- Record Annual Revenues and
Earnings
- Strong Price / Mix Growth in Fourth
Quarter
- Completed 12 Acquisitions Representing
Approximately $83 Million of Annual Revenues
- Returned $89.4 Million of Capital to
Shareholders Through Repurchase Program During 2018
Installed Building Products, Inc. (the "Company" or "IBP")
(NYSE:IBP), an industry-leading installer of insulation and
complementary building products, today announced record results for
the fourth quarter and fiscal year ended December 31, 2018.
Fourth Quarter 2018 Highlights
- Net revenue increased 17.8% to a record
$353.1 million
- Net income increased 52.6% to a record
$16.5 million
- Adjusted EBITDA* increased 20.5% to
$43.6 million
- Net income per diluted share increased
58.8% to $0.54 per diluted share
- Adjusted net income per diluted share
increased 38.5% to $0.72 per diluted share*
- In October 2018, acquired Advanced
Fiber Technology, a manufacturer of cellulose insulation and
industrial fibers in Bucyrus, Ohio with annual revenues of
approximately $18.0 million
- In December 2018, acquired Carolina
Glass & Mirror, Inc., a commercial and residential glass
applications installer in North Carolina with annual revenues of
$6.2 million
- In December 2018, acquired Hamilton
Benchmark Inc., a commercial fire-stopping solutions installer in
Wisconsin with annual revenues of $1.3 million
- During the fourth quarter, IBP
repurchased 1.3 million shares of its common stock, for a total
price of $46.5 million
“IBP ended the year with strong operating and financial
momentum, and I am encouraged by our fourth quarter performance,”
stated Jeff Edwards, Chairman and Chief Executive Officer.
“Throughout the year we worked with our suppliers and customers to
successfully manage the atypical pricing environment. During the
2018 fourth quarter, price / mix contributed 7.8% of sales growth
during the quarter, which combined with strong operating leverage
helped drive record fourth quarter net income.
“IBP’s record results would not be possible if it wasn’t for the
dedication and commitment of our 7,700 employees across the United
States. We experienced improved employee retention rates in 2018 as
a direct result of our financial wellness program, longevity stock
program, and various community engagement programs. In addition,
IBP returned $89.4 million of capital back to shareholders through
our stock repurchase program.
“For 2018, sales increased 18.0%, outpacing the 3.4%
year-over-year growth in total U.S. housing completions. This
performance is a direct result of our ability to grow our core
insulation installation business, while diversifying our
installation services to new geographies, end markets, and product
offerings. During 2018, IBP completed 12 acquisitions representing
approximately $83 million of annual revenues. We also saw an 11.5%
increase in sales of our large commercial construction installation
business in 2018. As our financial results show, IBP continues to
build upon its national platform of installation services and I am
excited by future opportunities to grow and create greater value
for our shareholders,” concluded Mr. Edwards.
Fourth Quarter 2018 Results Overview
For the fourth quarter of 2018, net revenue was $353.1 million,
an increase of 17.8% from $299.9 million in the fourth quarter of
2017. On a same branch basis, net revenue improved 11.1% from the
prior year quarter. Residential same branch sales growth was 10.9%
in the quarter, with more than 70% of the increase attributable to
price gains and more favorable customer and product mix with the
remainder attributable to the growth in the number of completed
jobs. Same branch single-family sales grew 8.6% during the fourth
quarter, compared to a decline in U.S. single-family housing
completions of -1.1%, while our large commercial construction
end-market had organic growth of 13.0%.
Gross profit improved 21.3% to $98.6 million from $81.3 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, branch start-up costs and gain on
a facility disposal, compared to 28.1% for the same period last
year.
Selling and administrative expense, as a percentage of net
revenue, was 18.7% compared to 19.2% in the prior year quarter.
Adjusted selling and administrative expense*, as a percentage of
net revenue, improved 50 basis points to 18.0% from 18.5%. Higher
net revenue in the 2018 fourth quarter more than offset the higher
costs needed to support the Company’s growth.
