TopBuild Corp.

Welcome to the Top Build Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press the 1 followed by the 4 on your telephone. If at any time during the conference you need to reach an operator, please press star 0. I will now lead the conference over to Tabitha Zane. Please go ahead.

Thank you and good morning. On the call today are Jerry Bolas, Chief Executive Officer, Robert Buck, President and Chief Operating Officer, and John Peterson, Chief Financial Officer. We have posted senior management's formal remarks on the investor relations section of our website at topbill.com. As shown on slide two of today's presentation, many of our remarks will include forward-looking statements concerning the company's operations and financial conditions. These forward-looking statements include known and unknown risks, including those set forth in this morning's press release, as well as in the company's filings with the SEC. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Please note that, other than as otherwise specifically stated, the financial measures to be discussed on this call will be on a non-GAAP basis. The non-GAAP measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. We have provided a reconciliation of these financial measures to the most comparable GAAP measures in a table included in today's press release and in the presentation accompanying this call. Please turn to slide three. I will now turn the call over to Jerry Boulders.

Good morning, and thank you for joining us today. What a difference since we last spoke with you just a few months ago. COVID-19 has produced an unprecedented chapter for our country and the world. First and foremost, we extend condolences and get well wishes to those whose health and safety has been directly affected by this virus. Speaking on behalf of our leadership team and our 10,000 employees, TAP will prioritize whatever is necessary as a responsible citizen to manage through this pandemic. From a business standpoint, Top Hill is fortunate, as our installation and distribution services are considered essential in all but a few states. With strict safety protocols in place, our true team crews are on job sites, and our service partners' coworkers are filling and delivering orders. In addition, our traditionally conservative approach to managing our balance sheet provides us with ample liquidity to weather this storm. For those who have been following our company for many years, you know we are significantly stronger financially and leaner operationally than we were a decade ago. Many of the decisions made during the 2009 housing correction are benefiting us today as we face what will likely be a slowdown in housing starts. Our leadership team is proactively managing every aspect of our operations to minimize the impact of the pandemic on our company. Robert will talk in detail about what we've done from an operations standpoint to weather this period and what we are doing moving forward to ensure we capitalize on housing's projected recovery. Be assured we put the health and safety of our employees, their families, our customers, and our supplier partners first. While we can't determine the trajectory of housing starts, in our opinion, the medium and longer-term outlook for housing remains favorable. The last housing downturn was accelerated by an oversupply of housing from both overbuilding and foreclosures. Neither of those factors are in the mix today. The good news from our point of view is that both new home inventory and mortgage rates are very low and are expected to remain so. We look for consumer confidence to drive builder activity as the economy recovers. Turning to our financial results on slide four, we had a solid first quarter. with only minimal impact from the COVID-19 pandemic. Revenue increased 5.5% and adjusted even a margin expanded 150 basis points to 13.5%. The conversion of our top line to the bottom line was outstanding and produced adjusted EPS of $1.37 for the quarter, a 29.2% increase. All of the other earnings related metrics were very good and John will provide more detail on those. Moving to slide five, we completed two acquisitions in the first quarter, Cooper Glass and Hunter Installation, both of which we announced on our fourth quarter call in February. Given the current level of uncertainty, we have intentionally hit the pause button on further acquisitions. Looking ahead, we are fortunate to have a strong balance sheet with plenty of dry powder and expect to eventually resume our acquisition program, which remains our number one capital allocation priority. The $50 million ASR we announced last October was completed in the first quarter and an average price of $107.31 per share. Year to date through April 30, we have acquired 415,787 shares and an average price of $74.23 per share. Due to the uncertainty of the full impact of COVID-19, we have put our share repurchase program on hold. I'll now turn the call over to Robin.