% 30.7%
SG&A 386,172  355,481   358,609  349,723 
SG&A as % of revenue 14.6% 13.8%  13.6% 13.5%
Operating Profit 424,900  436,534   452,463  442,292 
Operating Margin 16.1% 16.9%  17.1% 17.1%
Net Income 303,104  300,270   323,922  305,045 
Net Income per diluted share$9.56 $9.47  $10.22 $9.62 
EBITDA  $531,513 $513,830 
EBITDA Margin   20.1% 19.9%



Sales Drivers

(comparisons are to the periods ended June 30, 2023)

 Three Months Ended June 30, 2024
 InstallationSpecialty DistributionTopBuild, net of elims
Sales (in millions)$ 851 $ 593 $ 1,366 
Sales Drivers   
Volume  1.0% 0.6% 0.0%
 Price 1.3% 1.3% 1.3%
M&A  3.8% 1.3% 2.9%
 Dispositions -0.9%  -0.6%
Total Sales Change 5.2% 3.2% 3.7%
    
    
 Six Months Ended June 30, 2024
 InstallationSpecialty DistributionTopBuild, net of elims
Sales (in millions)$ 1,650 $ 1,139 $ 2,644 
Sales Drivers   
Volume  0.7% -1.8% -1.0%
 Price 1.2% 1.4% 1.3%
M&A  3.7% 0.9% 2.6%
 Dispositions -0.9%  -0.5%
Total Sales Change 4.7% 0.5% 2.4%
    


Segment Profitability
(comparisons are to the periods ended June 30, 2023)

 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
$ in thousandsInstallationSpecialty Distribution InstallationSpecialty Distribution
Operating Profit$170,718 $89,373  $327,475 $166,951 
Change -0.9% 3.9%  2.6% 4.8%
Operating Margin 20.1% 15.1%  19.9% 14.7%
Adj. Operating Profit$171,006 $89,383  $327,808 $166,211 
Change -0.9% 4.0%  2.5% 4.1%
Adj. Operating Margin 20.1% 15.1%  19.9% 14.6%
Adj. EBITDA$190,036 $104,810  $365,435 $196,907 
Change 0.2% 3.7%  3.3% 3.9%
Adj. EBITDA Margin 22.3% 17.7%  22.2% 17.3%
      


Capital Allocation

2024 Acquisitions
Year to date, the Company has completed the acquisition of 6 insulation companies which are expected to generate approximately $107 million in annual revenue. They are listed in the chart below.

 

 Annual Revenue
Company($ millions) Month Closed 
Brabble Insulation (I)$5.2  February 
Morris Black & Sons (I) 3.8  March 
Pest Control Insulation (D) 25.4  March 
Green Space Insulation (I) 6.0  April 
Insulation Works (I) 28.0  May 
Texas Insulation (I) 38.9  May 
Total$107.3    
I = Installation, D = Specialty Distribution   


Share Repurchases
During the quarter, TopBuild repurchased approximately 1.25 million shares totaling $505.2 million (average price of $405.43 per share). $649.2 million remained under the current authorization.

2024 Outlook2
The Company revised its full year 2024 guidance as indicated below. The sales guidance assumes mid-single digit residential growth and low single digit commercial/industrial growth for the year. The Company noted that the revision largely reflects timing of demand, rather than any underlying changes in the business.

$ in millions  
2024 OutlookLowHigh
Sales$5,300 $5,500 
Adjusted EBITDA*$1,055 $1,125 
   
* See table for Adjusted EBITDA reconciliation.

2 This outlook reflects management’s current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release. A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future and therefore, cannot be reasonably predicted. The effect of these excluded items may be significant. Factors that could cause actual long-term results to differ materially from TopBuild’s current expectations are discussed below and are also detailed in the Company’s most recent Annual Report on Form 10-K and subsequent SEC reports.

Conference Call

A conference call to discuss second quarter 2024 financial results is scheduled for today, Tuesday, August 6, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. A simultaneous webcast of the call, along with management’s formal remarks and a presentation, will be available on the Company’s website at www.topbuild.com shortly before the call begins.