Net income was $16.5 million, or $0.54 per diluted share,
compared to $10.8 million, or $0.34 per diluted share, in the prior
year quarter. Adjusted net income* was $21.8 million, or $0.72 per
diluted share, compared to $16.6 million, or $0.52 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 $43.6 million, a 20.5% increase from $36.2
million in the prior year quarter, largely due to higher sales and
better selling and administrative leverage. Adjusted EBITDA, as a
percentage of net revenue, was 12.4% compared to 12.1% in the prior
year quarter. The incremental Adjusted EBITDA margin* on same
branch revenue growth was 15.5% (please refer to the Supplementary
Tables at the end of this Press Release).
Full Year 2018 Results Overview
For the year ended December 31, 2018, net revenue was $1,336.4
million, an increase of 18.0% from $1,132.9 million in 2017. On a
same branch basis, net revenue improved 11.5% from the prior year,
with more than half of the increase attributable to growth in the
number of completed jobs and the remainder achieved through price
gains and more favorable customer and product mix. Same branch
residential revenue increased 11.4% as compared to a 3.4% increase
in total U.S. housing completions.
Gross profit improved 14.7% to $371.6 million from $324.0
million in the prior year. Gross margin was 27.8% compared to 28.6%
in the prior year. Adjusted gross profit, adjusted for the
Company’s share-based compensation expense, financial wellness
program, branch start-up costs and gain on a facility disposal,
improved 14.0% to $373.2 million for the full year.
Selling and administrative expense, as a percentage of net
revenue, was 18.9% compared to 19.7% in the prior year. Adjusted
selling and administrative expense, as a percentage of net revenue,
improved 80 basis points to 18.1% from 18.9%.
Net income was $54.7 million, or $1.75 per diluted share,
compared to $41.1 million, or $1.30 per diluted share in the prior
year. Adjusted net income was $83.5 million, or $2.67 per diluted
share, compared to $65.0 million, or $2.05 per diluted share in the
prior year. Adjusted net income adjusts for the impact of non-core
items in both periods, includes an addback for non-cash
amortization expense related to acquisitions, and a release of the
Company’s deferred tax liability as a result of the Tax Cuts and
Jobs Act.
For the full year of 2018, adjusted EBITDA was $164.4 million, a
16.5% increase from $141.1 million in the prior year. Adjusted
EBITDA, as a percentage of net revenue was 12.3%, compared to 12.5%
in the prior year. Operating income was $93.2 million, a 25.5%
increase from $74.3 million in the prior year. The incremental
Adjusted EBITDA margin on same branch revenue growth was 11.9%
(please refer to the Supplementary Tables at the end of this Press
Release).
Net cash from operating activities was $96.6 million, an
increase of 40.5% from $68.8 million in the prior year.
Conference Call and Webcast
The Company will host a conference call and webcast on February
28, 2019 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
March 28, 2019, by dialing 844-512-2921 (domestic) or 412-317-6671
(international) and entering the passcode 13686963.
