0001558370-23-013043.txt : 20230803 0001558370-23-013043.hdr.sgml : 20230803 20230803065032 ACCESSION NUMBER: 0001558370-23-013043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230803 DATE AS OF CHANGE: 20230803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TopBuild Corp CENTRAL INDEX KEY: 0001633931 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700] IRS NUMBER: 473096382 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36870 FILM NUMBER: 231137959 BUSINESS ADDRESS: STREET 1: 475 N. WILLIAMSON BLVD. CITY: DAYTONA BEACH STATE: FL ZIP: 32114 BUSINESS PHONE: (386) 304-2200 MAIL ADDRESS: STREET 1: 475 N. WILLIAMSON BLVD. CITY: DAYTONA BEACH STATE: FL ZIP: 32114 FORMER COMPANY: FORMER CONFORMED NAME: Masco SpinCo Corp. DATE OF NAME CHANGE: 20150213 8-K 1 bld-20230803x8k.htm 8-K
0001633931false00016339312023-08-032023-08-03

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

​

FORM 8-K

​

​

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

​

Date of report (Date of earliest event reported): August 3, 2023

​

​

TopBuild Corp.

​

(Exact name of registrant as specified in its charter)

​

​

​

​

​

​

​

Delaware

​

001-36870

​

47-3096382

(State or other Jurisdiction of

​

(Commission

​

(IRS Employer

Incorporation)

​

File Number)

​

Identification No.)

​

​

​

​

475 North Williamson Boulevard

Daytona Beach, Florida

​

32114

(Address of Principal Executive Offices)

​

(Zip Code)

​

Registrant’s telephone number, including area code: (386) 304-2200

​

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

​

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Securities registered pursuant to Section 12(b) of the Act:

​

​

​

​

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

BLD

New York Stock Exchange

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

​

Emerging growth company ☐

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

​

​

Item 2.02.  Results of Operations and Financial Condition.

​

On August 3, 2023, TopBuild Corp., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter ended June 30, 2023 (the “Press Release”).  The Press Release, which is furnished as Exhibit 99.1, and the information included in Item 7.01 of this Current Report on Form 8-K (this “Report”) are incorporated by reference in this Item 2.02.

​

The information in the Press Release and in this Item 2.02 is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section.  Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent such other filing specifically incorporates such information by reference.

​

Item 7.01.  Regulation FD Disclosure.

​

On August 3, 2023, the Company issued the Press Release.  The Press Release, which is furnished as Exhibit 99.1, and the information included in Item 2.02 of this Report are incorporated by reference in this Item 7.01.

​

The information in the Press Release and in this Item 7.01 is “furnished” and not “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.  Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act except to the extent such other filing specifically incorporates such information by reference.

​

Item 9.01.  Financial Statements and Exhibits.

​

(d)  Exhibits

​

​

Exhibit
Number

    

Description

99.1 

​

Press release issued by TopBuild Corp., dated August 3, 2023, announcing its financial results for the quarter ended June 30, 2023.

​

​

​

104

​

Cover Page Interactive Data File (formatted as Inline XBRL)

​

​

2

​

SIGNATURES

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​

TOPBUILD CORP.

​

​

By:

/s/ Robert Kuhns

 

 

Name:

Robert Kuhns

 

 

Title:

Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

Dated: August 3, 2023

 

 

​

​

​

3

​

 EX-99.1 2 bld-20230803xex99d1.htm EX-99.1

Exhibit 99.1

Graphic

NYSE:BLD

A leading installer and specialty distributor of insulation and building material products to the construction industry in the United States and Canada

​

TopBuild Reports Second Quarter 2023 Results

●Sales increased 3.4% to $1.3 billion
●Gross margin expanded 190 basis points to 32.0%
●Adjusted EBITDA margin expanded 190 basis points to 20.9%

Second Quarter 2023 Financial Highlights ($ in 000s)

(comparisons are to the quarter ended June 30, 2022)

​

​

​

​

​

​

​

3 Months Ended 6/30/23

Reported

Change

​

“TopBuild once again delivered strong operating results, as we continue to benefit from a favorable operating environment and maintain our focus on driving improvements at both business segments, Installation and Specialty Distribution. We are also encouraged by the increasing optimism we are hearing from the homebuilders.

