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TopBuild Reports Fourth Quarter and Year-End 2024 Results, Provides 2025 Outlook and Announces New $1 Billion Share Repurchase Authorization
Globe Newswire 25-Feb-2025 6:45 AM
Fourth Quarter Highlights Fourth quarter sales grew 2.0% to $1.31 billion, driven by 6.6% improvement in Specialty Distribution Delivered gross margin of 29.9% and adjusted EBITDA margin of 19.7%
Full Year Highlights Achieved record 2024 results: sales of $5.3 billion and adjusted EBITDA of $1.07 billion Completed 8 acquisitions totaling $153.1 million in annual sales Returned $966.4 million in capital to stockholders through the repurchase of ~2.5 million shares
2025 Outlook Anticipates full year 2025 sales between $5.05 to $5.35 billion and adjusted EBITDA in the range of $925 million to $1.075 billion Acquisitions continue to be top priority for deploying capital
DAYTONA BEACH, Fla., Feb. 25, 2025 (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 fourth quarter and year ended December 31, 2024.
"Our performance in 2024 was driven by consistent execution within our unique operating model and the entire TopBuild team's relentless pursuit of operational excellence and focus on driving improvements across the business.
"Our fourth quarter results were as expected given the ongoing choppiness across the residential construction landscape. Sales improved 2.0%, driven by 6.6% growth in Specialty Distribution, while Installation was relatively flat in the quarter. We also improved adjusted EBITDA margin by 10 basis points to 19.7%. Broad macro fundamentals continue to support long-term demand growth across our end markets. Low housing inventory, population growth and demographic shifts, as well as ongoing initiatives to reduce energy consumption, decrease utility costs, and manage emissions are tailwinds for our business.
"We have a very robust pipeline of M&A opportunities and acquisitions continue to be the highest priority for our free cash flow. In 2024 we remained disciplined around capital allocation, completing eight acquisitions which total $153.1 million in annual sales. We also returned $966.4 million in capital to shareholders through our share repurchase program, demonstrating our continued confidence in our outlook and ability to successfully deploy capital to generate excellent returns," concluded Mr. Buck.
Financial Highlights (comparisons are to the periods ended December 31, 2023)
Three Months Ended December 31, 2024
Reported
Adjusted
($ in thousands)
2024
2023
2024
2023
Sales
$1,312,206
$1,286,074
$1,312,206
$1,286,074
Gross Profit
$392,033
$391,116
$392,033
$391,116
Gross Margin
29.9%
30.4%
29.9%
30.4%
SG&A
$174,583
$186,316
$172,896
$178,894
SG&A as % of Sales
13.3%
14.5%
13.2%
13.9%
Operating Profit
$217,450
$204,800
$219,137
$212,222
Operating Margin
16.6%
15.9%
16.7%
16.5%
Net Income
$150,540
$146,382
$151,262
$149,305
Net Income per diluted share
$5.11
$4.60
$5.13
$4.69
EBITDA
$258,025
$251,641
EBITDA Margin
19.7%
19.6%
Year Ended December 31, 2024
Reported
Adjusted
($ in thousands)
2024
2023
2024
2023
Sales
$5,329,803
$5,194,694
$5,329,803
$5,194,694
Gross Profit
$1,624,918
$1,603,820
$1,624,918
$1,603,820
Gross Margin
30.5%
30.9%
30.5%
30.9%
SG&A
$738,575
$724,995
$707,393
$703,374
SG&A as % of Sales
13.9%
14.0%
13.3%
13.5%
Operating Profit
$886,343
$878,825
$917,525
$900,446
Operating Margin
16.6%
16.9%
17.2%
17.3%
Net Income
$622,602
$614,254
$645,258
$626,857
Net Income per diluted share
$20.29
$19.33
$21.03
$19.73
EBITDA
$1,074,595
$1,049,160
EBITDA Margin
20.2%
20.2%
Sales Drivers (comparisons are to the periods ended December 31, 2023)
Three Months Ended December 31, 2024
Installation
Specialty Distribution
TopBuild, net of eliminations
Sales (in millions)
$789
$602
$1,312
Sales Drivers
Volume
(4.1%)
4.4%
(1.3%)
Price
1.5%
0.0%
0.9%
M&A
2.3%
2.2%
2.4%
Total Sales Change
(0.2%)
6.6%
2.0%
Year Ended December 31, 2024
Installation
Specialty Distribution
TopBuild, net of eliminations
Sales (in millions)
$3,295
$2,341
$5,330
Sales Drivers
Volume
(0.6%)
1.0%
(0.7%)
Price
1.3%
0.9%
1.1%
M&A
3.1%
1.3%
2.5%
