GlobeNewswire Inc | Feb 23, 2021 06:45AM EST

February 23, 2021

-- Net sales increase 8.9% -- Gross margin expands 150 basis points -- 14.3% operating margin, 14.4% on an adjusted basis, up 280 basis points -- Adjusted EBITDA margin expands 280 basis points to 16.8% -- $2.13 net income per diluted share, $2.15 on an adjusted basis

Provides 2021 Sales and Adjusted EBITDA Guidance

DAYTONA BEACH, Fla., Feb. 23, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp.(NYSE:BLD), a leading installer and distributor of insulation and building material products to the U.S. construction industry today reported results for the fourth quarter and year ended December 31, 2020.

Robert Buck, President and Chief Executive Officer, stated, Our fourth quarter results were strong with operating margins expanding over 200 basis points at both TruTeam and Service Partners. Same branch residential and commercial revenue improved sequentially from the third quarter and continues to strengthen.

Labor shortages and material constraints are extending the building cycle and the traditional lag time in our business. Our ability to share labor and material across our footprint gives us an advantage in serving our customers and helps us mitigate these challenges.

Fourth Quarter Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended December 31, 2019)

-- Net sales increased 8.9% to $721.5 million, driven by increased volume and sales from acquisitions. -- Gross margin expanded 150 basis points to 27.4%. On an adjusted basis, gross margin was 27.5%, a 160-basis point increase. -- Operating profit was $103.1 million, compared to $76.4 million. On an adjusted basis, operating profit was $104.0 million, compared to $76.6 million, a 35.7% improvement. -- Operating margin was 14.3%. Adjusted operating margin improved 280 basis points to 14.4%. -- Net income was $70.8 million, or $2.13 per diluted share, compared to $46.0 million, or $1.36 per diluted share. -- Adjusted net income was $71.3 million, or $2.15 per diluted share, compared to $50.0 million, or $1.48 per diluted share. -- Adjusted EBITDA was $121.5 million, compared to $92.5 million, a 31.2% increase and adjusted EBITDA margin improved 280 basis points to 16.8%. Incremental adjusted EBITDA margin was 48.9%. -- At December 31, 2020, the Company had cash and cash equivalents of $330.0 million, availability under its revolving credit facility of $389.6 million for total liquidity of $719.6 million.

Full Year 2020 Financial Highlights

(unless otherwise indicated, comparisons are to twelve months ended December 31, 2019)

-- Net sales increased 3.6% to $2,718.0 million. -- Gross margin expanded 150 basis points to 27.5%. -- Operating profit was $355.0 million, compared to operating profit of $289.5 million. On an adjusted basis, operating profit was $359.4 million, compared to $292.7 million, a 22.8% improvement. -- Operating margin was 13.1%, up 210 basis points. Adjusted operating margin improved 200 basis points to 13.2%. -- Net income was $247.0 million, or $7.42 per diluted share, compared to $191.0 million, or $5.56 per diluted share. Adjusted net income was $242.5 million, or $7.28 per diluted share, compared to $188.9 million, or $5.49 per diluted share. -- Adjusted EBITDA was $436.7 million, compared to $359.1 million, a 21.6% increase and adjusted EBITDA margin improved 240 basis points to 16.1%.

Buck added, Our 2020 financial results demonstrate the strength of our operating model and the hard work and dedication of our entire TopBuild team. Despite the challenges resulting from the pandemic, both of our business segments reported revenue growth and solid margin expansion.

In addition, during the year we completed three acquisitions, strengthening our footprint in the high growth markets of Texas, Colorado and Tennessee.

Looking ahead, housing fundamentals remain robust and our Company should continue to benefit from strong demand for new housing construction. Our focus remains on driving top line growth and improving operational efficiencies throughout the Company.

Operating Segment Highlights ($ in 000s)(comparisons are to the period ended December 31, 2019)

3 Months 12 Months Service 3 Months 12 MonthsTruTeam Ended 12/31/ Ended 12/31/ Partners Ended 12/31/ Ended 12/31/ 20 20 20 20Sales $508,812 $1,943,461 Sales $251,535 $926,207Change Change Volume 2.8% -1.0% Volume 13.3% 7.9%Price -0.3% 0.9% Price -0.6% -0.5%M&A 4.5% 2.0% M&A 0.0% 0.0%Total 6.9% 1.9% Total 12.7% 7.4%Change ChangeOperating 16.0% 15.2% Operating 13.4% 12.5%Margin MarginChange 260 bps 190 bps Change 210 bps 200 bpsAdj. Adj.Operating 16.1% 15.3% Operating 13.4% 12.5%Margin MarginChange 270 bps 200 bps Change 210 bps 200 bps



Capital AllocationAcquisitionsIn 2020, the Company completed three acquisitions, Hunter Insulation, an installation company based in Long Island, New York, Cooper Glass a commercial glass company serving the Memphis market, and Garland Insulating, a residential and light commercial installation company serving markets in Texas and Colorado.

