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TopBuild Corp.<\/strong>, a leading installer and distributor of insulation and building material products today reported results for the second quarter ended June 30, 2020. <\/p>\n Jerry Volas, Chief Executive Officer, stated, “We are extremely pleased with our second quarter results. <\/em>Our team did an outstanding job flexing our business model and driving further efficiencies throughout our Company as we responded to state shutdowns, project delays and widespread uncertainty related to COVID-19. The strong performance we achieved at both TruTeam and Service Partners is evidence of this success and demonstrates the strength of our uniquely diversified business platform<\/em>.<\/em><\/p>\n “<\/em>As we move through the second half of the year, we are confident in our ability to successfully meet the challenges and opportunities that may lie ahead.”<\/em><\/p>\n Second Quarter Financial Highlights Six Month Financial Highlights Operating Segment Highlights <\/strong>($ in 000s)<\/strong> While the Company completed no acquisitions in the second quarter, it did repurchase 262,889 shares at an average price of $76.17 per share. <\/p>\n Additional Information<\/strong> Conference Call<\/strong> About TopBuild<\/strong> Use of Non-GAAP Financial Measures<\/strong> Safe Harbor Statement<\/strong> Investor Relations and Media Contact<\/strong> Tags:<\/b> Tabitha Zane
<\/strong>(unless otherwise indicated, comparisons are to the quarter ended June 30, 2019)<\/p>\n\n
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<\/strong>(unless otherwise indicated, comparisons are to six months ended June 30, 2019)<\/p>\n\n
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(comparisons are to the period ended June 30, 2019)<\/p>\n\n\n
\n TruTeam<\/td>\n 3 Months Ended 6\/30\/20<\/strong><\/td>\n 6 Months Ended 6\/30\/20<\/strong><\/td>\n <\/td>\n Service Partners<\/td>\n 3 Months Ended 6\/30\/20<\/strong><\/td>\n 6 Months Ended 6\/30\/20<\/strong><\/td>\n<\/tr>\n \n Sales<\/strong><\/td>\n $466,569<\/td>\n <\/td>\n $942,442<\/td>\n <\/td>\n <\/td>\n Sales<\/strong><\/td>\n $216,336<\/td>\n <\/td>\n $430,558<\/td>\n <\/td>\n<\/tr>\n \n Change<\/strong><\/td>\n <\/td>\n <\/td>\n <\/td>\n Change<\/strong><\/td>\n <\/td>\n <\/td>\n<\/tr>\n \n Volume<\/td>\n <\/td>\n (5.5%)<\/td>\n <\/td>\n <\/td>\n (1.6%)<\/td>\n <\/td>\n <\/td>\n Volume<\/td>\n <\/td>\n 1.7%<\/td>\n <\/td>\n <\/td>\n 2.8%<\/td>\n <\/td>\n<\/tr>\n \n Price<\/td>\n <\/td>\n 0.7%<\/td>\n <\/td>\n <\/td>\n 1.4%<\/td>\n <\/td>\n <\/td>\n Price<\/td>\n <\/td>\n (0.4%)<\/td>\n <\/td>\n <\/td>\n 0.3%<\/td>\n <\/td>\n<\/tr>\n \n M&A<\/td>\n <\/td>\n 1.4%<\/td>\n <\/td>\n <\/td>\n 1.2%<\/td>\n <\/td>\n <\/td>\n M&A<\/td>\n <\/td>\n 0.0%<\/td>\n <\/td>\n <\/td>\n 0.0%<\/td>\n <\/td>\n<\/tr>\n \n Total Change<\/strong><\/td>\n <\/td>\n (3.4%)<\/td>\n <\/td>\n <\/td>\n 1.1%<\/td>\n <\/td>\n <\/td>\n Total Change<\/strong><\/td>\n <\/td>\n 1.3%<\/td>\n <\/td>\n <\/td>\n 3.0%<\/td>\n <\/td>\n<\/tr>\n \n Operating Margin<\/strong><\/td>\n <\/td>\n 14.9%<\/td>\n <\/td>\n <\/td>\n 13.8%<\/td>\n <\/td>\n <\/td>\n Operating Margin<\/strong><\/td>\n <\/td>\n 11.2%<\/td>\n <\/td>\n <\/td>\n 11.3%<\/td>\n <\/td>\n<\/tr>\n \n Change<\/strong><\/td>\n 70 bps<\/td>\n 100 bps<\/td>\n <\/td>\n Change<\/strong><\/td>\n 130 bps<\/td>\n 130 bps<\/td>\n<\/tr>\n \n Adj. Operating Margin<\/strong><\/td>\n <\/td>\n 15.2%<\/td>\n <\/td>\n <\/td>\n 14.0%<\/td>\n <\/td>\n <\/td>\n Adj. Operating Margin<\/strong><\/td>\n <\/td>\n 11.6%<\/td>\n <\/td>\n <\/td>\n 11.6%<\/td>\n <\/td>\n<\/tr>\n \n Change<\/strong><\/td>\n 100 bps<\/td>\n 110 bps<\/td>\n <\/td>\n Change<\/strong><\/td>\n 170 bps<\/td>\n 160 bps<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
Capital Allocation
<\/strong>“As a result of the uncertainty in early March related to COVID-19, we suspended our acquisition program. As the second quarter progressed, the outlook for the housing industry improved, and we are now moving forward with a number of the companies in our robust acquisition pipeline,”<\/em> noted Volas. <\/p>\n
