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Mar 31, 2022
TopBuild Q1 2022 Earnings Report
TopBuild reported strong first quarter results, demonstrating the strength of its operating model.
Key Takeaways
TopBuild's first quarter 2022 results showed significant growth, with sales increasing by 57.4% to $1.2 billion. The company's focus on managing price, improving operational efficiency, and leveraging fixed costs drove solid conversion of top-line growth to the bottom line. Adjusted EBITDA margin expanded by 310 basis points to 18.7%.
Sales increased 57.4% to $1168918000.
Same branch revenue increased 18.7%.
Gross margin expanded 170 basis points to 28.3%, same branch gross margin expanded 290 basis points to 29.6%.
Same branch adjusted EBITDA margin expanded 310 basis points to 18.7%.
Forward Guidance
TopBuild is optimistic 2022 will be another strong year. Sales are expected to be between $4.65 billion and $4.8 billion, while adjusted EBITDA is projected to be between $810 million and $860 million.
Positive Outlook
- Unique operating model
- Scale
- Competitive advantages
- Outperforming in any environment
- Optimistic about a strong year
Challenges Ahead
- Housing starts
- Housing completions
- General and administrative expenses
- Weighted average diluted shares outstanding
- Interest rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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