Aug 2, 2018

Installed Building Products Reports Results for Second Quarter 2018

COLUMBUS, Ohio--(BUSINESS WIRE)--Aug. 2, 2018-- 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 second quarter ended June 30, 2018.

Second Quarter 2018 Highlights

  • Net revenue increased 17.9% to a record $332.6 million
  • Net income increased 36.3% to a record $16.3 million
  • Adjusted EBITDA* increased 16.2% to a record $45.6 million
  • Net income per diluted share increased 36.8% to $0.52
  • Adjusted net income per diluted share* increased 32.2% to $0.78
  • In June 2018, successfully increased the size of its existing Term Loan B facility as well as its revolving credit facility and extended the maturity date for each by approximately one year.
  • In April 2018, acquired H2H Blinds, LLC, an installer of blinds and shutters primarily for the residential construction market in Georgia and North Carolina with annual sales of approximately $7.5 million
  • In May 2018, acquired Green Star Plus Insulation, an insulation installer located in Southern Indiana with approximately $2.3 million in sales.
  • In May 2018, acquired Advanced Insulation, a spray foam and fiberglass installer located in St Augustine, Florida with approximately $1.3 million in sales.

“Record revenues and an improving pricing environment helped IBP produce record adjusted EBITDA* for the 2018 second quarter,” stated Jeff Edwards, Chairman and Chief Executive Officer. “We continue to successfully negotiate better pricing with our customers and experienced strong price momentum during the quarter. Based on current and improving market conditions, we believe pricing will continue to improve throughout the remainder of the year, which will benefit margins and incremental earnings. In addition, IBP produced strong operating leverage during the quarter with selling and administrative expenses as a percent of revenues at the lowest level we’ve reported since the Company went public in 2014.

“We remain committed to our acquisition growth strategy and believe we have developed a strong, unique, and experienced platform. Since our IPO in 2014, we have acquired a diverse group of installation businesses, representing more than 40 companies and approximately $425 million of annual revenues at the time of acquisition. IBP’s pipeline remains strong as we continue to pursue accretive acquisitions that expand our geographic presence and diversify our product and end market mix. We continue to expect 2018 will be another year of record sales and earnings.”

Second Quarter 2018 Results Overview

For the second quarter of 2018, net revenue was $332.6 million, an increase of 17.9% from $282.2 million in the second quarter of 2017. On a same branch basis, net revenue improved 11.3% from the prior year quarter. Residential same branch sales growth was 12.1% 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 14.5% during the second quarter, outpacing the growth in U.S. single-family housing completions of 6.5%, while our large commercial construction end market had organic growth of 4.1%.

Gross profit improved 12.6% to $95.6 million from $84.9 million in the prior year quarter. Adjusted gross profit* as a percent of total revenue was 28.9% which adjusts for the Company’s share-based compensation expense, financial wellness program and branch start-up costs, compared to 30.1% for the same period last year.

Selling and administrative expense, as a percentage of net revenue, was 18.3% compared to 19.6% in the prior year quarter. Adjusted selling and administrative expense*, as a percentage of net revenue, improved 100 basis points to 17.6% from 18.6%. Higher net revenue in the 2018 second quarter more than offset the higher costs needed to support the Company’s growth.

Net income was $16.3 million, or $0.52 per diluted share, compared to $12.0 million, or $0.38 per diluted share in the prior year quarter. Adjusted net income* was $24.6 million, or $0.78 per diluted share, compared to $18.7 million, or $0.59 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 $45.6 million, a 16.2% increase from $39.2 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 13.7%, compared to 13.9% in the prior year quarter.

Conference Call and Webcast

The Company will host a conference call and webcast on Thursday, August 2, 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 September 2, 2018, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 10005279.

