Installed Building Products Reports Record Third Quarter 2024 Results; Declares Regular Quarterly Cash Dividend
Installed Building Products (IBP) reported record third quarter 2024 results with net revenue increasing 7.7% to $760.6 million. Installation revenue grew 7.9% to $713.7 million, while net income rose 0.9% to $68.6 million. The company achieved an adjusted EBITDA of $132.3 million, up 1.4%. Key highlights include earnings per diluted share of $2.44, $406.2 million in cash and cash equivalents, and year-to-date acquisitions totaling $73 million in annual revenue. IBP declared a quarterly dividend of $0.35 per share and repurchased 100,000 shares for $20.7 million.
Installed Building Products (IBP) ha riportato risultati record per il terzo trimestre del 2024, con un fatturato netto cresciuto del 7,7%, raggiungendo i 760,6 milioni di dollari. I ricavi da installazione sono aumentati del 7,9%, totalizzando 713,7 milioni di dollari, mentre l'utile netto è salito dello 0,9%, attestandosi a 68,6 milioni di dollari. L'azienda ha raggiunto un EBITDA rettificato di 132,3 milioni di dollari, in aumento dell'1,4%. Principali punti salienti includono utili per azione diluiti di 2,44 dollari, 406,2 milioni di dollari in liquidità e equivalenti, e acquisizioni anno-to-date per un fatturato annuale di 73 milioni di dollari. IBP ha dichiarato un dividendo trimestrale di 0,35 dollari per azione e ha riacquistato 100.000 azioni per 20,7 milioni di dollari.
Installed Building Products (IBP) reportó resultados récord para el tercer trimestre de 2024, con un aumento del 7.7% en los ingresos netos, alcanzando los 760.6 millones de dólares. Los ingresos por instalación crecieron un 7.9%, sumando 713.7 millones de dólares, mientras que el ingreso neto aumentó un 0.9%, llegando a 68.6 millones de dólares. La compañía logró un EBITDA ajustado de 132.3 millones de dólares, un incremento del 1.4%. Puntos destacados incluyen ganancias por acción diluida de 2.44 dólares, 406.2 millones de dólares en efectivo y equivalentes, y adquisiciones en lo que va del año que suman un total de 73 millones de dólares en ingresos anuales. IBP declaró un dividendo trimestral de 0.35 dólares por acción y recompró 100,000 acciones por 20.7 millones de dólares.
Installed Building Products (IBP)는 2024년 3분기에 기록적인 실적을 보고했으며, 순수익이 7.7% 증가하여 7억 6천 6백만 달러에 도달했습니다. 설치 수익은 7.9% 증가하여 7억 1천 3백 7십만 달러에 이르렀고, 순이익은 0.9% 증가하여 6천 8백 6십만 달러에 달했습니다. 회사는 조정된 EBITDA가 1억 3천 2백 3십만 달러로 1.4% 증가했습니다. 주요 하이라이트로는 희석 주당순이익이 2.44달러, 현금 및 현금성 자산이 4억 6천 2백만 달러, 연간 수익이 총 7천 3백만 달러에 달하는 올해의 인수 건수가 포함됩니다. IBP는 주당 0.35달러의 분기 배당금을 선언하고 2천 7백 만 달러에 10만 주를 재구매했습니다.
Installed Building Products (IBP) a annoncé des résultats records pour le troisième trimestre 2024, avec un chiffre d'affaires net en hausse de 7,7 % pour atteindre 760,6 millions de dollars. Les revenus d'installation ont augmenté de 7,9 % pour atteindre 713,7 millions de dollars, tandis que le bénéfice net a crû de 0,9 % pour atteindre 68,6 millions de dollars. L'entreprise a atteint un EBITDA ajusté de 132,3 millions de dollars, en hausse de 1,4 %. Points clés incluent un bénéfice par action diluée de 2,44 dollars, 406,2 millions de dollars en liquidités et équivalents, ainsi que des acquisitions depuis le début de l'année totalisant 73 millions de dollars de revenus annuels. IBP a déclaré un dividende trimestriel de 0,35 dollar par action et a racheté 100 000 actions pour 20,7 millions de dollars.
Installed Building Products (IBP) berichtete für das dritte Quartal 2024 von Rekordergebnissen, wobei der Nettoumsatz um 7,7 % auf 760,6 Millionen Dollar stieg. Die Installationsumsätze wuchsen um 7,9 % auf 713,7 Millionen Dollar, während der Nettogewinn um 0,9 % auf 68,6 Millionen Dollar zulegte. Das Unternehmen erreichte ein bereinigtes EBITDA von 132,3 Millionen Dollar, was einer Steigerung von 1,4 % entspricht. Wichtige Höhepunkte sind unter anderem ein Ergebnis pro verwässerter Aktie von 2,44 Dollar, 406,2 Millionen Dollar an Zahlungsmitteln und Zahlungsmitteläquivalenten sowie Übernahmen im laufenden Jahr, die insgesamt einen Jahresumsatz von 73 Millionen Dollar ausmachen. IBP erklärte eine vierteljährliche Dividende von 0,35 Dollar pro Aktie und kaufte 100.000 Aktien für 20,7 Millionen Dollar zurück.
- Record quarterly revenue of $760.6 million, up 7.7%
- Installation revenue increased 7.9% to $713.7 million
- Net income reached $68.6 million with EPS of $2.44
- Strong cash position of $406.2 million
- Acquisitions adding $73 million in annual revenue
- 5.2% same branch revenue growth
- 6.1% increase in gross profit to $256.8 million
- Net profit margin declined to 9.0% from 9.6% year-over-year
- Adjusted net profit margin decreased to 10.5% from 11.2%
- Increased selling and administrative expenses as percentage of revenue (19.1% vs 18.2%)
- Gross profit margin declined to 33.8% from 34.3%
Insights
IBP delivered strong Q3 2024 results with
The
The residential construction market dynamics remain favorable for IBP, with growth across both single-family and multi-family segments. Same-branch residential sales increased
The shift toward production builders suggests a strategic adaptation to market conditions, though it impacts margins. The robust acquisition pipeline and positive outlook for 2025 indicate continued expansion opportunities. The company's ability to grow organically while executing strategic acquisitions positions it well in the building products installation market.
