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CST: 12/11/2019 12:41:09   

TopBuild Reports Third Quarter 2019 Results

12 Days ago

Announces $50 Million Accelerated Share Repurchase

  • 5.4% increase in net sales
  • 130 basis point gross margin expansion to 26.3%
  • 160 basis point operating margin expansion to 11.8%
  • 140 basis point adjusted EBITDA margin expansion to 14.4%
  • $1.60 net income per diluted share, $1.53 on an adjusted basis

DAYTONA BEACH, Fla., Oct. 31, 2019 (GLOBE NEWSWIRE) -- TopBuild Corp.(NYSE:BLD), a leading installer and distributor of insulation and building material products today reported results for the third quarter ended September 30, 2019. 

Jerry Volas, Chief Executive Officer, stated, “We continue to demonstrate the strength of our uniquely diversified operating model and our focus on profitable growth as we once again report a very strong quarter.  Our national scale, strong customer and supplier relationships and operational efficiency initiatives are driving our top line growth and margin expansion. 

“Looking ahead, we believe the residential and commercial markets will continue to grow and TopBuild is well positioned to leverage its existing platform to take advantage of the many opportunities in both of these areas.”

Third Quarter Financial Highlights
(unless otherwise indicated, comparisons are to the quarter ended September 30, 2018)

  • Net sales increased 5.4% to $682.3 million, primarily driven by increased selling prices and volume.
     
  • Gross margin increased 130 basis points to 26.3%. 
     
  • Operating profit was $80.4 million, compared to operating profit of $66.2 million.  On an adjusted basis, operating profit was $80.6 million, compared to $69.5 million, a 16.0% improvement.
     
  • Operating margin was 11.8%, up 160 basis points.  Adjusted operating margin was also 11.8%, up 110 basis points.
     
  • Net income was $55.0 million, or $1.60 per diluted share, compared to $42.7 million, or $1.19 per diluted share. Adjusted income was $52.7 million, or $1.53 per diluted share, compared to $44.0 million, or $1.23 per diluted share. 
     
  • Adjusted EBITDA was $98.0 million, compared to $84.3 million, a 16.3% increase, and adjusted EBITDA margin improved 140 basis points to 14.4%. 
     
  • Incremental EBITDA margin was 39.1%. 
     
  • At September 30, 2019, the Company had cash and cash equivalents of $171.6 million and availability under its revolving credit facility of $188.6 million for total liquidity of $360.2 million.

Nine Month Financial Highlights
(unless otherwise indicated, comparisons are to nine months ended September 30, 2018)

  • Net sales increased 12.4% to $1,961.8 million.
     
  • Gross margin expanded 200 basis points to 26.0%.
     
  • Operating profit was $213.1 million, compared to operating profit of $143.8 million.   On an adjusted basis, operating profit was $216.1 million, compared to $165.5 million, a 30.6% improvement.
     
  • Operating margin was 10.9% a 270-basis point improvement.  On an adjusted basis, operating margin improved 150 basis points to 11.0%. 
     
  • Net income was $145.0 million, or $4.20 per diluted share, compared to $96.2 million, or $2.69 per diluted share.  Adjusted income was $138.8 million, or $4.02 per diluted share, compared to $107.1 million, or $2.99 per diluted share. 
     
  • Adjusted EBITDA was $266.5 million, compared to $200.8 million, a 32.7% increase.  Adjusted EBITDA margin was 13.6%, a 210-basis point improvement.  Incremental EBITDA margin was 30.3%. 
     
  • On a same branch basis, adjusted EBITDA grew 20.7% to $242.4 million and incremental EBITDA margin was 46.1%. 

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended September 30, 2018)

TruTeam  3 Months
Ended
9/30/19
9 Months
Ended
9/30/19
  Service Partners  3 Months
Ended
9/30/19
9 Months
Ended
9/30/19

 
Sales $498,390 $1,430,800   Sales $220,947 $638,899  
Change       Change      
Volume 3.8% 3.1%   Volume -0.7% -1.8%  
Price 3.0% 4.3%   Price 4.4% 5.4%  
M&A 0.4% 9.5%   M&A 0.0% 1.8%  
Total Change 7.3% 17.0%   Total Change 3.8% 5.4%  
Operating Margin 14.0% 13.2%   Operating Margin 10.6% 10.2%  
Change 90 bps 180 bps   Change 160 bps 80 bps  
Adj. Operating Margin 14.0% 13.3%   Adj. Operating Margin 10.6% 10.2%  
Change 80 bps 180 bps   Change 150 bps 70 bps  
               

Capital Allocation
Acquisitions
The Company completed the acquisition of Viking Insulation in the third quarter.  Viking focuses on fiberglass installation in a wide variety of light commercial and residential projects and is based in Southern California. 