“Our commercial and industrial business performance remains strong, with a solid backlog of projects and continued robust bidding activity. We are particularly pleased with how well our Installation branches have successfully grown their light commercial work in their respective regions and believe this will continue to be a growth driver over the long term.”

ROBERT BUCK, PRESIDENT & CEO, TOPBUILD

Sales

$1,317,262

3.4%

​

Gross Margin

32.0%

190 bps

​

SG&A as % of revenue

14.0%

10 bps

​

Operating Profit

$237,103

14.4%

​

Operating Margin

18.0%

170 bps

​

Net Income

$164,400

14.4%

​

Net Income per diluted share

$5.18

17.5%

​

​

​

​

​

​

​

​

3 Months Ended 6/30/23

Adjusted

Change

​

​

Sales

$1,317,262

3.4%

​

​

Gross Margin

32.0%

190 bps

​

​

SG&A as % of revenue

13.9%

10 bps

​

​

Operating Profit

$239,203

14.6%

​

​

Operating Margin

18.2%

180 bps

​

​

Net Income

$166,685

15.4%

​

​

Net Income per diluted share

$5.25

18.5%

​

​

EBITDA

$275,505

13.7%

​

​

EBITDA Margin

20.9%

190 bps

​

​

​

​

 

 

 

​

​

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

Six Month Financial Highlights ($ in 000s)

(comparisons are to the six months ended June 30, 2022)

6 Months Ended 6/30/23

Reported

Change

Sales

$2,582,500

5.7%

Gross Margin

30.7%

140 bps

SG&A as % of revenue

13.8%

(30 bps)

Operating Profit

$436,534

17.6%

Operating Margin

16.9%

170 bps

Net Income

$300,270

16.2%

Net Income per diluted share

$9.47

20.3%

​

​

​

6 Months Ended 6/30/23

Adjusted

Change

Sales

$2,582,500

5.7%

Gross Margin

30.7%

140 bps

SG&A as % of revenue

13.5%

(40 bps)

Operating Profit

$442,292

7.5%

Operating Margin

17.1%

170 bps

Net Income

$305,045

17.3%

Net Income per diluted share

$9.62

21.5%

EBITDA

$513,830

15.7%

EBITDA Margin

19.9%

170 bps

​

Operating Segment Highlights ($ in 000s)

(comparisons are to the period ended June 30, 2022)

​

Installation

3 Months Ended 6/30/23

6 Months Ended 6/30/23

Specialty Distribution

3 Months Ended 6/30/23

6 Months Ended 6/30/23

Sales

$809,055

$1,576,145

Sales

$574,488

$1,132,862

Change

 

 

Change

 

 

Volume

2.9%

4.1%

 

Volume

-2.9%

-2.9%

Price

2.9%

4.3%

 

Price

0.6%

3.0%

M&A

2.2%

2.2%

 

M&A

0.0%

0.0%

Total Change

8.0%

10.6%

Total Change

-2.3%

0.1%

Operating Margin

21.3%

20.3%

Operating Margin

15.0%

14.1%

Change

260 bps

260 bps

Change

20 bps

20 bps

Adj. Operating Margin

21.3%

20.3%

Adj. Operating Margin

15.0%

14.1%

Change

260 bps

250 bps

Change

20 bps

20 bps

Adj. EBITDA Margin

23.4%

22.4%

Adj. EBITDA Margin

17.6%

16.7%

Change

260 bps

240 bps

Change

40 bps

20 bps

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

3

Capital Allocation

​

Year-to-date the Company has completed three acquisitions; SRI Holdings, Best Insulation, and Rocky Mountain Spray Foam which, combined, are expected to contribute approximately $170 million of annual revenue.

