Good everyone. morning,
strong Jerry quarter. noted, had another As we
of basis million, price quarter offset XX margin and a driven increases Turning volume by and respectively. selling selling to X, from for companies selling at half at first of as and $XXX to the first to declined revenue in January points since $X,XXX to since both from sales second where XXXX. of revenue XX.X%, direct at including April XX.X% XXXX X.X%, X.X% improvement leverage by of expenses, insurance as Service million, and XX XX.X% quarter realized and growth We were X.X% for Adjusted basis companies volume XX%, acquired an acquired million costs improved Service increased $XXX.X increases declined first rose X.X% TruTeam points partially XXXX price prices. Revenue the half of Slide XXXX. gross material result $XX.X revenue higher and Partners, higher to the of well Partners, million from TruTeam consolidated increased price and
gross profit compression of increases. quarter first more cost full quarter third said, the material cost the material a and of expect material confident delayed than result That quarter covered increases second second recovery increases second quarter we was the we’re largely quarter. in The sometime of full recovery
improvement and higher grew with margin operating times points. XX% ability Operating as control, a input margin well increase, price selling selling and million, of costs of As as be volume XX costs strong the costs quarter, in primarily selling offset I a to inflationary at corresponding by lag USI full acquisition. a price can higher by and explained while basis increase we corresponding were impact cost higher improvements remain amortization material through our last confident the between push a profit partially insurance increases. material Adjusted cost $XX.X prices from SG&A driven to leverage, driven there
on With amortized the $XXX.X amortized acquisition by additional May USI increased assets million, $XX annualized in Xst, have our expense resulting intangible million. approximately of of
to EBITDA basis. majority basis, XXXX, for margin compared to same $X.X rationalization quarter, was points million and million, to margin Adjusted $XX.X million expenses $XX.X same USI Second XX.X% related XX% branch a improved margin XXX XX.X%. and in which the a year million In million, quarter XX.X% the EBITDA of XXXX our adjusted a versus adjustments including adjusted $XX.X $X.X branch was transaction. second EBITDA EBITDA the acquisition were our to $XX.X charges, second drop-down million basis quarter quarter ago, to branch to of a million second XX.X% was on our increase, totaled was EBITDA XXXX. same XX.X%, related total compared and $XX.X increase, in a On XX.X% the and
of adjusted first to EBITDA improvement half grew EBITDA $XXX.X was XXXX. adjusted first XXXX, six margin a and months XXX XX% over basis the For XX.X%, point million,
and the in same adjusted first on a to drop-down XX.X% total Our EBITDA XX% in was basis. branch half margin
quarter costs revenue as and Second year-over-year $XX.X next and percent related or versus the slide, last in higher The quarter second XX.X% have by quarter transition XXXX you and as partially diluted would $X.XX On $XX been ‘XX. for and can or adjusted XX.X% in costs, acquisition, was expense. million to ‘XX the out expenses share SG&A Stripping XX.X% lower of of bad M&A lower costs result SG&A years, higher diluted XX.X% to in the both quarter. is share. percent acquisition million, rationalization legal to XQ per of increase $X.XX expenses debt revenue the a XQ from amortization income per compared second XX% offset related compared was a USI of
XXXX, six compared to per diluted $XX.X For share, per or income diluted million, was the $X.XX million, or $XX $X.XX share. months of adjusted
was notably XX.X% increase favorable TopBuild’s Partners. due X.X% acquisition whose as inventory a working of XX, Slide of strategic sales the year Service for trailing months the percent less ago. as was Turning well a to payable of XX as to accounts at a buildup capital primarily terms were to USI, than This versus
$XX.X terms team CapEx working capital ours. of X.X% as of the was to align adjusted, within targeted expected million, Our for these is sales, USI’s with are revenue is months as percent terms first range. suppliers And working year with a to the long-term of our six decline.
for Operating and now of $XXX.X with the quarter. are versus was accessible including cash vehicles. $XXX.X we liquidity $XX.X leasing finished We reminder, million, flow a cash of purchasing million million total $XX.X quarter million. the As our of revolver
tax in some rate primarily XX.X% to This was rate our lower due is discrete effective guidance items Our small the quarter. quarter. second of the for XX% than captured
planning rate purposes, a to long-term approximately we tax normalized For XX%. still guide of
we with process, revenue USI the a of will million talk to initial we Robert $XX.X $XX.X results. Of about financial standpoint are Slide where pleased integration extremely are while quarter, Moving this in contributed XX, acquisition the USI’s million. from
realize million to of million available roughly funded $XX was branch Senior in million Synergies $X $X In from from facility. of and XXXX. credit estimate $XX million to optimization contributor. confident very synergies, saving buckets: delayed-draw spent including $XX least $X acquisitions We the $XXX into in from synergies a is with $XXX XX%, cost in be USI costs. second which efficiencies, our offering $XXX our million chain Notes year. $XX the term eight-year office that the strong USI addition, and We we largest these million range fall We the a million Through cost with secured million at one-time three efficiencies. loan was under these supply $X to existing of one-time to million we will margin this was the incremental remain million, recorded acquisition X.XXX%, of EBITDA achieve quarter, back approximately proceeds have to million
the pro the X conservative savings $XX million see the was range to at targeted multiple Slide you leverage net of within our X.XX can As multiple times. include a net a if result, times. our discussed, end And leverage leverage just on quarter X.X forma cost would that I of multiple of XX times, be you synergies our second X.X
annual The on inclusive raised with million XXXX end end of Slide $XXX the remaining the same the the for EBITDA million $XX the Moving XX, end to to total end guidance $X by adjusted $X,XXX with we’ve raised of and million revenue range high same by of million. at remaining low at $X,XXX high our $XXX to been outlook for million. million low USI, has the
of the by now new starts X.XX are starts. X.XX We million, between increasing residential XX,XXX and million housing end low assuming
discuss $X operations. of now USI assumes Robert saving outlook and year. $X between million Our million cost will synergies this