In January 2021, the Company acquired LCR Contractors, a residential and heavy commercial insulation company serving markets in Texas and Tennessee. Combined, these four companies are expected to contribute approximately $137 million of annual revenue

Acquisitions remain our number one capital allocation priority. We have a robust pipeline of prospects with the majority concentrated in our core insulation business. These companies are located in attractive growth regions with strong management teams, solid customer bases and experienced installers, stated Buck.

Share Repurchase ProgramIn 2020, the Company repurchased a total of 616,227 shares of its common stock for approximately $49.2 million.

Sales and Adjusted EBITDA Guidance(1) ($ in millions)

2021 Low HighSales $ 3,050.0 $ 3,150.0Adjusted EBITDA* $ 505.0 $ 535.0

*See table for adjusted EBITDA reconciliation.

Assumptions(1) ($ in millions)

2021 Low HighHousing Starts 1,425 1,475Estimated net income $ 297.5 $ 326.7Interest Expense and other, net $ 24.2 $ 21.2Income tax expense $ 104.5 $ 114.8Depreciation and Amortization $ 67.0 $ 63.0Share based compensation $ 11.8 $ 9.3

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

Metric Working Capital (% of LTM Sales) 9.5% to 10.5%CapEx (% of Sales) 2.0%Commercial Annual Revenue Growth 7.5% to 10.0%Normalized Tax Rate 26.0%Incremental Adjusted EBITDA (Organic) 22.0% to 27.0%Incremental Adjusted EBITDA (Acquisitions Year One) 11.0% to 16.0%Residential Revenue for Every 50K Increase in Housing Starts $90 million

(1) This guidance and long-term targets reflect managements 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 TopBuilds current expectations are discussed below and are also detailed in the Companys 2020 Annual Report on Form 10-K and subsequent SEC reports.

Additional Information

Quarterly supplemental materials, including a presentation that will be referenced on todays conference call, are available on the Companys website at www.topbuild.com.

Conference Call A conference call to discuss fourth quarter 2020 financial results is scheduled for today, Tuesday, February 23, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. The conference call will be webcast simultaneously on the Companys 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 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 Companys reported results under GAAP. Additional information may be found in the Companys filings with the Securities and Exchange Commission which are available on TopBuilds website under SEC Filings 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 a 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 any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

Investor Relations and Media ContactTabitha Zanetabitha.zane@topbuild.com386-763-8801

TopBuild Corp. ConsolidatedStatements of Operations(in thousands, except share and per common share amounts) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Net sales $ 721,487 $ 662,349 $ 2,718,038 $ 2,624,121 Cost of sales 523,467 491,030 1,971,677 1,942,854 Gross profit 198,020 171,319 746,361 681,267 Selling,general, and 94,943 94,898 391,315 391,744 administrativeexpenseOperating 103,077 76,421 355,046 289,523 profit Other income(expense), net:Interest (7,745 ) (9,083 ) (32,456 ) (37,823 )expenseLoss onextinguishment ? ? (233 ) ? of debtOther, net 85 566 733 2,078 Other expense, (7,660 ) (8,517 ) (31,956 ) (35,745 )netIncome before 95,417 67,904 323,090 253,778 income taxes Income tax (24,660 ) (21,919 ) (76,067 ) (62,783 )expenseNet income $ 70,757 $ 45,985 $ 247,023 $ 190,995 Net income per common share:Basic $ 2.16 $ 1.38 $ 7.50 $ 5.65 Diluted $ 2.13 $ 1.36 $ 7.42 $ 5.56 Weightedaverage shares outstanding:Basic 32,789,911 33,297,613 32,917,971 33,806,104 Diluted 33,189,104 33,886,904 33,299,986 34,376,555