​

2023 Outlook

​

   

​

“We are pleased with our progress to date on the acquisition front, welcoming three profitable and well-managed companies to the TopBuild family.

​

“In late July we also announced that we had signed an agreement to acquire SPI, a leading specialty distributor generating approximately $703 million in annual revenue. This acquisition will further enhance our growth platform in the three end-markets we serve and increase our recurring revenue stream from maintenance and repair operations.”

​

ROBERT BUCK, PRESIDENT & CEO, TOPBUILD

​

Sales and Adjusted EBITDA Outlook (1)

($ in millions)

​

​

2023

    

Low

    

High

​

​

Sales

​

$

5,025

​

$

5,175

​

​

Adjusted EBITDA*

​

$

950

​

$

1,000

​

​

*See table for adjusted EBITDA reconciliation.

​

​

​

​

​

​

(1) This outlook reflects management’s current view of present and future market conditions and are based on assumptions such as housing starts and completions, general and administrative expenses, weighted average diluted shares outstanding 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 2022 Annual Report on Form 10-K and subsequent SEC reports.  

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 second quarter 2023 financial results is scheduled for today, Thursday, August 3, 2023, 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 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 235 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.

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

4

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.

Investor Relations and Media Contact

Tabitha Zane

tabitha.zane@topbuild.com
386-763-8801

(tables follow)

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

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, 

​

​

2023

​

2022

​

2023

​

2022

Net sales

​

$

1,317,262

    

$

1,274,285

    

$

2,582,500

    

$

2,443,203

Cost of sales

​

​

895,462

​

​

890,188

​

​

1,790,485

​

​

1,727,905

Gross profit

​

​

421,800

​

​

384,097

​

​

792,015

​

​

715,298

​

​

​

​

​

​

​

​

​

​

​

​

​

Selling, general, and administrative expense

​

​

184,697

​

​

176,876

​

​

355,481

​

​

344,123

Operating profit

​

​

237,103

​

​

207,221

​

​

436,534

​

​

371,175

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense), net:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

(18,558)

​

​

(13,410)

​

​

(36,597)

​

​

(25,375)

Other, net

​

​

4,605

​

​

(279)

​

​

6,528

​

​

406

Other expense, net

​

​

(13,953)

​

​

(13,689)

​

​

(30,069)

​

​

(24,969)

Income before income taxes

​

​

223,150

​

​

193,532

​

​

406,465

​

​

346,206

​

​

​

​

​

​

​

​

​

​

​

​

​

Income tax expense

​

​

(58,750)

​

​

(49,835)

​

​

(106,195)

​

​

(87,796)

Net income

​

$

164,400

​

$

143,697

​

$

300,270

​

$

258,410

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income per common share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

5.20

​

$

4.43

​

$

9.51

​

$

7.93

Diluted

​

$

5.18

​

$

4.41

​

$

9.47

​

$

7.87

​

​

​

​

​

 

​

​

​

​

​

​

​

Weighted average shares outstanding:

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

31,599,744

​

​

32,405,292

​

​

31,575,337

​

​

32,570,988

Diluted

​

​

31,731,807

​

​

32,614,449

​

​

31,722,660

​

​

32,827,549

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

Six Months Ended June 30, 

​

​

2023

​

2022

​

2023

​

2022

Net income

​

$

164,400

​

$

143,697

​

$

300,270

​

$

258,410

Other comprehensive income (loss):

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency translation adjustment

​

​

4,283

​

​

(2,193)

​

​

6,037

​

​

1,026

Comprehensive income

​

$

168,683

​

$

141,504

​

$

306,307

​

$

259,436

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

As of

​

​

June 30, 2023

​

December 31, 2022

ASSETS

​

​

​

​

​

​

Current assets:

​

​

​

​

​

​

Cash and cash equivalents

​

$

526,327

​

$

240,069

Receivables, net of an allowance for credit losses of $16,778 at June 30, 2023, and $16,281 at December 31, 2022

​

​

857,664

​

 

