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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE

COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period June 30, 2024

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to               

Commission file number: 001-36870

TopBuild Corp.

(Exact name of Registrant as Specified in its Charter)

Delaware

(State or Other Jurisdiction of Incorporation or
Organization)

47-3096382

(I.R.S. Employer
Identification No.)

475 North Williamson Boulevard

Daytona Beach, Florida

(Address of Principal Executive Offices)

32114

(Zip Code)

(386) 304-2200

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

BLD

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes             No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes             No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Large accelerated filer      Accelerated filer      Non-accelerated filer   Smaller reporting company     Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes             No

The registrant had outstanding 30,166,212 shares of Common Stock, par value $0.01 per share as of July 31, 2024.

Table of Contents

TOPBUILD CORP.

TABLE OF CONTENTS

Page No.

Part I.

Financial Information

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Operations

5

Condensed Consolidated Statements of Comprehensive Income

6

Condensed Consolidated Statements of Cash Flows

7

Condensed Consolidated Statements of Changes in Equity

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

29

Part II.

Other Information

Item 1.

Legal Proceedings

29

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 3.

Defaults upon Senior Securities

30

Item 4.

Mine Safety Disclosures

30

Item 5.

Other Information

30

Item 6.

Exhibits

30

Index to Exhibits

31

Signature

32

2

Table of Contents

GLOSSARY

We use acronyms, abbreviations, and other defined terms throughout this Quarterly Report, which are defined in the glossary below:

Term

Definition

3.625% Senior Notes

TopBuild's 3.625% senior unsecured notes issued March 15, 2021 and due March 15, 2029

4.125% Senior Notes

TopBuild's 4.125% senior unsecured notes issued October 14, 2021 and due February 15, 2032

2015 LTIP

2015 Long-Term Incentive Program authorizes the Board to grant stock options, stock appreciation rights, restricted shares, restricted share units, performance awards, and dividend equivalents

2022 Repurchase Program

$200 million share repurchase program authorized by the Board on July 25, 2022

2024 Repurchase Program

$1 billion share repurchase program authorized by the Board on May 3, 2024

Amendment No. 4

Amendment No. 4 to the Credit Agreement dated July 26, 2023

Annual Report

Annual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

Board

Board of Directors of TopBuild

BofA

Bank of America, N.A.

Brabble

Brabble Insulation, Inc.

Credit Agreement

Amended and Restated Credit Agreement, dated March 20, 2020, among TopBuild, BofA as administrative agent, and the other lenders and agents party thereto

Current Report

Current report filed with the SEC on Form 8-K pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

EBITDA

Earnings before interest, taxes, depreciation, and amortization

Exchange Act

The Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

Green Space

Nate’s Insulation, LLC d/b/a Green Space Insulation

GAAP

Generally accepted accounting principles in the United States of America

Insulation Works

Insulation Works, Inc.

Lenders

Bank of America, N.A., together with the other lenders party to "Credit Agreement"

Morris Black

Morris Black & Sons, Inc.

Net Leverage Ratio

As defined in the “Credit Agreement,” the ratio of outstanding indebtedness, less up to $100 million of unrestricted cash, to EBITDA

NYSE

New York Stock Exchange

PCI

Pest Control Insulation, LLC

Quarterly Report

Quarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

ROU

Right of use (asset), as defined in ASC 842

RSA

Restricted stock award

SEC

United States Securities and Exchange Commission

Secured Leverage Ratio

As defined in the “Credit Agreement,” the ratio of outstanding indebtedness, including letters of credit, to EBITDA

SOFR

Secured overnight financing rate

SPI

SPI LLC d/b/a Specialty Products & Insulation

SRI

SRI Holdings, LLC

Term Loan

TopBuild's secured borrowings under the "Credit Agreement" due October 7, 2026

Term Facility Two

$550 million delayed draw term loan intended to be used to fund the acquisition of SPI and was terminated in the second quarter of 2024

Texas Insulation

EOAKIS, LLC, d/b/a Texas Insulation

TopBuild

TopBuild Corp. and its wholly-owned consolidated domestic subsidiaries

3

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

TOPBUILD CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands except share data)

As of

June 30, 

December 31, 

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

463,221

$

848,565

Receivables, net of an allowance for credit losses of $22,718 at June 30, 2024, and $23,948 at December 31, 2023