Volas stated, “We are evaluating a robust pipeline of acquisition candidates.  The deliberate approach taken by our seasoned M&A team helps to ensure our strategic goals are met and only the best opportunities are pursued.

“We are also committed to optimizing the efficiency of our capital structure and while acquisitions remain our top capital allocation priority, our strategy also includes a return of excess capital to our shareholders through our share repurchase program.”

Share Repurchases
In the third quarter of 2019, the Company repurchased 364,074 shares at an average price of $89.76 per share.  These shares were purchased as part of the Company’s $200 million share repurchase authorization announced on February 26, 2019.  As of September 30, 2019, $147.8 million of the $200 million authorization remained.

Additionally, under the above-mentioned share repurchase authorization, the Company intends to enter into an agreement to repurchase $50 million of its common stock under an accelerated share repurchase (ASR) program.  This will be the third ASR the Company has undertaken since first quarter 2017. 

2019 Revenue and Adjusted EBITDA Outlook
The Company has raised its outlook for housing starts for 2019 to a range of 1.245 million to 1.275 million starts from the previous range of 1.23 million to 1.27 million starts.  Accordingly, the low end of the Company’s revenue outlook has been raised by $15 million while the high end of its revenue range has been raised by $5 million.  The Company has also raised the low and high end of its adjusted EBITDA outlook by $9 million and $5 million, respectively.  

($ in millions)

       
2019 Low High
 
Sales $ 2,625.0 $ 2,645.0  
Adjusted EBITDA* $ 354.0 $ 360.0  

*See table for adjusted EBITDA reconciliation

Assumptions ($ in millions):

2019 Low High
 
Housing Starts 1,245K 1,275K  
Estimated net income $ 179.7 $ 188.5  
Interest Expense and other, net $ 37.0 $ 35.0  
Income tax expense $ 64.8 $ 68.0  
Depreciation and Amortization $ 54.0 $ 52.0  
Share based compensation $ 14.0 $ 13.0  
           

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, weighted average diluted shares outstanding and interest rates.  This outlook does not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release.  Factors that could cause actual 2019 results to differ materially from TopBuild’s current expectations are discussed below and are also detailed in the Company’s 2018 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 “Investors” section of the Company’s website at www.topbuild.com.

Conference Call
A conference call to discuss third quarter 2019 financial results is scheduled for today, Thursday, October 31, at 9:00 a.m. Eastern Time.  The call may be accessed by dialing (888) 225-2706.  The conference call will be webcast simultaneously on the “Investors” section of the Company’s website at www.topbuild.com.  

About TopBuild
TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam®, which has close to 200 branches, and through Service Partners® which distributes insulation and building material products from approximately 75 branches.  We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers.  To learn more about TopBuild please visit our website at www.topbuild.com.

Use of Non-GAAP Financial Measures
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 “Investors” 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 the proposed accelerated stock repurchase transaction.  These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” 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 ability to repurchase our common stock is subject to the execution of a definitive agreement with respect to the share repurchase.  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 publicly 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

(tables follow)

                         
TopBuild Corp. 
Condensed Consolidated Statements of Operations (Unaudited) 
(in thousands, except share and per common share amounts) 
                         
    Three Months Ended
September 30, 
  Nine Months Ended
September 30, 
    2019    2018    2019    2018 
Net sales   $ 682,330     $ 647,289     $ 1,961,771     $ 1,744,702  
Cost of sales     502,999       485,424       1,451,822       1,326,777  
Gross profit     179,331       161,865       509,949       417,925  
                         
Selling, general, and administrative expense     98,886       95,648       296,846       274,134  
Operating profit     80,445       66,217       213,103       143,791  
                         
Other income (expense), net:                        
Interest expense     (9,507 )     (9,381 )     (28,740 )     (19,026 )
Other, net     653       178       1,512       292  
Other expense, net     (8,854 )     (9,203 )     (27,228 )     (18,734 )
Income before income taxes     71,591       57,014       185,875       125,057  
                         
Income tax expense     (16,615 )     (14,356 )     (40,864 )     (28,859 )
Net income   $ 54,976     $ 42,658     $ 145,011     $ 96,198  
                         
