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
third quarter ended September 30, 2018.
Third Quarter 2018 Highlights
- Net revenue increased 18.2% to a record
$349.0 million
- Net income increased 29.6% to $15.6
million
- Adjusted EBITDA* increased 11.2% to
$43.8 million
- Net income per diluted share increased
31.6% to $0.50
- Adjusted net income per diluted share*
increased 26.3% to $0.72
- Purchased 381 thousand shares of common
stock for approximately $18.2 million
- In September 2018, acquired Water-Tite
Solution, Inc., a provider of commercial waterproofing installation
services in the Tampa, Florida market with annual revenue of over
$6.0 million.
- In September 2018, acquired Trademark
Roofing and Gutters, a provider of roofing and gutter installation
services primarily to the new residential construction market in
Raleigh, North Carolina with annual revenue of approximately $9.0
million.
- In August 2018, acquired Cutting Edge
Glass, a provider of glass and glazing systems primarily to the
commercial construction market in Denver, Colorado with annual
revenue of over $10.0 million.
Recent Developments
- In October 2018, acquired Advanced
Fiber Technology, a manufacturer of cellulose insulation, asphalt,
and industrial fibers in Bucyrus, Ohio with annual revenues of
approximately $18.0 million
- IBP’s Board of Directors expands stock
repurchase program by $100.0 million, effective as of November 5,
2018, and extends program through February 28, 2020
“IBP achieved record revenue in the 2018 third quarter, which
was driven by our presence in many of the country’s strongest
housing markets. Third quarter revenue growth also benefitted from
the contribution of our recent acquisitions, strong revenue
performance at Alpha, and price/mix growth,” stated Jeff Edwards,
Chairman and Chief Executive Officer. “We reported strong
year-over-year earnings growth in the quarter, even though
profitability was impacted by material inflation of approximately
$4.5 million as manufacturers continue to announce price increases.
We are proactively working with customers and suppliers to mitigate
these cost impacts, and believe it may take a few quarters for us
to fully address the current inflationary material price
environment.”
“Our proven acquisition strategy is focused on geographic,
product, and end market expansion and I am encouraged by the
performance of our recent acquisitions. IBP’s pipeline remains
strong and we continue to pursue accretive acquisitions that fit
our criteria. Given IBP’s current valuation and the strength of our
balance sheet, we are pleased with the Board’s decision to approve
a $100.0 million expansion of our stock repurchase program, which
demonstrates our commitment to creating shareholder value and our
focused approach on maximizing returns on capital.”
Mr. Edwards concluded, “2018 is shaping up to be a record year.
We believe we have the leadership team, business plan, and
financial model to create significant long-term value for our
shareholders, employees, and customers.”
Third Quarter 2018 Results Overview
For the third quarter of 2018, net revenue was $349.0 million,
an increase of 18.2% from $295.2 million in the third quarter of
2017. On a same branch basis, net revenue improved 12.2% from the
prior year quarter. Residential same branch sales growth was 11.3%
in the quarter, with more than half of the increase attributable to
growth in the number of completed jobs and the remainder through
price gains and more favorable customer and product mix. Same
branch single-family sales grew 12.9% during the third quarter,
compared to growth in U.S. single-family housing completions of
9.6%, while our large commercial construction end market had
organic growth of 15.8%.
Gross profit improved 13.7% to $97.3 million from $85.6 million
in the prior year quarter. Adjusted gross profit* as a percent of
total revenue was 27.9% which adjusts for the Company’s share-based
compensation expense and branch start-up costs, compared to 29.2%
for the same period last year, attributable to the impacts of
material inflation.
Selling and administrative expense, as a percentage of net
revenue, was 18.8% compared to 19.1% in the prior year quarter.
Adjusted selling and administrative expense*, as a percentage of
net revenue, improved 60 basis points to 17.7% from 18.3%. Higher
net revenue in the 2018 third quarter more than offset the higher
costs needed to support the Company’s growth.