TopBuild Corp. Consolidated Balance Sheets and Other Financial Data(dollars in thousands) As of December 31, 2020 2019 ASSETS Current assets: Cash and cash equivalents $ 330,007 $ 184,807 Receivables, net of an allowance for creditlosses of $6,926 at December 31, 2020 and 427,340 428,844 allowance for doubtful accounts of $4,854 atDecember 31, 2019Inventories, net 161,369 149,078 Prepaid expenses and other current assets 17,689 17,098 Total current assets 936,405 779,827 Right of use assets 83,490 87,134 Property and equipment, net 180,053 178,080 Goodwill 1,410,685 1,367,918 Other intangible assets, net 190,605 181,122 Deferred tax assets, net 2,728 4,259 Other assets 11,317 5,623 Total assets $ 2,815,283 $ 2,603,963 LIABILITIES Current liabilities: Accounts payable $ 331,710 $ 307,970 Current portion of long-term debt 23,326 34,272 Accrued liabilities 107,949 98,418 Short-term lease liabilities 33,492 36,094 Total current liabilities 496,477 476,754 Long-term debt 683,396 697,955 Deferred tax liabilities, net 168,568 175,263 Long-term portion of insurance reserves 50,657 45,605 Long-term lease liabilities 53,749 54,010 Other liabilities 13,642 1,487 Total liabilities 1,466,489 1,451,074 EQUITY 1,348,794 1,152,889 Total liabilities and equity $ 2,815,283 $ 2,603,963 As of December31, 2020 2019 Other Financial Data Receivable days 48 53 Inventory days 30 28 Accounts payable days 76 80 Receivables, net plus inventories, net less $ 256,999 $ 269,952 accounts payableReceivables, net plus inventories, net less accounts 9.3 % 10.3 %payable as a percent of sales (TTM) ? ? 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 December31, 2020 2019 Cash Flows Provided by (Used in) Operating Activities:Net income $ 247,023 $ 190,995 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 62,410 52,700 Share-based compensation 14,752 13,658 Loss on extinguishment of debt 233 ? (Gain) loss on sale or abandonment of property (88 ) 1,399 and equipmentAmortization of debt issuance costs 1,491 1,558 Provision for bad debt expense 6,270 7,065 Loss from inventory obsolescence 2,512 2,622 Deferred income taxes, net (4,070 ) 8,888 Change in certain assets and liabilities Receivables, net 2,612 (27,146 )Inventories, net (11,843 ) 17,433 Prepaid expenses and other current assets (460 ) 9,361 Accounts payable 16,844 (5,124 )Accrued liabilities 20,545 2,690 Payment of contingent consideration (413 ) ? Other, net 66 1,058 Net cash provided by operating activities 357,884 271,777 Cash Flows Provided by (Used in) Investing Activities:Purchases of property and equipment (40,938 ) (45,536 )Acquisition of businesses (83,408 ) (6,952 )Proceeds from sale of property and equipment 2,463 2,321 Other, net ? 25 Net cash used in investing activities (121,883 ) (50,142 ) Cash Flows Provided by (Used in) Financing Activities:Proceeds from issuance of long-term debt 300,000 14,989 Repayment of long-term debt (324,948 ) (27,793 )Payment of debt issuance costs (2,280 ) ? Taxes withheld and paid on employees' equity (14,932 ) (12,951 )awardsExercise of stock options 1,438 ? Repurchase of shares of common stock (49,151 ) (110,911 )Payment of contingent consideration (928 ) (1,091 )Net cash (used in) provided by financing (90,801 ) (137,757 )activities Cash and Cash Equivalents Increase for the period 145,200 83,878 Beginning of period 184,807 100,929 End of period $ 330,007 $ 184,807 Supplemental disclosure of cash paid for: Interest on long-term debt $ 30,896 $ 36,244 Income taxes 77,689 43,310 Supplemental disclosure of noncash activities: Leased assets obtained in exchange for new $ 38,646 $ 128,838 operating lease liabilitiesAccruals for property and equipment 645 542