859,725

 

799,009

Inventories

393,810

 

364,731

Prepaid expenses and other current assets

43,550

 

36,939

Total current assets

1,760,306

 

2,049,244

Right of use assets

191,048

204,629

Property and equipment, net

267,523

 

264,487

Goodwill

2,090,788

 

2,042,568

Other intangible assets, net

583,141

 

591,058

Other assets

10,187

 

10,865

Total assets

$

4,902,993

$

5,162,851

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

461,139

$

469,585

Current portion of long-term debt

45,665

47,039

Accrued liabilities

176,753

187,217

Short-term operating lease liabilities

66,953

65,780

Short-term finance lease liabilities

1,739

1,917

Total current liabilities

752,249

771,538

Long-term debt

1,351,969

1,373,028

Deferred tax liabilities, net

243,790

243,930

Long-term portion of insurance reserves

60,402

58,783

Long-term operating lease liabilities

132,529

146,213

Long-term finance lease liabilities

3,318

4,150

Other liabilities

1,422

1,554

Total liabilities

2,545,679

2,599,196

Commitments and contingencies

Equity:

Preferred stock, $0.01 par value: 10,000,000 shares authorized; 0 shares issued and outstanding

-

-

Common stock, $0.01 par value: 250,000,000 shares authorized; 39,561,321 shares issued and 30,584,176 outstanding at June 30, 2024, and 39,492,037 shares issued and 31,776,039 outstanding at December 31, 2023

396

394

Treasury stock, 8,977,145 shares at June 30, 2024, and 7,715,998 shares at December 31, 2023, at cost

(1,215,829)

(699,327)

Additional paid-in capital

919,317

906,334

Retained earnings

2,674,023

2,370,919

Accumulated other comprehensive loss

(20,593)

(14,665)

Total equity

2,357,314

2,563,655

Total liabilities and equity

$

4,902,993

$

5,162,851

See notes to our unaudited condensed consolidated financial statements.

4

Table of Contents

TOPBUILD CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands except share and per common share data)

Three Months Ended June 30, 

Six Months Ended June 30, 

2024

2023

2024

2023

Net sales

$

1,365,612

    

$

1,317,262

    

$

2,644,329

    

$

2,582,500

Cost of sales

941,690

895,462

1,833,257

1,790,485

Gross profit

423,922

421,800

811,072

792,015

Selling, general, and administrative expense

213,530

184,697

386,172

355,481

Operating profit

210,392

237,103

424,900

436,534

Other income (expense), net:

Interest expense

(18,568)

(18,558)

(37,363)

(36,597)

Other, net

11,350

4,605

22,632

6,528

Other expense, net

(7,218)

(13,953)

(14,731)

(30,069)

Income before income taxes

203,174

223,150

410,169

406,465

Income tax expense

(52,451)

(58,750)

(107,065)

(106,195)

Net income

$

150,723

$

164,400

$

303,104

$

300,270

Net income per common share:

Basic

$

4.81

$

5.20

$

9.63

$

9.51

Diluted

$

4.78

$

5.18

$

9.56

$

9.47

 

Weighted average shares outstanding:

Basic

31,324,833

31,599,744

31,483,144

31,575,337

Diluted

31,524,063

31,731,807

31,693,524

31,722,660

See notes to our unaudited condensed consolidated financial statements.

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TOPBUILD CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In thousands)

Three Months Ended June 30, 

Six Months Ended June 30, 

2024

2023

2024

2023

Net income

$

150,723

$

164,400

$

303,104

$

300,270

Other comprehensive (loss) income:

Foreign currency translation adjustment

(1,836)

4,283

(5,928)

6,037

Comprehensive income

$

148,887

$

168,683

$

297,176

$

306,307

See notes to our unaudited condensed consolidated financial statements.