836,071

Inventories, net

​

​

385,049

​

 

438,644

Prepaid expenses and other current assets

​

​

25,556

​

 

34,257

Total current assets

​

​

1,794,596

​

 

1,549,041

​

​

​

​

​

​

​

Right of use assets

​

​

204,044

​

 

205,892

Property and equipment, net

​

​

258,746

​

 

253,484

Goodwill

​

​

1,991,949

​

 

1,966,994

Other intangible assets, net

​

​

595,706

​

 

614,967

Other assets

​

​

12,905

​

 

16,453

Total assets

​

$

4,857,946

​

$

4,606,831

​

​

​

​

​

​

​

LIABILITIES

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

Accounts payable

​

$

468,602

​

$

487,114

Current portion of long-term debt

​

​

45,142

​

​

40,068

Accrued liabilities

​

​

180,594

​

 

199,370

Short-term operating lease liabilities

​

​

61,825

​

 

60,880

Short-term finance lease liabilities

​

​

2,180

​

​

2,207

Total current liabilities

​

​

758,343

​

 

789,639

​

​

​

​

​

​

​

Long-term debt

​

​

1,394,794

​

 

1,417,257

Deferred tax liabilities, net

​

​

254,777

​

 

251,481

Long-term portion of insurance reserves

​

​

57,217

​

​

59,783

Long-term operating lease liabilities

​

​

148,709

​

​

149,943

Long-term finance lease liabilities

​

​

4,519

​

​

6,673

Other liabilities

​

​

1,541

​

 

2,349

Total liabilities

​

​

2,619,900

​

 

2,677,125

​

​

​

​

​

​

​

EQUITY

​

​

2,238,046

​

 

1,929,706

Total liabilities and equity

​

$

4,857,946

​

$

4,606,831

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30,

​

​

    

2023

​

2022

​

Other Financial Data

​

​

​

​

​

​

​

Receivable days

​

​

50

​

​

46

​

Inventory days

​

​

39

​

​

48

​

Accounts payable days

​

​

64

​

​

62

​

Receivables, net plus inventories, net less accounts payable

​

$

774,111

​

$

696,615

​

Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM) †

​

​

14.9

%

​

15.0

%

​

† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

​

​

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

​

2023

​

2022

Cash Flows Provided by (Used in) Operating Activities:

​

​

    

    

​

    

Net income

​

$

300,270

​

$

258,410

Adjustments to reconcile net income to net cash provided by operating activities:

​

​

​

​

​

​

Depreciation and amortization

​

​

64,652

​

​

60,621

Share-based compensation

​

​

6,886

​

​

7,061

Loss on sale of property and equipment

​

​

621

​

​

525

Amortization of debt issuance costs

​

​

1,440

​

​

1,427

Provision for bad debt expense

​

​

4,031

​

​

6,404

Loss from inventory obsolescence

​

​

3,290

​

​

3,610

Change in certain assets and liabilities:

​

​

​

​

​

​

Receivables, net

​

​

(37,247)

​

​

(107,739)

Inventories, net

​

​

54,623

​

​

(82,621)

Prepaid expenses and other current assets

​

​

8,897

​

​

648

Accounts payable

​

​

(8,806)

​

​

47,540

Accrued liabilities

​

​

(13,872)

​

​

16,884

Other, net

​

​

1,012

​

​

4,927

Net cash provided by operating activities

​

​

385,797

​

​

217,697

​

​

​

​

​

​

​

Cash Flows Provided by (Used in) Investing Activities:

​

​

​

​

​

​

Purchases of property and equipment

​

​

(30,672)

​

​

(36,034)

Acquisition of businesses, net of cash acquired

​

​

(45,948)

​

​

(18,746)

Proceeds from sale of property and equipment

​

​

782

​

​

618

Net cash used in investing activities

​

​

(75,838)

​

​

(54,162)

​

​

​

​

​

​

​

Cash Flows Provided by (Used in) Financing Activities:

​

​

​

​

​

​

Repayment of long-term debt

​

​

(18,829)