TopBuild Corp. Segment Data (dollars in thousands) Three Months Ended December Year Ended December 31, 31, 2020 2019 Change 2020 2019 ChangeTruTeam Sales $ 508,812 $ 475,929 6.9% $ 1,943,461 $ 1,906,730 1.9% Operatingprofit, as $ 81,657 $ 63,661 $ 294,793 $ 253,230 reportedOperatingmargin, as 16.0 % 13.4 % 15.2 % 13.3 % reported Rationalization ? (24 ) 866 159 chargesAcquisition ? 177 4 636 related costsCOVID-19 pay 363 ? 1,278 ? Operatingprofit, as $ 82,020 $ 63,814 $ 296,941 $ 254,025 adjustedOperatingmargin, as 16.1 % 13.4 % 15.3 % 13.3 % adjusted Service PartnersSales $ 251,535 $ 223,244 12.7% $ 926,207 $ 862,143 7.4% Operatingprofit, as $ 33,731 $ 25,234 $ 115,343 $ 90,388 reportedOperatingmargin, as 13.4 % 11.3 % 12.5 % 10.5 % reported Rationalization ? ? 783 109 chargesCOVID-19 pay 21 ? 90 ? Operatingprofit, as $ 33,752 $ 25,234 $ 116,216 $ 90,497 adjustedOperatingmargin, as 13.4 % 11.3 % 12.5 % 10.5 % adjusted Total Sales before $ 760,347 $ 699,173 $ 2,869,668 $ 2,768,873 eliminationsIntercompany (38,860 ) (36,824 ) (151,630 ) (144,752 ) eliminationsNet sales after $ 721,487 $ 662,349 8.9% $ 2,718,038 $ 2,624,121 3.6%eliminations Operatingprofit, as $ 115,388 $ 88,895 $ 410,136 $ 343,618 reported -segmentsGeneralcorporate (6,174 ) (6,568 ) (30,785 ) (30,174 ) expense, netIntercompany (6,137 ) (5,906 ) (24,305 ) (23,921 ) eliminationsOperatingprofit, as $ 103,077 $ 76,421 $ 355,046 $ 289,523 reportedOperatingmargin, as 14.3 % 11.5 % 13.1 % 11.0 % reported Rationalization (4 ) 15 2,097 1,992 charges ?Acquisition 518 166 855 1,200 related costs ?Refinancing ? ? 57 ? costsCOVID-19 pay 384 ? 1,368 ? Operatingprofit, as $ 103,975 $ 76,602 $ 359,423 $ 292,715 adjustedOperatingmargin, as 14.4 % 11.6 % 13.2 % 11.2 % adjusted Share-based 2,593 2,246 14,910 13,658 compensationDepreciationand 14,883 13,696 62,410 52,700 amortizationEBITDA, as $ 121,451 $ 92,544 $ 436,743 $ 359,073 adjustedEBITDA margin, 16.8 % 14.0 % 16.1 % 13.7 % as adjusted Sales changeperiod over 59,138 93,917 periodEBITDA, asadjusted, 28,907 77,670 change periodover periodIncremental EBITDA,as adjusted, as a 48.9 % 82.7 % percentage ofchange in sales ? Rationalization charges and acquisition relatedcosts include corporate level adjustments as well as segment operating adjustments

TopBuild Corp. Non-GAAP Reconciliations(in thousands,except share and per common shareamounts) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019Gross Profitand Operating ProfitReconciliations Net sales $ 721,487 $ 662,349 $ 2,718,038 $ 2,624,121 Gross profit, $ 198,020 $ 171,319 $ 746,361 $ 681,267 as reported Rationalization ? ? 1,016 ? chargesCOVID-19 pay 380 ? 1,135 ? Gross profit, $ 198,400 $ 171,319 $ 748,512 $ 681,267 as adjusted Gross margin, 27.4 % 25.9 % 27.5 % 26.0 %as reportedGross margin, 27.5 % 25.9 % 27.5 % 26.0 %as adjusted Operatingprofit, as $ 103,077 $ 76,421 $ 355,046 $ 289,523 reported Rationalization (4 ) 15 2,097 1,992 chargesAcquisition 518 166 855 1,200 related costsRefinancing ? ? 57 ? costsCOVID-19 pay 384 ? 1,368 ? Operatingprofit, as $ 103,975 $ 76,602 $ 359,423 $ 292,715 adjusted Operatingmargin, as 14.3 % 11.5 % 13.1 % 11.0 %reportedOperatingmargin, as 14.4 % 11.6 % 13.2 % 11.2 %adjusted Income PerCommon Share Reconciliation Income beforeincome taxes, $ 95,417 $ 67,904 $ 323,090 $ 253,778 as reported Rationalization (4 ) 15 2,097 1,992 chargesAcquisition 518 166 855 1,200 related costsRefinancingcosts and losson ? ? 290 ? extinguishmentof debtCOVID-19 pay 384 ? 1,368 ? Income beforeincome taxes, 96,315 68,085 327,700 256,970 as adjusted Tax rate at26.0% and 26.5%for 2020 and (25,042 ) (18,043 ) (85,202 ) (68,097 )2019,respectivelyIncome, as $ 71,273 $ 50,042 $ 242,498 $ 188,873 adjusted Income percommon share, $ 2.15 $ 1.48 $ 7.28 $ 5.49 as adjusted Weightedaverage diluted 33,189,104 33,886,904 33,299,986 34,376,555 common sharesoutstanding

