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TopBuild Reports Fourth Quarter and Year-End 2024 Results, Provides 2025 Outlook and Announces New $1 Billion Share Repurchase Authorization

1. Q4 sales grew to $1.31B; 6.6% Specialty Distribution improvement noted. 2. Record 2024 with $5.3B sales and $1.07B adjusted EBITDA achieved. 3. Eight acquisitions added $153.1M in annual sales; capital returns were robust. 4. Returned $966M to shareholders and boosted share repurchase authorization. 5. 2025 outlook shows stable sales with continued focus on M&A opportunities.

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FAQ

Why Bullish?

The strong record earnings, disciplined capital allocation, and active M&A pipeline boost investor confidence. Similar earnings beats and solid share repurchase programs have driven up stocks in comparable companies.

How important is it?

This comprehensive earnings report, highlighting acquisitions and share repurchases, is directly pertinent to BLD. It sets a positive tone for future growth and valuation, making its impact significant.

Why Long Term?

The commitment to continuous acquisitions and capital return strategies supports sustainable growth over time. Historical trends in the construction and specialty distribution sectors indicate lasting benefits.

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BLD
Fourth Quarter HighlightsFourth quarter sales grew 2.0% to $1.31 billion, driven by 6.6% improvement in Specialty DistributionDelivered gross margin of 29.9% and adjusted EBITDA margin of 19.7% Full Year HighlightsAchieved record 2024 results: sales of $5.3 billion and adjusted EBITDA of $1.07 billionCompleted 8 acquisitions totaling $153.1 million in annual salesReturned $966.4 million in capital to stockholders through the repurchase of ~2.5 million shares 2025 OutlookAnticipates full year 2025 sales between $5.05 to $5.35 billion and adjusted EBITDA in the range of $925 million to $1.075 billionAcquisitions continue to be top priority for deploying capital DAYTONA BEACH, Fla., Feb. 25, 2025 (GLOBE NEWSWIRE) -- 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 Margin19.0% 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 Margin19.0% 15.1% 19.7% 15.1%  Adj. EBITDA$169,009 $106,674 $725,824 $414,182  Change0.1% 7.9% 1.2% 5.6%  Adj. EBITDA Margin21.4% 17.7% 22.0% 17.7%          Capital Allocation2024 Acquisitions    CompanyAnnual SalesMonth Closed($ in millions)Brabble Insulation (I)$5.2FebruaryMorris Black & Sons (I) 3.8MarchPest Control Insulation (D) 25.4MarchGreen Space Insulation (I) 6.0AprilInsulation Works (I) 28.0MayTexas Insulation (I) 38.9MayShannon Global Energy Solutions (D) 10.8DecemberMetro Supply Company (D) 35.0DecemberTotal$ 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 OutlookLowHighSales$5,050$5,350Adjusted EBITDA$925$1,075   2025 Assumptions Residential SalesMid-single digit declineCommercial/Industrial SalesLow-single digit growthInterest Expense$49 - $55 millionCapital Expenditures1.5 - 2.0% of salesTax Rate25 - 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 2023Net income $150,540  $146,382 $622,602  $614,254Other comprehensive (loss) income:            Foreign currency translation adjustment  (11,076)  4,227  (14,541)  7,255Comprehensive 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 salesNM 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 2023Net income, as reported $150,540 $146,382 $622,602 $614,254Adjustments to arrive at EBITDA, as adjusted:            Interest expense and other, net  14,729  10,458  45,555  53,342Income tax expense  52,181  47,960  218,186  211,229Depreciation and amortization  35,714  34,662  140,491  132,878Share-based compensation  3,174  4,757  16,579  15,836Rationalization charges  80  41  73  1,923Acquisition related costs  1,607  7,381  8,109  19,698Acquisition 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, 2024Net sales$1,278,717 $1,365,612 $1,373,268 $1,312,206 $5,329,803Acquisitions proforma adjustment † 35,308  22,616  13,363  8,762  80,049Net 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        This press release was published by a CLEAR® Verified individual.

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