Third Quarter 2024 Highlights (Comparisons are to Prior Year Period)
-
Net revenue increased
7.7% to an all-time record of$760.6 million -
Installation revenue increased
7.9% to , as growth across all end markets combined with sales from IBP's recent acquisitions$713.7 million -
Other revenue, net of eliminations, which includes IBP’s manufacturing and distribution operations, increased to
from$46.9 million $45.3 million
-
Installation revenue increased
-
Net income increased
0.9% to a third quarter record of$68.6 million -
Adjusted EBITDA* increased
1.4% to an all-time record of$132.3 million -
Net income per diluted share increased
1.7% to an all-time record of$2.44 -
Adjusted net income* increased
1.5% to , or$80.1 million per diluted share$2.85 -
At September 30, 2024, IBP had
in cash and cash equivalents$406.2 million -
Repurchased 100,000 shares of common stock at a total cost of
$20.7 million -
Declared third quarter dividend of
per share that was paid to shareholders on September 30, 2024$0.35
Recent Developments
-
IBP’s Board of Directors declared the fourth quarter regular cash dividend of
per share$0.35 - In October 2024, acquired Insulation Supplies, a specialty distributor focused on insulation and related accessories and machinery sales
“I want to acknowledge the emotional devastation and personal loss many people across the Southeast and Mid-Atlantic regions of
“IBP delivered record third-quarter revenue and profitability, with each end market, from residential to commercial, growing organically. Our talented and committed employees across the country focused on what they can control by providing our customers with reliable, high-quality building product installation service. The long-term view on demand for our installed service is unchanged. We believe residential and commercial end market trends are favorable as builders work to meet demand through the increased supply of houses, apartments, and commercial structures,” stated Jeff Edwards, Chairman and Chief Executive Officer.
“Our capital allocation initiatives remain consistent with two additional acquisitions closing in July and October. Year-to-date, we have acquired over
“As we approach the final month of 2024, we are positioned to close out the year on a favorable note and begin 2025 from a position of strength,” 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. To date in 2024, IBP has acquired over
During the 2024 third quarter and in October 2024, IBP completed the following acquisitions:
-
In July 2024, IBP acquired Euroview Enterprises, LLC, Contract Mirror and Supply Co., and CLM Solutions, LLC (collectively “Euroview”), an
Illinois -based residential and commercial installer of building products in key construction markets in the Midwest. Euroview has annual revenue of approximately .$20 million -
In October 2024, IBP acquired Wholesale Insulation Supply, Inc. doing business as Insulation Supplies, a specialty distributor focused on supplying fiberglass insulation, spray foam insulation, cellulose insulation, and related accessories and machinery to residential and commercial end markets with annual revenue of over
.$22 million
2024 Fourth Quarter Cash Dividend
IBP’s Board of Directors has approved the Company’s quarterly cash dividend of
Share Repurchases
During the three months ended September 30, 2024, IBP repurchased 100,000 shares of its common stock in a privately negotiated transaction at a total cost of
Third Quarter 2024 Results Overview
For the third quarter of 2024, net revenue was
Gross profit improved
Selling and administrative expense, as a percent of total revenue, was
Net income was
EBITDA* was
Net profit, adjusted net profit, and adjusted EBITDA margin reductions during the quarter were primarily due to a greater proportion of our single-family sales shifting to production builders as well as higher growth in non-insulation product sales relative to a year ago. Additionally, we experienced initial start-up costs related to building out our internal distribution operations and higher insurance expense from the prior year period.
Conference Call and Webcast
The Company will host a conference call and webcast on November 7, 2024 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 December 7, 2024, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13748499.
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
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 and economic conditions, our financial and business model, payment of dividends, the demand for our services and product offerings, 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, 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, general economic and industry conditions; increases in mortgage interest rates and rising home prices; 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, 2023, 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
During the three months ended June 30, 2024, we decided to wind down the operations of a single new commercial end market-oriented branch that focused on the installation of a non-core end product, due to shifting market conditions, an unfavorable contract settlement, and sub-standard operating performance. All dispositions figures reflect the results of this single branch. All net of dispositions figures reflect the exclusion of the results of this single branch.
INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited, in millions, except share and per share amounts) |
|||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenue |
$ |
760.6 |
|
|
$ |
706.5 |
|
|
$ |
2,191.1 |
|
|
$ |
2,057.9 |
|
Cost of sales |
|
503.8 |
|
|
|
464.4 |
|
|
|
1,448.4 |
|
|
|
1,372.9 |
|
Gross profit |
|
256.8 |
|
|
|
242.1 |
|
|
|
742.7 |
|
|
|
685.0 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Selling |
|
35.8 |
|
|
|
32.0 |
|
|
|
103.6 |
|
|
|
97.5 |
|
Administrative |
|
109.2 |
|
|
|
96.8 |
|
|
|
318.5 |
|
|
|
282.3 |
|
Asset impairment |
|
— |
|
|
|
— |
|
|
|
4.9 |
|
|
|
— |
|
Amortization |
|
10.5 |
|
|
|
11.0 |
|
|
|
31.7 |
|
|
|
33.7 |
|
Operating income |
|
101.3 |
|
|
|
102.3 |
|
|
|
284.0 |
|
|
|
271.5 |
|
Other expense, net |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
7.7 |
|
|
|
9.7 |
|
|
|
27.8 |
|
|
|
29.2 |
|
Other (income) |
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.8 |
) |
|
|
(0.5 |
) |
Income before income taxes |
|
93.9 |
|
|
|
92.8 |
|
|
|
257.0 |
|
|
|
242.8 |
|
Income tax provision |
|
25.3 |
|
|
|
24.8 |
|
|
|
67.3 |
|
|
|
63.9 |
|
Net income |
$ |
68.6 |
|
|
$ |
68.0 |
|
|
$ |
189.7 |
|
|
$ |
178.9 |
|
Other comprehensive (loss) income, net of tax: |
|
|
|
|
|
|
|
||||||||
Net change on cash flow hedges, net of tax (provision) benefit of |
|
(10.6 |
) |
|
|
5.5 |
|
|
|
(5.9 |
) |
|
|
4.6 |
|
Comprehensive income |
$ |
58.0 |
|
|
$ |
73.5 |
|
|
$ |
183.8 |
|
|
$ |
183.5 |
|
Earnings Per Share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.45 |
|
|
$ |
2.41 |
|
|
$ |
6.75 |
|
|
$ |
6.35 |
|
Diluted |
$ |
2.44 |
|
|
$ |
2.40 |
|
|
$ |
6.71 |
|
|
$ |
6.32 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
27,986,997 |
|
|
|
28,204,328 |
|
|
|
28,110,587 |
|
|
|
28,151,899 |
|
Diluted |
|
28,116,557 |
|
|
|
28,318,633 |
|
|
|
28,272,667 |
|
|
|
28,290,533 |
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per share |
$ |
0.35 |
|
|
$ |
0.33 |
|
|
$ |
2.65 |
|
|
$ |
1.89 |
|
INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions, except share and per share amounts) |
|||||||
|
September 30, |
|
December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
406.2 |
|
|
$ |
386.5 |
|
Accounts receivable (less allowance for credit losses of |
|
451.0 |
|
|
|
423.3 |
|
Inventories |
|
182.3 |
|
|
|
162.8 |
|
Prepaid expenses and other current assets |
|
85.3 |
|
|
|
97.4 |
|
Total current assets |
|
1,124.8 |
|
|
|
1,070.0 |
|
Property and equipment, net |
|
167.0 |
|
|
|
137.2 |
|
Operating lease right-of-use assets |
|
86.1 |
|
|
|
78.1 |
|
Goodwill |
|
415.1 |
|
|
|
398.8 |
|
Customer relationships, net |
|
169.6 |
|
|
|
179.6 |
|
Other intangibles, net |
|
86.2 |
|
|
|
89.1 |
|
Other non-current assets |
|
23.7 |
|
|
|
28.5 |
|
Total assets |
$ |
2,072.5 |
|
|
$ |
1,981.3 |
|
LIABILITIES AND STOCKHOLDER'S EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Current maturities of long-term debt |
$ |
31.5 |
|
|
$ |
32.2 |
|
Current maturities of operating lease obligations |
|
31.2 |
|
|
|
28.3 |
|
Current maturities of finance lease obligations |
|
2.8 |
|
|
|
2.7 |
|
Accounts payable |
|
169.4 |
|
|
|
158.6 |
|
Accrued compensation |
|
68.6 |
|
|
|
59.6 |
|
Other current liabilities |
|
73.2 |
|
|
|
65.0 |
|
Total current liabilities |
|
376.7 |
|
|
|
346.4 |
|
Long-term debt |
|
840.8 |
|
|
|
835.1 |
|
Operating lease obligations |
|
54.6 |
|
|
|
49.9 |
|
Finance lease obligations |
|
6.0 |
|
|
|
6.6 |
|
Deferred income taxes |
|
22.1 |
|
|
|
24.5 |
|
Other long-term liabilities |
|
55.9 |
|
|
|
48.5 |
|
Total liabilities |
|
1,356.1 |
|
|
|
1,311.0 |
|
Commitments and contingencies (Note 16) |
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Preferred Stock; |
|
— |
|
|
|
— |
|
Common stock; |
|
0.3 |
|
|
|
0.3 |
|
Additional paid in capital |
|
257.0 |
|
|
|
244.7 |
|
Retained earnings |
|
808.4 |
|
|
|
693.8 |
|
Treasury stock; at cost: 5,571,918 and 5,220,363 shares at September 30, 2024 and December 31, 2023, respectively |
|
(377.1 |
) |
|
|
(302.2 |
) |
Accumulated other comprehensive income |
|
27.8 |
|
|
|
33.7 |
|
Total stockholders’ equity |
|
716.4 |
|
|
|
670.3 |
|
Total liabilities and stockholders’ equity |
$ |
2,072.5 |
|
|
$ |
1,981.3 |
|
INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) |
|||||||
|
Nine months ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
189.7 |
|
|
$ |
178.9 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
||||
Depreciation and amortization of property and equipment |
|
43.1 |
|
|
|
38.7 |
|
Amortization of operating lease right-of-use assets |
|
24.4 |
|
|
|
21.7 |
|
Amortization of intangibles |
|
31.7 |
|
|
|
33.7 |
|
Amortization of deferred financing costs and debt discount |
|
1.2 |
|
|
|
1.4 |
|
Provision for credit losses |
|
4.9 |
|
|
|
4.4 |
|
Write-off of debt issuance costs |
|
1.1 |
|
|
|
0.9 |
|
Gain on sale of property and equipment |
|
(1.6 |
) |
|
|
(1.5 |
) |
Non-cash stock compensation |
|
13.2 |
|
|
|
10.6 |
|
Asset impairment |
|
4.9 |
|
|
|
— |