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, window blinds, 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 demand for our services
and product offerings, expansion of our national footprint and end
markets, diversification of our products, our ability to capitalize
on the new home and commercial construction recovery, our ability
to grow and strengthen our market position, our ability to pursue
and integrate value-enhancing acquisitions, our ability to improve
sales and profitability, expectations for demand for our services
and our earnings in 2019. Forward-looking statements may generally
be identified by the use of words such as "anticipate," "believe,"
"expect," "intends," "plan," and "will" or, in each case, their
negative, or other variations or comparable terminology. These
forward-looking statements include all matters that are not
historical facts. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
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 December 31, Twelve
months ended December 31, 2018 2017 2018
2017 Net revenue $ 353,121 $ 299,869 $ 1,336,432 $ 1,132,927
Cost of sales 254,484 218,524
964,841 808,901 Gross profit 98,637 81,345 371,591
324,026 Operating expenses Selling 17,805 15,909 67,105 58,450
Administrative 48,340 41,774 185,850 164,453 Amortization
5,740 7,067 25,419 26,857
Operating income 26,752 16,595 93,217 74,266 Other expense Interest
expense, net 5,483 5,925 20,496 17,381 Other 118
699 535 1,065 Income before
income taxes 21,151 9,971 72,186 55,820 Income tax provision
(benefit) 4,676 (822 ) 17,438
14,680 Net income $ 16,475 $ 10,793 $ 54,748
$ 41,140 Other comprehensive (loss) income, net of
tax:
Unrealized (loss) gain on cash flow hedge,
net of tax benefit (provision) of $1,106 and $(236) for the three
months ended December 31, 2018 and 2017, respectively, and $284 and
$(206) for the twelve months ended December 31, 2018 and 2017,
respectively
(3,503 ) 552 (1,050 ) 507
Comprehensive income $ 12,972 $ 11,345 $ 53,698
$ 41,647 Basic net income per share $ 0.54 $
0.34 $ 1.76 $ 1.30 Diluted net income per share $
0.54 $ 0.34 $ 1.75 $ 1.30 Weighted average
shares outstanding: Basic 30,321,803 31,659,710 31,107,231
31,639,283 Diluted 30,396,412 31,860,978 31,229,558 31,756,363
INSTALLED BUILDING PRODUCTS, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share
and per share amounts)
December 31, December 31,
2018 2017 ASSETS Cash and cash equivalents $
90,442 $ 62,510 Investments 10,060 30,053
Accounts receivable (less allowance for
doubtful accounts of $5,085 and $4,805 at December 31, 2018 and
2017, respectively)
214,121 180,725 Inventories 61,162 48,346 Other current assets
35,760 33,308 Total current assets
411,545 354,942 Property and equipment, net 90,117 81,075
Non-current assets Goodwill 173,049 155,466 Intangibles, net
149,790 137,991 Other non-current assets 10,157
9,272 Total non-current assets 332,996
302,729 Total assets $ 834,658 $ 738,746
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Current maturities of long-term debt $ 22,642 $ 16,650
Current maturities of capital lease obligations 4,806 5,666
Accounts payable 96,949 87,425 Accrued compensation 27,923 25,399
Other current liabilities 29,366 24,666
Total current liabilities 181,686 159,806 Long-term debt 432,182
330,927 Capital lease obligations, less current maturities 3,824
6,479 Deferred income taxes 6,695 6,444 Other long-term liabilities
27,773 24,562 Total liabilities 652,160
528,218 Commitments and contingencies Stockholders' equity
Preferred stock; $0.01 par value:
5,000,000 authorized and 0 shares issued and outstanding at
December 31, 2018 and 2017, respectively
-
-
Common stock; $0.01 par value: 100,000,000
authorized, 32,723,972 and 32,524,934 issued and 29,915,611 and
31,862,146 shares outstanding at December 31, 2018 and 2017,
respectively
327 325 Additional paid in capital 181,815 174,043 Retained
earnings 105,212 48,434 Treasury stock; at cost: 2,808,361 and
662,788 shares at December 31, 2018 and 2017, respectively (104,425