Net income per common share:                        
Basic   $ 1.63     $ 1.22     $ 4.27     $ 2.74  
Diluted   $ 1.60     $ 1.19     $ 4.20     $ 2.69  
                         
Weighted average shares outstanding:                        
Basic     33,790,857       35,091,388       33,977,464       35,084,694  
Diluted     34,367,902       35,789,383       34,541,635       35,815,357  
                         



TopBuild Corp.   
Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)   
(dollars in thousands)   
               
    As of  
    September 30,    December 31,   
    2019   2018  
ASSETS              
Current assets:              
Cash and cash equivalents   $ 171,591   $ 100,929  
Receivables, net of an allowance for doubtful accounts of $5,423 and $3,676 at September 30, 2019, and December 31, 2018, respectively     454,640     407,106  
Inventories, net     146,702     168,977  
Prepaid expenses and other current assets     16,457     27,685  
Total current assets     789,390     704,697  
               
Right of use assets     89,178      
Property and equipment, net     175,274     167,961  
Goodwill     1,367,918     1,364,016  
Other intangible assets, net     185,844     199,387  
Deferred tax assets, net     11,758     13,176  
Other assets     4,760     5,294  
Total assets   $ 2,624,122   $ 2,454,531  
               
LIABILITIES              
Current liabilities:              
Accounts payable   $ 300,125   $ 313,172  
Current portion of long-term debt     33,262     26,852  
Accrued liabilities     112,286     104,236  
Short-term lease liabilities     36,860      
Total current liabilities     482,533     444,260  
               
Long-term debt     701,955     716,622  
Deferred tax liabilities, net     173,493     176,212  
Long-term portion of insurance reserves     44,405     43,434  
Long-term lease liabilities     55,362      
Other liabilities     1,167     1,905  
Total liabilities     1,458,915     1,382,433  
               
EQUITY     1,165,207     1,072,098  
Total liabilities and equity   $ 2,624,122   $ 2,454,531  
               
               
    As of
September 30,
 
    2019   2018  
Other Financial Data              
Receivable days †     51     49  
Inventory days †     28     34  
Accounts payable days †     77     75  
Receivables, net plus inventories, net less accounts payable †   $ 301,217   $ 280,643  
Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM)‡   11.6 %   11.3 %
               
† Adjusted for remaining acquisition day one balance sheet items.              
‡ Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches.            
               



TopBuild Corp. 
Condensed Consolidated Statements of Cash Flows (Unaudited) 
(dollars in thousands) 
             
             
    Nine Months Ended
September 30, 
    2019    2018 
Cash Flows Provided by (Used in) Operating Activities:          
Net income   $ 145,011     $ 96,198  
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization     39,005       27,133  
Share-based compensation     11,411       8,244  
Loss on sale or abandonment of property and equipment     885       764  
Amortization of debt issuance costs     1,169       812  
Change in fair value of contingent consideration     (119 )     (373 )
Provision for bad debt expense     5,697       3,003  
Loss from inventory obsolescence     1,794       1,375  
Deferred income taxes, net     (381 )     (708 )
Change in certain assets and liabilities            
Receivables, net     (51,585 )     (46,993 )
Inventories, net     20,637       (15,333 )
Prepaid expenses and other current assets     10,003       (5,560 )
Accounts payable     (12,529 )     17,768  
Accrued liabilities     10,758       10,304  
Other, net     1,023       (601 )
Net cash provided by operating activities     182,779       96,033  
             
Cash Flows Provided by (Used in) Investing Activities:            
Purchases of property and equipment     (34,100 )     (42,379 )
Acquisition of businesses, net of cash acquired of $15,756 in 2018     (6,452 )     (500,666 )
Proceeds from sale of property and equipment     2,239       502  
Other, net     25       31  
Net cash used in investing activities     (38,288 )     (542,512 )
             
Cash Flows Provided by (Used in) Financing Activities:            
Proceeds from issuance of long-term debt     9,998       520,104  
Repayment of long-term debt     (19,424 )     (13,097 )
Payment of debt issuance costs           (7,819 )
Proceeds from revolving credit facility           90,000  
Repayment of revolving credit facility           (90,000 )
Taxes withheld and paid on employees' equity awards     (11,135 )     (5,433 )
Repurchase of shares of common stock     (52,177 )     (9,493 )
Payment of contingent consideration     (1,091 )     (841 )
Net cash (used in) provided by financing activities     (73,829 )     483,421  
             