Dispositions
(0.5%)
(0.3%)
Total Sales Change
3.3%
3.2%
2.6%
Segment Profitability (comparisons are to the periods ended December 31, 2023)
Three Months Ended December 31, 2024
Year Ended December 31, 2024
($ in thousands)
Installation
Specialty Distribution
Installation
Specialty Distribution
Operating Profit
$149,445
$90,569
$649,162
$352,431
Change
(0.4%)
8.7%
0.7%
6.5%
Operating Margin
19.0%
15.0%
19.7%
15.1%
Adj. Operating Profit
$149,537
$91,160
$649,618
$352,480
Change
(0.3%)
9.4%
0.4%
6.4%
Adj. Operating Margin
19.0%
15.1%
19.7%
15.1%
Adj. EBITDA
$169,009
$106,674
$725,824
$414,182
Change
0.1%
7.9%
1.2%
5.6%
Adj. EBITDA Margin
21.4%
17.7%
22.0%
17.7%
Capital Allocation 2024 Acquisitions
Company
Annual Sales
Month Closed
($ in millions)
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
Shannon Global Energy Solutions (D)
10.8
December
Metro Supply Company (D)
35.0
December
Total
$
153.1
I = Installation, D = Specialty Distribution
Share Repurchases During the fourth quarter, TopBuild repurchased 134,872 shares totaling $47.2 million. For the full year, the Company repurchased 2.5 million shares for a total of $966.4 million.
New Share Repurchase Authorization TopBuild announced today that its Board of Directors authorized the repurchase of up to $1.0 billion of the Company's outstanding common stock. The new authorization is in addition to the $188.1 million remaining from the prior authorization (as of December 31, 2024), bringing total availability for share repurchases to $1.2 billion. The authorization reflects the continued confidence of management and the Board in TopBuild's long-term strategy and demonstrates the Company's commitment to returning capital to shareholders.
2025 Outlook1 TopBuild provided its full year outlook which assumes ongoing choppiness in the residential new construction market throughout 2025. The Company noted that its 2025 guidance does not contemplate transactions that it expects to complete during the year.
$ in millions
2025 Outlook
Low
High
Sales
$
5,050
$
5,350
Adjusted EBITDA
$
925
$
1,075
2025 Assumptions
Residential Sales
Mid-single digit decline
Commercial/Industrial Sales
Low-single digit growth
Interest Expense
$49 - $55 million
Capital Expenditures
1.5 - 2.0% of sales
Tax Rate
25 - 27%
1 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 the fourth quarter 2024 financial results is scheduled for today, Tuesday, February 25, 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 190 branches across the United States and Canada. 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.
Investor Relations and Media Contact
PI Aquino pi.aquino@topbuild.com 386-763-8801
(tables follow)
TopBuild Corp.
Consolidated Statements of Operations
(in thousands, except share and per common share amounts)
Three Months Ended December 31,
Year Ended December 31,
2024
2023
2024
2023
Net sales
$
1,312,206
$
1,286,074
$
5,329,803
$
5,194,694
Cost of sales
920,173
894,958
3,704,885
3,590,874
Gross profit
392,033
391,116
1,624,918
1,603,820
Selling, general, and administrative expense
174,583
186,316
738,575
724,995
Operating profit
217,450
204,800
886,343
878,825
Other income (expense), net:
Interest expense
(17,280
)
(19,187
)
(73,092
)
(74,614
)
Other, net
2,551
8,729
27,537
21,272
Other expense, net
(14,729
)
(10,458
)
(45,555
)
(53,342
)
Income before income taxes
202,721
194,342
840,788
825,483
Income tax expense
(52,181
)
(47,960
)
(218,186
)
(211,229
)
Net income
$
150,540
$
146,382
$
622,602
$
614,254
Net income per common share:
Basic
$
5.13
$
4.63
$
20.41
$
19.44
Diluted
$
5.11
$
4.60
$
20.29
$
19.33
Weighted average shares outstanding:
Basic
29,319,538
31,623,506
30,504,064
31,597,508
Diluted
29,485,271
31,805,569
30,679,660
31,776,901
TopBuild Corp.
Consolidated Statements of Comprehensive Income
(in thousands)
Three Months Ended December 31,
Year Ended December 31,
2024
2023
2024
2023
Net income
$
150,540
$
146,382
$
622,602
$
614,254
Other comprehensive (loss) income:
Foreign currency translation adjustment
(11,076
)
4,227
(14,541
)
7,255
Comprehensive income
$
139,464
$
150,609
$
608,061
$
621,509
TopBuild Corp.
