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TopBuild Reports Fourth Quarter and Full Year 2020 Results

4Q Highlights

  • Net sales increase 8.9%
  • Gross margin expands 150 basis points
  • 14.3% operating margin, 14.4% on an adjusted basis, up 280 basis points
  • Adjusted EBITDA margin expands 280 basis points to 16.8%
  • $2.13 net income per diluted share, $2.15 on an adjusted basis

/EIN News/ -- Provides 2021 Sales and Adjusted EBITDA Guidance

DAYTONA BEACH, Fla., Feb. 23, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products to the U.S. construction industry today reported results for the fourth quarter and year ended December 31, 2020.

Robert Buck, President and Chief Executive Officer, stated, “Our fourth quarter results were strong with operating margins expanding over 200 basis points at both TruTeam and Service Partners. Same branch residential and commercial revenue improved sequentially from the third quarter and continues to strengthen.

“Labor shortages and material constraints are extending the building cycle and the traditional lag time in our business. Our ability to share labor and material across our footprint gives us an advantage in serving our customers and helps us mitigate these challenges.”

Fourth Quarter Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended December 31, 2019)

  • Net sales increased 8.9% to $721.5 million, driven by increased volume and sales from acquisitions.
  • Gross margin expanded 150 basis points to 27.4%. On an adjusted basis, gross margin was 27.5%, a 160-basis point increase.
  • Operating profit was $103.1 million, compared to $76.4 million. On an adjusted basis, operating profit was $104.0 million, compared to $76.6 million, a 35.7% improvement.
  • Operating margin was 14.3%. Adjusted operating margin improved 280 basis points to 14.4%.
  • Net income was $70.8 million, or $2.13 per diluted share, compared to $46.0 million, or $1.36 per diluted share.
  • Adjusted net income was $71.3 million, or $2.15 per diluted share, compared to $50.0 million, or $1.48 per diluted share.
  • Adjusted EBITDA was $121.5 million, compared to $92.5 million, a 31.2% increase and adjusted EBITDA margin improved 280 basis points to 16.8%. Incremental adjusted EBITDA margin was 48.9%.

  • At December 31, 2020, the Company had cash and cash equivalents of $330.0 million, availability under its revolving credit facility of $389.6 million for total liquidity of $719.6 million.

Full Year 2020 Financial Highlights

(unless otherwise indicated, comparisons are to twelve months ended December 31, 2019)

  • Net sales increased 3.6% to $2,718.0 million.
  • Gross margin expanded 150 basis points to 27.5%.
  • Operating profit was $355.0 million, compared to operating profit of $289.5 million. On an adjusted basis, operating profit was $359.4 million, compared to $292.7 million, a 22.8% improvement.
  • Operating margin was 13.1%, up 210 basis points. Adjusted operating margin improved 200 basis points to 13.2%.
  • Net income was $247.0 million, or $7.42 per diluted share, compared to $191.0 million, or $5.56 per diluted share. Adjusted net income was $242.5 million, or $7.28 per diluted share, compared to $188.9 million, or $5.49 per diluted share.

  • Adjusted EBITDA was $436.7 million, compared to $359.1 million, a 21.6% increase and adjusted EBITDA margin improved 240 basis points to 16.1%.

Buck added, “Our 2020 financial results demonstrate the strength of our operating model and the hard work and dedication of our entire TopBuild team. Despite the challenges resulting from the pandemic, both of our business segments reported revenue growth and solid margin expansion.

“In addition, during the year we completed three acquisitions, strengthening our footprint in the high growth markets of Texas, Colorado and Tennessee.

“Looking ahead, housing fundamentals remain robust and our Company should continue to benefit from strong demand for new housing construction. Our focus remains on driving top line growth and improving operational efficiencies throughout the Company.”

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended December 31, 2019)

TruTeam 3 Months Ended 12/31/20 12 Months Ended 12/31/20   Service Partners 3 Months Ended 12/31/20 12 Months Ended 12/31/20
Sales $508,812 $1,943,461   Sales $251,535 $926,207
Change       Change    
Volume 2.8% -1.0%   Volume 13.3% 7.9%
Price -0.3% 0.9%   Price -0.6% -0.5%
M&A 4.5% 2.0%   M&A 0.0% 0.0%
Total Change 6.9% 1.9%   Total Change 12.7% 7.4%
Operating Margin 16.0% 15.2%   Operating Margin 13.4% 12.5%
Change 260 bps 190 bps   Change 210 bps 200 bps
Adj. Operating Margin 16.1% 15.3%   Adj. Operating Margin 13.4% 12.5%
Change 270 bps 200 bps   Change 210 bps 200 bps

                   

Capital Allocation
Acquisitions
In 2020, the Company completed three acquisitions, Hunter Insulation, an installation company based in Long Island, New York, Cooper Glass a commercial glass company serving the Memphis market, and Garland Insulating, a residential and light commercial installation company serving markets in Texas and Colorado.

