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TopBuild Reports Fourth Quarter and Full Year 2019 Results

  • Net sales increase 3.6%
  • Gross margin expands 120 basis points
  • 11.5% operating margin, 11.6% on an adjusted basis, up 110 basis points
  • Adjusted EBITDA margin expands 110 basis points to 14.0%
  • $1.36 net income per diluted share, $1.48 on an adjusted basis

/EIN News/ -- Provides 2020 Sales and Adjusted EBITDA Guidance

DAYTONA BEACH, Fla., Feb. 25, 2020 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products today reported results for the fourth quarter and full year ended December 31, 2019. 

Jerry Volas, Chief Executive Officer, stated, “We are pleased to once again report a strong quarter with sales volume growth and increased pricing at both TruTeam and Service Partners.  Our team continues to focus on achieving operational efficiencies and implementing best practices across our organization.

Fourth Quarter Financial Highlights
(unless otherwise indicated, comparisons are to the quarter ended December 31, 2018)

  • Net sales increased 3.6% to $662.3 million, driven by increases in price and residential and commercial volume and acquisitions, partially offset by a higher mix of multi-family and smaller, single-family homes which generate lower revenue per unit.
     
  • Gross margin expanded 120 basis points to 25.9%.
     
  • Operating profit was $76.4 million, compared to $65.2 million.  On an adjusted basis, operating profit was $76.6 million, compared to $67.2 million, a 14.1% improvement.
     
  • Operating margin was 11.5%.  Adjusted operating margin improved 110 basis points to 11.6%.
     
  • Net income was $46.0 million, or $1.36 per diluted share, compared to $38.6 million, or $1.10 per diluted share.
     
  • Adjusted net income was $50.0 million, or $1.48 per diluted share, compared to $42.2 million, or $1.20 per diluted share. 
     
  • Adjusted EBITDA was $92.5 million, compared to $82.5 million, a 12.2% increase and adjusted EBITDA margin improved 110 basis points to 14.0%.  Incremental adjusted EBITDA margin was 44.0%.  
     
  • At December 31, 2019, the Company had cash and cash equivalents of $184.8 million, availability under its revolving credit facility of $188.6 million for total liquidity of $373.4 million.

Full Year 2019 Financial Highlights
(unless otherwise indicated, comparisons are to twelve months ended December 31, 2018)

“2019 was another year of profitable growth at TopBuild.  We continue to take advantage of a strong economic environment, our national scale and our focus on operational excellence to drive sales and expand operating margins.  During the year we also completed the integration of USI, garnering substantial synergies that made this acquisition accretive to TopBuild’s margins,” Volas added.

  • Net sales increased 10.1% to $2,624.1 million. On a same branch basis, revenue increased 4.6% to $2,494.5 million. 
     
  • Gross margin expanded 180 basis points to 26.0%.
     
  • Operating profit was $289.5 million, compared to operating profit of $209.0 million.  On an adjusted basis, operating profit was $292.7 million, compared to $232.6 million, a 25.8% improvement.
     
  • Operating margin was 11.0%, up 220 basis points.  Adjusted operating margin improved 140 basis points to 11.2%. 
     
  • Net income was $191.0 million, or $5.56 per diluted share, compared to $134.8 million, or $3.78 per diluted share.  Adjusted net income was $188.9 million, or $5.49 per diluted share, compared to $149.3 million, or $4.19 per diluted share. 
     
  • Adjusted EBITDA was $359.1 million, compared to $283.4 million, a 26.7% increase and adjusted EBITDA margin improved 180 basis points to 13.7%.  Incremental adjusted EBITDA margin was 31.6%.
     
    • On a same branch basis, adjusted EBITDA grew 17.9% to $334.1 million and adjusted incremental EBITDA margin was 46.1%.
       
    • Acquisitions contributed $129.6 million of revenue.  Incremental adjusted EBITDA related to these acquisitions was 19.2%.


Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended December 31, 2018)

TruTeam 3 Months Ended
12/31/19
12 Months Ended
12/31/19
  Service Partners 3 Months Ended
12/31/19
12 Months Ended
12/31/19
Sales $475,929 $1,906,730   Sales $223,244 $862,143
Change       Change    
Volume 0.7% 2.5%   Volume 2.0% -0.8%
Price 2.7% 3.8%   Price 2.3% 4.6%
M&A 0.6% 7.1%   M&A 0.0% 1.3%
Total Change 4.0% 13.4%   Total Change 4.3% 5.1%
Operating Margin 13.4% 13.3%   Operating Margin 11.3% 10.5%
Change 90 bps 160 bps   Change 120 bps 90 bps
Adj. Operating Margin 13.4% 13.3%   Adj. Operating Margin 11.3% 10.5%
Change 90 bps 150 bps   Change 120 bps 90 bps


Capital Allocation

Acquisitions
In 2019, the Company completed one acquisition, Viking Insulation, based in Burbank, California.  Viking is expected to generate approximately $9.0 million in annual revenue.  

In February 2020, the Company acquired Hunter Insulation, an installation company based in Long Island, New York and Cooper Glass, a commercial glass company serving the Memphis market.  Combined, these companies are expected to contribute approximately $19 million of annual revenue. 

Share Repurchase Program
In 2019, the Company repurchased a total of 1,291,771 shares of its common stock for approximately $110.9 million.  This includes the receipt of 392,501 shares related to its $50 million accelerated share repurchase (“ASR”) program announced October 2019.  The ASR is expected to settle no later than the end of the first quarter of 2020. 

2020 Sales and Adjusted EBITDA Guidance (1)
Volas stated, “Looking ahead, we see solid fundamentals for the residential new construction market, including strong household formation, low interest rates and very little inventory, all of which should benefit TopBuild.  In addition, we expect continued strength in our commercial business with a solid backlog and greenfield expansion opportunities.

“Our plan in 2020 remains in line with our long-term strategic objectives: generate profitable growth, achieve additional operational efficiencies and acquire companies that meet our investment criteria.”   

2020 Low High
Sales $   2,765.0 $   2,835.0
Adjusted EBITDA* $   387.0 $   412.0

*See table for adjusted EBITDA reconciliation


Assumptions
 ($ in millions)

2020 Low High
Housing Starts   1,300K   1,340K
Estimated net income $   206.5 $   232.0
Interest Expense and other, net $   34.0 $   31.0
Income tax expense $   72.5 $   81.5
Depreciation and Amortization $   60.0 $   56.0
Share based compensation $   14.0 $   11.5


Long-Term Targets (3-Years) (1)

Metric  
Working Capital (% of LTM Sales) 10% to 11%
CapEx (% of Sales) 2.0%
Commercial Annual Revenue Growth 10.0%
Normalized Tax Rate 26%
Incremental Adjusted EBITDA (Organic) 22% to 27%
Incremental Adjusted EBITDA (Acquisitions Year One) 11% to 16%
Residential revenue for every 50K increase in housing starts $80 million

(1) This guidance and long-term targets reflect management’s current view of present and future market conditions and are based on assumptions such as housing starts, 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 2019 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 fourth quarter 2019 financial results is scheduled for today, Tuesday, February 25, 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 approximately 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
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 “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 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.                        
Consolidated Statements of Operations                        
(in thousands, except share and per common share amounts)                  
                         
    Three Months Ended December 31,    Year Ended December 31, 
    2019
  2018
  2019
  2018
Net sales   $ 662,349     $ 639,547     $ 2,624,121     $ 2,384,249  
Cost of sales     491,030       481,321       1,942,854       1,808,097  
Gross profit     171,319       158,226       681,267       576,152  
                         
Selling, general, and administrative expense     94,898       93,065       391,744       367,199  
Operating profit     76,421       65,161       289,523       208,953  
                         
Other income (expense), net:                        
Interest expense     (9,083 )     (9,661 )     (37,823 )     (28,687 )
Other, net     566       266       2,078       558  
Other expense, net     (8,517 )     (9,395 )     (35,745 )     (28,129 )
Income before income taxes     67,904       55,766       253,778       180,824  
                         
Income tax expense     (21,919 )     (17,213 )     (62,783 )     (46,072 )
Net income   $ 45,985     $ 38,553     $ 190,995     $ 134,752  
                         
Net income per common share:                        
Basic   $ 1.38     $ 1.12     $ 5.65     $ 3.86  
Diluted   $ 1.36     $ 1.10     $ 5.56     $ 3.78  
                         