Consolidated Balance Sheets and Other Financial Data
(dollars in thousands)
As of December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
400,318
$
848,565
Receivables, net of an allowance for credit losses of $18,541 at December 31, 2024, and $23,948 at December 31, 2023
751,612
799,009
Inventories
406,662
364,731
Prepaid expenses and other current assets
40,382
36,939
Total current assets
1,598,974
2,049,244
Right of use assets
189,146
204,629
Property and equipment, net
266,992
264,487
Goodwill
2,112,259
2,042,568
Other intangible assets, net
557,689
591,058
Other assets
10,366
10,865
Total assets
$
4,735,426
$
5,162,851
LIABILITIES
Current liabilities:
Accounts payable
$
456,446
$
469,585
Current portion of long-term debt
48,750
47,039
Accrued liabilities
191,786
187,217
Short-term operating lease liabilities
68,713
65,780
Short-term finance lease liabilities
1,487
1,917
Total current liabilities
767,182
771,538
Long-term debt
1,327,159
1,373,028
Deferred tax liabilities, net
240,343
243,930
Long-term portion of insurance reserves
57,700
58,783
Long-term operating lease liabilities
129,360
146,213
Long-term finance lease liabilities
2,618
4,150
Other liabilities
1,446
1,554
Total liabilities
2,525,808
2,599,196
EQUITY
2,209,618
2,563,655
Total liabilities and equity
$
4,735,426
$
5,162,851
As of December 31,
2024
2023
Other Financial Data
Receivables, net plus inventories less accounts payable
$
701,828
$
694,155
Net sales, acquisition adjusted †
$
5,409,852
$
5,258,974
Receivables, net plus inventories less accounts payable as a percent of sales (TTM) †
13.0
%
13.2
%
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches
TopBuild Corp.
Consolidated Statement of Cash Flows
(in thousands)
Year Ended December 31,
2024
2023
Cash Flows Provided by (Used in) Operating Activities:
Net income
$
622,602
$
614,254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
140,491
132,878
Share-based compensation
16,579
15,838
Loss on sale of assets
1,014
2,349
Amortization of debt issuance costs
2,881
2,881
Provision for bad debt expense
15,742
6,481
Provision for inventory obsolescence
7,586
4,794
Deferred income taxes, net
(3,462
)
(7,476
)
Change in certain assets and liabilities, net of effects of businesses acquired:
Receivables, net
56,017
20,812
Inventories
(41,723
)
74,529
Prepaid expenses and other current assets
(3,143
)
(2,598
)
Accounts payable
(30,420
)
(8,867
)
Accrued liabilities
(5,816
)
(4,444
)
Other, net
(2,322
)
(2,022
)
Net cash provided by operating activities
776,026
849,409
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment
(69,349
)
(63,998
)
Acquisition of businesses, net of cash acquired
(136,767
)
(149,154
)
Proceeds from sale of assets
2,593
14,982
Net cash used in investing activities
(203,523
)
(198,170
)
Cash Flows Provided by (Used in) Financing Activities:
Repayment of long-term debt
(47,039
)
(40,138
)
Taxes withheld and paid on employees' equity awards
(6,107
)
(6,528
)
Exercise of stock options
3,226
3,130
Repurchase of shares of common stock
(966,352
)
—
Payment of contingent consideration
—
(300
)
Net cash used in financing activities
(1,016,272
)
(43,836
)
Impact of exchange rate changes on cash
(4,478
)
1,093
Net (decrease) increase in cash and cash equivalents
(448,247
)
608,496
Cash and cash equivalents - Beginning of period
848,565
240,069
Cash and cash equivalents - End of period
$
400,318
$
848,565
Supplemental disclosure of cash paid for:
Interest
$
69,975
$
71,463
Income taxes
219,484
220,773
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities
$
50,502
$
56,255
Accruals for property and equipment
1,023
912
Excise taxes capitalized to treasury stock
9,444
—
TopBuild Corp.
