Exhibit 99.1

Graphic

TopBuild Reports Fourth Quarter and Year-End 2024 Results,

Provides 2025 Outlook and

Announces New $1 Billion Share Repurchase Authorization

​

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, FL – February 25, 2025 — 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.

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


“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%

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


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%

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


Capital Allocation

​

2024 Acquisitions

​

​

​

​

​

Annual Sales

​

Company

    

($ in 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

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%

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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.

​

​

​

​

NYSE:BLD

February 25, 2025

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)

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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

​

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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

​

​

​

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

TopBuild Corp.
Consolidated Statements 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

​

​

—

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

​

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

%

​

​

​

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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.

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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

​

​

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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

​

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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

​

​

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​


​

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

​

​

​

​

​

​

NYSE:BLD

February 25, 2025

topbuild.com

​