About TopBuild

TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada. We provide insulation installation services nationwide through our Installation segment which has approximately 250 branches located across the United States. We distribute building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses approximately 170 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 under “SEC Filings” at www.topbuild.com.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and our plan to repurchase our common stock under stock repurchase transactions. These forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “may,” “project,” “estimate” 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. Our forward-looking statements contained herein speak only as of the date of this press release. 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 any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

(tables follow)



TopBuild Corp.           
Condensed Consolidated Statements of Operations (Unaudited)         
(in thousands, except share and per common share amounts)         
            
 Three Months Ended June 30, Six Months Ended June 30,
  2024   2023   2024   2023 
Net sales$1,365,612  $1,317,262  $2,644,329  $2,582,500 
Cost of sales 941,690   895,462   1,833,257   1,790,485 
Gross profit 423,922   421,800   811,072   792,015 
            
Selling, general, and administrative expense 213,530   184,697   386,172   355,481 
Operating profit 210,392   237,103   424,900   436,534 
            
Other income (expense), net:           
Interest expense (18,568)  (18,558)  (37,363)  (36,597)
Other, net 11,350   4,605   22,632   6,528 
Other expense, net (7,218)  (13,953)  (14,731)  (30,069)
Income before income taxes 203,174   223,150   410,169   406,465 
            
Income tax expense (52,451)  (58,750)  (107,065)  (106,195)
Net income$150,723  $164,400  $303,104  $300,270 
            
Net income per common share:           
Basic$4.81  $5.20  $9.63  $9.51 
Diluted$4.78  $5.18  $9.56  $9.47 
            
Weighted average shares outstanding:           
Basic 31,324,833   31,599,744   31,483,144   31,575,337 
Diluted 31,524,063   31,731,807   31,693,524   31,722,660 
            



TopBuild Corp.             
Condensed Consolidated Statements of Comprehensive Income (Unaudited)         
(in thousands)             
              
 Three Months Ended June 30, Six Months Ended June 30,
  2024   2023   2024   2023 
Net income$150,723  $164,400  $303,104  $300,270 
Other comprehensive (loss) income:             
Foreign currency translation adjustment (1,836)  4,283   (5,928)  6,037 
Comprehensive income$148,887  $168,683  $297,176  $306,307 
              



TopBuild Corp.       
Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)       
(dollars in thousands)       
 As of
 June 30, 2024 December 31, 2023
ASSETS       
Current assets:       
Cash and cash equivalents$463,221  $848,565 
Receivables, net of an allowance for credit losses of $22,718 at June 30, 2024, and $23,948 at December 31, 2023 859,725   799,009 
Inventories 393,810   364,731 
Prepaid expenses and other current assets 43,550   36,939 
Total current assets 1,760,306   2,049,244 
        
Right of use assets 191,048   204,629 
Property and equipment, net 267,523   264,487 
Goodwill 2,090,788   2,042,568 
Other intangible assets, net 583,141   591,058 
Other assets 10,187   10,865 
Total assets$4,902,993  $5,162,851 
        
LIABILITIES       
Current liabilities:       
Accounts payable$461,139  $469,585 
Current portion of long-term debt 45,665   47,039 
Accrued liabilities 176,753   187,217 
Short-term operating lease liabilities 66,953   65,780 
Short-term finance lease liabilities 1,739   1,917 
Total current liabilities 752,249   771,538 
        
Long-term debt 1,351,969   1,373,028 
Deferred tax liabilities, net 243,790   243,930 
Long-term portion of insurance reserves 60,402   58,783 
Long-term operating lease liabilities 132,529   146,213 
Long-term finance lease liabilities 3,318   4,150 
Other liabilities 1,422   1,554 
Total liabilities 2,545,679   2,599,196 
        
EQUITY 2,357,314   2,563,655 
Total liabilities and equity$4,902,993  $5,162,851 
        
 As of June 30,
 2024 2023
Other Financial Data       
Receivable days 51   50 
Inventory days 39   39 
Accounts payable days 57   64 
Receivables, net plus inventories less accounts payable$792,396  $774,111 
Receivables, net plus inventories less accounts payable as a percent of sales (TTM) † 14.8%  14.9%
        