Net income was $15.6 million, or $0.50 per diluted share,
compared to $12.0 million, or $0.38 per diluted share in the prior
year quarter. Adjusted net income* was $22.4 million, or $0.72 per
diluted share, compared to $18.3 million, or $0.57 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 $43.8 million, an 11.2% increase from $39.3
million in the prior year quarter, largely due to higher sales and
improved selling and administrative leverage. Adjusted EBITDA, as a
percentage of net revenue, was 12.5%, compared to 13.3% in the
prior year quarter, attributable to the impacts of material
inflation.
Stock Repurchase Program
IBP’s Board of Directors has approved an expansion of our stock
repurchase program, effective as of November 5, 2018, pursuant to
which the Company may repurchase up to an additional $100.0 million
of its outstanding common stock. The program will remain in effect
until February 28, 2020, unless extended by the Board of Directors.
The Board previously approved a stock repurchase program, effective
as of March 2, 2018, for up to $50.0 million of the Company’s
outstanding common stock and there is currently $7.2 million of
remaining availability for additional repurchases.
Under the repurchase program, the Company may purchase shares of
its common stock through open market transactions, accelerated
share repurchase transactions, privately negotiated transactions,
block purchases or otherwise in accordance with applicable federal
securities laws, including Rule 10b-18 of the Securities
Exchange Act of 1934, as amended and pursuant to any trading plan
that may be adopted in accordance with Rule 10b5-1 of the
Securities Exchange Act of 1934, as amended. The timing and amount
of any repurchases under this program will be determined by the
Company’s management at its discretion based on a variety of
factors, including the market price of our common stock, corporate
considerations, general market and economic conditions, and legal
requirements. The program may be modified, discontinued or
suspended at any time or from time to time. The Company anticipates
funding for this program to come from available corporate funds,
including cash on hand and future cash flow.
Conference Call and Webcast
The Company will host a conference call and webcast on Thursday,
November 1, 2018 at 10:00 a.m. Eastern Time to discuss these
results. To participate in the call, please dial 855-327-6837
(domestic) or 631-891-4304 (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 1, 2018, by dialing 844-512-2921
(domestic) or 412-317-6671 (international) and entering the
passcode 10005766.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
insulation installers for the residential new construction market
and is also a diversified installer of complementary building
products, including waterproofing, fire-stopping and fireproofing,
garage doors, rain gutters, shower doors, closet shelving and
mirrors, throughout the United States. The Company manages all
aspects of the installation process for its customers, including
direct purchases of materials from national manufacturers, 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 branch locations.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including with respect
to our financial and business model, the expanded stock repurchase
program and the potential benefits, 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 strengthen our market position, our
ability to pursue and integrate value-enhancing acquisitions, our
ability to improve sales and profitability, expectations for demand
for our services and our earnings in 2018. 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, the material price environment,
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, 2017, 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.
INSTALLED BUILDING PRODUCTS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited, in thousands, except share and per share amounts)