Weighted average shares outstanding:                        
Basic     33,297,613       34,436,518       33,806,104       34,921,318  
Diluted     33,886,904       35,012,535       34,376,555       35,613,319  
                         


             
TopBuild Corp.            
Consolidated Balance Sheets and Other Financial Data            
(dollars in thousands)            
    As of December 31,
    December 31,    December 31, 
    2019   2018
ASSETS            
Current assets:            
Cash and cash equivalents   $ 184,807   $ 100,929
Receivables, net of an allowance for doubtful accounts of $4,854 and $3,676 at December 31, 2019, and December 31, 2018, respectively     428,844     407,106
Inventories, net     149,078     168,977
Prepaid expenses and other current assets     17,098     27,685
Total current assets     779,827     704,697
             
Right of use assets     87,134    
Property and equipment, net     178,080     167,961
Goodwill     1,367,918     1,364,016
Other intangible assets, net     181,122     199,387
Deferred tax assets, net     4,259     13,176
Other assets     5,623     5,294
Total assets   $ 2,603,963   $ 2,454,531
             
LIABILITIES            
Current liabilities:            
Accounts payable   $ 307,970   $ 313,172
Current portion of long-term debt     34,272     26,852
Accrued liabilities     98,418     104,236
Short-term lease liabilities     36,094    
Total current liabilities     476,754     444,260
             
Long-term debt     697,955     716,622
Deferred tax liabilities, net     175,263     176,212
Long-term portion of insurance reserves     45,605     43,434
Long-term lease liabilities     54,010    
Other liabilities     1,487     1,905
Total liabilities     1,451,074     1,382,433
             
EQUITY     1,152,889     1,072,098
Total liabilities and equity   $ 2,603,963   $ 2,454,531
             
             
    As of December 31,
    December 31,    December 31, 
    2019   2018
Other Financial Data            
Receivable days †     53     51
Inventory days †     28     34
Accounts payable days †     80     80
Receivables, net plus inventories, net less accounts payable †   $ 269,952   $ 262,911
Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM)‡     10.3 %   10.4
             
† 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.            
Consolidated Statement of Cash Flows            
(in thousands)            
             
    Year Ended December 31, 
    2019
  2018
Cash Flows Provided by (Used in) Operating Activities:          
Net income   $ 190,995     $ 134,752  
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization     52,700       39,419  
Share-based compensation     13,658       11,317  
Loss on sale or abandonment of property and equipment     1,399       1,204  
Amortization of debt issuance costs     1,558       1,201  
Provision for bad debt expense     7,065       3,240  
Loss from inventory obsolescence     2,622       2,187  
Deferred income taxes, net     8,888       12,936  
Change in certain assets and liabilities            
Receivables, net     (27,146 )     (35,522 )
Inventories, net     17,433       (23,297 )
Prepaid expenses and other current assets     9,361       (8,360 )
Accounts payable     (5,124 )     29,687  
Accrued liabilities     (2,690 )     (660 )
Other, net     1,058       (932 )
Net cash provided by operating activities     271,777       167,172  
             
Cash Flows Provided by (Used in) Investing Activities:            
Purchases of property and equipment     (45,536 )     (52,504 )
Acquisition of businesses, net of cash acquired of $15,756 in 2018     (6,952 )     (500,202 )
Proceeds from sale of property and equipment     2,321       849  
Other, net     25       38  
Net cash used in investing activities     (50,142 )     (551,819 )
             
Cash Flows Provided by (Used in) Financing Activities:            
Proceeds from issuance of long-term debt     14,989       526,604  
Repayment of long-term debt     (27,793 )     (18,399 )
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     (12,951 )     (5,465 )
Repurchase of shares of common stock     (110,911 )     (65,025 )
Payment of contingent consideration     (1,091 )     (841 )
Net cash (used in) provided by financing activities     (137,757 )     429,055  
             
Cash and Cash Equivalents            
Increase for the period     83,878       44,408  
Beginning of period     100,929       56,521  
End of period   $ 184,807     $ 100,929  
             
Supplemental disclosure of cash paid for:            
Interest on long-term debt   $ 36,244     $ 23,733  
Income taxes     43,310       39,010  
             
