TopBuild Corp.

Greetings and welcome to Top Build's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to P.I. Aquino, Vice President of Investor Relations. Thank you. May it begin.

Good morning, and thanks for joining us. With me today are Robert Buck, our president and CEO, John Achille, our COO, and Rob Coons, our CFO. Our earnings release, senior management's formal remarks, and a deck summarizing our comments can be found on our website at topbill.com. Many of our remarks today will include forward-looking statements which are subject to known and unknown risks and uncertainties, including those set forth in this morning's press release and in the company's SEC filings. The company assumes no obligation to update any forward-looking statements because of new information, future events, or otherwise. Please note that some of the financial measures to be discussed during this call will be on a non-GAAP basis. These non-GAAP measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. We've provided a reconciliation of these financial measures to the most comparable gap measures in today's press release and in our presentation, both of which are available on our website. Let me now turn the call over to our President and CEO, Robert Buck.

Thanks, and good morning, everyone. We appreciate you being with us. As PI mentioned, Rob and I are joined by John Achille, our COO. I've asked John to start joining us so he can share his business insights including our ongoing efforts to drive operational excellence across the organization. Many of you remember meeting John at our investor day a few months ago. We're really pleased to see many of you at our investor day in December. And if you weren't able to attend in person, I hope you've taken the opportunity to watch the replay on our website. I'd like to start my comments today by reiterating a couple of the key themes and messages that we shared in December. First, We have a clear, profitable growth strategy and a proven track record of delivering compounded growth and strong shareholder returns. Second, we have significant growth opportunities across our $95 billion total addressable market, which has increased non-cyclical and non-discretionary revenue drivers. We generate very strong free cash flow and we're disciplined in deploying capital both organically and through M&A. Third, We have a differentiated business model and we will continue to leverage our connected technology platform to continue driving growth and operational excellence to improve the customer experience. Finally, we have a cycle-tested leadership team. We're proud of the people-first culture we built at Top Build and we're grateful for the commitment of our nearly 15,000 employees to growing our business and to working safely every day. Let me transition now to discussing the operating environment at a high level. In the fourth quarter, weakness in the residential and light commercial end markets persisted. Consumer confidence remained low, interest rates are still elevated, and affordability continues to be an issue. All drivers of muted demand in the current environment. We continue to believe the underlying fundamentals are strong, supported by household formations and an underbuilt housing market. and this means there is great long-term opportunity for new residential construction. The commercial and industrial end markets remain solid. We continue to see expansion across a variety of verticals. Bidding and backlogs are healthy, and we're well-positioned to capitalize on that growth, both in the insulation and commercial roofing space. Turning now to our results, fourth quarter sales rose 13.2% to 1.49 billion dollars. fueled by the seven acquisitions we completed last year, including SPI in the fourth quarter. We finished the year with over $5.4 billion in revenue and adjusted the EBITDA of $1.04 billion or margin of 19.2%. Rob will discuss the financials in more detail later in today's call. Acquisitions continue to be our top priority for capital allocation. Last year, we deployed $1.9 billion in capital across the business, adding approximately $1.2 billion in annual revenue. Our M&A pipeline continues to be very healthy, the environment is active, and we're off to a solid start this year, having recently closed the acquisitions of Applied Coatings and Upstate Spray Foam. We also announced our second commercial roofing acquisition earlier this week, Johnson Roofing. We returned approximately $434 million to shareholders through our share repurchase program, demonstrating our ongoing confidence in our business and long-term strategy. Now, let me hand it over to John to cover operations, and Rob will follow to discuss the results and guidance. And I'll come back at the end with some closing thoughts.