|
Other, net |
|
(10.3 |
) |
|
|
(8.8 |
) |
Changes in assets and liabilities, excluding effects of acquisitions |
|
|
|
||||
Accounts receivable |
|
(31.5 |
) |
|
|
(28.7 |
) |
Inventories |
|
(16.4 |
) |
|
|
18.7 |
|
Other assets |
|
5.3 |
|
|
|
10.7 |
|
Accounts payable |
|
7.5 |
|
|
|
(8.3 |
) |
Income taxes receivable/payable |
|
4.6 |
|
|
|
(0.2 |
) |
Other liabilities |
|
(6.6 |
) |
|
|
(21.7 |
) |
Net cash provided by operating activities |
|
265.2 |
|
|
|
250.5 |
|
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(66.7 |
) |
|
|
(46.9 |
) |
Acquisitions of businesses, net of cash acquired of $— in 2024 and 2023, respectively |
|
(41.9 |
) |
|
|
(44.8 |
) |
Proceeds from sale of property and equipment |
|
2.4 |
|
|
|
2.1 |
|
Settlements with interest rate swap counterparties |
|
13.6 |
|
|
|
12.2 |
|
Other |
|
(1.8 |
) |
|
|
(0.5 |
) |
Net cash used in investing activities |
$ |
(94.4 |
) |
|
$ |
(77.9 |
) |
|
Nine months ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from financing activities |
|
|
|
||||
Proceeds from Term Loan |
$ |
142.9 |
|
|
$ |
— |
|
Payments on Term Loan |
|
(135.5 |
) |
|
|
(3.7 |
) |
Proceeds from vehicle and equipment notes payable |
|
18.8 |
|
|
|
28.4 |
|
Debt issuance costs |
|
(1.5 |
) |
|
|
(0.4 |
) |
Principal payments on long-term debt |
|
(22.7 |
) |
|
|
(22.2 |
) |
Principal payments on finance lease obligations |
|
(2.2 |
) |
|
|
(2.2 |
) |
Dividends paid |
|
(75.0 |
) |
|
|
(53.8 |
) |
Acquisition-related obligations |
|
(1.5 |
) |
|
|
(2.7 |
) |
Repurchase of common stock |
|
(66.4 |
) |
|
|
— |
|
Surrender of common stock awards by employees |
|
(8.0 |
) |
|
|
(5.8 |
) |
Net cash used in financing activities |
|
(151.1 |
) |
|
|
(62.4 |
) |
Net change in cash and cash equivalents |
|
19.7 |
|
|
|
110.2 |
|
Cash and cash equivalents at beginning of period |
|
386.5 |
|
|
|
229.6 |
|
Cash and cash equivalents at end of period |
$ |
406.2 |
|
|
$ |
339.8 |
|
Supplemental disclosures of cash flow information |
|
|
|
||||
Net cash paid during the period for: |
|
|
|
||||
Interest |
$ |
37.0 |
|
|
$ |
36.3 |
|
Income taxes, net of refunds |
|
62.8 |
|
|
|
64.2 |
|
Supplemental disclosure of non-cash activities |
|
|
|
||||
Right-of-use assets obtained in exchange for operating lease obligations |
$ |
31.5 |
|
|
$ |
23.2 |
|
Property and equipment obtained in exchange for finance lease obligations |
|
1.9 |
|
|
|
2.9 |
|
Seller obligations in connection with acquisition of businesses |
|
3.8 |
|
|
|
8.3 |
|
Unpaid purchases of property and equipment included in accounts payable |
|
5.5 |
|
|
|
1.9 |
|
Accrued excise tax on common stock repurchases |
|
0.5 |
|
|
|
— |
|
INSTALLED BUILDING PRODUCTS, INC. SEGMENT INFORMATION (unaudited, in millions)
Information on Segments
Our Company has three operating segments consisting of Installation, Distribution and Manufacturing. The Other category reported below reflects the operations of our Distribution and Manufacturing operating segments. |
|||||||||||||||||||||||||||||||
|
Three months ended September 30, 2024 |
|
Nine months ended September 30, 2024 |
||||||||||||||||||||||||||||
|
Installation |
|
Other |
|
Eliminations |
|
Consolidated |
|
Installation |
|
Other |
|
Eliminations |
|
Consolidated |
||||||||||||||||
Revenue |
$ |
713.7 |
|
|
$ |
51.7 |
|
|
$ |
(4.8 |
) |
|
$ |
760.6 |
|
|
$ |
2,066.9 |
|
|
$ |
136.0 |
|
|
$ |
(11.8 |
) |
|
$ |
2,191.1 |
|
Cost of sales (1) |
|
455.9 |
|
|
|
37.0 |
|
|
|
(3.3 |
) |
|
|
489.6 |
|
|
|
1,318.4 |
|
|
|
98.0 |
|
|
|
(8.4 |
) |
|
|
1,408.0 |
|
Segment gross profit |
$ |
257.8 |
|
|
$ |
14.7 |
|
|
$ |
(1.5 |
) |
|
$ |
271.0 |
|
|
$ |
748.5 |
|
|
$ |
38.0 |
|
|
$ |
(3.4 |
) |
|
$ |
783.1 |
|
Segment gross profit percentage |
|
36.1 |
% |
|
|
28.4 |
% |
|
|
30.1 |
% |
|
|
35.6 |
% |
|
|
36.2 |
% |
|
|
27.9 |
% |
|
|
28.5 |
% |
|
|
35.7 |
% |
|
Three months ended September 30, 2023 |
|
Nine months ended September 30, 2023 |
||||||||||||||||||||||||||||
|
Installation |
|
Other |
|
Eliminations |
|
Consolidated |
|
Installation |
|
Other |
|
Eliminations |
|
Consolidated |
||||||||||||||||
Revenue |
$ |
661.2 |
|
|
$ |
47.5 |
|
|
$ |
(2.2 |
) |
|
$ |
706.5 |
|
|
$ |
1,935.8 |
|
|
$ |
128.5 |
|
|
$ |
(6.4 |
) |
|
$ |
2,057.9 |
|
Cost of sales (1) |
|
419.5 |
|
|
|
34.0 |
|
|
|
(1.6 |
) |
|
|
451.9 |
|
|
|
1,248.5 |
|
|
|
92.8 |
|
|
|
(4.9 |
) |
|
|
1,336.4 |
|
Segment gross profit |
$ |
241.7 |
|
|
$ |
13.5 |
|
|
$ |
(0.6 |
) |
|
$ |
254.6 |
|
|
$ |
687.3 |
|
|
$ |
35.7 |
|
|
$ |
(1.5 |
) |
|
$ |
721.5 |
|
Segment gross profit percentage |
|
36.6 |
% |
|
|
28.4 |
% |
|
|
26.4 |
% |
|
|
36.0 |
% |
|
|
35.5 |
% |
|
|
27.8 |
% |
|
|
22.4 |
% |
|
|
35.1 |
% |
(1) |
Cost of sales included in segment gross profit is exclusive of depreciation and amortization for the three and nine months ended September 30, 2024 and 2023. |
The reconciliation between consolidated segment gross profit for each period as shown in the tables above to consolidated income before income taxes as follows: |
