| Schedule of key information by segment |
Key information is presented below by segment for our profit measures for the years ended December 31, 2024, 2023 and 2022, in thousands:
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For the Year Ended December 31, 2024 |
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Installation |
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Specialty Distribution |
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Total |
Net sales from external customers |
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$ |
3,294,630 |
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$ |
2,035,173 |
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$ |
5,329,803 |
Intercompany net sales |
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— |
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305,664 |
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|
305,664 |
Segment net sales |
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3,294,630 |
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2,340,837 |
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5,635,467 |
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Reconciliation of Net Sales |
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Elimination of intercompany net sales |
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(305,664) |
Consolidated net sales |
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$ |
5,329,803 |
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Less (a): |
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Cost of sales (b) |
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2,204,269 |
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1,756,447 |
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3,960,716 |
Selling, general and administrative expenses (c) |
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441,199 |
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231,959 |
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|
673,158 |
Segment operating profit |
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649,162 |
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352,431 |
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1,001,593 |
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Reconciliation of Segment Operating Profit |
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Elimination of intercompany profit |
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(49,834) |
General corporate expense, net (d) |
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(65,416) |
Other expense, net (e) |
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(45,555) |
Consolidated income before taxes |
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$ |
840,788 |
(a) The significant expense categories align with the segment-level information that is regularly provided to our CODM.
(b) Cost of sales is primarily composed of labor, material costs and overhead.
(c) Selling, general and administrative expenses include allocation of corporate overhead, bad debt, bank fees, selling expenses, employee compensation, insurance, legal and consulting, office equipment & supplies, telecommunication & subscriptions, and travel & entertainment.
(d) General corporate expense, net includes expenses for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs. In our second quarter of 2024, we incurred an acquisition termination fee of $23.0 million (see Note 15 – Business Combinations).
(e) Other expense, net is presented on the accompanying Consolidated Statement of Operations and is primarily composed of interest expense and interest income.
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For the Year Ended December 31, 2023 |
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Installation |
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Specialty Distribution |
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Total |
Net sales from external customers |
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$ |
3,188,232 |
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$ |
2,006,462 |
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$ |
5,194,694 |
Intercompany net sales |
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— |
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261,877 |
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261,877 |
Segment net sales |
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3,188,232 |
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2,268,339 |
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5,456,571 |
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Reconciliation of Net Sales |
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Elimination of intercompany net sales |
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(261,877) |
Consolidated net sales |
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$ |
5,194,694 |
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Less (a): |
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Cost of sales (b) |
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2,101,751 |
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1,706,562 |
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3,808,313 |
Selling, general and administrative expenses (c) |
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|
442,089 |
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|
230,839 |
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|
672,928 |
Segment operating profit |
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644,392 |
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|
330,938 |
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975,330 |
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Reconciliation of Segment Operating Profit |
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Elimination of intercompany profit |
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(44,438) |
General corporate expense, net (d) |
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(52,067) |
Other expense, net (e) |
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(53,342) |
Consolidated income before taxes |
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$ |
825,483 |
(a) The significant expense categories align with the segment-level information that is regularly provided to our CODM.
(b) Cost of sales is primarily composed of labor, material costs and overhead.
(c) Selling, general and administrative expenses include allocation of corporate overhead, bad debt, bank fees, selling expenses, employee compensation, insurance, legal and consulting, office equipment & supplies, telecommunication & subscriptions, and travel & entertainment.
(d) General corporate expense, net includes expenses for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs.
(e) Other expense, net is presented on the accompanying Consolidated Statement of Operations and is primarily composed of interest expense and interest income.
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For the Year Ended December 31, 2022 |
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Installation |
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Specialty Distribution |
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Total |
Net sales from external customers |
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$ |
2,969,978 |
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$ |
2,038,766 |
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$ |
5,008,744 |
Intercompany net sales |
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— |
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|
239,495 |
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|
239,495 |
Segment net sales |
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2,969,978 |
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2,278,261 |
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5,248,239 |
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Reconciliation of Net Sales |
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Elimination of intercompany net sales |
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(239,495) |
Consolidated net sales |
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$ |
5,008,744 |
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Less (a): |
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Cost of sales (b) |
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2,012,135 |
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1,709,547 |
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3,721,682 |
Selling, general and administrative expenses (c) |
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409,048 |
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242,488 |
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|
651,536 |
Segment operating profit |
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548,795 |
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|
326,226 |
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|
875,021 |
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Reconciliation of Segment Operating Profit |
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Elimination of intercompany profit |
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(39,839) |
General corporate expense, net (d) |
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(38,018) |
Other expense, net (e) |
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(55,029) |
Consolidated income before taxes |
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$ |
742,135 |
(a) The significant expense categories align with the segment-level information that is regularly provided to our CODM.
(b) Cost of sales is primarily composed of labor, material costs and overhead.
(c) Selling, general and administrative expenses include allocation of corporate overhead, bad debt, bank fees, selling expenses, employee compensation, insurance, legal and consulting, office equipment & supplies, telecommunication & subscriptions, and travel & entertainment.
(d) General corporate expense, net includes expenses for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs.
(e) Other expense, net is presented on the accompanying Consolidated Statement of Operations and is primarily composed of interest expense and interest income.
Key information by segment is as follows for the years ended December 31, 2024, 2023 and 2022, in thousands:
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2024 |
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Installation |
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Specialty Distribution |
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Total Reportable Segments |
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Other (a) |
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Consolidated Totals |
Depreciation and amortization (b) |
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$ |
75,230 |
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$ |
60,157 |
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$ |
135,387 |
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$ |
5,104 |
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$ |
140,491 |
Property additions (c) |
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46,623 |
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20,801 |
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67,424 |
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7,298 |
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|
74,722 |
Total assets |
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2,226,358 |
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2,078,482 |
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4,304,840 |
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430,586 |
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4,735,426 |
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2023 |
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Installation |
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Specialty Distribution |
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Total Reportable Segments |
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Other (a) |
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Consolidated Totals |
Depreciation and amortization (b) |
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$ |
69,123 |
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$ |
59,607 |
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$ |
128,730 |
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$ |
4,148 |
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$ |
132,878 |
Property additions (c) |
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48,076 |
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18,859 |
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66,935 |
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8,394 |
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|
75,329 |
Total assets |
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2,207,734 |
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2,060,127 |
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4,267,861 |
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894,990 |
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5,162,851 |
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2022 |
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Installation |
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Specialty Distribution |
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Total Reportable Segments |
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Other (a) |
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Consolidated Totals |
Depreciation and amortization (b) |
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$ |
62,483 |
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$ |
56,881 |
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$ |
119,364 |
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$ |
3,971 |
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$ |
123,335 |
Property additions (c) |
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46,518 |
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|
17,671 |
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|
64,189 |
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|
10,023 |
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|
74,212 |
(a) Represents amounts held at Corporate not specifically attributed to or allocated to the segments.
(b) Represents total by segment, inclusive of amounts presented within cost of sales and selling, general and administrative expenses, as applicable.
(c) Property additions include assets acquired in business combinations in each respective year.
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