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TOPBUILD CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

Six Months Ended June 30, 

2024

2023

Cash Flows Provided by (Used in) Operating Activities:

    

    

Net income

$

303,104

$

300,270

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

69,291

64,652

Share-based compensation

9,759

6,886

(Gain)/loss on sale of assets

(131)

621

Amortization of debt issuance costs

1,440

1,440

Provision for bad debt expense

9,874

4,031

Provision for inventory obsolescence

4,892

3,290

Change in certain assets and liabilities:

Receivables, net

(58,411)

(37,247)

Inventories

(30,758)

54,623

Prepaid expenses and other current assets

(6,595)

8,897

Accounts payable

(17,480)

(8,806)

Accrued liabilities

(13,348)

(13,872)

Other, net

(2,509)

1,012

Net cash provided by operating activities

269,128

385,797

Cash Flows Provided by (Used in) Investing Activities:

Purchases of property and equipment

(35,974)

(30,672)

Acquisition of businesses, net of cash acquired

(88,123)

(45,948)

Proceeds from sale of assets

2,150

782

Net cash used in investing activities

(121,947)

(75,838)

Cash Flows Provided by (Used in) Financing Activities:

Repayment of long-term debt

(23,873)

(18,829)

Taxes withheld and paid on employees' equity awards

(6,059)

(6,350)

Exercise of stock options

3,224

1,497

Repurchase of shares of common stock

(505,241)

Payment of contingent consideration

(300)

Net cash used in financing activities

(531,949)

(23,982)

Impact of exchange rate changes on cash

(576)

281

Net (decrease) increase in cash and cash equivalents

(385,344)

286,258

Cash and cash equivalents - Beginning of period

 

848,565

 

240,069

Cash and cash equivalents - End of period

$

463,221

$

526,327

Supplemental disclosure of noncash activities:

Leased assets obtained in exchange for new operating lease liabilities

$

20,180

$

26,310

Accruals for property and equipment

277

1,449

Excise taxes capitalized to treasury stock

5,202

See notes to our unaudited condensed consolidated financial statements.

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TOPBUILD CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

(In thousands except share data)

Accumulated

Common

Treasury

Additional

Other

Stock

Stock

Paid-in

Retained

Comprehensive

($0.01 par value)

at cost

Capital

Earnings

(Loss) Income

Equity

Balance at December 31, 2022

$

393

$

(692,799)

$

887,367

$

1,756,665

$

(21,920)

$

1,929,706

Net income

-

-

-

135,870

-

135,870

Share-based compensation

-

-

3,135

-

-

3,135

Issuance of 95,012 restricted share awards under long-term equity incentive plan

2

-

-

-

-

2

32,594 shares withheld to pay taxes on employees' equity awards

-

(6,350)

-

-

-

(6,350)

28,840 shares issued upon exercise of stock options

-

-

1,028

-

-

1,028

Other comprehensive income, net of tax

-

-

-

-

1,753

1,753

Balance at March 31, 2023

$

395

$

(699,149)

$

891,530

$

1,892,535

$

(20,167)

$

2,065,144

Net income

-

-

-

164,400

-

164,400

Share-based compensation

-

-

3,751

-

-

3,751

Issuance of 18,768 restricted share awards under long-term equity incentive plan

-

-

-

-

-

-

4,762 shares issued upon exercise of stock options

-

-

468

-

-

468

Other comprehensive income, net of tax

-

-

-

-

4,283

4,283

Balance at June 30, 2023

$

395

$

(699,149)

$

895,749

$

2,056,935

$

(15,884)

$

2,238,046

Accumulated

Common

Treasury

Additional

Other

Stock

Stock

Paid-in

Retained

Comprehensive

($0.01 par value)

at cost

Capital

Earnings

(Loss) Income

Equity

Balance at December 31, 2023

$

394

$

(699,327)

$

906,334

$

2,370,919

$

(14,665)

$

2,563,655

Net income

-

-

-

152,381

-

152,381

Share-based compensation

-

-

5,127

-

-

5,127

Issuance of 51,236 restricted share awards under long-term equity incentive plan, net of forfeitures

1

-

-

-

-

1

14,965 shares withheld to pay taxes on employees' equity awards

-

(6,059)

-

-

-

(6,059)

5,757 shares issued upon exercise of stock options

-

-

1,020

-

-

1,020

Other comprehensive loss, net of tax

-

-

-

-

(4,092)

(4,092)

Balance at March 31, 2024

$

395

$

(705,386)

$

912,481

$

2,523,300

$

(18,757)

$

2,712,033

Net income

-

150,723

150,723

Share-based compensation

-

-

4,632

-

-

4,632

Issuance of 2,022 restricted share awards under long-term equity incentive plan, net of forfeitures

1

-

-

-

1

Repurchase of 1,246,182 shares pursuant to 2022 and 2024 Repurchase Programs

-

(510,443)

-

-

-

(510,443)

10,269 shares issued upon exercise of stock options

-

-

2,204

-

-

2,204

Other comprehensive loss, net of tax

-

-

-

-

(1,836)

(1,836)

Balance at June 30, 2024

$

396

$

(1,215,829)

$

919,317

$

2,674,023

$

(20,593)

$

2,357,314

See notes to our unaudited condensed consolidated financial statements.