Segment Data (Unaudited)
(dollars in thousands)
Three Months Ended December 31,
Year Ended December 31,
2024
2023
Change
2024
2023
Change
Installation
Sales
$
788,554
$
790,414
(0.2
)%
$
3,294,630
$
3,188,232
3.3
%
Operating profit, as reported
$
149,445
$
149,999
$
649,162
$
644,392
Operating margin, as reported
19.0
%
19.0
%
19.7
%
20.2
%
Rationalization charges
—
41
—
1,923
Acquisition related costs
92
11
456
527
Operating profit, as adjusted
$
149,537
$
150,051
$
649,618
$
646,842
Operating margin, as adjusted
19.0
%
19.0
%
19.7
%
20.3
%
Share-based compensation
258
372
976
1,496
Depreciation and amortization
19,214
18,422
75,230
69,123
EBITDA, as adjusted
$
169,009
$
168,845
0.1
%
$
725,824
$
717,461
1.2
%
EBITDA margin, as adjusted
21.4
%
21.4
%
22.0
%
22.5
%
Specialty Distribution
Sales
$
601,830
$
564,468
6.6
%
$
2,340,837
$
2,268,339
3.2
%
Operating profit, as reported
$
90,569
$
83,355
$
352,431
$
330,938
Operating margin, as reported
15.0
%
14.8
%
15.1
%
14.6
%
Rationalization charges
80
—
(476
)
—
Acquisition related costs
511
—
525
350
Operating profit, as adjusted
$
91,160
$
83,355
$
352,480
$
331,288
Operating margin, as adjusted
15.1
%
14.8
%
15.1
%
14.6
%
Share-based compensation
358
298
1,545
1,286
Depreciation and amortization
15,156
15,193
60,157
59,607
EBITDA, as adjusted
$
106,674
$
98,846
7.9
%
$
414,182
$
392,181
5.6
%
EBITDA margin, as adjusted
17.7
%
17.5
%
17.7
%
17.3
%
TopBuild Corp.
Adjusted EBITDA (Unaudited)
(dollars in thousands)
Three Months Ended December 31,
Year Ended December 31,
2024
2023
Change
2024
2023
Change
Total net sales
Sales before eliminations
$
1,390,384
$
1,354,882
$
5,635,467
$
5,456,571
Intercompany eliminations
(78,178
)
(68,808
)
(305,664
)
(261,877
)
Net sales after eliminations
$
1,312,206
$
1,286,074
2.0
%
$
5,329,803
$
5,194,694
2.6
%
Operating profit, as reported - segments
$
240,014
$
233,354
$
1,001,593
$
975,330
General corporate expense, net
(9,807
)
(16,787
)
(65,416
)
(52,067
)
Intercompany eliminations
(12,757
)
(11,767
)
(49,834
)
(44,438
)
Operating profit, as reported
$
217,450
$
204,800
$
886,343
$
878,825
Operating margin, as reported
16.6
%
15.9
%
16.6
%
16.9
%
Rationalization charges
80
41
73
1,923
Acquisition related costs †
1,607
7,381
8,109
19,698
Acquisition termination fee
—
—
23,000
—
Operating profit, as adjusted
$
219,137
$
212,222
$
917,525
$
900,446
Operating margin, as adjusted
16.7
%
16.5
%
17.2
%
17.3
%
Share-based compensation
3,174
4,757
16,579
15,836
Depreciation and amortization
35,714
34,662
140,491
132,878
EBITDA, as adjusted
$
258,025
$
251,641
2.5
%
$
1,074,595
$
1,049,160
2.4
%
EBITDA margin, as adjusted
19.7
%
19.6
%
20.2
%
20.2
%
Sales change period over period
26,132
135,109
EBITDA, as adjusted, change period over period
6,384
25,435
Incremental EBITDA, as adjusted, as a percentage of change in sales
24.4
%
18.8
%
† 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 December 31,
Year Ended December 31,
2024
2023
2024
2023
Net sales
Same branch:
Installation
$
769,980
$
790,414
$
3,194,945
$
3,172,854
Specialty Distribution
589,392
564,468
2,310,659
2,268,339
Eliminations
(78,178
)
(68,808
)
(305,664
)
(261,877
)
Total same branch
$
1,281,194
$
1,286,074
$
5,199,940
$
5,179,316
Acquisitions (a):
Installation
$
18,574
$
—
$
99,685
$
—
Specialty Distribution
12,438
—
30,178
—
Total acquisitions
$
31,012
$
—
$
129,863
$
—
Dispositions (b):
Installation
$
—
$
—
$
—
$
15,378
Total dispositions
$
—
$
—
$
—
$
15,378
Total net sales
$
1,312,206
$
1,286,074
$
5,329,803
$
5,194,694
EBITDA, as adjusted
Same branch
$
253,145
$
251,641
$
1,054,680
$
1,046,120
Acquisitions (a)
4,880
—
19,915
—
Dispositions (b)
—
—
—
3,040
Total
$
258,025
$
251,641
$
1,074,595
$
1,049,160
EBITDA, as adjusted, as a percentage of sales
Same branch (c)
19.8
%
20.3
%
Acquisitions (d)
15.7
%
15.3
%
Total (e)
19.7
%
19.6
%
20.2
%
20.2