​

​

(19,287)

Proceeds from revolving credit facility

​

​

—

​

​

70,000

Repayment of revolving credit facility

​

​

—

​

​

(70,000)

Taxes withheld and paid on employees' equity awards

​

​

(6,350)

​

​

(11,667)

Exercise of stock options

​

​

1,497

​

​

1,452

Repurchase of shares of common stock

​

​

—

​

​

(150,050)

Payment of contingent consideration

​

​

(300)

​

​

(35)

Net cash used in financing activities

​

​

(23,982)

​

​

(179,587)

Impact of exchange rate changes on cash

​

​

281

​

​

142

Net increase (decrease) in cash and cash equivalents

​

​

286,258

​

​

(15,910)

Cash and cash equivalents- Beginning of period

​

 

240,069

​

 

139,779

Cash and cash equivalents- End of period

​

$

526,327

​

$

123,869

​

​

​

​

​

​

​

Supplemental disclosure of noncash activities:

​

​

​

​

​

​

Leased assets obtained in exchange for new operating lease liabilities

​

$

26,310

​

$

36,129

Accruals for property and equipment

​

​

1,449

​

​

563

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

Segment Data (Unaudited)

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

​

​

​

​

​

Six Months Ended June 30, 

​

​

​

​

​

​

2023

​

2022

​

Change

​

​

​

2023

​

2022

​

Change

​

Installation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales

​

$

809,055

​

$

748,968

​

​

8.0

%

​

​

$

1,576,145

​

$

1,425,661

​

​

10.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating profit, as reported

​

$

172,278

​

$

139,919

​

​

​

​

​

​

$

319,176

​

$

252,598

​

​

​

​

Operating margin, as reported

​

​

21.3

%

​

18.7

%

​

​

​

​

​

​

20.3

%

​

17.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rationalization charges

​

​

−

​

​

−

​

​

​

​

​

​

​

−

​

​

473

​

​

​

​

Acquisition related costs

​

​

227

​

​

16

​

​

​

​

​

​

​

490

​

​

96

​

​

​

​

Operating profit, as adjusted

​

$

172,505

​

$

139,935

​

​

​

​

​

​

$

319,666

​

$

253,167

​

​

​

​

Operating margin, as adjusted

​

​

21.3

%

​

18.7

%

​

​

​

​

​

​

20.3

%

​

17.8

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Share-based compensation

​

​

310

​

​

282

​

​

​

​

​

​

​

689

​

​

689

​

​

​

​

Depreciation and amortization

​

​

16,791

​

​

15,319

​

​

​

​

​

​

​

33,284

​

​

31,004

​

​

​

​

EBITDA, as adjusted

​

$

189,606

​

$

155,536

​

​

21.9

%

​

​

$

353,639

​

$

284,860

​

​

24.1

%

EBITDA margin, as adjusted

​

​

23.4

%

​

20.8

%

​

​

​

​

​

​

22.4

%

​

20.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Specialty Distribution

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales

​

$

574,488

​

$

587,791

​

​

(2.3)

%

​

​

$

1,132,862

​

$

1,131,653

​

​

0.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating profit, as reported

​

$

85,980

​

$

86,749

​

​

​

​

​

​

$

159,313

​

$

157,170

​

​

​

​

Operating margin, as reported

​

​

15.0

%

​

14.8

%

​

​

​

​

​

​

14.1

%

​

13.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisition related costs

​

​

−

​

​

334

​

​

​

​

​

​

​

340

​

​

575

​

​

​

​

Operating profit, as adjusted

​

$

85,980

​

$

87,083

​

​

​

​

​

​

$

159,653

​

$

157,745

​

​

​

​

Operating margin, as adjusted

​

​

15.0

%

​

14.8

%

​

​

​

​

​

​

14.1

%

​

13.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Share-based compensation

​

​

316

​

​

287

​

​

​

​

​

​

​

554

​

​

641

​

​

​

​

Depreciation and amortization

​

​

14,740

​

​

14,005

​

​

​

​

​

​

​

29,312

​

​

28,034

​

​

​

​

EBITDA, as adjusted

​

$

101,036

​

$

101,375

​

​

(0.3)