TopBuild Corp.Same BranchandAcquisition Net Salesand AdjustedEBITDA(dollars in thousands) Three Months Ended December Year Ended December 31, 31, 2020 2019 2020 2019Net sales Same branch: TruTeam $ 487,593 $ 475,929 $ 1,906,012 $ 1,906,730 Service 251,535 223,244 926,207 862,143 PartnersEliminations (38,860 ) (36,824 ) (151,630 ) (144,752 )Total same 700,268 662,349 2,680,589 2,624,121 branch Acquisitions (a):TruTeam $ 21,219 $ ? $ 37,449 $ ? Service ? ? ? ? PartnersEliminations ? ? ? ? Total 21,219 ? 37,449 ? acquisitionsTotal $ 721,487 $ 662,349 $ 2,718,038 $ 2,624,121 Acquisitionsproforma $ 48,469 adjustment ?TTM netsales, $ 2,766,507 acquisitionadjusted EBITDA, as adjustedSame branch $ 118,413 $ 92,544 $ 430,510 $ 359,073 Acquisitions 3,038 ? 6,233 ? (a)Total $ 121,451 $ 92,544 $ 436,743 $ 359,073 EBITDA, asadjusted, as a percentageof salesSame branch 16.9 % 16.1 % (b)Acquisitions 14.3 % 16.6 % (c)Total (d) 16.8 % 14.0 % 16.1 % 13.7 % As AdjustedIncrementalEBITDA, as a percentageof change insalesSame branch 68.2 % 126.5 % (e)Acquisitions 14.3 % 16.6 % (c)Total (f) 48.9 % 82.7 % (a) Represents current year impact of acquisitions in their first twelvemonths(b) Same branch EBITDA, as adjusted, as a percentage of same branchsales(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 insame branch sales(f) Change in total EBITDA, as adjusted, as a percentage of change in totalsales? Trailing 12 months sales have been adjusted for the pro forma effect ofacquired branches

TopBuild Corp. Same Branch and Acquisition Net Sales by Market(in thousands) Three Months Ended December Year Ended December 31, 31, 2020 2019 2020 2019Same branch: Residential $ 550,960 $ 512,715 $ 2,104,233 $ 2,016,016Commercial 149,308 149,364 576,356 608,105Same branch net sales 700,268 662,349 2,680,589 2,624,121 Acquisitions (a): Residential $ 18,969 $ ? $ 23,650 $ ?Commercial 2,250 ? 13,799 ?Acquisitions net sales 21,219 ? 37,449 ?Total net sales $ 721,487 $ 662,349 $ 2,718,038 $ 2,624,121 (a) Represents current year impact of acquisitions in their first twelve months

TopBuild Corp. Reconciliation of Adjusted EBITDA to Net Income(in thousands) Three Months Ended Year Ended December December 31, 31, 2020 2019 2020 2019Net income, as reported $ 70,757 $ 45,985 $ 247,023 $ 190,995Adjustments to arrive at EBITDA, as adjusted:Interest expense and other, 7,660 8,517 31,723 35,745netIncome tax expense 24,660 21,919 76,067 62,783Depreciation and amortization 14,883 13,696 62,410 52,700Share-based compensation 2,593 2,246 14,910 13,658Rationalization charges (4 ) 15 2,097 1,992Acquisition related costs 518 166 855 1,200Refinancing costs and loss on ? ? 290 ?extinguishment of debtCOVID-19 pay 384 ? 1,368 ?EBITDA, as adjusted $ 121,451 $ 92,544 $ 436,743 $ 359,073

TopBuild Corp. 2021 Estimated Adjusted EBITDA Range (in millions) Twelve Months Ending December 31, 2021 Low High Estimated net income $ 297.5 $ 326.7 Adjustments to arrive at estimated EBITDA, as adjusted:Interest expense and other, net 24.2 21.2 Income tax expense 104.5 114.8 Depreciation and amortization 67.0 63.0 Share-based compensation 11.8 9.3 Estimated EBITDA, as adjusted $ 505.0 $ 535.0