In January 2021, the Company acquired LCR Contractors, a residential and heavy commercial insulation company serving markets in Texas and Tennessee. Combined, these four companies are expected to contribute approximately $137 million of annual revenue

“Acquisitions remain our number one capital allocation priority. We have a robust pipeline of prospects with the majority concentrated in our core insulation business. These companies are located in attractive growth regions with strong management teams, solid customer bases and experienced installers,” stated Buck.

Share Repurchase Program
In 2020, the Company repurchased a total of 616,227 shares of its common stock for approximately $49.2 million.

Sales and Adjusted EBITDA Guidance (1)
($ in millions)

2021 Low High
Sales $ 3,050.0 $ 3,150.0
Adjusted EBITDA* $ 505.0 $ 535.0

*See table for adjusted EBITDA reconciliation.

Assumptions(1)   
($ in millions)

2021 Low High
Housing Starts   1,425   1,475
Estimated net income $ 297.5 $ 326.7
Interest Expense and other, net $ 24.2 $ 21.2
Income tax expense $ 104.5 $ 114.8
Depreciation and Amortization $ 67.0 $ 63.0
Share based compensation $ 11.8 $ 9.3
     

Long-Term Targets (3-Years) (1)

Metric  
Working Capital (% of LTM Sales) 9.5% to 10.5%
CapEx (% of Sales) 2.0%
Commercial Annual Revenue Growth 7.5% to 10.0%
Normalized Tax Rate 26.0%
Incremental Adjusted EBITDA (Organic) 22.0% to 27.0%
Incremental Adjusted EBITDA (Acquisitions Year One) 11.0% to 16.0%
Residential Revenue for Every 50K Increase in Housing Starts $90 million

(1) This guidance and long-term targets reflect management’s current view of present and future market conditions and are based on assumptions such as housing starts, 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 2020 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 fourth quarter 2020 financial results is scheduled for today, Tuesday, February 23, 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., 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®, which has close to 200 branches, and through Service Partners® 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.

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 a stock repurchase transaction. These forward-looking statements are distinguished by use of 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.  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


TopBuild Corp.                        
Consolidated Statements of Operations                        
(in thousands, except share and per common share amounts)                  
                         
    Three Months Ended December 31,    Year Ended December 31,
    2020     2019     2020     2019  
Net sales   $ 721,487        $ 662,349        $ 2,718,038        $ 2,624,121  
Cost of sales     523,467       491,030       1,971,677       1,942,854  
Gross profit     198,020       171,319       746,361       681,267  
                         
Selling, general, and administrative expense     94,943       94,898       391,315       391,744  
Operating profit     103,077       76,421       355,046       289,523  
                         
Other income (expense), net:                        
Interest expense     (7,745 )     (9,083 )     (32,456 )     (37,823 )
Loss on extinguishment of debt                 (233 )      
Other, net     85       566       733       2,078  
Other expense, net     (7,660 )     (8,517 )     (31,956 )     (35,745 )
Income before income taxes     95,417       67,904       323,090       253,778  
                         
Income tax expense     (24,660 )     (21,919 )     (76,067 )     (62,783 )
Net income   $ 70,757     $ 45,985     $ 247,023     $ 190,995  
                         
Net income per common share:                        
Basic   $ 2.16     $ 1.38     $ 7.50     $ 5.65  
Diluted   $ 2.13     $ 1.36     $ 7.42     $ 5.56  
                         
Weighted average shares outstanding:                        
Basic     32,789,911       33,297,613       32,917,971       33,806,104  
Diluted     33,189,104       33,886,904       33,299,986       34,376,555  


TopBuild Corp.              
Consolidated Balance Sheets and Other Financial Data              
(dollars in thousands)              
    As of December 31,  
    2020   2019  
ASSETS              
Current assets:              
Cash and cash equivalents   $ 330,007   $ 184,807  
Receivables, net of an allowance for credit losses of $6,926 at December 31, 2020 and allowance for doubtful accounts of $4,854 at December 31, 2019     427,340     428,844  
Inventories, net     161,369     149,078  
Prepaid expenses and other current assets     17,689     17,098  
Total current assets     936,405     779,827  
               