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TOPBUILD CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.  BASIS OF PRESENTATION

TopBuild is listed on the NYSE under the ticker symbol “BLD.” We report our business in two segments: Installation and Specialty Distribution. Our Installation segment primarily installs insulation and other building products. Our Specialty Distribution segment primarily sells and distributes insulation and other building products. Our segments are based on our operating units, for which financial information is regularly evaluated by our chief operating decision maker.

We believe the accompanying unaudited condensed consolidated financial statements contain all adjustments, of a normal recurring nature, necessary to state fairly our financial position as of June 30, 2024, our results of operations and comprehensive income for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. The condensed consolidated balance sheet at December 31, 2023 was derived from our audited financial statements, but does not include all disclosures required by GAAP.

These condensed consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual report for the year ended December 31, 2023, as filed with the SEC on February 28, 2024.

2.  ACCOUNTING POLICIES

Financial Statement Presentation. Our condensed consolidated financial statements have been developed in conformity with GAAP, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. All intercompany transactions between TopBuild entities have been eliminated.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures”. This standard amends Topic 280 to require all entities to disclose, on an annual and interim basis, significant segment expenses and an amount for other segment items by reportable segment. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not anticipate that this standard will affect our consolidated results of operations, financial position or cash flows and we are assessing the impact of adoption in our disclosures to the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures”. This standard amends Topic 740 to require all entities to disclose specific categories in the rate reconciliation, income taxes paid and other income tax information.  This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and should be applied on a prospective basis. We do not anticipate that this standard will affect our consolidated results of operations, financial position or cash flows and we are assessing the impact of its adoption in our disclosures to our consolidated financial statements.

3.  REVENUE RECOGNITION

Revenue is disaggregated between our Installation and Specialty Distribution segments and further based on market and product, as we believe this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.  

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TOPBUILD CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables present our revenues disaggregated by market (in thousands):

Three Months Ended June 30, 

2024

2023

Installation

Specialty
Distribution

Eliminations

Total

Installation

Specialty
Distribution

Eliminations

Total

Residential

$

712,827

$

237,604

$

(66,331)

$

884,100

$

668,172

$

227,254

$

(56,667)

$

838,759

Commercial/Industrial

138,156

355,222

(11,866)

481,512

140,883

347,234

(9,614)

478,503

Net sales

$

850,983

$

592,826

$

(78,197)

$

1,365,612

$

809,055

$

574,488

$

(66,281)

$

1,317,262

Six Months Ended June 30, 

2024

2023

Installation

Specialty
Distribution

Eliminations

Total

Installation

Specialty
Distribution

Eliminations

Total

Residential

$

1,387,263

$

454,001

$

(122,321)

$

1,718,943

$

1,313,875

$

451,579

$

(108,056)

$

1,657,398

Commercial/Industrial

262,463

684,619

(21,696)

925,386

262,270

681,283

(18,451)

925,102

Net sales

$

1,649,726

$

1,138,620

$

(144,017)

$

2,644,329

$

1,576,145

$

1,132,862

$

(126,507)

$

2,582,500

The following tables present our revenues disaggregated by product (in thousands):

Three Months Ended June 30, 

2024

2023

Installation

Specialty
Distribution

Eliminations

Total

Installation

Specialty
Distribution

Eliminations

Total

Insulation and accessories

$

685,728

$

525,242

$

(68,758)

$

1,142,212

$

633,924

$

513,162

$

(57,599)

$

1,089,487

Glass and windows

62,322

-

-

62,322

68,841

-

-

68,841

Gutters

30,371

49,052

(7,924)

71,499

29,401

44,088

(7,571)

65,918

All other

72,562

18,532

(1,515)

89,579

76,889

17,238

(1,111)

93,016

Net sales

$

850,983

$

592,826

$

(78,197)

$

1,365,612

$

809,055

$

574,488

$

(66,281)

$

1,317,262