Supplemental disclosure of noncash activities:            
Leased assets obtained in exchange for new operating lease liabilities   $ 128,838     $  
Accruals for property and equipment     542       860  
             


                                         
TopBuild Corp.                                        
Segment Data (Unaudited)                                        
(dollars in thousands)                                        
                                         
    Three Months Ended December 31,            Year Ended December 31,         
      2019       2018     Change        2019       2018     Change   
TruTeam                                        
Sales   $ 475,929     $ 457,610       4.0 %   $ 1,906,730     $ 1,680,967       13.4 %
                                         
Operating profit, as reported   $ 63,661     $ 57,016             $ 253,230     $ 196,986          
Operating margin, as reported     13.4   %   12.5   %           13.3   %   11.7   %      
                                         
Rationalization charges     (24 )     216               159       845          
Acquisition related costs     177                     636                
Operating profit, as adjusted   $ 63,814     $ 57,232             $ 254,025     $ 197,831          
Operating margin, as adjusted     13.4   %   12.5   %           13.3   %   11.8   %      
                                         
Service Partners                                        
Sales   $ 223,244     $ 213,974       4.3 %   $ 862,143     $ 820,309       5.1 %
                                         
Operating profit, as reported   $ 25,234     $ 21,598             $ 90,388     $ 78,739          
Operating margin, as reported     11.3   %   10.1   %           10.5   %   9.6   %      
                                         
Rationalization charges                         109       159          
Operating profit, as adjusted   $ 25,234     $ 21,598             $ 90,497     $ 78,898          
Operating margin, as adjusted     11.3   %   10.1   %           10.5   %   9.6   %      
                                         
Total                                        
Sales before eliminations   $ 699,173     $ 671,584             $ 2,768,873     $ 2,501,276          
Intercompany eliminations     (36,824 )     (32,037 )             (144,752 )     (117,027 )        
Net sales after eliminations   $ 662,349     $ 639,547       3.6 %   $ 2,624,121     $ 2,384,249       10.1 %
                                         
Operating profit, as reported - segments   $ 88,895     $ 78,614             $ 343,618     $ 275,725          
General corporate expense, net     (6,568 )     (7,936 )             (30,174 )     (45,873 )        
Intercompany eliminations     (5,906 )     (5,517 )             (23,921 )     (20,899 )        
Operating profit, as reported   $ 76,421     $ 65,161             $ 289,523     $ 208,953          
Operating margin, as reported     11.5   %   10.2   %           11.0   %   8.8   %      
                                         
Rationalization charges     15       929               1,992       7,736          
Acquisition related costs     166       1,066               1,200       15,925          
Operating profit, as adjusted   $ 76,602     $ 67,156             $ 292,715     $ 232,614          
Operating margin, as adjusted     11.6   %   10.5   %           11.2   %   9.8   %      
                                         
Share-based compensation     2,246       3,072               13,658       11,317          
Depreciation and amortization     13,696       12,286               52,700       39,419          
EBITDA, as adjusted   $ 92,544     $ 82,514             $ 359,073     $ 283,350          
EBITDA margin, as adjusted     14.0   %   12.9   %           13.7   %   11.9   %      
                                         
Sales change period over period     22,802                     239,872                
EBITDA, as adjusted, change period over period     10,030                     75,723                
EBITDA, as adjusted, as percentage of sales change     44.0   %                 31.6   %            
                                         
† 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 December 31,    Year Ended December 31,   
    2019     2018     2019     2018    
Gross Profit and Operating Profit Reconciliations                          
                           
Net sales   $ 662,349     $ 639,547     $ 2,624,121     $ 2,384,249    
                           
Gross profit, as reported   $ 171,319     $ 158,226     $ 681,267     $ 576,152    
                           
Rationalization charges                       176    
Gross profit, as adjusted   $ 171,319     $ 158,226     $ 681,267     $ 576,328    
                           
Gross margin, as reported     25.9   %   24.7   %   26.0   %   24.2   %
Gross margin, as adjusted     25.9   %   24.7   %   26.0   %   24.2   %
                           
Operating profit, as reported   $ 76,421     $ 65,161     $ 289,523     $ 208,953    
                           