Right of use assets     83,490     87,134  
Property and equipment, net     180,053     178,080  
Goodwill     1,410,685     1,367,918  
Other intangible assets, net     190,605     181,122  
Deferred tax assets, net     2,728     4,259  
Other assets     11,317     5,623  
Total assets   $ 2,815,283   $ 2,603,963  
               
LIABILITIES              
Current liabilities:              
Accounts payable   $ 331,710   $ 307,970  
Current portion of long-term debt     23,326     34,272  
Accrued liabilities     107,949     98,418  
Short-term lease liabilities     33,492     36,094  
Total current liabilities     496,477     476,754  
               
Long-term debt     683,396     697,955  
Deferred tax liabilities, net     168,568     175,263  
Long-term portion of insurance reserves     50,657     45,605  
Long-term lease liabilities     53,749     54,010  
Other liabilities     13,642     1,487  
Total liabilities     1,466,489     1,451,074  
               
EQUITY     1,348,794     1,152,889  
Total liabilities and equity   $ 2,815,283   $ 2,603,963  
               
               
    As of December 31,   
       2020   2019  
Other Financial Data              
Receivable days     48     53  
Inventory days     30     28  
Accounts payable days     76     80  
Receivables, net plus inventories, net less accounts payable   $ 256,999   $ 269,952  
Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM) † 9.3 % 10.3 %
               
† 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, 
    2020     2019  
Cash Flows Provided by (Used in) Operating Activities:                   
Net income   $ 247,023     $ 190,995  
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization     62,410       52,700  
Share-based compensation     14,752       13,658  
Loss on extinguishment of debt     233        
(Gain) loss on sale or abandonment of property and equipment     (88 )     1,399  
Amortization of debt issuance costs     1,491       1,558  
Provision for bad debt expense     6,270       7,065  
Loss from inventory obsolescence     2,512       2,622  
Deferred income taxes, net     (4,070 )     8,888  
Change in certain assets and liabilities            
Receivables, net     2,612       (27,146 )
Inventories, net     (11,843 )     17,433  
Prepaid expenses and other current assets     (460 )     9,361  
Accounts payable     16,844       (5,124 )
Accrued liabilities     20,545       2,690  
Payment of contingent consideration     (413 )      
Other, net     66       1,058  
Net cash provided by operating activities     357,884       271,777  
             
Cash Flows Provided by (Used in) Investing Activities:            
Purchases of property and equipment     (40,938 )     (45,536 )
Acquisition of businesses     (83,408 )     (6,952 )
Proceeds from sale of property and equipment     2,463       2,321  
Other, net           25  
Net cash used in investing activities     (121,883 )     (50,142 )
             
Cash Flows Provided by (Used in) Financing Activities:            
Proceeds from issuance of long-term debt     300,000       14,989  
Repayment of long-term debt     (324,948 )     (27,793 )
Payment of debt issuance costs     (2,280 )      
Taxes withheld and paid on employees' equity awards     (14,932 )     (12,951 )
Exercise of stock options     1,438        
Repurchase of shares of common stock     (49,151 )     (110,911 )
Payment of contingent consideration     (928 )     (1,091 )
Net cash (used in) provided by financing activities     (90,801 )     (137,757 )
             
Cash and Cash Equivalents            
Increase for the period     145,200       83,878  
Beginning of period     184,807       100,929  
End of period   $ 330,007     $ 184,807  
             
Supplemental disclosure of cash paid for:            
Interest on long-term debt   $ 30,896     $ 36,244  
Income taxes     77,689       43,310  
             
Supplemental disclosure of noncash activities:            
Leased assets obtained in exchange for new operating lease liabilities   $ 38,646     $ 128,838  
Accruals for property and equipment     645       542  


TopBuild Corp.                                
Segment Data                                
(dollars in thousands)                                
                                 
    Three Months Ended December 31,        Year Ended December 31,    
    2020   2019   Change   2020   2019   Change
TruTeam                                
Sales   $ 508,812     $ 475,929     6.9%   $ 1,943,461     $ 1,906,730     1.9%
                                 
Operating profit, as reported   $ 81,657     $ 63,661         $ 294,793     $ 253,230      
Operating margin, as reported     16.0     13.4         15.2     13.3    
                                 
Rationalization charges           (24 )         866       159      
Acquisition related costs           177           4       636      
COVID-19 pay     363                 1,278            
Operating profit, as adjusted   $ 82,020     $ 63,814         $ 296,941     $ 254,025      
Operating margin, as adjusted     16.1     13.4         15.3     13.3    
                                 