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 the housing market, our financial and business model, our ability to increase selling prices, the demand for our services and product offerings, expansion of our national footprint and diversification, 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, and 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, 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 June 30,   Six months ended June 30,
        2018   2017   2018   2017
Net revenue   $ 332,584   $ 282,196     $ 634,312   $ 537,865  
Cost of sales     236,941     197,268       458,693     380,765  
    Gross profit     95,643     84,928       175,619     157,100  
Operating expenses                
  Selling     16,020     13,650       31,866     27,676  
  Administrative     44,971     41,761       89,174     81,022  
  Amortization     7,322     6,550       14,450     12,966  
    Operating income     27,330     22,967       40,129     35,436  
Other expense                
  Interest expense, net     5,691     4,865       9,731     7,035  
  Other     163     131       285     283  
  Income before income taxes     21,476     17,971       30,113     28,118  
Income tax provision     5,161     5,998       7,404     9,781  
Net income   $ 16,315   $ 11,973     $ 22,709   $ 18,337  
                     
Other comprehensive income (loss), net of tax:                
  Unrealized gain (loss) on cash flow hedge, net of tax (provision) benefit of ($159) and $50 for the three months ended June 30, 2018 and 2017, respectively, and ($545) and $50 for the six months ended June 30, 2018 and 2017, respectively     475     (77 )     1,635     (77 )
Comprehensive income   $ 16,790   $ 11,896     $ 24,344   $ 18,260  
                     
Basic and diluted net income per share   $ 0.52   $ 0.38     $ 0.72   $ 0.58  
Weighted average shares outstanding:                
  Basic     31,345,390     31,646,460       31,447,067     31,618,624  
  Diluted     31,452,583     31,709,554       31,612,581     31,698,460  
                   
         

INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

             
        June 30,   December 31,
        2018   2017
ASSETS        
Current assets        
  Cash and cash equivalents   $ 139,746     $ 62,510  
  Investments     20,312       30,053  
 

Accounts receivable (less allowance for doubtful accounts of $4,711 and $4,805 at June 30, 2018 and December 31, 2017, respectively)

    202,150       180,725  
  Inventories     48,574       48,346  
  Other current assets     40,838       33,308  
    Total current assets     451,620       354,942  
Property and equipment, net     85,048       81,075  
Non-current assets        
  Goodwill     163,023       155,466  
  Intangibles, net     134,233       137,991  
  Other non-current assets     11,246       9,272  
    Total non-current assets     308,502       302,729  
    Total assets   $ 845,170     $ 738,746  
             
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities        
  Current maturities of long-term debt   $ 20,083     $ 16,650  
  Current maturities of capital lease obligations     5,143       5,666  
  Accounts payable     87,299       87,425  
  Accrued compensation     22,117       25,399  
  Other current liabilities     26,802       24,666  
    Total current liabilities     161,444       159,806  
Long-term debt     433,324       330,927  
Capital lease obligations, less current maturities     4,752       6,479  
Deferred income taxes     7,667       6,444  
Other long-term liabilities     22,920       24,562  
    Total liabilities     630,107       528,218  
Commitments and contingencies        
Stockholders' equity        
 

Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at June 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 31,606,349 and 31,862,146 shares outstanding at June 30, 2018 and December 31, 2017, respectively

    327       325  
  Additional paid in capital     178,266       174,043  
  Retained earnings     73,919       48,434  
  Treasury Stock; at cost: 1,117,623 and 662,788 shares at June 30, 2018 and December 31, 2017, respectively     (39,703 )     (12,781 )
  Accumulated other comprehensive income     2,254       507  
    Total stockholders' equity     215,063       210,528  
    Total liabilities and stockholders' equity   $ 845,170     $ 738,746  
             
         

INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

                     
                Six months ended June 30,
                2018   2017
Cash flows from operating activities        
Net income   $ 22,709     $ 18,337  
Adjustments to reconcile net income to net cash provided by operating activities        
    Depreciation and amortization of property and equipment     16,231       13,482  
    Amortization of intangibles     14,450       12,966  
    Amortization of deferred financing costs and debt discount     601       424  
    Provision for doubtful accounts     1,108       1,807  
    Write-off of debt issuance costs     1,114       1,201  
    Gain on sale of property and equipment     (227 )     (190 )
    Noncash stock compensation     4,196       2,570  
    Changes in assets and liabilities, excluding effects of acquisitions        
      Accounts receivable     (20,192 )     (17,421 )
      Inventories     (3,995 )     342  
      Other assets     (3,739 )     (1,263 )
      Accounts payable     304       (2,043 )
      Income taxes payable/receivable     5,187       (4,102 )
      Other liabilities     (4,622 )     2,316  
          Net cash provided by operating activities     33,125       28,426  
Cash flows from investing activities        
  Purchases of investments     (17,782 )     (25,328 )
  Maturities of short term investments     27,500       -  
  Purchases of property and equipment     (18,478 )     (14,681 )
  Acquisitions of businesses, net of cash acquired of $0 and $247, respectively     (18,626 )     (116,883 )
  Proceeds from sale of property and equipment     557       451  
  Other     (1,540 )     (1,532 )
          Net cash used in investing activities     (28,369 )     (157,973 )
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 )     (96,250 )
  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     14,271       9,317  
  Debt issuance costs     (1,933 )     (7,940 )
  Principal payments on long-term debt     (6,863 )     (4,915 )
  Principal payments on capital lease obligations     (3,028 )     (3,738 )
  Acquisition-related obligations     (2,295 )     (1,669 )
  Repurchase of common stock     (24,640 )     -  
  Surrender of common stock awards by employees     (2,282 )     (550 )
          Net cash provided by financing activities     72,480       181,755  
Net change in cash and cash equivalents     77,236       52,208  
Cash and cash equivalents at beginning of period     62,510       14,482  
Cash and cash equivalents at end of period   $ 139,746     $ 66,690  
Supplemental disclosures of cash flow information        
  Net cash paid during the period for:        
    Interest   $ 8,349     $ 5,634  
    Income taxes, net of refunds     1,906       13,401  
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     814       2,519  
  Seller obligations in connection with acquisition of businesses     3,801       3,025  
  Unpaid purchases of property and equipment included in accounts payable     1,027       658  
           

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)

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

Per share figures may reflect rounding adjustments and consequently totals may not appear to sum.

         
    Three months ended June 30,   Six months ended June 30,
    2018   2017   2018   2017
                 
Net income, as reported   $ 16,315     $ 11,973     $ 22,709     $ 18,337  
Adjustments for adjusted net income:                
Writeoff of capitalized loan costs     1,114       1,201       1,114       1,201  
Share based compensation expense     1,955       2,091       4,196       2,570  
Acquisition related expenses     684       794       1,200       1,347  
Financial Wellness Program 1     -       -       604       -  
Branch start-up costs 2     185       -       463       -  
Amortization expense 3     7,322       6,550       14,450       12,966  
Tax impact of adjusted items at normalized tax rate 4     (2,928 )     (3,935 )     (5,727 )     (6,691 )
Adjusted net income   $ 24,647     $ 18,674     $ 39,009     $ 29,730  
                 
Weighted average shares outstanding (diluted)     31,452,583       31,709,554       31,612,581       31,698,460  
                 
Diluted net income per share, as reported   $ 0.52     $ 0.38     $ 0.72     $ 0.58  
Adjustments for adjusted net income, net of tax impact, per diluted share 5     0.26       0.21       0.51       0.36  
Diluted adjusted net income per share   $ 0.78     $ 0.59     $ 1.23     $ 0.94  
                 

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 June 30,   Six months ended June 30,
    2018   2017   2018   2017
                 
Gross profit   $ 95,643     $ 84,928     $ 175,619     $ 157,100  
Share based compensation expense     180       -       655       -  
Financial Wellness Program 1     -       -       711       -  
Branch start-up costs     185       -       463       -  
                 
Adjusted gross profit   $ 96,008     $ 84,928     $ 177,448     $ 157,100  
                 
Adjusted gross profit - % Total Revenue     28.9 %     30.1 %     28.0 %     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 June 30,   Six months ended June 30,
    2018   2017   2018   2017
                 
