TopBuild Reports Second Quarter 2023 Results

Rhea-AI Summary

TopBuild Corp (NYSE:BLD) reported a 3.4% increase in sales to $1.3 billion for Q2 2023. Gross margin and adjusted EBITDA margin both expanded by 190 basis points. The company also provided a positive outlook for 2023, with projected sales between $5.025 to $5.175 billion and adjusted EBITDA between $950 to $1,000 million.

Positive

• Strong operating results with a 3.4% increase in sales and expanded margins
• Encouraging outlook for 2023 with projected sales and adjusted EBITDA

Negative

• None.

• Sales increased 3.4% to $1.3 billion
• Gross margin expanded 190 basis points to 32.0%
• Adjusted EBITDA margin expanded 190 basis points to 20.9%
  

DAYTONA BEACH, Fla., Aug. 03, 2023 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada today reported results for the second quarter ended June 30, 2023.

Robert Buck, President and Chief Executive Officer, stated, “TopBuild once again delivered strong operating results, as we continue to benefit from a favorable operating environment and maintain our focus on driving improvements at both business segments, Installation and Specialty Distribution. We are also encouraged by the increasing optimism we are hearing from the homebuilders.

“Our commercial and industrial business performance remains strong, with a solid backlog of projects and continued robust bidding activity. We are particularly pleased with how well our Installation branches have successfully grown their light commercial work in their respective regions and believe this will continue to be a growth driver over the long term.”

Second Quarter 2023 Financial Highlights ($ in 000s)
(comparisons are to the quarter ended June 30, 2022)

3 Months Ended 6/30/23	Reported	Change
Sales	$1,317,262	3.4%
Gross Margin	32.0%	190 bps
SG&A as % of revenue	14.0%	10 bps
Operating Profit	$237,103	14.4%
Operating Margin	18.0%	170 bps
Net Income	$164,400	14.4%
Net Income per diluted share	$5.18	17.5%
3 Months Ended 6/30/23	Adjusted	Change
Sales	$1,317,262	3.4%
Gross Margin	32.0%	190 bps
SG&A as % of revenue	13.9%	10 bps
Operating Profit	$239,203	14.6%
Operating Margin	18.2%	180 bps
Net Income	$166,685	15.4%
Net Income per diluted share	$5.25	18.5%
EBITDA	$275,505	13.7%
EBITDA Margin	20.9%	190 bps

Six Month Financial Highlights ($ in 000s)
(comparisons are to the six months ended June 30, 2022)

6 Months Ended 6/30/23	Reported	Change
Sales	$2,582,500	5.7%
Gross Margin	30.7%	140 bps
SG&A as % of revenue	13.8%	(30 bps)
Operating Profit	$436,534	17.6%
Operating Margin	16.9%	170 bps
Net Income	$300,270	16.2%
Net Income per diluted share	$9.47	20.3%
6 Months Ended 6/30/23	Adjusted	Change
Sales	$2,582,500	5.7%
Gross Margin	30.7%	140 bps
SG&A as % of revenue	13.5%	(40 bps)
Operating Profit	$442,292	17.5%
Operating Margin	17.1%	170 bps
Net Income	$305,045	17.3%
Net Income per diluted share	$9.62	21.5%
EBITDA	$513,830	15.7%
EBITDA Margin	19.9%	170 bps

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended June 30, 2022)

Installation	3 Months Ended 6/30/23	6 Months Ended 6/30/23
Sales	$809,055	$1,576,145
Change
Volume	2.9%	4.1%
Price	2.9%	4.3%
M&A	2.2%	2.2%
Total Change	8.0%	10.6%
Operating Margin	21.3%	20.3%
Change	260 bps	260 bps
Adj. Operating Margin	21.3%	20.3%
Change	260 bps	250 bps
Adj. EBITDA Margin	23.4%	22.4%
Change	260 bps	240 bps
Specialty Distribution	3 Months Ended 6/30/23	6 Months Ended 6/30/23
Sales	$574,488	$1,132,862
Change
Volume	-2.9%	-2.9%
Price	0.6%	3.0%
M&A	0.0%	0.0%
Total Change	-2.3%	0.1%
Operating Margin	15.0%	14.1%
Change	20 bps	20 bps
Adj. Operating Margin	15.0%	14.1%
Change	20 bps	20 bps
Adj. EBITDA Margin	17.6%	16.7%
Change	40 bps	20 bps

Capital Allocation

“We are pleased with our progress to date on the acquisition front, welcoming three profitable and well-managed companies to the TopBuild family. In late July we also announced that we had signed an agreement to acquire SPI, a leading specialty distributor generating approximately $703 million in annual revenue. This acquisition will further enhance our growth platform in the three end-markets we serve and increase our recurring revenue stream from maintenance and repair operations.” added Buck.