† 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)     
      
 Six Months Ended June 30,
  2024   2023 
Cash Flows Provided by (Used in) Operating Activities:    
Net income$303,104  $300,270 
Adjustments to reconcile net income to net cash provided by operating activities:     
Depreciation and amortization 69,291   64,652 
Share-based compensation 9,759   6,886 
(Gain)/loss on sale of assets (131)  621 
Amortization of debt issuance costs 1,440   1,440 
Provision for bad debt expense 9,874   4,031 
Provision for inventory obsolescence 4,892   3,290 
Change in certain assets and liabilities:     
Receivables, net (58,411)  (37,247)
Inventories (30,758)  54,623 
Prepaid expenses and other current assets (6,595)  8,897 
Accounts payable (17,480)  (8,806)
Accrued liabilities (13,348)  (13,872)
Other, net (2,509)  1,012 
Net cash provided by operating activities 269,128   385,797 
      
Cash Flows Provided by (Used in) Investing Activities:     
Purchases of property and equipment (35,974)  (30,672)
Acquisition of businesses, net of cash acquired (88,123)  (45,948)
Proceeds from sale of assets 2,150   782 
Net cash used in investing activities (121,947)  (75,838)
      
Cash Flows Provided by (Used in) Financing Activities:     
Repayment of long-term debt (23,873)  (18,829)
Taxes withheld and paid on employees' equity awards (6,059)  (6,350)
Exercise of stock options 3,224   1,497 
Repurchase of shares of common stock (505,241)   
Payment of contingent consideration    (300)
Net cash used in financing activities (531,949)  (23,982)
Impact of exchange rate changes on cash (576)  281 
Net (decrease) increase in cash and cash equivalents (385,344)  286,258 
Cash and cash equivalents - Beginning of period 848,565   240,069 
Cash and cash equivalents - End of period$463,221  $526,327 
      
Supplemental disclosure of noncash activities:     
Leased assets obtained in exchange for new operating lease liabilities$20,180  $26,310 
Accruals for property and equipment 277   1,449 
Excise taxes capitalized to treasury stock 5,202    



TopBuild Corp.                      
Segment Data (Unaudited)                      
(dollars in thousands)                      
                       
 Three Months Ended June 30,     Six Months Ended June 30,    
  2024   2023  Change  2024   2023  Change
Installation                      
Sales$850,983  $809,055   5.2% $1,649,726  $1,576,145   4.7%
                       
Operating profit, as reported$170,718  $172,278      $327,475  $319,176     
Operating margin, as reported 20.1%  21.3%      19.9%  20.3%    
                       
Acquisition related costs 288   227       333   490     
Operating profit, as adjusted$171,006  $172,505      $327,808  $319,666     
Operating margin, as adjusted 20.1%  21.3%      19.9%  20.3%    
                       
Share-based compensation 318   310       648   689     
Depreciation and amortization 18,712   16,791       36,979   33,284     
EBITDA, as adjusted$190,036  $189,606   0.2% $365,435  $353,639   3.3%
EBITDA margin, as adjusted 22.3%  23.4%      22.2%  22.4%    
                       
Specialty Distribution                      
Sales$592,826  $574,488   3.2% $1,138,620  $1,132,862   0.5%
                       
Operating profit, as reported$89,373  $85,980      $166,951  $159,313     
Operating margin, as reported 15.1%  15.0%      14.7%  14.1%    
                       
Rationalization charges           (750)       
Acquisition related costs 10          10   340     
Operating profit, as adjusted$89,383  $85,980      $166,211  $159,653     
Operating margin, as adjusted 15.1%  15.0%      14.6%  14.1%    
                       
Share-based compensation 380   316       813   554     
Depreciation and amortization 15,047   14,740       29,883   29,312     
EBITDA, as adjusted$104,810  $101,036   3.7% $196,907  $189,519   3.9%
EBITDA margin, as adjusted 17.7%  17.6%      17.3%  16.7%    
                       



TopBuild Corp.                   
Adjusted EBITDA (Unaudited)                   
(dollars in thousands)                   
                    
