0001193125-22-141330.txt : 20220506 0001193125-22-141330.hdr.sgml : 20220506 20220505073104 ACCESSION NUMBER: 0001193125-22-141330 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220505 DATE AS OF CHANGE: 20220505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Installed Building Products, Inc. CENTRAL INDEX KEY: 0001580905 STANDARD INDUSTRIAL CLASSIFICATION: GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520] IRS NUMBER: 453707650 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36307 FILM NUMBER: 22894075 BUSINESS ADDRESS: STREET 1: 495 SOUTH HIGH STREET, SUITE 50 CITY: COLUMBUS STATE: OH ZIP: 43215 BUSINESS PHONE: 614-221-3399 MAIL ADDRESS: STREET 1: 495 SOUTH HIGH STREET, SUITE 50 CITY: COLUMBUS STATE: OH ZIP: 43215 8-K 1 d326428d8k.htm 8-K 8-K
false 0001580905 0001580905 2022-05-05 2022-05-05





Washington, D.C. 20549









May 5, 2022

Date of Report (Date of earliest event reported)



Installed Building Products, Inc.

(Exact name of registrant as specified in its charter)




Delaware   001-36307   45-3707650

(State or other jurisdiction

of incorporation)



File No.)


(IRS Employer

Identification No.)

495 South High Street, Suite 50

Columbus, Ohio 43215

(Address of principal executive offices, zip code)

(614) 221-3399

(Registrant’s telephone number, including area code)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class





Name of each exchange

on which registered

Common stock   IBP   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 2.02

Results of Operations and Financial Condition.

On May 5, 2022, Installed Building Products, Inc. (the “Company”) issued a press release reporting the financial results for the three months ended March 31, 2022. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed to be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in such filing.


Item 7.01

Regulation FD Disclosure.

The May 5, 2022 press release also announced that the Board of Directors approved a quarterly cash dividend of $0.315 per share payable on June 30, 2022 to stockholders of record at the close of business on June 15, 2022.

One or more representatives of the Company will meet with certain current and prospective investors during the second quarter of 2022. The materials used in connection with these meetings have been posted on the Company’s website (www.installeduildingproducts.com) under the Investor Relations section.

The information contained in this Item 7.01 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Item 7.01 shall not be deemed to be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in such filing.


Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.





99.1    Press Release, dated May 5, 2022, announcing results for the three months ended March 31, 2022, and quarterly dividend
104    Cover Page Interactive Data File (formatted in Inline XBRL)


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: May 5, 2022     By:  

/s/ Michael T. Miller

      Executive Vice President and
      Chief Financial Officer
EX-99.1 2 d326428dex991.htm EX-99.1 EX-99.1

Exhibit 99.1





Columbus, Ohio, May 5, 2022 Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced results for the first quarter ended March 31, 2022.

First Quarter 2022 Highlights (Comparisons are to Prior Year Period)



Net revenue increased 34.4% to a quarterly record $587.5 million



Installation revenue increased 30.0% to $561.6 million, driven by strong growth across IBP’s residential new construction, repair and remodel, and commercial markets



Other revenue, which includes IBP’s manufacturing and distribution operations, increased from $5.3 million to $26.7 million, driven by strong operating results and a recent acquisition



Net income increased 95.6% to $33.8 million



Adjusted EBITDA* increased 54.5% to $84.2 million



Net income per diluted share increased 96.6% to $1.14



Adjusted net income per diluted share* increased 71.1% to $1.54



Price/mix growth increased by a record 14.6% during the first quarter



IBP amended and increased its asset-based lending credit facility to provide up to $250 million in borrowing capacity with an extended maturity date of February 17, 2027



At March 31, 2022, IBP had $267.4 million in cash, cash equivalents, and investments



Declared first quarter dividend of $0.315 per share and an annual variable dividend of $0.90 per share, which were paid to shareholders on March 31, 2022



Returned $85.3 million to shareholders in the first quarter through dividends and share repurchases