Service Partners                                
Sales   $ 251,535     $ 223,244     12.7%   $ 926,207     $ 862,143     7.4%
                                 
Operating profit, as reported   $ 33,731     $ 25,234         $ 115,343     $ 90,388      
Operating margin, as reported     13.4     11.3         12.5     10.5 %    
                                 
Rationalization charges                     783       109      
COVID-19 pay     21                 90            
Operating profit, as adjusted   $ 33,752     $ 25,234         $ 116,216     $ 90,497      
Operating margin, as adjusted     13.4     11.3 %         12.5     10.5    
                                 
Total                                
Sales before eliminations   $ 760,347     $ 699,173         $ 2,869,668     $ 2,768,873      
Intercompany eliminations     (38,860 )     (36,824 )         (151,630 )     (144,752 )    
Net sales after eliminations   $ 721,487     $ 662,349     8.9%   $ 2,718,038     $ 2,624,121     3.6%
                                 
Operating profit, as reported - segments   $ 115,388     $ 88,895         $ 410,136     $ 343,618      
General corporate expense, net     (6,174 )     (6,568 )         (30,785 )     (30,174 )    
Intercompany eliminations     (6,137 )     (5,906 )         (24,305 )     (23,921 )    
Operating profit, as reported   $ 103,077     $ 76,421         $ 355,046     $ 289,523      
Operating margin, as reported     14.3     11.5 %         13.1     11.0    
                                 
Rationalization charges †     (4 )     15           2,097       1,992      
Acquisition related costs †     518       166           855       1,200      
Refinancing costs                     57            
COVID-19 pay     384                 1,368            
Operating profit, as adjusted   $ 103,975     $ 76,602         $ 359,423     $ 292,715      
Operating margin, as adjusted     14.4     11.6 %         13.2     11.2    
                                 
Share-based compensation     2,593       2,246           14,910       13,658      
Depreciation and amortization     14,883       13,696           62,410       52,700      
EBITDA, as adjusted   $ 121,451     $ 92,544         $ 436,743     $ 359,073      
EBITDA margin, as adjusted     16.8     14.0 %         16.1     13.7    
                                 
Sales change period over period     59,138                 93,917            
EBITDA, as adjusted, change period over period     28,907                 77,670            
Incremental EBITDA, as adjusted, as a percentage of change in sales 48.9               82.7          
                                 
† Rationalization charges and acquisition related costs include corporate level adjustments as well as segment operating adjustments                
                                 


TopBuild Corp.                        
Non-GAAP Reconciliations                        
(in thousands, except share and per common share amounts)                      
                         
    Three Months Ended December 31,    Year Ended December 31, 
    2020   2019   2020   2019
Gross Profit and Operating Profit Reconciliations                        
                         
Net sales   $ 721,487     $ 662,349     $ 2,718,038     $ 2,624,121  
                         
Gross profit, as reported   $ 198,020     $ 171,319     $ 746,361     $ 681,267  
                         
Rationalization charges                 1,016        
COVID-19 pay     380             1,135        
Gross profit, as adjusted   $ 198,400     $ 171,319     $ 748,512     $ 681,267  
                         
Gross margin, as reported     27.4     25.9     27.5     26.0
Gross margin, as adjusted     27.5     25.9     27.5     26.0
                         
Operating profit, as reported   $ 103,077     $ 76,421     $ 355,046     $ 289,523  
                         
Rationalization charges     (4 )     15       2,097       1,992  
Acquisition related costs     518       166       855       1,200  
Refinancing costs                 57        
COVID-19 pay     384             1,368        
Operating profit, as adjusted   $ 103,975     $ 76,602     $ 359,423     $ 292,715  
                         
Operating margin, as reported     14.3     11.5     13.1     11.0
Operating margin, as adjusted     14.4     11.6     13.2     11.2
                         
Income Per Common Share Reconciliation                        
                         
Income before income taxes, as reported   $ 95,417     $ 67,904     $ 323,090     $ 253,778  
                         
Rationalization charges     (4 )     15       2,097       1,992  
Acquisition related costs     518       166       855       1,200  
Refinancing costs and loss on extinguishment of debt                 290        
COVID-19 pay     384             1,368        
Income before income taxes, as adjusted     96,315       68,085       327,700       256,970  
                         