 Three Months Ended June 30,      Six Months Ended June 30,     
  2024   2023   Change    2024   2023   Change 
Total net sales                   
Sales before eliminations$1,443,809  $1,383,543      $2,788,346  $2,709,007     
Intercompany eliminations (78,197)  (66,281)      (144,017)  (126,507)    
Net sales after eliminations$1,365,612  $1,317,262   3.7% $2,644,329  $2,582,500   2.4%
                    
Operating profit, as reported - segments$260,091  $258,258      $494,426  $478,489     
General corporate expense, net (36,859)  (9,957)      (45,926)  (20,786)    
Intercompany eliminations (12,840)  (11,198)      (23,600)  (21,169)    
Operating profit, as reported$210,392  $237,103      $424,900  $436,534     
Operating margin, as reported 15.4 %  18.0 %      16.1 %  16.9 %    
                    
Rationalization charges 258          (492)       
Acquisition related costs † 4,379   2,100       5,055   5,758     
Acquisition termination fee 23,000          23,000        
Operating profit, as adjusted$238,029  $239,203      $452,463  $442,292     
Operating margin, as adjusted 17.4 %  18.2 %      17.1 %  17.1 %    
                    
Share-based compensation 4,632   3,751       9,759   6,886     
Depreciation and amortization 35,033   32,551       69,291   64,652     
EBITDA, as adjusted$277,694  $275,505   0.8% $531,513  $513,830   3.4%
EBITDA margin, as adjusted 20.3 %  20.9      20.1 %  19.9 %    
                    
Sales change period over period 48,350          61,829        
EBITDA, as adjusted, change period over period 2,189          17,683        
Incremental EBITDA, as adjusted, as a percentage of change in sales 4.5 %         28.6 %       
                    
† Acquisition related costs include corporate level adjustments as well as segment operating adjustments          
                    


TopBuild Corp.           
Same Branch and Acquisition Metrics (Unaudited)           
(dollars in thousands)           
            
 Three Months Ended June 30, Six Months Ended June 30,
  2024   2023   2024   2023 
Net sales           
Same branch:           
Installation$820,243  $802,086  $1,592,184  $1,562,737 
Specialty Distribution 585,181   574,488   1,128,626   1,132,862 
Eliminations (78,197)  (66,281)  (144,017)  (126,507)
Total same branch$1,327,227  $1,310,293  $2,576,793  $2,569,092 
            
Acquisitions (a):           
Installation$30,740  $  $57,542  $ 
Specialty Distribution 7,645      9,994    
Total acquisitions 38,385      67,536    
            
Dispositions (b):           
Installation$  $6,969  $  $13,408 
Total dispositions    6,969      13,408 
Total net sales$1,365,612  $1,317,262  $2,644,329  $2,582,500 
            
EBITDA, as adjusted           
Same branch$271,096  $274,113  $521,202  $511,305 
Acquisitions (a) 6,598      10,311    
Dispositions (b)    1,392      2,525 
Total$277,694  $275,505  $531,513  $513,830 
            
EBITDA, as adjusted, as a percentage of sales           
Same branch (c) 20.4%     20.2%   
Acquisitions (d) 17.2%     15.3%   
Total (e) 20.3%  20.9% 20.1%  19.9%
            
As Adjusted Incremental EBITDA, as a percentage of change in sales           
Same branch (f) NM      128.5    
Acquisitions (d) 17.2%     15.3%   
Total (g) 4.5%     28.6%   
            
(a) Represents current year impact of acquisitions in their first twelve months
(b) Represents operating results in prior period previously classified as same branch
(c) Same branch metric, as adjusted, as a percentage of same branch sales
(d) Acquired metric, as adjusted, as a percentage of acquired sales
(e) Total EBITDA, as adjusted, as a percentage of total sales
(f) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales
(g) Change in total EBITDA, as adjusted, as a percentage of change in total sales
NM Not Meaningful



TopBuild Corp.           
Non-GAAP Reconciliations (Unaudited)           
(in thousands, except share and per common share amounts)           
            
 Three Months Ended June 30, Six Months Ended June 30,
  2024   2023   2024   2023 
Gross Profit Reconciliation           
            
