BLD TopBuild Corp

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 Allocation2024 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 RepurchasesDuring 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 AuthorizationTopBuild 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 Outlook1TopBuild 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.com386-763-8801

(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

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