Year-to-date the Company has completed three acquisitions; SRI Holdings, Best Insulation, and Rocky Mountain Spray Foam which, combined, are expected to contribute approximately $170 million of annual revenue.

2023 Outlook

Sales and Adjusted EBITDA Outlook ⁽¹⁾
($ in millions)

2023	Low		High
Sales	$	5,025	$	5,175
Adjusted EBITDA*	$	950	$	1,000

*See table for adjusted EBITDA reconciliation.

⁽¹⁾ This outlook reflects management’s current view of present and future market conditions and are based on assumptions such as housing starts and completions, general and administrative expenses, weighted average diluted shares outstanding 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 2022 Annual Report on Form 10-K and subsequent SEC reports.

Additional Information

Quarterly supplemental materials, including a presentation that will be referenced on today’s conference call, are available on the Company’s website at www.topbuild.com.

Conference Call

A conference call to discuss second quarter 2023 financial results is scheduled for today, Thursday, August 3, 2023, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. The conference call will be webcast simultaneously on the Company’s website at www.topbuild.com. 

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 235 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 170 branches. 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
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801

TopBuild Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per common share amounts)
		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Net sales		$	1,317,262			$	1,274,285			$	2,582,500			$	2,443,203
Cost of sales			895,462				890,188				1,790,485				1,727,905
Gross profit			421,800				384,097				792,015				715,298
Selling, general, and administrative expense			184,697				176,876				355,481				344,123
Operating profit			237,103				207,221				436,534				371,175
Other income (expense), net:
Interest expense			(18,558	)			(13,410	)			(36,597	)			(25,375	)
Other, net			4,605				(279	)			6,528				406
Other expense, net			(13,953	)			(13,689	)			(30,069	)			(24,969	)
Income before income taxes			223,150				193,532				406,465				346,206
Income tax expense			(58,750	)			(49,835	)			(106,195	)			(87,796	)
Net income		$	164,400			$	143,697			$	300,270			$	258,410
Net income per common share:
Basic		$	5.20			$	4.43			$	9.51			$	7.93
Diluted		$	5.18			$	4.41			$	9.47			$	7.87
Weighted average shares outstanding:
Basic			31,599,744				32,405,292				31,575,337				32,570,988
Diluted			31,731,807				32,614,449				31,722,660				32,827,549

TopBuild Corp.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
		Three Months Ended June 30,							Six Months Ended June 30,
		2023			2022				2023			2022
Net income		$	164,400		$	143,697			$	300,270		$	258,410
Other comprehensive income (loss):
Foreign currency translation adjustment			4,283			(2,193	)			6,037			1,026
Comprehensive income		$	168,683		$	141,504			$	306,307		$	259,436

TopBuild Corp.
Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)
(dollars in thousands)
		As of
		June 30, 2023				December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents		$	526,327			$	240,069
Receivables, net of an allowance for credit losses of $16,778 at June 30, 2023, and $16,281 at December 31, 2022			857,664				836,071
Inventories, net			385,049				438,644
Prepaid expenses and other current assets			25,556				34,257
Total current assets			1,794,596				1,549,041
Right of use assets			204,044				205,892
Property and equipment, net			258,746				253,484
Goodwill			1,991,949				1,966,994
Other intangible assets, net			595,706				614,967
Other assets			12,905				16,453
Total assets		$	4,857,946			$	4,606,831
LIABILITIES
Current liabilities:
Accounts payable		$	468,602			$	487,114
Current portion of long-term debt			45,142				40,068
Accrued liabilities			180,594				199,370
Short-term operating lease liabilities			61,825				60,880
Short-term finance lease liabilities			2,180				2,207
Total current liabilities			758,343				789,639
Long-term debt			1,394,794				1,417,257
Deferred tax liabilities, net			254,777				251,481
Long-term portion of insurance reserves			57,217				59,783
Long-term operating lease liabilities			148,709				149,943
Long-term finance lease liabilities			4,519				6,673
Other liabilities			1,541				2,349
Total liabilities			2,619,900				2,677,125
EQUITY			2,238,046				1,929,706
Total liabilities and equity		$	4,857,946			$	4,606,831
		As of June 30,
		2023				2022
Other Financial Data
Receivable days			50				46
Inventory days			39				48
Accounts payable days			64				62
Receivables, net plus inventories, net less accounts payable		$	774,111			$	696,615
Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM) †			14.9	%			15.0	%
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