IBP’s Board of Directors declared the second quarter regular cash dividend of $0.315 per share

“Record first quarter results were the result of strong market dynamics within our core residential housing markets. Our local branches continue to prudently align our selling prices with the value we offer our customers, supporting profitability and strong incremental margins. Gross margin expanded 60 basis points over the past year but ongoing supply constraints required us to make material purchases outside of our typical supply chain channels again this quarter. With a combination of strong volume and pricing growth during the period, we leveraged SG&A expenses and produced record first quarter earnings, adjusted earnings, and adjusted EBITDA,” stated Jeff Edwards, Chairman and Chief Executive Officer.

Mr. Edwards, continued, “Despite ongoing supply chain constraints, we are committed to maintaining an exceptional level of service for our customers by completing jobs correctly and on schedule. I am proud of the continued resolve, hard work, and dedication of our teams across the country, especially in the current market environment.”

“With the substantial number of permitted new housing units that have yet to be started, residential construction is expected to remain supportive of our business in 2022. We also expect the seasonal trends we typically experience throughout the year to be more muted in 2022 given the strong industry backlog. Overall, 2022 is shaping up to be another year of profitable growth and value creation for IBP,” concluded Mr. Edwards.



Acquisition Update

IBP continues to prioritize profitable growth through its proven strategy of acquiring well-run installers of insulation and complementary building products. For 2022, IBP expects to acquire at least $100 million of revenue.    

During the 2022 first quarter and April, IBP announced the following acquisitions:



March 2022 - Pisgah Insulation and Fireplaces of NC, LLC, a Mills River, North Carolina based installer of spray foam insulation, fiberglass insulation, and fireplaces into new residential homes in the Asheville, North Carolina market, with annual revenue of approximately $8.5 million.



April 2022 - Central Aluminum Supply Corporation, a Trenton, New Jersey based distributor of gutter supplies and accessories to residential, multifamily, and commercial markets, primarily in existing or retrofit construction projects across the U.S. Northeast and Mid-Atlantic, with annual revenue of approximately $45.0 million.

2022 Second Quarter Regular Cash Dividend and Share Repurchases

IBP’s Board of Directors has approved the Company’s quarterly cash dividend of $0.315 per share, payable on June 30, 2022, to stockholders of record on June 15, 2022. The second quarter regular cash dividend represents a 5% increase from last year’s second quarter cash dividend payment.

IBP repurchased 510,943 shares of its common stock at a total cost of $49.9 million, including commissions, during the first quarter of 2022. The Company has approximately $150 million of availability remaining under the Company’s current authorization, which expires March 1, 2023.

First Quarter 2022 Results Overview

For the first quarter of 2022, net revenue was a record $587.5 million, an increase of 34.4% from $437.1 million for the first quarter of 2021. On a consolidated same branch basis, net revenue improved 22.5% from the prior year quarter, which was attributable to a 9.7% increase in the volume of jobs completed and a 14.6% increase in price/mix during the first quarter relative to the same period last year. Residential sales growth within our Installation segment was 28.3% on a same branch basis in the quarter. Our commercial end-market net revenue within the Installation segment increased 13.0% for the first quarter of 2022. Commercial growth was largely driven by recent acquisitions as same branch sales were up 5.9% on a year-over-year basis, primarily due to continued challenges associated with the COVID-19 pandemic. Same branch sales within our heavy commercial business increased 0.5% over the prior year period.    

Gross profit improved 37.5% to $172.4 million from $125.4 million in the prior year quarter. Adjusted gross profit* as a percent of total revenue was 29.4% which adjusts for the Company’s share-based compensation expense, as well as expenses directly related to COVID-19, compared to 28.7% for the same period last year. First quarter gross profit was reduced by an estimated $1.4 million due to ongoing supply chain disruptions that occurred during the quarter, which reduced gross profit margin by approximately 20 basis points and had the same impact to operating profit margin and adjusted EBITDA margin*.

