Exhibit 99.1

 

LOGO

INSTALLED BUILDING PRODUCTS REPORTS

RECORD SECOND QUARTER 2019 RESULTS

Columbus, Ohio, August 8, 2019.

Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE:IBP), an industry-leading installer of insulation and complementary building products, announced today results for the second quarter ended June 30, 2019.

Second Quarter 2019 Highlights

 

   

Net revenue increased 11.8% to a record $371.8 million

 

   

Net income increased 16.0% to a record $18.9 million

 

   

Adjusted EBITDA* increased 8.9% to a record $49.6 million

 

   

Net income per diluted share increased 21.2% to a record $0.63 per diluted share

 

   

Adjusted net income per diluted share* increased 11.5% to a record $0.87 per diluted share

 

   

In June 2019, acquired Expert Insulation, Inc., an insulation installer serving the Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota markets with annual revenues of approximately $12.0 million

 

   

In June 2019, acquired a Pennsylvania-based insulation installer with annual revenues of approximately $3.6 million

“We continue to benefit from our diversified product and end-market strategy,” stated Jeff Edwards, Chairman and Chief Executive Officer. “Our record financial results for the second quarter 2019 reflects our solid operating performance, strong position in compelling markets and an improving pricing environment. Our price / mix was up nearly 6% in the second quarter compared to the prior year quarter primarily as a result of realizing price increases. In addition, we believe industry dynamics remain positive as we experienced strong year-over-year growth across our single-family, multi-family and commercial end-markets. We expect this, combined with typical seasonal trends, to benefit results for the remainder of the year.”

“Our pipeline of acquisition candidates remains strong as we continue to pursue acquisitions that expand our geography and diversify our end-products and end-markets. I am extremely encouraged by the direction in which we are headed, and the positive business and market trends we are experiencing. As a result, we believe we are well-positioned for continued robust sales and earnings growth in 2019,” concluded Mr. Edwards.

Second Quarter 2019 Results Overview

For the second quarter of 2019, net revenue was $371.8 million, an increase of 11.8% from $332.6 million in the second quarter of 2018. On a same branch basis, net revenue improved 7.8% from the prior year quarter. Residential same branch sales growth was 5.2% in the quarter, attributable to price gains and more favorable customer and product mix. Same branch single-family sales grew 4.4% during the second quarter, compared to growth in U.S. single-family housing completions of 6.1%, while our large commercial construction end market had organic growth of 21.0%.

Gross profit improved 12.1% to $107.3 million from $95.6 million in the prior year quarter. Adjusted gross profit*, as a percent of net revenue, was 29.0%, compared to 28.9% for the same period last year.

 

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Selling and administrative expense, as a percentage of net revenue, was 18.9% compared to 18.3% in the prior year quarter. Adjusted selling and administrative expense*, as a percentage of net revenue, was 18.2% compared to 17.6% for the same quarter last year. The increase in administrative costs as a percent of second quarter revenue was primarily due to reduced liability and medical insurance reserves in the prior year quarter. These accruals impacted the comparable quarter by approximately $1.8 million but will vary from quarter to quarter based on actuarial estimates and trends.

Net income was $18.9 million, or $0.63 per diluted share, compared to $16.3 million, or $0.52 per diluted share in the prior year quarter. Adjusted net income* was $25.9 million, or $0.87 per diluted share, compared to $24.6 million, or $0.78 per diluted share in the prior year quarter. Adjusted net income adjusts for the impact of non-core items in both periods and includes an addback for non-cash amortization expense related to acquisitions.

Adjusted EBITDA* was $49.6 million, an 8.9% increase from $45.6 million in the prior year quarter, largely due to higher sales and improved gross profit. Adjusted EBITDA, as a percentage of net revenue, was 13.3%, compared to 13.7% in the prior year quarter.

Conference Call and Webcast

The Company will host a conference call and webcast on Thursday, August 8, 2019 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-0792 (domestic) or 1-201-689-8263 (international). The live webcast will be available at www.installedbuildingproducts.com in the investor relations section. A replay of the conference call will be available through September 8, 2019, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13692668.

About Installed Building Products

Installed Building Products, Inc. is one of the nation’s largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects from its national network of over 175 branch locations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the housing market and industry conditions, our financial and business model, our efforts to navigate the material pricing environment, our ability to increase selling prices, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, our ability to capitalize on the new home and commercial construction recovery, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions, our ability to improve sales and profitability, and expectations for demand for our services and our earnings in 2019. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intends,” “plan,” and “will” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.