) (12,781 ) Accumulated other comprehensive income (431 )
507 Total stockholders' equity 182,498
210,528 Total liabilities and stockholders' equity $
834,658 $ 738,746
INSTALLED BUILDING PRODUCTS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands)
Twelve months ended December
31,
2018 2017 Net income $ 54,748 $ 41,140 Adjustments to
reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment 33,306
28,285 Amortization of intangibles 25,419 26,857 Amortization of
deferred financing costs and debt discount 1,164 1,093 Provision
for doubtful accounts 2,630 2,834 Write-off of debt issuance costs
1,164 2,113 Gain on sale of property and equipment (1,098 ) (492 )
Noncash stock compensation 7,839 6,592 Deferred income taxes 470
(6,160 ) Changes in assets and liabilities, excluding effects of
acquisitions Accounts receivable (30,166 ) (19,955 ) Inventories
(15,717 ) (3,667 ) Other assets (4,552 ) (4,602 ) Accounts payable
8,146 6,303 Income taxes receivable / payable 10,273 (18,605 )
Other liabilities 3,007 7,036 Net cash
provided by operating activities 96,633 68,772
Cash flows from investing activities Purchases of
investments (22,818 ) (30,194 ) Maturities of short term
investments 42,782 - Purchases of property and equipment (35,232 )
(31,668 ) Acquisitions of businesses, net of cash acquired of $0
and $247, respectively (57,740 ) (137,120 ) Proceeds from sale of
property and equipment 1,958 959 Other (3,019 )
(2,420 ) Net cash used in investing activities (74,069 )
(200,443 )
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 (2,750 ) (97,750 )
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 25,443
22,460 Debt issuance costs (1,992 ) (8,281 ) Principal payments on
long-term debt (14,130 ) (10,002 ) Principal payments on capital
lease obligations (5,604 ) (7,314 ) Acquisition-related obligations
(3,954 ) (4,464 ) Repurchase of common stock (89,363 ) - Surrender
of common stock awards by employees (2,282 ) (562 ) Purchase of
remaining interest in subsidiary - (1,888 )
Net cash provided by financing activities 5,368
179,699 Net change in cash and cash equivalents
27,932 48,028 Cash and cash equivalents at beginning of period
62,510 14,482 Cash and cash equivalents
at end of period $ 90,442 $ 62,510
Supplemental
disclosures of cash flow information Net cash paid during the
period for: Interest $ 20,075 $ 13,758 Income taxes, net of refunds
- 38,887
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 2,208 4,440 Seller obligations in
connection with acquisition of businesses 7,540 5,128 Unpaid
purchases of property and equipment included in accounts payable
1,773 2,003
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) 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.
Reconciliation of GAAP to Non-GAAP Measures
Adjusted Net Income Calculations (unaudited, in thousands
except for share and per share data) Three months
ended December 31, Twelve months ended December
31, 2018 2017 2018 2017
Net income, as reported $ 16,475 $ 10,793 $ 54,748 $ 41,140
Adjustments for adjusted net income: Writeoff of capitalized loan
costs - 1,791 1,164 2,113 Share based compensation expense 1,756
1,842 7,846 6,591 Acquisition related expenses 800 928 2,674 3,201
Financial Wellness Program 1 - 2,206 604 2,206 Branch start-up
costs 2 214 - 843 - Retirement expense - - 824 - Legal settlement
200 - 990 - Gain on sale of assets (466 ) - (831 ) - Amortization
expense 3 5,740 7,067 25,419 26,857 Tax impact of adjusted items at
normalized tax rate 4 (2,086 ) (4,648 ) (10,002 ) (13,765 ) 2017
Tax Cuts and Jobs Act - Release of deferred tax liability 5
(810 ) (3,386 ) (810 ) (3,386 )
Adjusted
net income $ 21,823 $ 16,593 $ 83,469 $
64,957 Weighted average shares outstanding (diluted)
30,396,412 31,860,978 31,229,558 31,756,363
Diluted net
income per share, as reported $ 0.54 $ 0.34 $ 1.75 $ 1.30
Adjustments for adjusted net income, net of tax impact, per diluted
share 6 0.18 0.18 0.92
0.75
Diluted adjusted net income per share $
0.72 $ 0.52 $ 2.67 $ 2.05 1 Employer