Selling and administrative expense, as a percent of net revenue, was 17.8% compared to 19.7% in the prior year quarter. Adjusted selling and administrative expense*, as a percent of net revenue, was 16.9% compared to 18.7% in the prior year quarter.



Net income was $33.8 million, or $1.14 per diluted share, compared to $17.3 million, or $0.58 per diluted share in the prior year quarter. Adjusted net income* was $45.7 million, or $1.54 per diluted share, compared to $26.8 million, or $0.90 per diluted share in the prior year quarter. Adjusted net income accounts for the impact of non-core items in both periods, including an addback for non-cash amortization expense related to acquisitions.

Adjusted EBITDA* was $84.2 million, a 54.5% increase from $54.5 million in the prior year quarter, largely due to strong sales growth, improved gross margin, and leverage on selling and administrative expenses compared to the prior year quarter.

Conference Call and Webcast

The Company will host a conference call and webcast on May 5, 2022 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-0792 (domestic) or 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 June 5, 2022, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13727647.

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 in all 48 continental states and the District of Columbia from its national network of over 210 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 the commercial market, our operations, industry conditions, our financial and business model, payment of dividends, the demand for our services and product offerings, trends in the large commercial business, the impact of the COVID-19 crisis on our business and end markets, supply chain and material constraints, expansion of our national footprint and end markets, diversification of our products, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions and the expected amount of acquired revenue, our ability to improve sales and profitability, the impact of the COVID-19 crisis on our financial results, and expectations for demand for our services and our earnings. 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. 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,



the duration, effect and severity of the COVID-19 crisis; any recurrence of COVID-19, including through any new variant strains of the virus, and the related surges in positive COVID-19 cases; the adverse impact of the COVID-19 crisis on our business and financial results, our supply chain, the economy and the markets we serve; general economic and industry conditions; inflation and interest rates; the material price and supply environment; the timing of increases in our selling prices; the risk that the Company may reduce, suspend or eliminate dividend payments in the future; 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, 2021, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. In addition, any future declaration of dividends will be subject to the final determination of our Board of Directors. 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.





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


     Three months ended March 31,  
     2022      2021  

Net revenue

   $ 587,492      $ 437,066  

Cost of sales

     415,089        311,639  







Gross profit

     172,403        125,427  

Operating expenses



     25,192        20,858  


     79,144        65,077  


     11,097        8,396  







Operating income

     56,970        31,096  

Other expense, net


Interest expense, net

     10,600        7,574  

Other expense

     145        81  







Income before income taxes

     46,225        23,441  

Income tax provision

     12,403        6,150  







Net income

   $ 33,822      $ 17,291  







Other comprehensive income, net of tax:


Net change on cash flow hedges, net of tax provision of $6,430 and $3,428 for the three months ended March 31, 2022 and 2021, respectively

     18,111        10,157  







Comprehensive income

   $ 51,933      $ 27,448  







Earnings Per Share:


Basic net income per share

   $ 1.15      $ 0.59  







Diluted net income per share

   $ 1.14      $ 0.58  







Weighted average shares outstanding:



     29,302,396        29,286,044  


     29,580,731        29,613,484  

Cash dividends declared per share

   $ 1.22      $ 0.30  





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


     March 31,     December 31,  
     2022     2021  



Current assets


Cash and cash equivalents

   $ 217,434     $ 333,485  


     49,980       —    

Accounts receivable (less allowance for credit losses of $8,590 and $8,717 at March 31, 2022 and December 31, 2021, respectively)