 

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Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those expressed in or suggested by such forward-looking statements as a result of various factors, including, without limitation, general economic and industry conditions, the material price environment, the timing of increases in our selling prices, and the factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws.

*Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by net revenue), Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit and Adjusted Selling and Administrative expense. The reasons for the use of these measures, reconciliations of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit, and Adjusted Selling and Administrative expense to the most directly comparable GAAP measures and other information relating to these measures are included below following the unaudited condensed consolidated financial statements. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for IBP’s financial results prepared in accordance with GAAP.

.

 

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INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(unaudited, in thousands, except share and per share amounts)

 

     Three months ended June 30,      Six months ended June 30,  
     2019     2018      2019     2018  

Net revenue

   $ 371,814     $ 332,584      $ 713,949     $ 634,312  

Cost of sales

     264,557       236,941        517,254       458,693  
  

 

 

   

 

 

    

 

 

   

 

 

 

Gross profit

     107,257       95,643        196,695       175,619  

Operating expenses

         

Selling

     17,903       16,020        35,033       31,866  

Administrative

     52,493       44,971        100,924       89,174  

Amortization

     6,021       7,322        11,909       14,450  
  

 

 

   

 

 

    

 

 

   

 

 

 

Operating income

     30,840       27,330        48,829       40,129  

Other expense

         

Interest expense, net

     5,649       5,691        11,325       9,731  

Other

     101       163        226       285  
  

 

 

   

 

 

    

 

 

   

 

 

 

Income before income taxes

     25,090       21,476        37,278       30,113  

Income tax provision

     6,171       5,161        9,525       7,404  
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income

   $ 18,919     $ 16,315      $ 27,753     $ 22,709  
  

 

 

   

 

 

    

 

 

   

 

 

 

Other comprehensive (loss) income, net of tax:

         

Unrealized (loss) gain on cash flow hedge, net of tax benefit (provision) of $1,180 and ($159) for the three months ended June 30, 2019 and 2018, respectively, and $2,101 and ($545) for the six months ended June 30, 2019 and 2018, respectively

     (3,546     475        (6,295     1,635  
  

 

 

   

 

 

    

 

 

   

 

 

 

Comprehensive income

   $ 15,373     $ 16,790      $ 21,458     $ 24,344  
  

 

 

   

 

 

    

 

 

   

 

 

 

Basic net income per share

   $ 0.64     $ 0.52      $ 0.93     $ 0.72  
  

 

 

   

 

 

    

 

 

   

 

 

 

Diluted net income per share

   $ 0.63     $ 0.52      $ 0.93     $ 0.72  
  

 

 

   

 

 

    

 

 

   

 

 

 

Weighted average shares outstanding:

         

Basic

     29,758,071       31,345,390        29,719,194       31,447,067  

Diluted

     29,834,748       31,452,583        29,820,917       31,612,581  

 

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INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share amounts)

 

     June 30,     December 31,  
     2019     2018  

ASSETS

    

Current assets

    

Cash and cash equivalents

   $ 95,747     $ 90,442  

Investments

     9,923       10,060  

Accounts receivable (less allowance for doubtful accounts of $5,539 and $5,085 at June 30, 2019 and December 31, 2018, respectively)

     232,111       214,121  

Inventories

     63,951       61,162  

Other current assets

     34,944       35,760  
  

 

 

   

 

 

 

Total current assets

     436,676       411,545  

Property and equipment, net

     92,655       90,117  

Operating lease right-of-use assets

     46,383       —    

Goodwill

     183,412       173,049  

Intangibles, net

     148,203       149,790  

Other non-current assets

     9,062       10,157  
  

 

 

   

 

 

 

Total assets

   $ 916,391     $ 834,658  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current liabilities

    

Current maturities of long-term debt

   $ 25,252     $ 22,642  

Current maturities of operating lease obligations

     15,028       —    

Current maturities of finance lease obligations

     3,738       4,806  

Accounts payable

     96,235       96,949  

Accrued compensation

     26,964       27,923  

Other current liabilities

     34,760       29,366  
  

 

 

   

 

 

 

Total current liabilities

     201,977       181,686  

Long-term debt

     431,988       432,182  

Operating lease obligations

     30,964       —    

Finance lease obligations

     3,943       3,824  

Deferred income taxes

     4,421       6,695  

Other long-term liabilities

     37,096       27,773  
  

 