TopBuild Corp.
Condensed Consolidated Statement of Cash Flows (Unaudited)
(in thousands)
		Six Months Ended June 30,
		2023				2022
Cash Flows Provided by (Used in) Operating Activities:
Net income		$	300,270			$	258,410
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			64,652				60,621
Share-based compensation			6,886				7,061
Loss on sale of property and equipment			621				525
Amortization of debt issuance costs			1,440				1,427
Provision for bad debt expense			4,031				6,404
Loss from inventory obsolescence			3,290				3,610
Change in certain assets and liabilities:
Receivables, net			(37,247	)			(107,739	)
Inventories, net			54,623				(82,621	)
Prepaid expenses and other current assets			8,897				648
Accounts payable			(8,806	)			47,540
Accrued liabilities			(13,872	)			16,884
Other, net			1,012				4,927
Net cash provided by operating activities			385,797				217,697
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment			(30,672	)			(36,034	)
Acquisition of businesses, net of cash acquired			(45,948	)			(18,746	)
Proceeds from sale of property and equipment			782				618
Net cash used in investing activities			(75,838	)			(54,162	)
Cash Flows Provided by (Used in) Financing Activities:
Repayment of long-term debt			(18,829	)			(19,287	)
Proceeds from revolving credit facility			—				70,000
Repayment of revolving credit facility			—				(70,000	)
Taxes withheld and paid on employees' equity awards			(6,350	)			(11,667	)
Exercise of stock options			1,497				1,452
Repurchase of shares of common stock			—				(150,050	)
Payment of contingent consideration			(300	)			(35	)
Net cash used in financing activities			(23,982	)			(179,587	)
Impact of exchange rate changes on cash			281				142
Net increase (decrease) in cash and cash equivalents			286,258				(15,910	)
Cash and cash equivalents- Beginning of period			240,069				139,779
Cash and cash equivalents- End of period		$	526,327			$	123,869
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities		$	26,310			$	36,129
Accruals for property and equipment			1,449				563

TopBuild Corp.
Segment Data (Unaudited)
(dollars in thousands)
		Three Months Ended June 30,											Six Months Ended June 30,
			2023				2022			Change				2023				2022			Change
Installation
Sales		$	809,055			$	748,968			8.0	%		$	1,576,145			$	1,425,661			10.6	%
Operating profit, as reported		$	172,278			$	139,919						$	319,176			$	252,598
Operating margin, as reported			21.3	%			18.7	%						20.3	%			17.7	%
Rationalization charges			—				—							—				473
Acquisition related costs			227				16							490				96
Operating profit, as adjusted		$	172,505			$	139,935						$	319,666			$	253,167
Operating margin, as adjusted			21.3	%			18.7	%						20.3	%			17.8	%
Share-based compensation			310				282							689				689
Depreciation and amortization			16,791				15,319							33,284				31,004
EBITDA, as adjusted		$	189,606			$	155,536			21.9	%		$	353,639			$	284,860			24.1	%
EBITDA margin, as adjusted			23.4	%			20.8	%						22.4	%			20.0	%
Specialty Distribution
Sales		$	574,488			$	587,791			(2.3	)%		$	1,132,862			$	1,131,653			0.1	%
Operating profit, as reported		$	85,980			$	86,749						$	159,313			$	157,170
Operating margin, as reported			15.0	%			14.8	%						14.1	%			13.9	%
Acquisition related costs			—				334							340				575
Operating profit, as adjusted		$	85,980			$	87,083						$	159,653			$	157,745
Operating margin, as adjusted			15.0	%			14.8	%						14.1	%			13.9	%
Share-based compensation			316				287							554				641
Depreciation and amortization			14,740				14,005							29,312				28,034
EBITDA, as adjusted		$	101,036			$	101,375			(0.3	)%		$	189,519			$	186,420			1.7	%
EBITDA margin, as adjusted			17.6	%			17.2	%						16.7	%			16.5	%