%

​

​

$

189,519

​

$

186,420

​

​

1.7

%

EBITDA margin, as adjusted

​

​

17.6

%

​

17.2

%

​

​

​

​

​

​

16.7

%

​

16.5

%

​

​

​

​

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

Adjusted EBITDA (Unaudited)

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

​

​

​

​

​

Six Months Ended June 30, 

​

​

​

​

​

​

2023

​

2022

​

Change

​

​

2023

​

2022

​

Change

Total net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales before eliminations

​

$

1,383,543

​

$

1,336,759

​

​

​

​

​

​

$

2,709,007

​

$

2,557,314

​

​

​

​

Intercompany eliminations

​

​

(66,281)

​

​

(62,474)

​

​

​

​

​

​

​

(126,507)

​

​

(114,111)

​

​

​

​

Net sales after eliminations

​

$

1,317,262

​

$

1,274,285

​

​

3.4

%

​

​

$

2,582,500

​

$

2,443,203

​

​

5.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating profit, as reported - segments

​

$

258,258

​

$

226,668

​

​

​

​

​

​

$

478,489

​

$

409,768

​

​

​

​

General corporate expense, net

​

​

(9,957)

​

​

(9,012)

​

​

​

​

​

​

​

(20,786)

​

​

(19,449)

​

​

​

​

Intercompany eliminations

​

​

(11,198)

​

​

(10,435)

​

​

​

​

​

​

​

(21,169)

​

​

(19,144)

​

​

​

​

Operating profit, as reported

​

$

237,103

​

$

207,221

​

​

​

​

​

​

$

436,534

​

$

371,175

​

​

​

​

Operating margin, as reported

​

​

18.0

%

​

16.3

%

​

​

​

​

​

​

16.9

%

​

15.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rationalization charges

​

​

-

​

​

-

​

​

​

​

​

​

​

-

​

​

473

​

​

​

​

Acquisition related costs †

​

​

2,100

​

​

1,577

​

​

​

​

​

​

​

5,758

​

​

4,654

​

​

​

​

Operating profit, as adjusted

​

$

239,203

​

$

208,798

​

​

​

​

​

​

$

442,292

​

$

376,302

​

​

​

​

Operating margin, as adjusted

​

​

18.2

%

​

16.4

%

​

​

​

​

​

​

17.1

%

​

15.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Share-based compensation

​

​

3,751

​

​

3,334

​

​

​

​

​

​

​

6,886

​

​

7,061

​

​

​

​

Depreciation and amortization

​

​

32,551

​

​

30,122

​

​

​

​

​

​

​

64,652

​

​

60,621

​

​

​

​

EBITDA, as adjusted

​

$

275,505

​

$

242,254

​

​

13.7

%

​

​

$

513,830

​

$

443,984

​

​

15.7

%

EBITDA margin, as adjusted

​

​

20.9

%

​

19.0

%

​

​

​

​

​

​

19.9

%

​

18.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales change period over period

​

​

42,977

​

​

​

​

​

​

​

​

​

​

139,297

​

​

​

​

​

​

​

EBITDA, as adjusted, change period over period

​

​

33,251

​

​

​

​

​

​

​

​

​

​

69,846

​

​

​

​

​

​

​

Incremental EBITDA, as adjusted, as a percentage of change in sales

​

​

77.4

%

​

​

​

​

​

​

​

​

​

50.1

%

​

​

​

​

​

​

​

† Acquisition related costs include corporate level adjustments as well as segment operating adjustments.