|||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Segment gross profit - consolidated |
$ |
271.0 |
|
$ |
254.6 |
|
$ |
783.1 |
|
$ |
721.5 |
Depreciation and amortization (1) |
|
14.2 |
|
|
12.5 |
|
|
40.4 |
|
|
36.5 |
Gross profit, as reported |
|
256.8 |
|
|
242.1 |
|
|
742.7 |
|
|
685.0 |
Operating expenses |
|
155.5 |
|
|
139.8 |
|
|
458.7 |
|
|
413.5 |
Operating income |
|
101.3 |
|
|
102.3 |
|
|
284.0 |
|
|
271.5 |
Other expense, net |
|
7.4 |
|
|
9.5 |
|
|
27.0 |
|
|
28.7 |
Income before income taxes |
$ |
93.9 |
|
$ |
92.8 |
|
$ |
257.0 |
|
$ |
242.8 |
(1) |
Depreciation and amortization is excluded from segment gross profit for the three and nine months ended September 30, 2024 and 2023. |
INSTALLED BUILDING PRODUCTS, INC. REVENUE BY END MARKET (unaudited, in millions) |
|||||||||||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
Installation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential new construction |
$ |
548.8 |
|
72 |
% |
|
$ |
518.1 |
|
73 |
% |
|
$ |
1,594.0 |
|
73 |
% |
|
$ |
1,488.9 |
|
72 |
% |
Repair and remodel |
|
44.9 |
|
6 |
% |
|
|
37.8 |
|
6 |
% |
|
|
127.5 |
|
6 |
% |
|
|
114.4 |
|
6 |
% |
Commercial |
|
120.0 |
|
16 |
% |
|
|
105.3 |
|
15 |
% |
|
|
345.4 |
|
15 |
% |
|
|
332.5 |
|
16 |
% |
Net revenues - Installation |
$ |
713.7 |
|
94 |
% |
|
$ |
661.2 |
|
94 |
% |
|
$ |
2,066.9 |
|
94 |
% |
|
$ |
1,935.8 |
|
94 |
% |
Other |
|
46.9 |
|
6 |
% |
|
|
45.3 |
|
6 |
% |
|
|
124.2 |
|
6 |
% |
|
|
122.1 |
|
6 |
% |
Net revenue, as reported |
$ |
760.6 |
|
100 |
% |
|
$ |
706.5 |
|
100 |
% |
|
$ |
2,191.1 |
|
100 |
% |
|
$ |
2,057.9 |
|
100 |
% |
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Gross Profit and Adjusted Selling and Administrative Expense measure performance by adjusting GAAP net income, EBITDA, 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.
INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED NET INCOME CALCULATIONS (unaudited, in millions, except share and per share amounts)
The tables below reconcile Adjusted Net Income, Adjusted Net Income, net of dispositions, and Adjusted Net Loss, dispositions to the most directly comparable GAAP financial measure, net income, for the periods presented therein. We have included Adjusted Net Income, net of dispositions, in this press release because it is a key measure used by our management team to understand the operating performance and profitability of our business. During the three months ended June 30, 2024, we decided to wind down the operations of a single new commercial end market-oriented branch that focused on the installation of a non-core end product, due to shifting market conditions, an unfavorable contract settlement, and sub-standard operating performance. Accordingly, we believe that excluding the financial results of this branch from our typical Adjusted Net Income measure of profitability provides useful insight and metrics relevant to understanding and evaluating the results of our ongoing operations. The Adjusted Net Loss, dispositions line item included below represents the Adjusted Net Loss of this single branch. We currently expect the closing of this branch to be substantially complete by March 31, 2025.
Per share figures may reflect rounding adjustments and consequently totals may not appear to sum. |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income, as reported |
|
$ |
68.6 |
|
|
$ |
68.0 |
|
|
$ |
189.7 |
|
|
$ |
178.9 |
|
Adjustments for adjusted net income |
|
|
|
|
|
|
|
|
||||||||
Share-based compensation expense |
|
|
4.5 |
|
|
|
3.5 |
|
|
|
13.2 |
|
|
|
10.6 |
|
Acquisition related expenses |
|
|
0.5 |
|
|
|
0.2 |
|
|
|
1.6 |
|
|
|
1.3 |
|
Amortization expense (1) |
|
|
10.5 |
|
|
|
11.0 |
|
|
|
31.7 |
|
|
|
33.7 |
|
Legal reserve |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.3 |
|
Loan refinancing expenses (2) |
|
|
— |
|
|
|
— |
|
|
|
4.1 |
|
|
|
— |
|
Asset impairment (3) |
|
|
— |
|
|
|
— |
|
|
|
4.9 |
|
|
|
— |
|
Tax impact of adjusted items at a normalized tax rate (4) |
|
|
(4.0 |
) |
|
|
(3.8 |
) |
|
|
(14.4 |
) |
|
|
(12.2 |
) |
Adjusted net income |
|
$ |
80.1 |
|
|
$ |
78.9 |
|
|
$ |
230.8 |
|
|
$ |
213.6 |
|
Less: Adjusted net income (loss), dispositions (5) |
|
|
0.1 |
|
|
|
(1.0 |
) |
|
|
(6.4 |
) |
|
|
(1.7 |
) |
Adjusted net income, net of dispositions |
|
$ |
80.0 |
|
|
$ |
79.9 |
|
|
$ |
237.2 |
|
|
$ |
215.3 |
|
Weighted average shares outstanding (diluted) |
|
|
28,116,557 |
|
|
|
28,318,633 |
|
|
|
28,272,667 |
|
|
|
28,290,533 |
|
Diluted net income per share, as reported |
|
$ |
2.44 |
|
|
$ |
2.40 |
|
|
$ |
6.71 |
|
|
$ |
6.32 |
|
Adjustments for diluted adjusted net income, net of tax impact, per share (6) |
|
|
0.41 |
|
|
|
0.39 |
|
|
|
1.45 |
|
|
|
1.23 |
|
Diluted adjusted net income per share |
|
$ |
2.85 |
|
|
$ |
2.79 |
|
|
$ |
8.16 |
|
|
$ |
7.55 |
|
Less: Diluted adjusted net income (loss), dispositions, net of tax impact, per share (5) |
|
|
— |
|
|
|
(0.04 |
) |
|
|
(0.23 |
) |
|
|
(0.06 |
) |