TopBuild Corp.
Adjusted EBITDA (Unaudited)
(dollars in thousands)
		Three Months Ended June 30,											Six Months Ended June 30,
		2023				2022				Change			2023				2022				Change
Total net sales
Sales before eliminations		$	1,383,543			$	1,336,759						$	2,709,007			$	2,557,314
Intercompany eliminations			(66,281	)			(62,474	)						(126,507	)			(114,111	)
Net sales after eliminations		$	1,317,262			$	1,274,285			3.4	%		$	2,582,500			$	2,443,203				5.7	%
Operating profit, as reported - segments		$	258,258			$	226,668						$	478,489			$	409,768
General corporate expense, net			(9,957	)			(9,012	)						(20,786	)			(19,449	)
Intercompany eliminations			(11,198	)			(10,435	)						(21,169	)			(19,144	)
Operating profit, as reported		$	237,103			$	207,221						$	436,534			$	371,175
Operating margin, as reported			18.0	%			16.3	%						16.9	%			15.2	%
Rationalization charges			—				—							—				473
Acquisition related costs †			2,100				1,577							5,758				4,654
Operating profit, as adjusted		$	239,203			$	208,798						$	442,292			$	376,302
Operating margin, as adjusted			18.2	%			16.4	%						17.1	%			15.4	%
Share-based compensation			3,751				3,334							6,886				7,061
Depreciation and amortization			32,551				30,122							64,652				60,621
EBITDA, as adjusted		$	275,505			$	242,254			13.7	%		$	513,830			$	443,984				15.7	%
EBITDA margin, as adjusted			20.9	%			19.0	%						19.9	%			18.2	%
Sales change period over period			42,977											139,297
EBITDA, as adjusted, change period over period			33,251											69,846
Incremental EBITDA, as adjusted, as a percentage of change in sales			77.4	%										50.1	%
† Acquisition related costs include corporate level adjustments as well as segment operating adjustments.

TopBuild Corp.
Non-GAAP Reconciliations (Unaudited)
(in thousands, except share and per common share amounts)
		Three Months Ended June 30,									Six Months Ended June 30,
		2023				2022					2023				2022
Gross Profit Reconciliation
Net sales		$	1,317,262			$	1,274,285				$	2,582,500			$	2,443,203
Gross profit, as reported		$	421,800			$	384,097				$	792,015			$	715,298
Acquisition related costs			—				—					—				121
Gross profit, as adjusted		$	421,800			$	384,097				$	792,015			$	715,419
Gross margin, as reported			32.0	%			30.1	%				30.7	%			29.3	%
Gross margin, as adjusted			32.0	%			30.1	%				30.7	%			29.3	%
Selling, General and Administrative Expense Reconciliation
Selling, general, and administrative expense, as reported		$	184,697			$	176,876				$	355,481			$	344,123
Rationalization charges			—				—					—				473
Acquisition related costs			2,100				1,577					5,758				4,533
Selling, general, and administrative expense, as adjusted		$	182,597			$	175,299				$	349,723			$	339,117
Operating Profit Reconciliation
Operating profit, as reported		$	237,103			$	207,221				$	436,534			$	371,175
Rationalization charges			—				—					—				473
Acquisition related costs			2,100				1,577					5,758				4,654
Operating profit, as adjusted		$	239,203			$	208,798				$	442,292			$	376,302
Operating margin, as reported			18.0	%			16.3	%				16.9	%			15.2	%
Operating margin, as adjusted			18.2	%			16.4	%				17.1	%			15.4	%
Income Per Common Share Reconciliation
Income before income taxes, as reported		$	223,150			$	193,532				$	406,465			$	346,206
Rationalization charges			—				—					—				473
Acquisition related costs			2,100				1,577					5,758				4,654
Income before income taxes, as adjusted			225,250				195,109					412,223				351,333
Tax rate at 26.0%			(58,565	)			(50,728	)				(107,178	)			(91,347	)
Income, as adjusted		$	166,685			$	144,381				$	305,045			$	259,986
Income per common share, as adjusted		$	5.25			$	4.43				$	9.62			$	7.92
Weighted average diluted common shares outstanding			31,731,807				32,614,449					31,722,660				32,827,549