Selling expense   $ 16,020     $ 13,650     $ 31,866     $ 27,676  
Administrative expense     44,971       41,761       89,174       81,022  
                 
Selling and Administrative   $ 60,991     $ 55,411     $ 121,040     $ 108,698  
                 
Share based compensation expense     1,775       2,091       3,541       2,570  
Acquisition related expenses     684       794       1,200       1,347  
Financial Wellness Program 1     -       -       (107 )     -  
                 
Adjusted Selling and Administrative   $ 58,532     $ 52,526     $ 116,406     $ 104,781  
                 
Adj. Selling and Administrative - % Total Revenue     17.6 %     18.6 %     18.4 %     19.5 %
                 
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 June 30,   Six months ended June 30,
          2018   2017   2018   2017
  Adjusted EBITDA:                
                       
  Net income (GAAP)   $ 16,315     $ 11,973     $ 22,709     $ 18,337  
      Interest expense     5,691       4,865       9,731       7,035  
      Provision for income taxes     5,161       5,998       7,404       9,781  
      Depreciation and amortization     15,576       13,481       30,682       26,448  
  EBITDA     42,743       36,317       70,526       61,601  
                       
      Acquisition related expenses     684       794       1,200       1,347  
      Share based compensation expense     1,955       2,091       4,196       2,570  
      Financial Wellness Program     -       -       604       -  
      Branch start-up costs     185       -       463       -  
  Adjusted EBITDA   $ 45,567     $ 39,202     $ 76,989     $ 65,518  
                       
  Adjusted EBITDA margin     13.7 %     13.9 %     12.1 %     12.2 %
                   
                 

INSTALLED BUILDING PRODUCTS, INC.

SUPPLEMENTARY TABLE

(unaudited)

                 
    Three months ended June 30,   Six months ended June 30,
    2018   2017   2018   2017
                 

Period-over-period Growth

               
Sales Growth   17.9%   33.2%   17.9%   33.3%
Same Branch Sales Growth   11.3%   11.6%   11.3%   10.2%
                 
Single-Family Sales Growth   22.4%   19.4%   22.2%   17.0%
Single-Family Same Branch Sales Growth   14.5%   9.8%   13.6%   7.2%
                 
Residential Sales Growth   18.9%   28.1%   19.1%   25.9%
Residential Same Branch Sales Growth   12.1%   14.2%   11.7%   11.2%
                 

U.S. Housing Market1

               
Total Completions Growth   7.8%   14.2%   8.3%   12.4%
Single-Family Completions Growth   6.5%   9.1%   8.4%   9.9%
                 

Same Branch Sales Growth 2

               
Volume Growth   6.6%   8.7%   7.0%   6.8%
Price/Mix Growth   5.5%   2.8%   4.6%   3.4%
Alpha Sales Growth   4.1%   0.0%   8.6%   0.0%
                 

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 June 30,   Six months ended June 30,
  2018   % Total   2017   % Total   2018   % Total   2017   % Total
Revenue Increase                              
                               
Same Branch $ 31,887   63.3%   $ 24,510   34.9%   $ 60,682   62.9%   $ 41,193   30.7%
Acquired 18,502   36.7%   45,774   65.1%   35,765   37.1%   93,062   69.3%
Total $ 50,389   100.0%   $ 70,284   100.0%   $ 96,447   100.0%   $ 134,255   100.0%
                               
                               
                               
      Adj EBITDA       Adj EBITDA       Adj EBITDA       Adj EBITDA
      Contribution       Contribution       Contribution       Contribution
Adjusted EBITDA                              
                               
Same Branch $ 3,977   12.5%   $ 6,202   25.3%   $ 7,611   12.5%   $ 6,398   15.5%
Acquired 2,388   12.9%   6,795   14.8%   3,857   10.8%   13,623   14.6%
Total $ 6,365   12.6%   $ 12,997   18.5%   $ 11,468   11.9%   $ 20,021   14.9%
                               

 

Source: Installed Building Products, Inc.

Installed Building Products, Inc.
Investor Relations, 614-221-9944
investorrelations@installed.net