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TopBuild(BLD) - 2024 Q4 - Annual Results
BLDTopBuild(BLD)2025-02-25 11:50

Sales Performance - Fourth quarter sales increased by 2.0% to 1.31billion,withSpecialtyDistributiongrowingby6.61.31 billion, with Specialty Distribution growing by 6.6%[2] - Full year 2024 sales reached a record 5.33 billion, with adjusted EBITDA of 1.07billion[3]−Thecompanyexpectsmid−singledigitdeclineinresidentialsalesandlow−singledigitgrowthincommercial/industrialsalesfor2025[17]−NetsalesforQ42024reached1.07 billion[3] - The company expects mid-single digit decline in residential sales and low-single digit growth in commercial/industrial sales for 2025[17] - Net sales for Q4 2024 reached 1,312,206 thousand, a 2.0% increase from 1,286,074thousandinQ42023[26]−Thecompany′stotalnetsalesaftereliminationsforQ42024were1,286,074 thousand in Q4 2023[26] - The company's total net sales after eliminations for Q4 2024 were 1,312,206, a 2.0% increase from 1,286,074inQ42023,withannualnetsalesgrowingby2.61,286,074 in Q4 2023, with annual net sales growing by 2.6% to 5,329,803 from 5,194,694[31]−InstallationsegmentsalesforQ42024were5,194,694[31] - Installation segment sales for Q4 2024 were 788,554, a slight decrease of 0.2% from 790,414inQ42023,whileannualsalesincreasedby3.3790,414 in Q4 2023, while annual sales increased by 3.3% to 3,294,630 from 3,188,232[30]−SpecialtyDistributionsegmentsalesincreasedby6.63,188,232[30] - Specialty Distribution segment sales increased by 6.6% to 601,830 in Q4 2024 compared to 564,468inQ42023,withannualsalesrisingby3.2564,468 in Q4 2023, with annual sales rising by 3.2% to 2,340,837 from 2,268,339[30]FinancialMetrics−TheadjustedEBITDAmarginimprovedby10basispointsto19.72,268,339[30] Financial Metrics - The adjusted EBITDA margin improved by 10 basis points to 19.7% in the fourth quarter[7] - Operating profit for the year ended December 31, 2024, was 886.3 million, with an operating margin of 16.6%[10] - Gross profit for the year ended December 31, 2024, was 1,624,918thousand,comparedto1,624,918 thousand, compared to 1,603,820 thousand in 2023, reflecting a growth of 1.3%[26] - Net income for the year ended December 31, 2024, was 622,602thousand,upfrom622,602 thousand, up from 614,254 thousand in 2023, representing a 1.1% increase[29] - Basic net income per share increased to 20.41in2024from20.41 in 2024 from 19.44 in 2023, a rise of 5.0%[26] - Operating profit, as reported, for Q4 2024 was 217,450,upfrom217,450, up from 204,800 in Q4 2023, with an operating margin of 16.6% compared to 15.9% in the prior year[31] - Adjusted EBITDA for Q4 2024 was 258,025,reflectinga2.5258,025, reflecting a 2.5% increase from 251,641 in Q4 2023, while annual adjusted EBITDA rose by 2.4% to 1,074,595from1,074,595 from 1,049,160[31] - The adjusted EBITDA margin for the total company in Q4 2024 was 19.7%, slightly up from 19.6% in Q4 2023, with same branch EBITDA margin at 19.8%[33] Shareholder Returns - The company returned 966.4milliontoshareholdersthroughsharerepurchases,totalingapproximately2.5millionshares[3][14]−Thenewsharerepurchaseauthorizationallowsforupto966.4 million to shareholders through share repurchases, totaling approximately 2.5 million shares[3][14] - The new share repurchase authorization allows for up to 1 billion in additional stock buybacks, bringing total availability to 1.2billion[15]−Thecompanyrepurchasedsharesofcommonstockamountingto1.2 billion[15] - The company repurchased shares of common stock amounting to 966,352 thousand during the year[29] Acquisitions and Growth Strategy - The company completed 8 acquisitions in 2024, totaling 153.1 million in annual sales[3] - The company maintains a robust pipeline of M&A opportunities, prioritizing acquisitions for capital deployment[8] - Total acquisitions contributed 31,012 in sales for Q4 2024, with a total of 129,863fortheyear,indicatinggrowthfromzerosalesinthepreviousyear[33]CashFlowandAssets−Cashandcashequivalentsattheendof2024were129,863 for the year, indicating growth from zero sales in the previous year[33] Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were 400,318 thousand, down from 848,565thousandattheendof2023,adecreaseof52.8848,565 thousand at the end of 2023, a decrease of 52.8%[29] - The net cash provided by operating activities for 2024 was 776,026 thousand, compared to 849,409thousandin2023,adecreaseof8.6849,409 thousand in 2023, a decrease of 8.6%[29] - Total assets decreased to 4,735,426 thousand in 2024 from 5,162,851thousandin2023,adeclineof8.35,162,851 thousand in 2023, a decline of 8.3%[28] Expenses and Taxation - Selling, general, and administrative expenses for Q4 2024 were reported at 174,583, down from 186,316inQ42023,withannualexpensestotaling186,316 in Q4 2023, with annual expenses totaling 738,575 compared to 724,995in2023[34]−Thetaxratefortheyearwasreportedat26.0724,995 in 2023[34] - The tax rate for the year was reported at 26.0%, with income tax expense for 2024 amounting to 218,186[35] Future Projections - For 2025, the company anticipates sales between 5.05billionand5.05 billion and 5.35 billion, with adjusted EBITDA ranging from 925millionto925 million to 1.075 billion[4] - For 2025, the estimated adjusted EBITDA range is projected between 925millionand925 million and 1,075 million, with estimated net income ranging from 519millionto519 million to 640 million[38]