TopBuild Corp.
Same Branch and Acquisition Metrics (Unaudited)
(dollars in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Net sales
Same branch:
Installation		$	792,529			$	748,968			$	1,544,775			$	1,425,661
Specialty Distribution			574,488				587,791				1,132,862				1,131,653
Eliminations			(66,281	)			(62,474	)			(126,507	)			(114,111	)
Total same branch			1,300,736				1,274,285				2,551,130				2,443,203
Acquisitions (a):
Installation		$	16,526			$	—			$	31,370			$	—
Total acquisitions			16,526				—				31,370				—
Total		$	1,317,262			$	1,274,285			$	2,582,500			$	2,443,203
EBITDA, as adjusted
Same branch		$	272,939			$	242,254			$	509,715			$	443,984
Acquisitions (a)			2,566				—				4,115				—
Total		$	275,505			$	242,254			$	513,830			$	443,984
EBITDA, as adjusted, as a percentage of sales
Same branch (b)			21.0	%							20.0	%
Acquisitions (c)			15.5	%							13.1	%
Total (d)			20.9	%			19.0	%			19.9	%			18.2	%
As Adjusted Incremental EBITDA, as a percentage of change in sales
Same branch (e)			116.0	%							60.9	%
Acquisitions (c)			15.5	%							13.1	%
Total (f)			77.4	%							50.1	%
(a) Represents current year impact of acquisitions in their first twelve months
(b) Same branch metric, as adjusted, as a percentage of same branch sales
(c) Acquired metric, as adjusted, as a percentage of acquired sales
(d) Total EBITDA, as adjusted, as a percentage of total sales
(e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales
(f) Change in total EBITDA, as adjusted, as a percentage of change in total sales

TopBuild Corp.
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
(in thousands)
		Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Net income, as reported		$	164,400		$	143,697		$	300,270		$	258,410
Adjustments to arrive at EBITDA, as adjusted:
Interest expense and other, net			13,953			13,689			30,069			24,969
Income tax expense			58,750			49,835			106,195			87,796
Depreciation and amortization			32,551			30,122			64,652			60,621
Share-based compensation			3,751			3,334			6,886			7,061
Rationalization charges			—			—			—			473
Acquisition related costs			2,100			1,577			5,758			4,654
EBITDA, as adjusted		$	275,505		$	242,254		$	513,830		$	443,984

TopBuild Corp.
Acquisition Adjusted Net Sales (Unaudited)
(in thousands)
	2022						2023						Trailing Twelve Months Ended
	Q3			Q4			Q1			Q2			June 30, 2023
Net Sales	$	1,300,998		$	1,264,543		$	1,265,238		$	1,317,262		$	5,148,041
Acquisitions proforma adjustment †		17,576			18,279			6,187			-			42,042
Net sales, acquisition adjusted	$	1,318,574		$	1,282,822		$	1,271,425		$	1,317,262		$	5,190,083
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches

TopBuild Corp.
2023 Estimated Adjusted EBITDA Range (Unaudited)
(in millions)
	Twelve Months Ending December 31, 2023
		Low			High
Estimated net income	$	543.0			586.0
Adjustments to arrive at estimated EBITDA, as adjusted:
Interest expense and other, net		62.0			59.0
Income tax expense		191.0			206.0
Depreciation and amortization		131.0			128.0
Share-based compensation		15.0			14.0
Acquisition related costs		8.0			7.0
Estimated EBITDA, as adjusted	$	950.0		$	1,000.0

 

 

FAQ

What are TopBuild Corp's Q2 2023 sales figures?

TopBuild Corp reported a 3.4% increase in sales to $1.3 billion for Q2 2023.

What is the projected sales outlook for TopBuild Corp in 2023?

TopBuild Corp has projected sales between $5.025 to $5.175 billion for 2023.

What is the adjusted EBITDA outlook for TopBuild Corp in 2023?

TopBuild Corp has projected adjusted EBITDA between $950 to $1,000 million for 2023.