Net sales$1,365,612  $1,317,262  $2,644,329  $2,582,500 
            
Gross profit, as reported$423,922  $421,800  $811,072  $792,015 
            
Acquisition related costs           
Gross profit, as adjusted$423,922  $421,800  $811,072  $792,015 
            
Gross margin, as reported 31.0 %32.0 %30.7 %30.7%
Gross margin, as adjusted 31.0 %32.0 %30.7 %30.7%
            
Selling, General and Administrative Expense Reconciliation           
            
Selling, general, and administrative expense, as reported$213,530  $184,697  $386,172  $355,481 
            
Rationalization charges 258      (492)   
Acquisition related costs 4,379   2,100   5,055   5,758 
Acquisition termination fee 23,000      23,000    
Selling, general, and administrative expense, as adjusted$185,893  $182,597  $358,609  $349,723 
            
Operating Profit Reconciliation           
            
Operating profit, as reported$210,392  $237,103  $424,900  $436,534 
            
Rationalization charges 258      (492)   
Acquisition related costs 4,379   2,100   5,055   5,758 
Acquisition termination fee 23,000      23,000    
Operating profit, as adjusted$238,029  $239,203  $452,463  $442,292 
            
Operating margin, as reported 15.4 %18.0 %16.1%  16.9%
Operating margin, as adjusted 17.4 %18.2 %17.1%  17.1%
            
Income Per Common Share Reconciliation           
            
Income before income taxes, as reported$203,174  $223,150  $410,169  $406,465 
            
Rationalization charges 258      (492)   
Acquisition related costs 4,379   2,100   5,055   5,758 
Acquisition termination fee 23,000      23,000    
Income before income taxes, as adjusted 230,811   225,250   437,732   412,223 
            
Tax rate at 26.0% (60,011)  (58,565)  (113,810)  (107,178)
Income, as adjusted$170,800  $166,685  $323,922  $305,045 
            
Income per common share, as adjusted$5.42  $5.25  $10.22  $9.62 
            
Weighted average diluted common shares outstanding 31,524,063   31,731,807   31,693,524   31,722,660 



TopBuild Corp.              
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)              
(in thousands)              
               
 Three Months Ended June 30, Six Months Ended June 30,
  2024   2023   2024   2023 
Net income, as reported$150,723  $164,400  $303,104  $300,270 
Adjustments to arrive at EBITDA, as adjusted:              
Interest expense and other, net 7,218   13,953   14,731   30,069 
Income tax expense 52,451   58,750   107,065   106,195 
Depreciation and amortization 35,033   32,551   69,291   64,652 
Share-based compensation 4,632   3,751   9,759   6,886 
Rationalization charges 258      (492)   
Acquisition related costs 4,379   2,100   5,055   5,758 
Acquisition termination fee 23,000      23,000    
EBITDA, as adjusted$277,694  $275,505  $531,513  $513,830 
               



TopBuild Corp.                   
Acquisition Adjusted Net Sales (Unaudited)                   
(in thousands)                   
 2023 2024 Trailing Twelve Months Ended
 Q3 Q4 Q1 Q2 June 30, 2024
Net sales$1,326,120  $1,286,074  $1,278,717  $1,365,612  $5,256,523 
Acquisitions proforma adjustment † 33,549   28,367   24,075   10,603   96,594 
Net sales, acquisition adjusted$1,359,669  $1,314,441  $1,302,792  $1,376,215  $5,353,117 
                    
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches               


TopBuild Corp.       
2024 Estimated Adjusted EBITDA Range (Unaudited)       
(in millions)       
        
 Twelve Months Ending December 31, 2024 
  Low   High 
Estimated net income, as reported$603.0  $663.0 
Adjustments to arrive at estimated EBITDA, as adjusted:       
Interest expense and other, net 48.0   45.0 
Income tax expense 212.0   230.0 
Depreciation and amortization 144.0   141.0 
Share-based compensation 19.0   18.0 
Acquisition related costs & rationalization charges 29.0   28.0 
Estimated EBITDA, as adjusted$1,055.0  $1,125.0 
        



 

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