 

   

 

 

 

Total liabilities

     710,389       652,160  

Commitments and contingencies

    

Stockholders’ equity

    

Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

     —         —    

Common stock; $0.01 par value: 100,000,000 authorized, 32,871,504 and 32,723,972 issued and 30,017,008 and 29,915,611 shares outstanding at June 30, 2019 and December 31, 2018, respectively

     329       327  

Additional paid in capital

     186,182       181,815  

Retained earnings

     132,965       105,212  

Treasury stock; at cost: 2,854,496 and 2,808,361 shares at June 30, 2019 and December 31, 2018, respectively

     (106,748     (104,425

Accumulated other comprehensive loss

     (6,726     (431
  

 

 

   

 

 

 

Total stockholders’ equity

     206,002       182,498  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 916,391     $ 834,658  
  

 

 

   

 

 

 

 

5


INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

     Six months ended June 30,  
     2019     2018  

Cash flows from operating activities

    

Net income

   $ 27,753     $ 22,709  

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation and amortization of property and equipment

     18,614       16,231  

Amortization of operating lease right-of-use assets

     7,607       —    

Amortization of intangibles

     11,909       14,450  

Amortization of deferred financing costs and debt discount

     564       601  

Provision for doubtful accounts

     1,605       1,108  

Write-off of debt issuance costs

     —         1,114  

Gain on sale of property and equipment

     (156     (227

Noncash stock compensation

     4,345       4,196  

Changes in assets and liabilities, excluding effects of acquisitions

    

Accounts receivable

     (17,876     (20,192

Inventories

     (1,650     (3,995

Other assets

     (1,495     (3,739

Accounts payable

     (1,253     304  

Income taxes receivable / payable

     6,347       5,187  

Other liabilities

     (3,914     (4,622
  

 

 

   

 

 

 

Net cash provided by operating activities

     52,400       33,125  
  

 

 

   

 

 

 

Cash flows from investing activities

    

Purchases of investments

     (17,352     (17,782

Maturities of short term investments

     17,560       27,500  

Purchases of property and equipment

     (17,778     (18,478

Acquisitions of businesses

     (21,290     (18,626

Proceeds from sale of property and equipment

     452       557  

Other

     (876     (1,540
  

 

 

   

 

 

 

Net cash used in investing activities

     (39,284     (28,369
  

 

 

   

 

 

 

Cash flows from financing activities

    

Proceeds from term loan (Note 6)

     —         100,000  

Payments on term loan (Note 6)

     (2,000     (750

Proceeds from vehicle and equipment notes payable

     13,783       14,271  

Debt issuance costs

     —         (1,933

Principal payments on long-term debt

     (9,751     (6,863

Principal payments on finance lease obligations

     (2,481     (3,028

Acquisition-related obligations

     (5,039     (2,295

Repurchase of common stock

     —         (24,640

Surrender of common stock awards by employees

     (2,323     (2,282
  

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (7,811     72,480  
  

 

 

   

 

 

 

Net change in cash and cash equivalents

     5,305       77,236  

Cash and cash equivalents at beginning of period

     90,442       62,510  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 95,747     $ 139,746  
  

 

 

   

 

 

 

Supplemental disclosures of cash flow information

    

Net cash paid during the period for:

    

Interest

   $ 11,793     $ 8,349  

Income taxes, net of refunds

     3,595       1,906  

Supplemental disclosure of noncash activities

    

Right-of-use assets obtained in exchange for operating lease obligations

     8,677       —    

Property and equipment obtained in exchange for finance lease obligations

     1,830       814  

Seller obligations in connection with acquisition of businesses

     3,162       3,801  

Unpaid purchases of property and equipment included in accounts payable

     2,334       1,027  

 

6


Non-GAAP Financial Measures

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Gross Profit and Adjusted Selling and Administrative Expense measure performance by adjusting EBITDA, GAAP net income, gross profit and selling and administrative expense, respectively, for certain income or expense items that are not considered part of our core operations. We believe that the presentation of these measures provides useful information to investors regarding our results of operations because it assists both investors and us in analyzing and benchmarking the performance and value of our business.

We believe the Adjusted EBITDA measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of our capital structure (primarily interest expense), asset base (primarily depreciation and amortization), items outside our control (primarily income taxes) and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. In addition, we use various EBITDA-based measures in determining the achievement of awards under certain of our incentive compensation programs. Other companies may define Adjusted EBITDA differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted EBITDA may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.