     345,586       312,767  


     160,023       143,039  

Prepaid expenses and other current assets

     69,205       70,025  







Total current assets

     842,228       859,316  

Property and equipment, net

     107,817       105,933  

Operating lease right-of-use assets

     69,033       69,871  


     325,347       322,517  

Customer relationships, net

     173,868       178,264  

Other intangibles, net

     84,092       86,157  

Other non-current assets

     50,364       31,144  







Total assets

   $ 1,652,749     $ 1,653,202  









Current liabilities


Current maturities of long-term debt

   $ 30,668     $ 30,839  

Current maturities of operating lease obligations

     23,505       23,224  

Current maturities of finance lease obligations

     1,801       1,747  

Accounts payable

     150,643       132,705  

Accrued compensation

     56,639       50,964  

Other current liabilities

     64,272       68,090  







Total current liabilities

     327,528       307,569  

Long-term debt

     829,638       832,193  

Operating lease obligations

     45,091       46,075  

Finance lease obligations

     3,254       3,297  

Deferred income taxes

     11,242       4,819  

Other long-term liabilities

     45,765       42,409  







Total liabilities

     1,262,518       1,236,362  

Commitments and contingencies


Stockholders’ equity


Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

     —         —    

Common stock; $0.01 par value: 100,000,000 authorized, 33,351,843 and 33,271,659 issued and 29,275,592 and 29,706,401 shares outstanding at March 31, 2022 and December 31, 2021, respectively

     334       333  

Additional paid in capital

     218,642       211,430  

Retained earnings

     350,475       352,543  

Treasury stock; at cost: 4,076,251 and 3,565,258 shares at March 31, 2022 and December 31, 2021, respectively

     (197,104     (147,239

Accumulated other comprehensive (income (loss)

     17,884       (227







Total stockholders’ equity

     390,231       416,840  







Total liabilities and stockholders’ equity

   $ 1,652,749     $ 1,653,202  











(unaudited, in thousands)


     Three months ended March 31,  
     2022     2021  

Cash flows from operating activities


Net income

   $ 33,822     $ 17,291  

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


Depreciation and amortization of property and equipment

     11,329       10,663  

Amortization of operating lease right-of-use assets

     6,371       5,050  

Amortization of intangibles

     11,097       8,396  

Amortization of deferred financing costs and debt discount

     484       331  

Provision for credit losses

     653       127  

Gain on sale of property and equipment

     (92     (252

Noncash stock compensation

     3,418       3,196  

Amortization of terminated interest rate swap

     790       798  

Changes in assets and liabilities, excluding effects of acquisitions


Accounts receivable

     (32,700     1,056  


     (16,300     (7,644

Other assets

     169       (1,794

Accounts payable

     16,486       524  

Income taxes receivable/payable

     11,433       4,633  

Other liabilities

     1,265       (4,757







Net cash provided by operating activities

     48,225       37,618  







Cash flows from investing activities


Purchases of investments

     (49,957     —    

Purchases of property and equipment

     (10,362     (10,846

Acquisitions of businesses, net of cash acquired of $0 and $168 in 2022 and 2021, respectively

     (8,050     (41,930

Proceeds from sale of property and equipment

     265       389  


     (614     (5







Net cash used in investing activities

     (68,718     (52,392







Cash flows from financing activities


Payments on term loan

     (1,250     —    

Proceeds from vehicle and equipment notes payable

     4,752       7,808  

Debt issuance costs

     (627     —    

Principal payments on long-term debt

     (6,618     (6,481

Principal payments on finance lease obligations

     (521     (530

Acquisition-related obligations

     (6,003     (1,414

Dividends paid

     (35,426     (8,786

Repurchase of common stock

     (49,865     —    







Net cash used in financing activities

     (95,558     (9,403







Net change in cash and cash equivalents

     (116,051     (24,177

Cash and cash equivalents at beginning of period

     333,485       231,520  







Cash and cash equivalents at end of period

   $ 217,434     $ 207,343  







Supplemental disclosures of cash flow information


Net cash paid during the period for:



   $ 14,293     $ 10,839  

Income taxes, net of refunds

     1,088       1,474  

Supplemental disclosure of noncash activities


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

     5,514       5,679  

Property and equipment obtained in exchange for finance lease obligations

     544       268  

Seller obligations in connection with acquisition of businesses

     1,878       5,959  

Unpaid purchases of property and equipment included in accounts payable

     1,884       1,043  



Information on Segments

In the first quarter of 2022, we realigned our operating segments. This change resulted in our Company having three operating segments consisting of Installation, Distribution and Manufacturing. The Other category reported below reflects the operations of our Distribution and Manufacturing operating segments.



