TopBuild Corp. Files Q3 2024 10-Q

TL;DR

TopBuild's Q3 10-Q is in: financials updated, share buybacks continue.

AI Summary

TopBuild Corp. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance and updated its share repurchase programs. Key financial data and changes in equity accounts were detailed, reflecting ongoing business operations and capital allocation strategies.

Why It Matters

This filing provides investors with the latest financial snapshot of TopBuild Corp., crucial for understanding its performance and strategic decisions in the construction sector.

Risk Assessment

Risk Level: medium — The filing details financial performance and capital allocation, which are subject to market fluctuations and economic conditions.

Key Numbers

• N/A — Revenue (Specific revenue figures for the quarter are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures for the quarter are not detailed in the provided header information.)
• N/A — EPS (Specific EPS figures for the quarter are not detailed in the provided header information.)

Key Players & Entities

• TopBuild Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2024-11-05 (date) — Filing date
• Masco SpinCo Corp. (company) — Former company name
• 2015-02-13 (date) — Date of name change

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share BLD New York Stock Exchan
• $200 million — equivalents 2022 Repurchase Program $200 million share repurchase program authorized by
• $1 billion — ly 25, 2022 2024 Repurchase Program $1 billion share repurchase program authorized by
• $100 million — of outstanding indebtedness, less up to $100 million of unrestricted cash, to EBITDA NYSE
• $550 million — e October 7, 2026 Term Facility Two $550 million delayed draw term loan intended to be u

Filing Documents

• bld-20240930x10q.htm (10-Q) — 2445KB
• bld-20240930xex10d16.htm (EX-10.16) — 413KB
• bld-20240930xex31d1.htm (EX-31.1) — 16KB
• bld-20240930xex31d2.htm (EX-31.2) — 16KB
• bld-20240930xex32d1.htm (EX-32.1) — 7KB
• bld-20240930xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-014427.txt ( ) — 10803KB
• bld-20240930.xsd (EX-101.SCH) — 54KB
• bld-20240930_cal.xml (EX-101.CAL) — 57KB
• bld-20240930_def.xml (EX-101.DEF) — 237KB
• bld-20240930_lab.xml (EX-101.LAB) — 514KB
• bld-20240930_pre.xml (EX-101.PRE) — 379KB
• bld-20240930x10q_htm.xml (XML) — 2306KB

Financial Statements (Unaudited)

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31 Index to Exhibits 32 Signature 33 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 Best Best Insulation Holdings LLC Billings Billings Insulation Service, Inc. Board Board of Directors of TopBuild BofA Bank of America, N.A. Brabble Brabble Insulation, Inc. CODM Chief Operating Decision Maker 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, dep

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS TOPBUILD CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands except share data) As of September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 257,342 $ 848,565 Receivables, net of an allowance for credit losses of $ 21,829 at September 30, 2024, and $ 23,948 at December 31, 2023 827,776 799,009 Inventories 392,208 364,731 Prepaid expenses and other current assets 43,813 36,939 Total current assets 1,521,139 2,049,244 Right of use assets 189,141 204,629 Property and equipment, net 270,022 264,487 Goodwill 2,092,315 2,042,568 Other intangible assets, net 565,440 591,058 Other assets 12,460 10,865 Total assets $ 4,650,517 $ 5,162,851 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 461,478 $ 469,585 Current portion of long-term debt 45,137 47,039 Accrued liabilities 180,382 187,217 Short-term operating lease liabilities 67,509 65,780 Short-term finance lease liabilities 1,634 1,917 Total current liabilities 756,140 771,538 Long-term debt 1,341,439 1,373,028 Deferred tax liabilities, net 243,176 243,930 Long-term portion of insurance reserves 60,799 58,783 Long-term operating lease liabilities 130,299 146,213 Long-term finance lease liabilities 2,961 4,150 Other liabilities 1,434 1,554 Total liabilities 2,536,248 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; 39,557,215 shares issued and 29,505,185 outstanding at September 30, 2024, and 39,492,037 shares issued and 31,776,039 outstanding at December 31, 2023 396 394 Treasury stock, 10,052,030 shares at September 30, 2024, and 7,715,998 shares at December 31, 2023, at cost ( 1,633,943 ) ( 699,327 ) Additiona

View Full Filing

View this 10-Q filing on SEC EDGAR