| Schedule of key information by segment |
Key information is presented below by segment for our profit measures for the three months ended March 31, 2025 and 2024, in thousands:
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Three Months Ended March 31, 2025 |
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Installation |
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Specialty Distribution |
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Total |
Net sales from external customers |
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$ |
745,533 |
|
$ |
487,745 |
|
$ |
1,233,278 |
Intercompany net sales |
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|
— |
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|
72,059 |
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|
72,059 |
Segment net sales |
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|
745,533 |
|
|
559,804 |
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|
1,305,337 |
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|
|
Reconciliation of Net Sales |
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|
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|
|
|
Elimination of intercompany net sales |
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(72,059) |
Consolidated net sales |
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$ |
1,233,278 |
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Less (a): |
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Cost of sales (b) |
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511,438 |
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|
430,499 |
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|
941,937 |
Selling, general and administrative expenses (c) |
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|
104,479 |
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|
60,246 |
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|
164,725 |
Segment operating profit |
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|
129,616 |
|
|
69,059 |
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|
198,675 |
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Reconciliation of Segment Operating Profit |
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Elimination of intercompany profit |
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(11,927) |
General corporate expense, net (d) |
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(9,259) |
Other expense, net (e) |
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|
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(11,516) |
Consolidated income before taxes |
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|
|
|
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|
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$ |
165,973 |
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Three Months Ended March 31, 2024 |
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Installation |
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Specialty Distribution |
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Total |
Net sales from external customers |
|
$ |
798,743 |
|
$ |
479,974 |
|
$ |
1,278,717 |
Intercompany net sales |
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|
— |
|
|
65,820 |
|
|
65,820 |
Segment net sales |
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|
798,743 |
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|
545,794 |
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|
1,344,537 |
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|
|
|
|
|
|
|
|
Reconciliation of Net Sales |
|
|
|
|
|
|
|
|
|
Elimination of intercompany net sales |
|
|
|
|
|
|
|
|
(65,820) |
Consolidated net sales |
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|
|
|
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$ |
1,278,717 |
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Less (a): |
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Cost of sales (b) |
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534,691 |
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|
411,935 |
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|
946,626 |
Selling, general and administrative expenses (c) |
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|
107,295 |
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|
56,280 |
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|
163,575 |
Segment operating profit |
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|
156,757 |
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|
77,579 |
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|
234,336 |
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|
|
Reconciliation of Segment Operating Profit |
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|
|
|
|
|
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|
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Elimination of intercompany profit |
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|
|
|
|
|
|
|
(10,761) |
General corporate expense, net (d) |
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(9,067) |
Other expense, net (e) |
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(7,513) |
Consolidated income before taxes |
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$ |
206,995 |
(a) The significant expense categories align with the segment-level information that is regularly provided to our CODM.
(b) Cost of sales is primarily composed of labor, material costs and overhead. Includes $13.5 million of one-time charges ($7.1 million for our Installation segment and $6.4 million for our Specialty Distribution segment) to optimize our branch footprint and align our cost structure with current demand levels during the three months ended March 31, 2025. These one-time expenses primarily relate to non-cash facility impairment and severance.
(c) Selling, general and administrative expenses include allocation of corporate overhead, bad debt, bank fees, selling expenses, employee compensation, insurance, legal and consulting, office equipment & supplies, telecommunication & subscriptions, and travel & entertainment. Includes $1.9 million of one-time charges ($1.2 million for our Installation segment, $0.5 million for our Specialty Distribution segment and $0.2 million for our Branch Support Center) to align our cost structure with current demand levels during the three months ended March 31, 2025. These one-time expenses primarily relate to severance.
(d) General corporate expense, net includes expenses for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs.
(e) Other expense, net is presented on the accompanying condensed consolidated statement of operations and is primarily composed of interest expense and interest income.
Key information by segment is as follows for the three months ended March 31, 2025 and 2024, in thousands:
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As of March 31, 2025 |
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Installation |
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Specialty Distribution |
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Total Reportable Segments |
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Other (a) |
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Consolidated Totals |
Depreciation and amortization (b) |
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$ |
19,326 |
|
$ |
15,001 |
|
$ |
34,327 |
|
$ |
1,464 |
|
$ |
35,791 |
Property additions (c) |
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|
7,468 |
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|
3,259 |
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|
10,727 |
|
|
887 |
|
|
11,614 |
Total assets |
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|
2,183,831 |
|
|
2,094,398 |
|
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4,278,229 |
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|
318,067 |
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|
4,596,296 |
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As of March 31, 2024 |
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Installation |
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Specialty Distribution |
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Total Reportable Segments |
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Other (a) |
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Consolidated Totals |
Depreciation and amortization (b) |
|
$ |
18,267 |
|
$ |
14,836 |
|
$ |
33,103 |
|
$ |
1,154 |
|
$ |
34,257 |
Property additions (c) |
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|
11,815 |
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|
5,924 |
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|
17,739 |
|
|
1,873 |
|
|
19,612 |
Total assets |
|
|
2,224,601 |
|
|
2,091,651 |
|
|
4,316,252 |
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|
994,200 |
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|
5,310,452 |
(a) Represents amounts held at Corporate not specifically attributed to or allocated to the segments.
(b) Represents total by segment, inclusive of amounts presented within cost of sales and selling, general and administrative expenses, as applicable.
(c) Property additions include assets acquired in business combinations in each respective year.
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