Although we use the Adjusted EBITDA measure to assess the performance of our business, the use of the measure is limited because it does not include certain material expenses, such as interest and taxes, necessary to operate our business. Adjusted EBITDA should be considered in addition to, and not as a substitute for, GAAP net income as a measure of performance. Our presentation of this measure should not be construed as an indication that our future results will be unaffected by unusual or non-recurring items. This measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, this measure is not intended as an alternative to net income as an indicator of our operating performance, as an alternative to any other measure of performance in conformity with GAAP or as an alternative to cash flow provided by operating activities as a measure of liquidity. You should therefore not place undue reliance on this measure or ratios calculated using this measure.

We also believe the Adjusted Net Income measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of certain non-core items such as discontinued operations, acquisition related expenses, amortization expense, the tax impact of these certain non-core items, and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. To make the financial presentation more consistent with other public building products companies, beginning in the fourth quarter 2016 we included an addback for non-cash amortization expense related to acquisitions. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. Other companies may define Adjusted Net Income differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted Net Income may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.

 

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INSTALLED BUILDING PRODUCTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

ADJUSTED NET INCOME CALCULATIONS

(unaudited, in thousands, except share and per share amounts)

The table below reconciles Adjusted Net Income to the most directly comparable GAAP financial measure, net income, for the periods presented therein.

Per share figures may reflect rounding adjustments and consequently totals may not appear to sum.

 

     Three months ended June 30,     Six months ended June 30,  
     2019     2018     2019     2018  

Net income, as reported

   $ 18,919     $ 16,315     $ 27,753     $ 22,709  

Adjustments for adjusted net income:

        

Writeoff of capitalized loan costs

     —         1,114       —         1,114  

Share based compensation expense

     2,404       1,955       4,342       4,196  

Acquisition related expenses

     606       684       1,194       1,200  

Financial Wellness Program 1

     —         —         —         604  

Branch start-up costs 2

     357       185       617       463  

Amortization expense 3

     6,021       7,322       11,909       14,450  

Tax impact of adjusted items at normalized tax rate 4

     (2,441     (2,928     (4,696     (5,727
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income

   $ 25,866     $ 24,647     $ 41,119     $ 39,009  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (diluted)

     29,834,748       31,452,583       29,820,917       31,612,581  

Diluted net income per share, as reported

   $ 0.63     $ 0.52     $ 0.93     $ 0.72  

Adjustments for adjusted net income, net of tax impact, per diluted share 5

     0.24       0.26       0.45       0.51  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted adjusted net income per share

   $ 0.87     $ 0.78     $ 1.38     $ 1.23  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

1

Employer match upon completion of the program, net of waived executive bonuses

2

Addback of costs related to organic branch expansion for Alpha locations

3

Addback of all non-cash amortization resulting from business combinations

4

Normalized effective tax rate of 26% applied to both periods represented

5 

Includes adjustments related to the items noted above, net of tax

 

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INSTALLED BUILDING PRODUCTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

ADJUSTED GROSS PROFIT CALCULATIONS

(unaudited, in thousands)

 

     Three months ended June 30,      Six months ended June 30,  
     2019      2018      2019      2018  

Gross profit

   $ 107,257      $ 95,643      $ 196,695      $ 175,619  

Share based compensation expense

     105        180        183        655  

Financial Wellness Program 1

     —          —          —          711  

Branch start-up costs

     357        185        617        463  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted gross profit

   $ 107,719      $ 96,008      $ 197,495      $ 177,448  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted gross profit - % Total Revenue

     29.0%        28.9%        27.7%        28.0%  

 

1 

Employer match upon completion of the program, partially offset by waived executive bonuses (see below Adjusted Selling & Administrative)

INSTALLED BUILDING PRODUCTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

ADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS

(unaudited, in thousands)

 

     Three months ended June 30,      Six months ended June 30,  
     2019      2018      2019      2018  

Selling expense

   $ 17,903      $ 16,020      $ 35,033      $ 31,866  

Administrative expense

     52,493        44,971        100,924        89,174  
  

 

 

    

 

 

    

 

 

    

 

 

 

Selling and Administrative

   $ 70,396      $ 60,991      $ 135,957      $ 121,040  
  

 

 

    