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

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, 

​

​

​

2023

​

2022

​

2023

​

2022

​

Gross Profit Reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

1,317,262

​

$

1,274,285

​

$

2,582,500

​

$

2,443,203

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit, as reported

​

$

421,800

​

$

384,097

​

$

792,015

​

$

715,298

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisition related costs

​

​

-

​

​

-

​

​

-

​

​

121

​

Gross profit, as adjusted

​

$

421,800

​

$

384,097

​

$

792,015

​

$

715,419

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross margin, as reported

​

​

32.0

%

​

30.1

%

​

30.7

%

​

29.3

%

Gross margin, as adjusted

​

​

32.0

%

​

30.1

%

​

30.7

%

​

29.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Selling, General and Administrative Expense Reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Selling, general, and administrative expense, as reported

​

$

184,697

​

$

176,876

​

$

355,481

​

$

344,123

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rationalization charges

​

​

-

​

​

-

​

​

-

​

​

473

​

Acquisition related costs

​

​

2,100

​

​

1,577

​

​

5,758

​

​

4,533

​

Selling, general, and administrative expense, as adjusted

​

$

182,597

​

$

175,299

​

$

349,723

​

$

339,117

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Profit Reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating profit, as reported

​

$

237,103

​

$

207,221

​

$

436,534

​

$

371,175

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rationalization charges

​

​

-

​

​

-

​

​

-

​

​

473

​

Acquisition related costs

​

​

2,100

​

​

1,577

​

​

5,758

​

​

4,654

​

Operating profit, as adjusted

​

$

239,203

​

$

208,798

​

$

442,292

​

$

376,302

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating margin, as reported

​

​

18.0

%

​

16.3

%

​

16.9

%

​

15.2

%

Operating margin, as adjusted

​

​

18.2

%

​

16.4

%

​

17.1

%

​

15.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income Per Common Share Reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes, as reported

​

$

223,150

​

$

193,532

​

$

406,465

​

$

346,206

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rationalization charges

​

​

-

​

​

-

​

​

-

​

​

473

​

Acquisition related costs

​

​

2,100

​

​

1,577

​

​

5,758

​

​

4,654

​

Income before income taxes, as adjusted

​

​

225,250

​

​

195,109

​

​

412,223

​

​

351,333

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax rate at 26.0%

​

​

(58,565)

​

​

(50,728)

​

​

(107,178)

​

​

(91,347)

​

Income, as adjusted

​

$

166,685

​

$

144,381

​

$

305,045

​

$

259,986

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income per common share, as adjusted

​

$

5.25

​

$

4.43

​

$

9.62

​

$

7.92

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average diluted common shares outstanding

​

​

31,731,807

​

​

32,614,449

​

​

31,722,660

​

​

32,827,549

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

Same Branch and Acquisition Metrics (Unaudited)

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

Six Months Ended June 30, 

​

​

​

2023

​

2022

​

2023

​

2022

​

Net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

Same branch:

​

​

​

​

​

​

​

​

​

​

​

​

​

Installation

​

$

792,529

​

$

748,968

​

$

1,544,775

​

$

1,425,661

​

Specialty Distribution

​

​

574,488

​

​

587,791

​

​

1,132,862

​

​

1,131,653

​

Eliminations

​

​

(66,281)

​

​

(62,474)

​

​

(126,507)

​

​

(114,111)

​

Total same branch

​

​

1,300,736

​

​

1,274,285

​

​

2,551,130

​

​

2,443,203

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisitions (a):

​

​

​

​

​

​

​

​

​

​

​

​

​

Installation

​

$

16,526

​

$

-

​

$

31,370

​

$

-

​

Total acquisitions

​

​

16,526

​

​

-

​

​

31,370

​

​

-

​

Total

​

$

1,317,262

​

$

1,274,285

​

$

2,582,500

​

$

2,443,203

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA, as adjusted

​

​

​

​

​

​

​

​

​

​

​

​

​

Same branch

​

$

272,939

​

$

242,254

​

$

509,715

​

$

443,984

​

Acquisitions (a)

​

​

2,566

​

​

-

​

​

4,115

​

​

-

​

Total

​

$

275,505

​

$

242,254

​

$

513,830

​

$

443,984

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA, as adjusted, as a percentage of sales