(unaudited, in thousands)


     Installation      Other      Eliminations      Consolidated  


   $ 561,631      $ 26,650      $ (789    $ 587,492  

Cost of sales (exclusive of depreciation and amortization shown separately below)

     385,692        19,373        (609      404,456  













Adjusted gross profit

     175,939        7,277        (180      183,036  

Depreciation and amortization





Gross profit, as reported











Operating income


Interest expense, net


Other expense





Income before income taxes

            $ 46,225  






(unaudited, in thousands)


     Installation      Other      Eliminations      Consolidated  


   $ 432,178      $ 5,253      $ (365    $ 437,066  

Cost of sales (exclusive of depreciation and amortization shown separately below)

     297,832        4,067        (283      301,616  













Adjusted gross profit

     134,346        1,186        (82      135,450  

Depreciation and amortization





Gross profit, as reported











Operating income


Interest expense, net


Other expense





Income before income taxes

            $ 23,441  




The prior period disclosures in the above table have been recast to conform to the current period segment presentation.





(unaudited, in thousands)


     Three months ended March 31,  
     2022     2021  



Residential new construction

   $ 442,404        75   $ 327,244        75

Repair and remodel

     32,641        6     28,289        6


     86,586        15     76,645        18













Net revenue, Installation

     561,631        96     432,178        99

Other 1

     25,861        4     4,888        1













Net revenue, as reported

   $ 587,492        100   $ 437,066        100









Net revenue for manufacturing operations are included in the Other category for all periods presented to conform with our change in composition of operating segments. Revenues for the Other category are presented net of intercompany sales.



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.






(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 March 31,  
     2022      2021  

Net income, as reported

   $ 33,822      $ 17,291  

Adjustments for adjusted net income:


Share based compensation expense

     3,418        3,196  

Acquisition related expenses

     664        1,161  

COVID-19 expenses 1

     301        52  

Amortization expense 2

     11,097        8,396  

Legal reserve

     565        —    

Tax impact of adjusted items at normalized tax rate 3

     (4,172      (3,329







Adjusted net income

   $ 45,695      $ 26,767  







Weighted average shares outstanding (diluted)

     29,580,731        29,613,484  

Diluted net income per share, as reported

   $ 1.14      $ 0.58  

Adjustments for adjusted net income, net of tax impact, per diluted
share 4

     0.40        0.32  







Diluted adjusted net income per share

   $ 1.54      $ 0.90  









Addback of employee pay, employee medical expenses, and legal fees directly attributable to COVID-19


Addback of all non-cash amortization resulting from business combinations


Normalized effective tax rate of 26.0% applied to periods presented


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






(unaudited, in thousands)


     Three months ended March 31,  
     2022     2021  

Gross profit

   $ 172,403     $ 125,427  

Share based compensation expense

     149       62  

COVID-19 expenses 1

     2       49  







Adjusted gross profit

   $ 172,554     $ 125,538  







Adjusted gross profit - % Total Revenue

     29.4     28.7



Addback of employee pay and employee medical expenses directly attributable to COVID-19




(unaudited, in thousands)


     Three months ended March 31,  
     2022     2021  

Selling expense

   $ 25,192     $ 20,858  

Administrative expense

     79,144       65,077  







Selling and Administrative

   $ 104,336     $ 85,935  







Share based compensation expense

     3,269       3,133  

Acquisition related expenses

     664       1,161  

COVID-19 expenses 1

     299       3  

Legal reserve

     565       —    







Adjusted Selling and Administrative

   $ 99,539     $ 81,638  







Adjusted Selling and Administrative - % Total Revenue

     16.9     18.7



Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19



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



(unaudited, in thousands)