Cash and Cash Equivalents            
Increase for the period     70,662       36,942  
Beginning of period     100,929       56,521  
End of period   $ 171,591     $ 93,463  
             
Supplemental disclosure of noncash activities:            
Leased assets obtained in exchange for new operating lease liabilities   $ 120,726     $  
Accruals for property and equipment     102       546  



                                     
TopBuild Corp.   
Segment Data (Unaudited)   
(dollars in thousands)   
                                     
                                     
    Three Months Ended
September 30, 
        Nine Months Ended
September 30, 
     
    2019    2018    Change      2019    2018    Change   
TruTeam                                    
Sales   $ 498,390     $ 464,540     7.3 %   $ 1,430,800     $ 1,223,357     17.0 %
                                     
Operating profit, as reported   $ 69,846     $ 61,004           $ 189,568     $ 139,969        
Operating margin, as reported     14.0 %   13.1 %           13.2 %   11.4 %      
                                     
Rationalization charges     (16 )     177             183       629        
Acquisition related costs     56                   459              
Operating profit, as adjusted   $ 69,886     $ 61,181           $ 190,210     $ 140,598        
Operating margin, as adjusted     14.0 %   13.2 %           13.3 %   11.5 %      
                                     
Service Partners                                    
Sales   $ 220,947     $ 212,948     3.8 %   $ 638,899     $ 606,335     5.4 %
                                     
Operating profit, as reported   $ 23,406     $ 19,229           $ 65,154     $ 57,141        
Operating margin, as reported     10.6 %   9.0 %           10.2 %   9.4 %      
                                     
Rationalization charges           134             109       159        
Operating profit, as adjusted   $ 23,406     $ 19,363           $ 65,263     $ 57,300        
Operating margin, as adjusted     10.6 %   9.1 %           10.2 %   9.5 %      
                                     
Total                                    
Sales before eliminations   $ 719,337     $ 677,488           $ 2,069,699     $ 1,829,692        
Intercompany eliminations     (37,007 )     (30,199 )           (107,928 )     (84,990 )      
Net sales after eliminations   $ 682,330     $ 647,289     5.4 %   $ 1,961,771     $ 1,744,702     12.4 %
                                     
Operating profit, as reported - segments   $ 93,252     $ 80,233           $ 254,722     $ 197,110        
General corporate expense, net     (6,872 )     (8,358 )           (23,606 )     (37,937 )      
Intercompany eliminations and other adjustments     (5,935 )     (5,658 )           (18,013 )     (15,382 )      
Operating profit, as reported   $ 80,445     $ 66,217           $ 213,103     $ 143,791        
Operating margin, as reported     11.8 %   10.2 %           10.9 %   8.2 %      
                                     
Rationalization charges †     8       1,668             1,977       6,807        
Acquisition related costs     131       1,578             1,034       14,859        
Operating profit, as adjusted   $ 80,584     $ 69,463           $ 216,114     $ 165,457        
Operating margin, as adjusted     11.8 %   10.7 %           11.0 %   9.5 %      
                                     
Share-based compensation     3,926       2,848             11,411       8,244        
Depreciation and amortization     13,467       11,948             39,005       27,133        
EBITDA, as adjusted   $ 97,977     $ 84,259           $ 266,530     $ 200,834        
EBITDA margin, as adjusted     14.4 %   13.0 %           13.6 %   11.5 %      
                                     
Sales change period over period     35,041                   217,069              
EBITDA, as adjusted, change period over period     13,718                   65,696              
EBITDA, as adjusted, as percentage of sales change     39.1 %               30.3 %          
                                     
† Rationalization charges 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
September 30, 
  Nine Months Ended
September 30, 
    2019    2018    2019    2018 
Gross Profit and Operating Profit Reconciliations                        
                         
Net sales   $ 682,330     $ 647,289     $ 1,961,771     $ 1,744,702  
                         
Gross profit, as reported   $ 179,331     $ 161,865     $ 509,949     $ 417,925  
                         
Rationalization charges           21             176  
Gross profit, as adjusted   $ 179,331     $ 161,886     $ 509,949     $ 418,101  
                         
Gross margin, as reported     26.3 %   25.0 %   26.0 %   24.0 %
Gross margin, as adjusted     26.3 %   25.0 %   26.0 %   24.0 %
                         
Operating profit, as reported   $ 80,445     $ 66,217     $ 213,103     $ 143,791  
                         