​

​

​

​

​

​

​

​

​

​

​

​

​

Same branch (b)

​

​

21.0

%

​

​

​

​

20.0

%

​

​

​

Acquisitions (c)

​

​

15.5

%

​

​

​

​

13.1

%

​

​

​

Total (d)

​

​

20.9

%

​

19.0

%

​

19.9

%

​

18.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As Adjusted Incremental EBITDA, as a percentage of change in sales

​

​

​

​

​

​

​

​

​

​

​

​

​

Same branch (e)

​

​

116.0

%

​

​

​

​

60.9

%

​

​

​

Acquisitions (c)

​

​

15.5

%

​

​

​

​

13.1

%

​

​

​

Total (f)

​

​

77.4

%

​

​

​

​

50.1

%

​

​

​

(a) Represents current year impact of acquisitions in their first twelve months

(b) Same branch metric, as adjusted, as a percentage of same branch sales

(c) Acquired metric, 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

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

Reconciliation of Adjusted EBITDA to Net Income (Unaudited)

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

Six Months Ended June 30, 

​

​

2023

​

2022

​

2023

​

2022

Net income, as reported

​

$

164,400

​

$

143,697

​

$

300,270

​

$

258,410

Adjustments to arrive at EBITDA, as adjusted:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense and other, net

​

​

13,953

​

​

13,689

​

​

30,069

​

​

24,969

Income tax expense

​

​

58,750

​

​

49,835

​

​

106,195

​

​

87,796

Depreciation and amortization

​

​

32,551

​

​

30,122

​

​

64,652

​

​

60,621

Share-based compensation

​

​

3,751

​

​

3,334

​

​

6,886

​

​

7,061

Rationalization charges

​

​

-

​

​

-

​

​

-

​

​

473

Acquisition related costs

​

​

2,100

​

​

1,577

​

​

5,758

​

​

4,654

EBITDA, as adjusted

​

$

275,505

​

$

242,254

​

$

513,830

​

$

443,984

​

​

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

Acquisition Adjusted Net Sales (Unaudited)

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2022

​

​

2023

​

Trailing Twelve Months Ended

​

Q3

​

Q4

​

Q1

​

Q2

    

June 30, 2023

Net Sales

$

1,300,998

​

$

1,264,543

​

$

1,265,238

​

$

1,317,262

​

$

5,148,041

Acquisitions proforma adjustment †

​

17,576

​

​

18,279

​

​

6,187

​

​

-

​

​

42,042

Net sales, acquisition adjusted

$

1,318,574

​

$

1,282,822

​

$

1,271,425

​

$

1,317,262

​

$

5,190,083

​

† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

​

​

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

​

TopBuild Corp.

2023 Estimated Adjusted EBITDA Range (Unaudited)
(in millions)

​

​

​

​

​

​

​

​

Twelve Months Ending December 31, 2023

​

​

Low

​

​

High

Estimated net income

$

543.0

​

​

586.0

Adjustments to arrive at estimated EBITDA, as adjusted:

​

​

​

​

​

Interest expense and other, net

​

62.0

​

​

59.0

Income tax expense

​

191.0

​

​

206.0

Depreciation and amortization

​

131.0

​

​

128.0

Share-based compensation

​

15.0

​

​

14.0

Acquisition related costs

​

8.0

​

​

7.0

Estimated EBITDA, as adjusted

$

950.0

​

$

1,000.0

​

​

​

​

​

​

NYSE:BLD

August 3, 2023

topbuild.com

​

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Document and Entity Information
Aug. 03, 2023
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Aug. 03, 2023
Entity File Number 001-36870
Entity Registrant Name TopBuild Corp
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 47-3096382
Entity Address, Address Line One 475 North Williamson Boulevard
Entity Address, State or Province FL
Entity Address, City or Town Daytona Beach
Entity Address, Postal Zip Code 32114
City Area Code 386
Local Phone Number 304-2200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol BLD
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001633931
Amendment Flag false
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