Rationalization charges     15       929       1,992       7,736    
Acquisition related costs     166       1,066       1,200       15,925    
Operating profit, as adjusted   $ 76,602     $ 67,156     $ 292,715     $ 232,614    
                           
Operating margin, as reported     11.5   %   10.2   %   11.0   %   8.8   %
Operating margin, as adjusted     11.6   %   10.5   %   11.2   %   9.8   %
                           
Income Per Common Share Reconciliation                          
                           
Income before income taxes, as reported   $ 67,904     $ 55,766     $ 253,778     $ 180,824    
                           
Rationalization charges     15       929       1,992       7,736    
Acquisition related costs     166       1,066       1,200       15,925    
Income before income taxes, as adjusted     68,085       57,761       256,970       204,485    
                           
Tax rate at 26.5% and 27.0% for 2019 and 2018, respectively     (18,043 )     (15,595 )     (68,097 )     (55,211 )  
Income, as adjusted   $ 50,042     $ 42,166     $ 188,873     $ 149,274    
                           
Income per common share, as adjusted   $ 1.48     $ 1.20     $ 5.49     $ 4.19    
                           
Weighted average diluted common shares outstanding     33,886,904       35,012,535       34,376,555       35,613,319    
                           


                           
TopBuild Corp.                          
Same Branch and Acquisition Net Sales and Adjusted EBITDA (Unaudited)              
(dollars in thousands)                          
                           
    Three Months Ended December 31,    Year Ended December 31,   
    2019
  2018
  2019
  2018
 
Net sales                          
Same branch:                          
Installation segment   $ 473,298     $ 457,610     $ 1,787,357     $ 1,680,967    
Distribution segment     223,244       213,974       851,073       820,309    
Eliminations     (36,824 )     (32,037 )     (143,890 )     (117,027 )  
Total same branch     659,718       639,547       2,494,540       2,384,249    
                           
Acquisitions (a):                          
Installation segment   $ 2,631     $     $ 119,373     $    
Distribution segment                 11,070          
Eliminations                 (862 )        
Total acquisitions     2,631             129,581          
Total   $ 662,349     $ 639,547     $ 2,624,121     $ 2,384,249    
                           
EBITDA, as adjusted                          
Same branch   $ 91,781     $ 82,514     $ 334,146     $ 283,350    
Acquisitions (a)     763             24,927          
Total   $ 92,544     $ 82,514     $ 359,073     $ 283,350    
                           
EBITDA, as adjusted, as a percentage of sales                          
Same branch (b)     13.9   %         13.4   %      
Acquisitions (c)     29.0   %         19.2   %      
Total (d)     14.0   %   12.9   %   13.7   %   11.9   %
                           
As Adjusted Incremental EBITDA, as a percentage of incremental sales                          
Same branch (e)     45.9   %         46.1   %      
Acquisitions (c)     29.0   %         19.2   %      
Total (f)     44.0   %         31.6   %      
                           
(a) Represents current year impact of acquisitions in their first twelve 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                    
(in thousands)                        
                         
    Three Months Ended December 31,    Year Ended December 31, 
    2019   2018   2019   2018
Net income, as reported   $ 45,985   $ 38,553   $ 190,995   $ 134,752
Adjustments to arrive at EBITDA, as adjusted:                        
Interest expense and other, net     8,517     9,395     35,745     28,129
Income tax expense     21,919     17,213     62,783     46,072
Depreciation and amortization     13,696     12,286     52,700     39,419
Share-based compensation     2,246     3,072     13,658     11,317
Rationalization charges     15     929     1,992     7,736
Acquisition related costs     166     1,066     1,200     15,925
EBITDA, as adjusted   $ 92,544   $ 82,514   $ 359,073   $ 283,350
                         


           
TopBuild Corp.          
2020 Estimated Adjusted EBITDA Range (Unaudited)        
(dollars in millions)          
           
  Twelve Months Ending December 31, 2020
    Low     High
Estimated net income $ 206.5   $ 232.0
Adjustments to arrive at estimated EBITDA, as adjusted:        
Interest expense and other, net   34.0     31.0
Income tax expense   72.5     81.5
Depreciation and amortization   60.0     56.0
Share-based compensation   14.0     11.5
Estimated EBITDA, as adjusted $ 387.0   $ 412.0
 

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