Three months ended September 30, Nine months ended
September 30, 2018 2017 2018
2017 Net revenue $ 348,999 $ 295,193 $ 983,311 $ 833,058
Cost of sales 251,665 209,612 710,358
590,377 Gross profit 97,334 85,581 272,953 242,681 Operating
expenses Selling 17,434 14,865 49,300 42,541 Administrative 48,337
41,657 137,511 122,679 Amortization 5,228 6,824
19,678 19,790 Operating income 26,335 22,235
66,464 57,671 Other expense Interest expense, net 5,282 4,421
15,013 11,456 Other 132 83 417 366
Income before income taxes 20,921 17,731 51,034 45,849
Income tax provision 5,358 5,721 12,762
15,502 Net income $ 15,563 $ 12,010 $ 38,272 $ 30,347
Other comprehensive income (loss), net of tax: Unrealized
gain (loss) on cash flow hedge, net of tax provision of $278 and
$21 for the three months ended September 30, 2018 and 2017,
respectively, and $822 and $21 for the nine months ended September
30, 2018 and 2017, respectively
818 32 2,453 (45 ) Comprehensive income
$ 16,381 $ 12,042 $ 40,725 $ 30,302 Basic net income
per share $ 0.50 $ 0.38 $ 1.22 $ 0.96 Diluted net income per
share $ 0.50 $ 0.38 $ 1.21 $ 0.96 Weighted average shares
outstanding: Basic 31,229,086 31,659,503 31,373,871 31,632,400
Diluted 31,312,756 31,766,881 31,512,104 31,712,515
INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited, in thousands, except share and per share
amounts)
September 30, December 31, 2018
2017 ASSETS Cash and cash equivalents $ 139,089 $
62,510 Investments 15,358 30,053
Accounts receivable (less allowance for
doubtful accounts of $5,405 and $4,805 at September 30, 2018 and
December 31, 2017, respectively)
219,444 180,725 Inventories 51,491 48,346 Other current assets
32,836 33,308 Total current assets
458,218 354,942 Property and equipment, net 85,505 81,075
Non-current assets Goodwill 167,738 155,466 Intangibles, net
139,709 137,991 Other non-current assets 11,936
9,272 Total non-current assets 319,383
302,729 Total assets $ 863,106 $ 738,746
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Current maturities of long-term debt $ 22,481 $ 16,650
Current maturities of capital lease obligations 4,954 5,666
Accounts payable 94,781 87,425 Accrued compensation 25,370 25,399
Other current liabilities 29,510 24,666
Total current liabilities 177,096 159,806 Long-term debt 433,752
330,927 Capital lease obligations, less current maturities 3,870
6,479 Deferred income taxes 7,758 6,444 Other long-term liabilities
26,279 24,562 Total liabilities 648,755
528,218 Commitments and contingencies Stockholders' equity
Preferred stock; $0.01 par value:
5,000,000 authorized and 0 shares issued and outstanding at
September 30, 2018 and December 31, 2017, respectively
-
-
Common stock; $0.01 par value: 100,000,000
authorized, 32,723,972 and 32,524,934 issued and 31,224,974 and
31,862,146 shares outstanding at September 30, 2018 and December
31, 2017, respectively
327 325 Additional paid in capital 180,106 174,043 Retained
earnings 88,736 48,434 Treasury stock; at cost: 1,498,998 and
662,788 shares at September 30, 2018 and December 31, 2017,
respectively (57,890 ) (12,781 ) Accumulated other comprehensive
income 3,072 507 Total stockholders'
equity 214,351 210,528 Total
liabilities and stockholders' equity $ 863,106 $ 738,746
INSTALLED BUILDING PRODUCTS, INC. CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (unaudited, in thousands)
Nine months
ended September 30, 2018 2017 Net
income $ 38,272 $ 30,347 Adjustments to reconcile net income to net
cash provided by operating activities Depreciation and amortization
of property and equipment 24,567 20,732 Amortization of intangibles
19,678 19,790 Amortization of deferred financing costs and debt
discount 883 768 Provision for doubtful accounts 2,219 2,208
Write-off of debt issuance costs 1,164 1,201 Gain on sale of
property and equipment (551 ) (329 ) Noncash stock compensation