match upon completion of the program, net of waived executive
bonuses 2 Addback of costs related to organic branch expansion for
Alpha locations 3 Addback of all non-cash amortization resulting
from business combinations 4 Normalized effective tax rate of 25.3%
applied to 2018 period, normalized rate of 33.6% applied to 2017
period 5 Tax impacts on deferred tax and uncertain tax positions
recorded as a result of the 2017 Tax Cuts and Jobs Act 6 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 December
31, Twelve months ended December 31, 2018
2017 2018 2017 Gross
profit $ 98,637 $ 81,345 $ 371,591 $ 324,026 Share based
compensation expense 96 458 846 965 Financial Wellness Program 1 -
2,412 711 2,412 Branch start-up costs 214 - 843 - Gain on sale of
assets (466 ) - (831 ) -
Adjusted gross profit $ 98,481 $ 84,215 $ 373,160
$ 327,403 Adjusted gross profit - % Total
Revenue 27.9 % 28.1 % 27.9 % 28.9 %
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 December 31, Twelve
months ended December 31, 2018 2017
2018 2017 Selling expense $ 17,805 $
15,909 $ 67,105 $ 58,450 Administrative expense 48,340
41,774 185,850 164,453
Selling and Administrative $ 66,145 $ 57,683 $
252,955 $ 222,903 Share based compensation
expense 1,660 1,384 7,000 5,626 Acquisition related expenses 800
928 2,674 3,201 Financial Wellness Program 1 - (206 ) (107 ) (206 )
Retirement expense - - 824 - Legal settlement 200
- 990 - Adjusted Selling
and Administrative $ 63,485 $ 55,577 $ 241,574
$ 214,282 Adj. Selling and Administrative - % Total
Revenue 18.0 % 18.5 % 18.1 % 18.9 % 1 Employer match upon
completion of the program, net of waived executive 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 December 31, Twelve months
ended December 31, 2018 2017 2018
2017 Adjusted EBITDA: Net income (GAAP)
$ 16,475 $ 10,793 $ 54,748 $ 41,140 Interest expense 5,483 5,925
20,496 17,381 Provision for income taxes 4,676 (822 ) 17,438 14,680
Depreciation and amortization 14,480 14,619
58,725 55,141 EBITDA
41,114 30,515 151,407
128,342 Acquisition related expenses 800 928 2,674
3,201 Share based compensation expense 1,756 1,842 7,846 6,591
Financial Wellness Program - 2,206 604 2,206 Write-off of uncertain
tax position - 713 - 713 Branch start-up costs 214 - 843 -
Retirement expense - - 824 - Legal settlement 200 - 990 - Gain on
sale of assets (466 ) - (831 ) -
Adjusted EBITDA $ 43,618 $ 36,204 $ 164,357
$ 141,053 Adjusted EBITDA margin 12.4 % 12.1 %
12.3 % 12.5 % INSTALLED BUILDING PRODUCTS,
INC. SUPPLEMENTARY TABLE (unaudited)
Three months ended
December 31, Twelve months ended December 31,
2018 2017 2018 2017
Period-over-period
Growth
Sales Growth 17.8% 28.2% 18.0% 31.3% Same Branch Sales Growth 11.1%
9.4% 11.5% 9.8% Single-Family Sales Growth 16.6% 18.2% 20.0%
17.6% Single-Family Same Branch Sales Growth 8.6% 9.8% 12.1% 7.9%
Residential Sales Growth 18.1% 21.3% 18.4% 24.6% Residential
Same Branch Sales Growth 10.9% 11.1% 11.4% 11.3%
U.S. Housing
Market1
Total Completions Growth -5.3% 5.0% 3.4% 8.8% Single-Family
Completions Growth -1.1% 5.4% 6.1% 7.7%
Same Branch Sales
Growth 2
Volume Growth 3.1% 5.9% 6.1% 5.8% Price/Mix Growth 7.8% 3.5% 5.4%
4.0% Alpha Sales Growth 13.0% N/A 11.5% 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 December
31, Twelve months ended December 31, 2018
% Total 2017 % Total 2018
% Total 2017 % Total
Revenue Increase Same Branch $ 33,276 62.5% $ 21,959 33.3% $
129,969 63.9% $ 84,245 31.2% Acquired 19,976 37.5%
43,933 66.7% 73,536 36.1% 185,701 68.8% Total $
53,252 100.0% $ 65,892 100.0% $ 203,505 100.0% $ 269,946 100.0%
Adj EBITDA Adj EBITDA Adj EBITDA Adj EBITDA
Contribution Contribution Contribution Contribution
Adjusted
EBITDA Same Branch $ 5,152 15.5% $ 1,849 8.4% $ 15,434 11.9% $
11,598 13.8% Acquired 2,262 11.3% 4,558 10.4%
7,870 10.7% 24,627 13.3% Total $ 7,414 13.9% $ 6,407 9.7% $
23,304 11.5% $ 36,225 13.4%
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version on businesswire.com: https://www.businesswire.com/news/home/20190228005152/en/
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