%
As Adjusted Incremental EBITDA, as a percentage of change in sales
Same branch (f)
NM
41.5
%
Acquisitions (d)
15.7
%
15.3
%
Total (g)
24.4
%
18.8
%
(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 December 31,
Year Ended December 31,
2024
2023
2024
2023
Gross Profit Reconciliation
Net sales
$
1,312,206
$
1,286,074
$
5,329,803
$
5,194,694
Gross profit, as reported
$
392,033
$
391,116
$
1,624,918
$
1,603,820
Acquisition related costs
—
—
—
—
Gross profit, as adjusted
$
392,033
$
391,116
$
1,624,918
$
1,603,820
Gross margin, as reported
29.9
%
30.4
%
30.5
%
30.9
%
Gross margin, as adjusted
29.9
%
30.4
%
30.5
%
30.9
%
Selling, General and Administrative Expense Reconciliation
Selling, general, and administrative expense, as reported
$
174,583
$
186,316
$
738,575
$
724,995
Rationalization charges
80
41
73
1,923
Acquisition related costs
1,607
7,381
8,109
19,698
Acquisition termination fee
—
—
23,000
—
Selling, general, and administrative expense, as adjusted
$
172,896
$
178,894
$
707,393
$
703,374
Operating Profit Reconciliation
Operating profit, as reported
$
217,450
$
204,800
$
886,343
$
878,825
Rationalization charges
80
41
73
1,923
Acquisition related costs
1,607
7,381
8,109
19,698
Acquisition termination fee
—
—
23,000
—
Operating profit, as adjusted
$
219,137
$
212,222
$
917,525
$
900,446
Operating margin, as reported
16.6
%
15.9
%
16.6
%
16.9
%
Operating margin, as adjusted
16.7
%
16.5
%
17.2
%
17.3
%
Income Per Common Share Reconciliation
Income before income taxes, as reported
$
202,721
$
194,342
$
840,788
$
825,483
Rationalization charges
80
41
73
1,923
Acquisition related costs
1,607
7,381
8,109
19,698
Acquisition termination fee
—
—
23,000
—
Income before income taxes, as adjusted
204,408
201,764
871,970
847,104
Tax rate at 26.0%
(53,146
)
(52,459
)
(226,712
)
(220,247
)
Income, as adjusted
$
151,262
$
149,305
$
645,258
$
626,857
Income per common share, as adjusted
$
5.13
$
4.69
$
21.03
$
19.73
Weighted average diluted common shares outstanding
29,485,271
31,805,569
30,679,660
31,776,901
TopBuild Corp.
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
(in thousands)
Three Months Ended December 31,
Year Ended December 31,
2024
2023
2024
2023
Net income, as reported
$
150,540
$
146,382
$
622,602
$
614,254
Adjustments to arrive at EBITDA, as adjusted:
Interest expense and other, net
14,729
10,458
45,555
53,342
Income tax expense
52,181
47,960
218,186
211,229
Depreciation and amortization
35,714
34,662
140,491
132,878
Share-based compensation
3,174
4,757
16,579
15,836
Rationalization charges
80
41
73
1,923
Acquisition related costs
1,607
7,381
8,109
19,698
Acquisition termination fee
—
—
23,000
—
EBITDA, as adjusted
$
258,025
$
251,641
$
1,074,595
$
1,049,160
Proforma acquisition EBITDA (a)
11,395
Proforma TTM EBITDA, as adjusted
$
1,085,990
(a) Represents the trailing twelve months proforma impact of acquisitions completed in 2024.
TopBuild Corp.
Acquisition Adjusted Net Sales (Unaudited)
(in thousands)
2024
Year Ended
Q1
Q2
Q3
Q4
December 31, 2024
Net sales
$
1,278,717
$
1,365,612
$
1,373,268
$
1,312,206
$
5,329,803
Acquisitions proforma adjustment †
35,308
22,616
13,363
8,762
80,049
Net sales, acquisition adjusted
$
1,314,025
$
1,388,228
$
1,386,631
$
1,320,968
$
5,409,852
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches
TopBuild Corp.
2025 Estimated Adjusted EBITDA Range (Unaudited)
(in millions)
Twelve Months Ending December 31, 2025
Low
High
Estimated net income, as reported
$
519.0
$
640.0
Adjustments to arrive at estimated EBITDA, as adjusted:
Interest expense and other, net
55.0
49.0
Income tax expense
182.0
225.0
Depreciation and amortization
148.0
143.0
Share-based compensation
20.0
17.0
Acquisition related costs & rationalization charges
1.0
1.0
Estimated EBITDA, as adjusted
$
925.0
$
1,075.0
This press release was published by a CLEAR® Verified individual.