6,089 4,750 Changes in assets and liabilities, excluding effects of
acquisitions Accounts receivable (35,953 ) (24,636 ) Inventories
(6,799 ) 68 Other assets (801 ) 695 Accounts payable 7,523 2,665
Income taxes receivable / payable 10,542 (10,167 ) Other
liabilities 2,016 5,249 Net cash
provided by operating activities 68,849 53,341
Cash flows from investing activities Purchases of
investments (22,818 ) (25,195 ) Maturities of short term
investments 37,500 - Purchases of property and equipment (27,051 )
(22,947 ) Acquisitions of businesses, net of cash acquired of $0
and $247, respectively (34,682 ) (130,994 ) Proceeds from sale of
property and equipment 1,106 682 Other (1,590 )
(1,845 ) Net cash used in investing activities (47,535 )
(180,299 )
Cash flows from financing activities
Proceeds from term loan under credit agreement applicable to
respective period 100,000 300,000 Payments on term loan under
credit agreement applicable to respective period (750 ) (97,000 )
Proceeds from delayed draw term loan under credit agreement
applicable to respective period - 112,500 Payments on delayed draw
term loan under credit agreement applicable to respective period -
(125,000 ) Proceeds from vehicle and equipment notes payable 20,657
15,817 Debt issuance costs (1,992 ) (8,175 ) Principal payments on
long-term debt (10,324 ) (7,201 ) Principal payments on capital
lease obligations (4,316 ) (5,583 ) Acquisition-related obligations
(2,901 ) (3,434 ) Repurchase of common stock (42,827 ) - Surrender
of common stock awards by employees (2,282 ) (550 ) Purchase of
remaining interest in subsidiary - (1,890 )
Net cash provided by financing activities 55,265
179,484 Net change in cash and cash equivalents
76,579 52,526 Cash and cash equivalents at beginning of period
62,510 14,482 Cash and cash equivalents
at end of period $ 139,089 $ 67,008
Supplemental
disclosures of cash flow information Net cash paid during the
period for: Interest $ 14,110 $ 9,733 Income taxes, net of refunds
1,902 26,292
Supplemental disclosure of noncash investing and
financing activities Common stock issued for acquisition of
business - 10,859 Vehicles capitalized under capital leases and
related lease obligations 1,034 4,073 Seller obligations in
connection with acquisition of businesses 5,420 3,759 Unpaid
purchases of property and equipment included in accounts payable
615 1,108
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.
INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF
GAAP TO NON-GAAP MEASURES ADJUSTED NET INCOME CALCULATIONS
(unaudited, in thousands, except share and per share amounts)
Three months ended September 30, Nine months ended
September 30, 2018 2017 2018
2017 Net income, as reported $ 15,563 $ 12,010
$ 38,272 $ 30,347 Adjustments for adjusted net income: Writeoff of
capitalized loan costs 50 - 1,164 1,201 Share based compensation
expense 1,894 2,179 6,089 4,749 Acquisition related expenses 674
926 1,874 2,273 Financial Wellness Program 1 - - 604 - Branch
start-up costs 2 166 - 628 - Retirement expense 824 - 824 - Legal
settlement 790 - 790 - Gain on sale of assets (364 ) - (364 ) -
Amortization expense 3 5,228 6,824 19,678 19,790 Tax impact of
adjusted items at normalized tax rate 4 (2,408 )
(3,674 ) (8,135 ) (10,365 )
Adjusted net
income $ 22,417 $ 18,265 $ 61,424 $ 47,995
Weighted average shares outstanding (diluted)
31,312,756 31,766,881 31,512,104 31,712,515
Diluted net
income per share, as reported $ 0.50 $ 0.38 $ 1.21 $ 0.96
Adjustments for adjusted net income, net of tax impact, per diluted
share 5 0.22 0.19 0.74
0.55
Diluted adjusted net income per share $
0.72 $ 0.57 $ 1.95 $ 1.51
1
Employer match upon completion of the
program, net of waived 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
Estimated tax rate of 26.0% applied to
2018 period, normalized rate of 37.0% applied to 2017 period
5
Includes adjustments related to the items
