Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

We sell installation services to other companies related to us through common or affiliated ownership and/or board of directors and/or management relationships. We also purchase services and materials and pay rent to companies with common or affiliated ownership.

We lease our headquarters and certain other facilities from related parties. See Note 8, Leases, for future minimum lease payments to be paid to these related parties.

The amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in millions):

	Three months ended March 31,
	2025		2024
Sales	$	4.9	$	5.0
Purchases	0.7		0.6
Rent	0.3		0.3

We had related party balances of approximately $1.5 million and $1.2 million included in accounts receivable on our Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively. These balances primarily represented trade accounts receivable arising during the normal course of business with various related parties. M/I Homes, Inc., a customer whose Chairman, Chief Executive Officer and President serves on our board of directors, accounted for $1.4 million and $1.1 million of the related party accounts receivable balances as of March 31, 2025 and December 31, 2024, respectively. Additionally, M/I Homes, Inc. accounted for a significant portion of our related party sales during the three months ended March 31, 2025 and 2024.

On March 7, 2025, as part of our stock repurchase program, we completed a private share repurchase with PJAM IBP Holdings Inc., whose President is our Chief Executive Officer and is deemed a beneficial owner. We purchased 100 thousand shares of our common stock for a purchase price of approximately $16.9 million, or $168.75 price per share. This represents a 3.0% discount of the last reported price of our common stock on March 6, 2025.