Diluted adjusted net income, net of dispositions per share |
|
$ |
2.85 |
|
|
$ |
2.83 |
|
|
$ |
8.39 |
|
|
$ |
7.61 |
|
(1) |
Addback of all non-cash amortization resulting from business combinations. |
(2) |
Includes |
(3) |
During the nine months ended September 30, 2024, we recognized intangible and asset impairment charges for a combined amount of |
(4) |
Normalized effective tax rate of |
(5) |
Represents adjusted net income (loss) and diluted adjusted net income (loss), per share of a single branch. Please see preceding paragraph at the beginning of this section for additional information. |
(6) |
Includes adjustments related to the items noted above, net of tax. |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss), dispositions, as reported |
|
$ |
0.1 |
|
$ |
(1.1 |
) |
|
$ |
(10.2 |
) |
|
$ |
(1.9 |
) |
Amortization expense |
|
|
— |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Asset impairment (1) |
|
|
— |
|
|
— |
|
|
|
4.9 |
|
|
|
— |
|
Tax impact of adjusted items at a normalized tax rate (2) |
|
|
— |
|
|
— |
|
|
|
(1.3 |
) |
|
|
(0.1 |
) |
Adjusted net income (loss), dispositions (3) |
|
$ |
0.1 |
|
$ |
(1.0 |
) |
|
$ |
(6.4 |
) |
|
$ |
(1.7 |
) |
(1) |
During the nine months ended September 30, 2024, we recognized intangible and asset impairment charges for a combined amount of |
(2) |
Normalized effective tax rate of |
(3) |
Represents Adjusted net income (loss) of a single branch. Please see preceding paragraph at the beginning of this section for additional information. |
INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED GROSS PROFIT CALCULATIONS (unaudited, in millions)
The table below reconciles Adjusted Gross Profit to the most directly comparable GAAP financial measure, gross profit, for the periods presented therein. |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross profit |
|
$ |
256.8 |
|
|
$ |
242.1 |
|
|
$ |
742.7 |
|
|
$ |
685.0 |
|
Share-based compensation expense |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.8 |
|
|
|
0.7 |
|
Adjusted gross profit |
|
$ |
257.0 |
|
|
$ |
242.4 |
|
|
$ |
743.5 |
|
|
$ |
685.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit margin |
|
|
33.8 |
% |
|
|
34.3 |
% |
|
|
33.9 |
% |
|
|
33.3 |
% |
Adjusted gross profit margin |
|
|
33.8 |
% |
|
|
34.3 |
% |
|
|
33.9 |
% |
|
|
33.3 |
% |
INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS (unaudited, in millions)
The table below reconciles Adjusted Selling and Administrative to the most directly comparable GAAP financial measure, selling and administrative, for the periods presented therein. |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Selling expense |
|
$ |
35.8 |
|
|
$ |
32.0 |
|
|
$ |
103.6 |
|
|
$ |
97.5 |
|
Administrative expense |
|
|
109.2 |
|
|
|
96.8 |
|
|
|
318.5 |
|
|
|
282.3 |
|
Selling and Administrative expense, as reported |
|
|
145.0 |
|
|
|
128.8 |
|
|
|
422.1 |
|
|
|
379.8 |
|
Share-based compensation expense |
|
|
4.1 |
|
|
|
3.3 |
|
|
|
12.3 |
|
|
|
10.0 |
|
Acquisition related expenses |
|
|
0.5 |
|
|
|
0.2 |
|
|
|
1.6 |
|
|
|
1.3 |
|
Legal reserve |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.3 |
|
Adjusted Selling and Administrative expense |
|
$ |
140.4 |
|
|
$ |
125.3 |
|
|
$ |
408.2 |
|
|
$ |
367.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Selling and Administrative expense - % Total revenue |
|
|
19.1 |
% |
|
|
18.2 |
% |
|
|
19.3 |
% |
|
|
18.5 |
% |
Adjusted Selling and Administrative expense - % Total revenue |
|
|
18.5 |
% |
|
|
17.7 |
% |
|
|
18.6 |
% |
|
|
17.8 |
% |
INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES EBITDA AND ADJUSTED EBITDA CALCULATIONS (unaudited, in millions)
The tables below reconcile EBITDA, Adjusted EBITDA, Adjusted EBITDA, net of dispositions and Adjusted EBITDA, dispositions to the most directly comparable GAAP financial measure, net income, for the periods presented therein. We have included Adjusted EBITDA, net of dispositions, in this press release because it is a key measure used by our management team to understand the operating performance and profitability of our business. During the three months ended June 30, 2024, we decided to wind down the operations of a single new commercial end market-oriented branch that focused on the installation of a non-core end product, due to shifting market conditions, an unfavorable contract settlement, and sub-standard operating performance. Accordingly, we believe that excluding the financial results of this branch from our typical Adjusted EBITDA measure of profitability provides useful insight and metrics relevant to understanding and evaluating the results of our ongoing operations. The Adjusted EBITDA, dispositions line item included below represents the Adjusted EBITDA of this single branch. We currently expect the closing of this branch to be substantially complete by March 31, 2025. |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income, as reported |
|
$ |
68.6 |
|
|
$ |
68.0 |
|
|
$ |
189.7 |
|
|
$ |
178.9 |
|
Interest expense |
|
|
7.7 |
|
|