noted above, net of tax
INSTALLED BUILDING PRODUCTS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED GROSS PROFIT
CALCULATIONS (unaudited, in thousands)
Three months ended
September 30, Nine months ended September 30,
2018 2017 2018 2017
Gross profit $ 97,334 $ 85,581 $ 272,953 $ 242,681 Share
based compensation expense 94 507 749 507 Financial Wellness
Program 1 - - 711 - Branch start-up costs 166 - 628 - Gain on sale
of assets (364 ) - (364 ) - Adjusted
gross profit $ 97,230 $ 86,088 $ 274,677 $
243,188 Adjusted gross profit - % Total Revenue 27.9
% 29.2 % 27.9 % 29.2 %
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 September 30, Nine months ended
September 30, 2018 2017 2018
2017 Selling expense $ 17,434 $ 14,865 $ 49,300 $
42,541 Administrative expense 48,337 41,657 137,511 122,679
Selling and Administrative $ 65,771 $
56,522 $ 186,811 $ 165,220 Share based
compensation expense 1,800 1,672 5,340 4,242 Acquisition related
expenses 674 926 1,874 2,273 Financial Wellness Program 1 - - (107
) - Retirement expense 824 - 824 - Legal settlement 790 - 790 -
Adjusted Selling and Administrative $
61,683 $ 53,924 $ 178,090 $ 158,705
Adj. Selling and Administrative - % Total Revenue 17.7 %
18.3 % 18.1 % 19.1 % 1 Employer match upon completion
of the program, net of waived bonuses
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 September 30, Nine months ended
September 30, 2018 2017 2018
2017 Adjusted EBITDA: Net income (GAAP) $
15,563 $ 12,010 $ 38,272 $ 30,347 Interest expense 5,282 4,421
15,013 11,456 Provision for income taxes 5,358 5,721 12,762 15,502
Depreciation and amortization 13,563 14,074
44,245 40,522 EBITDA
39,766 36,226 110,292
97,827 Acquisition related expenses 674 926 1,874
2,273 Share based compensation expense 1,894 2,179 6,089 4,749
Financial Wellness Program - - 604 - Branch start-up costs 166 -
628 - Retirement expense 824 - 824 - Legal settlement 790 - 790 -
Gain on sale of assets (364 ) - (364 )
- Adjusted EBITDA $ 43,750 $ 39,331 $
120,737 $ 104,849 Adjusted EBITDA margin 12.5
% 13.3 % 12.3 % 12.6 % INSTALLED BUILDING
PRODUCTS, INC. SUPPLEMENTARY TABLE (unaudited)
Three
months ended September 30, Nine months ended September
30, 2018 2017 2018
2017
Period-over-period
Growth
Sales Growth 18.2% 31.0% 18.0% 32.4% Same Branch Sales Growth 12.2%
9.4% 11.6% 9.9% Single-Family Sales Growth 19.5% 18.3% 21.2%
17.5% Single-Family Same Branch Sales Growth 12.9% 7.2% 13.4% 7.2%
Residential Sales Growth 17.4% 25.6% 18.5% 25.8% Residential
Same Branch Sales Growth 11.3% 11.7% 11.6% 11.4%
U.S. Housing
Market1
Total Completions Growth 4.9% 6.7% 6.5% 10.3% Single-Family
Completions Growth 9.6% 6.4% 8.7% 8.6%
Same Branch Sales
Growth 2
Volume Growth 7.6% 3.7% 7.2% 5.7% Price/Mix Growth 4.2% 5.7% 4.5%
4.2% Alpha Sales Growth 15.8% N/A 11.0% N/A
1
U.S. Census Bureau data, as revised
2
Same branch volume and price/mix growth
excludes Alpha sales growth
INSTALLED BUILDING PRODUCTS,
INC. INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS (unaudited, in
thousands)
Three months ended September 30, Nine
months ended September 30, 2018 % Total
2017 % Total 2018 % Total
2017 % Total Revenue Increase
Same Branch $ 36,011 66.9 % $ 21,094 30.2 % $ 96,694 64.4 % $
62,287 30.5 % Acquired 17,794 33.1 % 48,706 69.8 %
53,559 35.6 % 141,768 69.5 % Total $ 53,806 100.0 % $
69,801 100.0 % $ 150,253 100.0 % $ 204,055 100.0 %
Adj EBITDA Adj EBITDA Adj EBITDA Adj EBITDA Contribution
Contribution Contribution Contribution
Adjusted EBITDA
Same Branch $ 2,668 7.4 % $ 3,352 15.9 % $ 10,279 10.6 % $
9,749 15.7 % Acquired 1,751 9.8 % 6,445 13.2 %
5,608 10.5 % 20,069 14.2 % Total $ 4,419 8.2 % $ 9,797 14.0
% $ 15,887 10.6 % $ 29,818 14.6 %
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Installed Building Products, Inc.Investor Relations,
614-221-9944investorrelations@installed.net
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