Tax rate at 26.0% and 26.5% for 2020 and 2019, respectively     (25,042 )     (18,043 )     (85,202 )     (68,097 )
Income, as adjusted   $ 71,273     $ 50,042     $ 242,498     $ 188,873  
                         
Income per common share, as adjusted   $ 2.15     $ 1.48     $ 7.28     $ 5.49  
                         
Weighted average diluted common shares outstanding     33,189,104       33,886,904       33,299,986       34,376,555  



TopBuild Corp.                        
Same Branch and Acquisition Net Sales and Adjusted EBITDA                        
(dollars in thousands)                        
                         
    Three Months Ended December 31,    Year Ended December 31, 
       2020      2019      2020      2019
Net sales                        
Same branch:                        
TruTeam   $ 487,593     $ 475,929     $ 1,906,012     $ 1,906,730  
Service Partners     251,535       223,244       926,207       862,143  
Eliminations     (38,860 )     (36,824 )     (151,630 )     (144,752 )
Total same branch     700,268       662,349       2,680,589       2,624,121  
                         
Acquisitions (a):                        
TruTeam   $ 21,219     $     $ 37,449     $  
Service Partners                        
Eliminations                        
Total acquisitions     21,219             37,449        
Total   $ 721,487     $ 662,349     $ 2,718,038     $ 2,624,121  
                         
Acquisitions proforma adjustment †               $ 48,469        
TTM net sales, acquisition adjusted               $ 2,766,507        
                         
EBITDA, as adjusted                        
Same branch   $ 118,413     $ 92,544     $ 430,510     $ 359,073  
Acquisitions (a)     3,038             6,233        
Total   $ 121,451     $ 92,544     $ 436,743     $ 359,073  
                         
EBITDA, as adjusted, as a percentage of sales                        
Same branch (b)     16.9           16.1      
Acquisitions (c)     14.3           16.6      
Total (d)     16.8     14.0     16.1     13.7
                         
As Adjusted Incremental EBITDA, as a percentage of change in sales                        
Same branch (e)     68.2           126.5      
Acquisitions (c)     14.3           16.6      
Total (f)     48.9           82.7      
                         
(a) Represents current year impact of acquisitions in their first twelve months            
(b) Same branch EBITDA, as adjusted, as a percentage of same branch sales            
(c) Acquired EBITDA, 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            
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches            


                       
TopBuild Corp.                      
 Same Branch and Acquisition Net Sales by Market                  
(in thousands)                      
                       
  Three Months Ended December 31,    Year Ended December 31, 
  2020   2019   2020   2019
Same branch:                      
Residential $ 550,960   $ 512,715   $ 2,104,233   $ 2,016,016
Commercial   149,308     149,364     576,356     608,105
Same branch net sales   700,268     662,349     2,680,589     2,624,121
                       
Acquisitions (a):                      
Residential $ 18,969   $   $ 23,650   $
Commercial   2,250         13,799    
Acquisitions net sales   21,219         37,449    
Total net sales $ 721,487   $ 662,349   $ 2,718,038   $ 2,624,121
                       
(a) Represents current year impact of acquisitions in their first twelve months                
                       


TopBuild Corp.                        
Reconciliation of Adjusted EBITDA to Net Income                      
(in thousands)                        
                         
    Three Months Ended December 31,    Year Ended December 31, 
    2020     2019   2020   2019
Net income, as reported   $ 70,757     $ 45,985   $ 247,023   $ 190,995
Adjustments to arrive at EBITDA, as adjusted:                        
Interest expense and other, net     7,660       8,517     31,723     35,745
Income tax expense     24,660       21,919     76,067     62,783
Depreciation and amortization     14,883       13,696     62,410     52,700
Share-based compensation     2,593       2,246     14,910     13,658
Rationalization charges     (4 )     15     2,097     1,992
Acquisition related costs     518       166     855     1,200
Refinancing costs and loss on extinguishment of debt               290    
COVID-19 pay     384           1,368    
EBITDA, as adjusted   $ 121,451     $ 92,544   $ 436,743   $ 359,073
                         


TopBuild Corp.            
2021 Estimated Adjusted EBITDA Range            
(in millions)            
             
  Twelve Months Ending December 31, 2021  
    Low     High  
Estimated net income $ 297.5   $ 326.7  
Adjustments to arrive at estimated EBITDA, as adjusted:            
Interest expense and other, net   24.2     21.2  
Income tax expense   104.5     114.8  
Depreciation and amortization   67.0     63.0  
Share-based compensation   11.8     9.3  
Estimated EBITDA, as adjusted $ 505.0   $ 535.0  
             
   

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