     Three months ended March 31,  
     2022     2021  

Adjusted EBITDA:


Net income (GAAP)

   $ 33,822     $ 17,291  

Interest expense

     10,600       7,574  

Provision for income taxes

     12,403       6,150  

Depreciation and amortization

     22,425       19,059  








     79,250       50,074  







Acquisition related expenses

     664       1,161  

Share based compensation expense

     3,418       3,196  

COVID-19 expenses 1

     301       52  

Legal reserve

     565       —    







Adjusted EBITDA

   $ 84,198     $ 54,483  







Adjusted EBITDA margin

     14.3     12.5



Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19







     Three months ended March 31,  
     2022     2021  

Period-over-period Growth


Consolidated Sales Growth

     34.4     10.0

Consolidated Same Branch Sales Growth

     22.5     2.2

Installation 1


Sales Growth

     30.0     9.8

Same Branch Sales Growth

     22.2     2.0

Single-Family Sales Growth

     37.4     9.4

Single-Family Same Branch Sales Growth

     29.4     4.7

Multi-Family Sales Growth

     24.6     18.8

Multi-Family Same Branch Sales Growth

     23.1     6.6

Residential Sales Growth

     35.2     10.9

Residential Same Branch Sales Growth

     28.3     5.0

Commercial Sales Growth 2

     13.0     2.8

Commercial Same Branch Sales Growth

     5.9     -14.0

Other 1,3


Sales Growth

     407.3     37.3

Same Branch Sales Growth

     50.8     37.3

Same Branch Sales Growth - Installation


Volume Growth 4

     9.7     10.2

Price/Mix Growth 4

     14.6     -6.2

Heavy Commercial Same Branch Sales Growth 5

     0.5     -13.1

U.S. Housing Market 6


Total Completions Growth

     -5.5     9.2

Single-Family Completions Growth

     -0.7     11.2

Multi-Family Completions Growth

     -17.3     4.8




During the three months ended March 31, 2022, we realigned our operating segments to reflect recent changes in our business. Prior period disclosures in the above table have been recast to conform to the current period segment presentation. The segment change has no impact on the Company’s previously reported consolidated U.S. GAAP financial results.


Our commercial end market consists of heavy and light commercial projects.


Other business segment category includes our manufacturing and distribution businesses operating segments. As of 1Q22, Installation segment end market growth metrics exclude the manufacturing and distribution businesses. This fiscal quarter is the first full quarter of results for our recently acquired distribution business. The acquisition was completed in December 2021.


Excludes the heavy commercial end market.


The heavy commercial end market, as a subset of our total commercial market, comprises certain of our branches working on projects constructed in steel and concrete, which are much larger than our average job. This market is excluded from the above same branch price/mix and volume growth metrics as to not skew the rates given the much larger per-job revenue compared to our average job.


U.S. Census Bureau data, as revised.





(unaudited, in thousands)


     Three months ended March 31,  
     2022      % Total     2021      % Total  

Revenue Increase


Same Branch

   $ 98,267        65.3   $ 8,777        22.1


     52,159        34.7     30,958        77.9














   $ 150,426        100.0   $ 39,735        100.0
            Adj EBITDA
           Adj EBITDA

Adjusted EBITDA


Same Branch

   $ 22,529        22.9   $ 920        10.5


     7,186        13.8     4,393        14.2








   $ 29,715        19.8   $ 5,313        13.4

Source: Installed Building Products, Inc.

Contact Information:

Investor Relations:





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Document and Entity Information
May 05, 2022
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001580905
Document Type 8-K
Document Period End Date May 05, 2022
Entity Registrant Name Installed Building Products, Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-36307
Entity Tax Identification Number 45-3707650
Entity Address, Address Line One 495 South High Street
Entity Address, Address Line Two Suite 50
Entity Address, City or Town Columbus
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43215
City Area Code (614)
Local Phone Number 221-3399
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common stock
Trading Symbol IBP
Security Exchange Name NYSE
Entity Emerging Growth Company false
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