Rationalization charges     8       1,668       1,977       6,807  
Acquisition related costs     131       1,578       1,034       14,859  
Operating profit, as adjusted   $ 80,584     $ 69,463     $ 216,114     $ 165,457  
                         
Operating margin, as reported     11.8 %   10.2 %   10.9 %   8.2 %
Operating margin, as adjusted     11.8 %   10.7 %   11.0 %   9.5 %
                         
Income Per Common Share Reconciliation                        
                         
Income before income taxes, as reported   $ 71,591     $ 57,014     $ 185,875     $ 125,057  
                         
Rationalization charges     8       1,668       1,977       6,807  
Acquisition related costs     131       1,578       1,034       14,859  
Income before income taxes, as adjusted     71,730       60,260       188,886       146,723  
                         
Tax rate at 26.5% and 27.0% for 2019 and 2018, respectively     (19,008 )     (16,270 )     (50,055 )     (39,615 )
Income, as adjusted   $ 52,722     $ 43,990     $ 138,831     $ 107,108  
                         
Income per common share, as adjusted   $ 1.53     $ 1.23     $ 4.02     $ 2.99  
                         
Weighted average diluted common shares outstanding     34,367,902       35,789,383       34,541,635       35,815,357  
                         



TopBuild Corp. 
 Same Branch and Acquisition Net Sales and Adjusted EBITDA (Unaudited)  
(dollars in thousands) 
                         
    Three Months Ended
September 30, 
  Nine Months Ended
September 30, 
    2019    2018    2019    2018 
Net sales                        
Same branch:                        
Installation segment   $ 496,341     $ 464,540     $ 1,314,059     $ 1,223,357  
Distribution segment     220,947       212,948       627,829       606,335  
Eliminations     (37,007 )     (30,199 )     (107,066 )     (84,990 )
Total same branch     680,281       647,289       1,834,822       1,744,702  
                         
Acquisitions (a):                        
Installation segment   $ 2,049     $     $ 116,741     $  
Distribution segment                 11,070        
Eliminations                 (862 )      
Total acquisitions     2,049             126,949        
Total   $ 682,330     $ 647,289     $ 1,961,771     $ 1,744,702  
                         
EBITDA, as adjusted                        
Same branch   $ 97,492     $ 84,259     $ 242,366     $ 200,834  
Acquisitions (a)     485             24,164        
Total   $ 97,977     $ 84,259     $ 266,530     $ 200,834  
                         
EBITDA, as adjusted, as a percentage of sales                        
Same branch (b)     14.3 %         13.2 %    
Acquisitions (c)     23.7 %         19.0 %    
Total (d)     14.4 %   13.0 %   13.6 %   11.5 %
                         
As Adjusted Incremental EBITDA, as a percentage of incremental sales                        
Same branch (e)     40.1 %         46.1 %    
Acquisitions (c)     23.7 %         19.0 %    
Total (f)     39.1 %         30.3 %    
                         
(a) Represents current year impact of acquisitions in their first twevle months 
(b) Same branch EBITDA, as adjusted, as a percentage of same branch sales 
(c) Acquired EBITDA, 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)  
(dollars in thousands) 
                         
                         
    Three Months Ended
September 30, 
  Nine Months Ended
September 30, 
    2019   2018   2019   2018
Net income, as reported   $ 54,976   $ 42,658   $ 145,011   $ 96,198
Adjustments to arrive at EBITDA, as adjusted:                        
Interest expense and other, net     8,854     9,203     27,228     18,734
Income tax expense     16,615     14,356     40,864     28,859
Depreciation and amortization     13,467     11,948     39,005     27,133
Share-based compensation     3,926     2,848     11,411     8,244
Rationalization charges     8     1,668     1,977     6,807
Acquisition related costs     131     1,578     1,034     14,859
EBITDA, as adjusted   $ 97,977   $ 84,259   $ 266,530   $ 200,834
                         



TopBuild Corp. 
2019 Estimated Adjusted EBITDA Range (Unaudited) 
(dollars in millions) 
           
  Twelve Months Ending
December 31, 2019
   Low    High
Estimated net income $ 179.7   $ 188.5
Adjustments to arrive at estimated EBITDA, as adjusted:          
Interest expense and other, net   37.0     35.0
Income tax expense   64.8     68.0
Depreciation and amortization   54.0     52.0
Share-based compensation   14.0     13.0
Rationalization charges   3.0     2.5
Acquisition related costs   1.5     1.0
Estimated EBITDA, as adjusted $ 354.0   $ 360.0
           

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