Quarterly supplemental materials, including a presentation that will be referenced on today’s conference call, are available on the “Investors” section of the Company’s website at www.topbuild.com.<\/p>\n
A conference call to discuss second quarter 2020 financial results is scheduled for today, Tuesday, August 4, at 9:00 a.m. Eastern time. The call may be accessed by dialing (888) 225-2706. The conference call will be webcast simultaneously on the “Investors” section of the Company’s website at www.topbuild.com. <\/p>\n
TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®<\/sup>, which has approximately 200 branches, and through Service Partners®<\/sup> which distributes insulation and building material products from approximately 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers. To learn more about TopBuild please visit our website at www.topbuild.com.<\/p>\n
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 “Investors” at www.topbuild.com.<\/p>\n
Statements contained herein reflect our views about future periods, including our future plans and performance, constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against unduly relying on any of these forward-looking statements. Our future performance may be affected by the duration and impact of the COVID-19 pandemic on the United States economy, specifically with respect to residential and commercial construction; our ability to continue operations in markets affected by the COVID-19 pandemic and our ability to collect receivables from our customers; our reliance on residential new construction, residential repair\/remodel, and commercial construction; our reliance on third-party suppliers and manufacturers; our ability to attract, develop, and retain talented personnel and our sales and labor force; our ability to maintain consistent practices across our locations; and our ability to maintain our competitive position. We discuss the material risks we face under the caption entitled “Risk Factors” in our Annual Report for the year ended December 31, 2019, as filed with the SEC on February 25, 2020, as well as under the caption entitled “Risk Factors” in subsequent reports that we file with the SEC. Our forward-looking statements in this filing speak only as of the date of this filing. Factors or events that could cause our actual results to differ may emerge from time to time and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise. The Company believes that the non-GAAP performance measures and ratios that are contained herein, which management uses to manage our business, provide users of this financial information with additional meaningful comparisons between current results and results in our prior periods. Non-GAAP performance measures and ratios should be viewed in addition, and not as an alternative, to the Company’s reported results under accounting principles generally accepted in the United States. Additional information about the Company is contained in the Company’s filings with the SEC and is available on TopBuild’s website at www.topbuild.com.<\/p>\n
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801<\/p>\nSee Campaign: <\/strong>http:\/\/www.topbuild.com.<\/a>
Contact Information:<\/b>
Tabitha Zane
\ntabitha.zane@topbuild.com
\n386-763-8801<\/p>\n
<\/a>, Wire<\/a>, Disclosure Newswire<\/a>, United States<\/a>, English<\/a><\/p>\n<\/div>\n
\nContact Information:<\/h3>\n
\ntabitha.zane@topbuild.com
\n386-763-8801<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"TopBuild Corp., a leading installer and distributor of insulation and building material products today reported results for the second quarter ended June 30, 2020. Jerry Volas, Chief Executive Officer, stated, “We are extremely pleased with our second quarter results. Our team did an outstanding job flexing our business model and driving further efficiencies throughout our Company … Continue reading TopBuild Reports Second Quarter 2020 Results<\/span><\/a> Continue Reading