 

 

    

 

 

    

 

 

 

Share based compensation expense

     2,298        1,775        4,159        3,541  

Acquisition related expenses

     606        684        1,194        1,200  

Financial Wellness Program 1

     —          —          —          (107
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Selling and Administrative

   $ 67,492      $ 58,532      $ 130,604      $ 116,406  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adj. Selling and Administrative—% Total Revenue

     18.2%        17.6%        18.3%        18.4%  

 

1 

Employer match upon completion of the program, net of waived executive bonuses

 

9


The table below reconciles Adjusted EBITDA to the most directly comparable GAAP financial measure, net income, for the periods presented therein.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

ADJUSTED EBITDA CALCULATIONS

(unaudited, in thousands)

 

     Three months ended June 30,      Six months ended June 30,  
     2019      2018      2019      2018  

Adjusted EBITDA:

           

Net income (GAAP)

   $ 18,919      $ 16,315      $ 27,753      $ 22,709  

Interest expense

     5,649        5,691        11,325        9,731  

Provision for income taxes

     6,171        5,161        9,525        7,404  

Depreciation and amortization

     15,523        15,576        30,523        30,682  
  

 

 

    

 

 

    

 

 

    

 

 

 

EBITDA

     46,262        42,743        79,126        70,526  
  

 

 

    

 

 

    

 

 

    

 

 

 

Acquisition related expenses

     606        684        1,194        1,200  

Share based compensation expense

     2,404        1,955        4,342        4,196  

Financial Wellness Program

                          604  

Branch start-up costs

     357        185        617        463  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

   $ 49,629      $ 45,567      $ 85,279      $ 76,989  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA margin

     13.3%        13.7%        11.9%        12.1%  

INSTALLED BUILDING PRODUCTS, INC.

SUPPLEMENTARY TABLE

(unaudited)

 

     Three months ended June 30,      Six months ended June 30,  
     2019      2018      2019      2018  

Period-over-period Growth

           

Sales Growth

     11.8%        17.9%        12.6%        17.9%  

Same Branch Sales Growth

     7.8%        11.3%        7.6%        11.3%  

Single-Family Sales Growth

     9.5%        22.4%        11.8%        22.2%  

Single-Family Same Branch Sales Growth

     4.4%        14.5%        5.4%        13.6%  

Residential Sales Growth

     9.5%        18.9%        11.5%        19.1%  

Residential Same Branch Sales Growth

     5.2%        12.1%        6.0%        11.7%  

U.S. Housing Market1

           

Total Completions Growth

     0.2%        6.0%        3.0%        7.4%  

Single-Family Completions Growth

     6.1%        6.3%        5.4%        8.3%  

Same Branch Sales Growth 2

           

Volume Growth

     0.7%        6.6%        2.0%        7.0%  

Price/Mix Growth

     5.7%        5.5%        4.9%        4.6%  

Alpha Sales Growth

     21.0%        4.1%        13.7%        8.6%  

 

1

U.S. Census Bureau data, as revised

2 

Same branch volume and price/mix growth excludes Alpha sales growth

 

10


INSTALLED BUILDING PRODUCTS, INC.

INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS

(unaudited, in thousands)

 

     Three months ended June 30,      Six months ended June 30,  
     2019      % Total      2018      % Total      2019      % Total      2018      % Total  

Revenue Increase

                       

Same Branch

   $ 25,890        66.0%      $ 31,887        63.3%      $ 48,184        60.5%      $ 60,682        62.9%  

Acquired

     13,340        34.0%        18,502        36.7%        31,453        39.5%        35,765        37.1%  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 39,230        100.0%      $ 50,389        100.0%      $ 79,637        100.0%      $ 96,447        100.0%  
            Adj EBITDA
Contribution
            Adj EBITDA
Contribution
            Adj EBITDA
Contribution
            Adj EBITDA
Contribution
 

Adjusted EBITDA

                       

Same Branch

   $ 2,101        8.1%      $ 3,977        12.5%      $ 4,447        9.2%      $ 7,611        12.5%  

Acquired

     1,960        14.7%        2,388        12.9%        3,843        12.2%        3,857        10.8%  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 4,061        10.4%      $ 6,365        12.6%      $ 8,290        10.4%      $ 11,468        11.9%  

Source: Installed Building Products, Inc.

Contact Information:

Investor Relations:

614-221-9944

investorrelations@installed.net

 

11

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