|
9.7 |
|
|
|
27.8 |
|
|
|
29.2 |
|
Provision for income tax |
|
|
25.3 |
|
|
|
24.8 |
|
|
|
67.3 |
|
|
|
63.9 |
|
Depreciation and amortization |
|
|
25.7 |
|
|
|
24.3 |
|
|
|
74.9 |
|
|
|
72.4 |
|
EBITDA |
|
|
127.3 |
|
|
|
126.8 |
|
|
|
359.7 |
|
|
|
344.4 |
|
Acquisition related expenses |
|
|
0.5 |
|
|
|
0.2 |
|
|
|
1.6 |
|
|
|
1.3 |
|
Share based compensation expense |
|
|
4.5 |
|
|
|
3.5 |
|
|
|
13.2 |
|
|
|
10.6 |
|
Legal reserve |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.3 |
|
Asset impairment (1) |
|
|
— |
|
|
|
— |
|
|
|
4.9 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
132.3 |
|
|
$ |
130.5 |
|
|
$ |
379.4 |
|
|
$ |
357.6 |
|
Adjusted EBITDA, dispositions (2) |
|
|
0.2 |
|
|
|
(1.2 |
) |
|
|
(8.4 |
) |
|
|
(1.7 |
) |
Adjusted EBITDA, net of dispositions (3) |
|
$ |
132.1 |
|
|
$ |
131.7 |
|
|
$ |
387.8 |
|
|
$ |
359.3 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net profit margin |
|
|
9.0 |
% |
|
|
9.6 |
% |
|
|
8.7 |
% |
|
|
8.7 |
% |
EBITDA margin |
|
|
16.7 |
% |
|
|
18.0 |
% |
|
|
16.4 |
% |
|
|
16.7 |
% |
Adjusted EBITDA margin |
|
|
17.4 |
% |
|
|
18.5 |
% |
|
|
17.3 |
% |
|
|
17.4 |
% |
Adjusted EBITDA margin, net of dispositions (3) |
|
|
17.4 |
% |
|
|
18.7 |
% |
|
|
17.7 |
% |
|
|
17.6 |
% |
(1) |
During the nine months ended September 30, 2024, we recognized intangible and asset impairment charges for a combined amount of |
(2) |
Represents Adjusted EBITDA of a single branch. Please see preceding paragraph at the beginning of this section for additional information. |
(3) |
Adjusted EBITDA, net of dispositions and Adjusted EBITDA margin, net of dispositions exclude the results of a single branch. Please see preceding paragraph at the beginning of this section for additional information. |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Net revenue, as reported |
|
$ |
760.6 |
|
$ |
706.5 |
|
$ |
2,191.1 |
|
$ |
2,057.9 |
Less: net revenue, dispositions (1) |
|
|
3.3 |
|
|
3.3 |
|
|
2.8 |
|
|
14.8 |
Net revenue, net of dispositions |
|
$ |
757.3 |
|
$ |
703.2 |
|
$ |
2,188.3 |
|
$ |
2,043.1 |
(1) |
Represents net revenue of a single branch. Please see preceding paragraph at the beginning of this section for additional information. |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss), dispositions, as reported |
|
$ |
0.1 |
|
$ |
(1.1 |
) |
|
$ |
(10.2 |
) |
|
$ |
(1.9 |
) |
Interest expense |
|
|
0.1 |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.4 |
|
(Benefit) for income tax |
|
|
— |
|
|
(0.4 |
) |
|
|
(3.6 |
) |
|
|
(0.7 |
) |
Depreciation and amortization |
|
|
— |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.5 |
|
EBITDA, dispositions |
|
|
0.2 |
|
|
(1.2 |
) |
|
|
(13.3 |
) |
|
|
(1.7 |
) |
Asset impairment (1) |
|
|
— |
|
|
— |
|
|
|
4.9 |
|
|
|
— |
|
Adjusted EBITDA, dispositions (2) |
|
$ |
0.2 |
|
$ |
(1.2 |
) |
|
$ |
(8.4 |
) |
|
$ |
(1.7 |
) |
(1) |
During the nine months ended September 30, 2024, we recognized intangible and asset impairment charges for a combined amount of |
(2) |
Represents Adjusted EBITDA of a single branch. Please see preceding paragraph at the beginning of this section for additional information. |
INSTALLED BUILDING PRODUCTS, INC. SUPPLEMENTARY TABLE (unaudited) |
||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Period-over-period Growth |
|
|
|
|
|
|
|
|
Consolidated Sales Growth |
|
|
|
(1.8)% |
|
|
|
|
Consolidated Same Branch Sales Growth |
|
|
|
(5.2)% |
|
|
|
(0.3)% |
|
|
|
|
|
|
|
|
|
Installation |
|
|
|
|
|
|
|
|
Sales Growth |
|
|
|
(1.7)% |
|
|
|
|
Same Branch Sales Growth |
|
|
|
(5.4)% |
|
|
|
(0.5)% |
|
|
|
|
|
|
|
|
|
Single-Family Sales Growth |
|
|
|
(8.7)% |
|
|
|
(6.0)% |
Single-Family Same Branch Sales Growth |
|
|
|
(12.2)% |
|
|
|
(9.7)% |
|
|
|
|
|
|
|
|
|
Multi-Family Sales Growth |
|
|
|
|
|
|
|
|
Multi-Family Same Branch Sales Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Sales Growth |
|
|
|
(2.7)% |
|
|
|
|
Residential Same Branch Sales Growth |
|
|
|
(6.0)% |
|
|
|
(2.8)% |
|
|
|
|
|
|
|
|
|
Commercial Sales Growth(1) |
|
|
|
|
|
|
|
|
Commercial Same Branch Sales Growth |
|
|
|
(1.3)% |
|
(0.1)% |
|
|
|
|
|
|
|
|
|
|
|
Other (2) |
|
|
|
|
|
|
|
|
Sales Growth |
|
|
|
(0.7)% |
|
|
|
|
Same Branch Sales Growth |
|
|
|
(0.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Branch Sales Growth - Installation |
|
|
|
|
|
|
|
|
Volume Growth(3) |
|
|
|
(10.8)% |
|
|
(10.1)% |
|
Price/Mix Growth(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Completions Growth |
|
|
|
(1.4)% |
|
|
|
|
Single-Family Completions Growth |
|
|
|
(4.7)% |
|
|
|
(2.1)% |
Multi-Family Completions Growth |
|
|
|
|
|
|
|
|
(1) |
Our commercial end market consists of heavy and light commercial projects. |
(2) |
Other business segment category includes our manufacturing and distribution businesses operating segments. |
(3) |
The heavy commercial end market is excluded from these metrics given its much larger per-job revenue compared to our average job. |
(4) |
|
INSTALLED BUILDING PRODUCTS, INC.
INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS (unaudited, in millions) |
||||||||||||||||||||||||||
Revenue Increase |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||||
|
|
|
2024 |
|
% Total |
|
|
2023 |
|
|
% Total |
|
|
2024 |
|
% Total |
|
|
2023 |
|
|
% Total |
||||
Same Branch |
|
$ |
36.6 |
|
67.7 |
% |
|
$ |
(37.4 |
) |
|
295.9 |
% |
|
$ |
88.5 |
|
66.4 |
% |
|
$ |
(6.5 |
) |
|
(8.7 |
)% |
Acquired |
|
|
17.5 |
|
32.3 |
% |
|
|
24.8 |
|
|
(195.9 |
)% |
|
|
44.7 |
|
33.6 |
% |
|
|
81.0 |
|
|
108.7 |
% |
Total |
|
$ |
54.1 |
|
100.0 |
% |
|
$ |
(12.6 |
) |
|
100.0 |
% |
|
$ |
133.2 |
|
100.0 |
% |
|
$ |
74.5 |
|
|
100.0 |
% |
Adjusted EBITDA Margin Contributions * |
|||||||||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|||||||||||||||||||||
|
|
|
2024 |
|
|
% Margin |
|
|
2023 |
|
% Margin |
|
|
2024 |
|
% Margin |
|
|
2023 |
|
% Margin |
||||
Same Branch(1) |
|
$ |
(1.4 |
) |
|
(3.8 |
)% |
|
$ |
5.5 |
|
(14.7 |
)% |
|
$ |
13.7 |
|
15.5 |
% |
|
$ |
19.1 |
|
(293.8 |
)% |
Acquired |
|
|
3.3 |
|
|
18.9 |
% |
|
|
4.8 |
|
19.4 |
% |
|
|
8.1 |
|
18.1 |
% |
|
|
14.7 |
|
18.1 |
% |
Total |
|
$ |
1.9 |
|
|
3.5 |
% |
|
$ |
10.3 |
|
(81.7 |
)% |
|
$ |
21.8 |
|
16.4 |
% |
|
$ |
33.8 |
|
45.4 |
% |
(1) |
Same branch adjusted EBITDA margin contribution percentage is a percentage of same branch revenue increase. |
* |
During the three months ended September 30, 2023, same branch and total revenue declined while same branch and total adjusted EBITDA increased. During the nine months ended September 30, 2023, same branch revenue declined while same branch adjusted EBITDA increased. The negative % margin result in both periods does not reflect a decremental margin, but rather, a quotient with mixed signs for the numerator and denominator. |
Revenue Increase, Net of Dispositions (1) |
||||||||||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||||
|
|
|
2024 |
|
% Total |
|
|
2023 |
|
|
% Total |
|
|
2024 |
|
% Total |
|
|
2023 |
|
|
% Total |
||||
Same Branch |
|
$ |
36.6 |
|
67.7 |
% |
|
$ |
(30.7 |
) |
|
520.3 |
% |
|
$ |
100.5 |
|
69.2 |
% |
|
$ |
(1.1 |
) |
|
(1.4 |
)% |
Acquired |
|
|
17.5 |
|
32.3 |
% |
|
|
24.8 |
|
|
(420.3 |
)% |
|
|
44.7 |
|
30.8 |
% |
|
|
81.0 |
|
|
101.4 |
% |
Total |
|
$ |
54.1 |
|
100.0 |
% |
|
$ |
(5.9 |
) |
|
100.0 |
% |
|
$ |
145.2 |
|
100.0 |
% |
|
$ |
79.9 |
|
|
100.0 |
% |
(1) |
Please see the section - Reconciliation of GAAP to Non-GAAP measures EBITDA and Adjusted EBITDA calculations - in this press release for additional information. |
Adjusted EBITDA, Net of Dispositions Margin Contributions (1) * |
|||||||||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|||||||||||||||||||||
|
|
|
2024 |
|
|
% Margin |
|
|
2023 |
|
% Margin |
|
|
2024 |
|
% Margin |
|
|
2023 |
|
% Margin |
||||
Same Branch(2) |
|
$ |
(2.8 |
) |
|
(7.7 |
)% |
|
$ |
6.5 |
|
(21.2 |
)% |
|
$ |
20.4 |
|
20.3 |
% |
|
$ |
19.3 |
|
(1754.5 |
)% |
Acquired |
|
|
3.3 |
|
|
18.9 |
% |
|
|
4.8 |
|
19.4 |
% |
|
|
8.1 |
|
18.1 |
% |
|
|
14.7 |
|
18.1 |
% |
Total |
|
$ |
0.5 |
|
|
0.9 |
% |
|
$ |
11.3 |
|
(191.5 |
)% |
|
$ |
28.5 |
|
19.6 |
% |
|
$ |
34.0 |
|
42.6 |
% |
(1) |
Please see the section - Reconciliation of GAAP to Non-GAAP measures EBITDA and Adjusted EBITDA calculations - in this press release for additional information. |
(2) |
Same branch adjusted EBITDA margin contribution percentage is a percentage of same branch revenue increase. |
* | During the three months ended September 30, 2023, same branch and total revenue declined while same branch and total adjusted EBITDA increased. During the nine months ended September 30, 2023, same branch revenue declined while same branch adjusted EBITDA increased. The negative % margin result in both periods does not reflect a decremental margin, but rather, a quotient with mixed signs for the numerator and denominator. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106262424/en/
Investor Relations:
614-221-9944
investorrelations@installed.net
Source: Installed Building Products, Inc.
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