Installed Building Products Reports Record Second Quarter 2020 Results
Second Quarter 2020 Highlights (Comparisons are to Prior Year Period)
-
Net revenue increased 6.0% to a second quarter record of
$393.9 million , despite reduced volume associated with branches temporarily closed during the quarter - Residential sales increased 5.6%
- Large commercial sales increased 7.5%
-
Net income increased 33.9% to a record
$25.3 million -
Adjusted EBITDA* increased 27.1% to a record
$63.1 million -
Net income per diluted share increased 36.5% to
$0.86 -
Adjusted net income per diluted share* increased 28.7% to
$1.12 -
Net cash provided by operating activities for the three months ended
June 30, 2020 increased 90.7% to$69.6 million -
At
June 30, 2020 , IBP had$269.2 million in cash and cash equivalents, and investments, with nothing drawn on the existing$200 million revolving line of credit -
In
June 2020 , acquiredNationwide Gutter, LLC , aTexas based provider of gutter installation and repair services primarily to multi-family and commercial customers, with annual revenue of approximately$5.2 million
“Despite the unprecedented challenges caused by the COVID-19 health crisis, IBP achieved multiple milestones for the 2020 second quarter including record second quarter sales and profitability,” stated
“Across our national footprint, our branches continue to follow federal, state, and local requirements in response to COVID-19. At the start of the second quarter, several of our branches where construction was not deemed essential were closed, which impacted revenue by approximately
“While overall housing trends have improved significantly from April and May of this year, our single-family market demand may be temporarily impacted by the normal lag between starts and completions as a result of the market disruptions that occurred during the early stages of the pandemic. We believe that IBP’s growing presence within the multi-family and commercial end markets and the industry backlog of single-family units under construction, combined with our acquisition strategy, will help us navigate any near-term softness created by the April and May declines in single-family housing starts. Overall, our operating and financial results continue to demonstrate the compelling business model we have created, which has allowed us to effectively respond to recent market conditions, while also providing IBP with a strong platform for long-term value creation,” concluded
Second Quarter 2020 Results Overview
For the second quarter of 2020, net revenue was
Gross profit improved 18.5% to
Net income was
Adjusted EBITDA* was
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About
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, the demand for our services and product offerings, the impact of the COVID-19 crisis on our business and end markets, 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, the impact of the COVID-19 crisis on our financial results, and expectations for demand for our services and our earnings in 2020. 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 duration, effect and severity of the COVID-19 crisis; the adverse impact of the COVID-19 crisis on our business and financial results, the economy and the markets we serve; general economic and industry conditions, the material price environment; the timing of increases in our selling prices, and the factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended
*Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
(unaudited, in thousands, except share and per share amounts) | ||||||||||||||||
Three months ended |
|
Six months ended |
||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||
Net revenue |
$ |
393,939 |
|
$ |
371,814 |
|
$ |
791,270 |
|
$ |
713,949 |
|
||||
Cost of sales |
|
266,800 |
|
|
264,557 |
|
|
547,871 |
|
|
517,254 |
|
||||
Gross profit |
|
127,139 |
|
|
107,257 |
|
|
243,399 |
|
|
196,695 |
|
||||
Operating expenses | ||||||||||||||||
Selling |
|
19,011 |
|
|
17,903 |
|
|
39,366 |
|
|
35,033 |
|
||||
Administrative |
|
59,060 |
|
|
52,493 |
|
|
119,255 |
|
|
100,924 |
|
||||
Amortization |
|
6,724 |
|
|
6,021 |
|
|
13,404 |
|
|
11,909 |
|
||||
Operating income |
|
42,344 |
|
|
30,840 |
|
|
71,374 |
|
|
48,829 |
|
||||
Other expense | ||||||||||||||||
Interest expense, net |
|
7,757 |
|
|
5,649 |
|
|
15,115 |
|
|
11,325 |
|
||||
Other |
|
129 |
|
|
101 |
|
|
129 |
|
|
226 |
|
||||
Income before income taxes |
|
34,458 |
|
|
25,090 |
|
|
56,130 |
|
|
37,278 |
|
||||
Income tax provision |
|
9,121 |
|
|
6,171 |
|
|
14,805 |
|
|
9,525 |
|
||||
Net income |
$ |
25,337 |
|
$ |
18,919 |
|
$ |
41,325 |
|
$ |
27,753 |
|
||||
Other comprehensive loss, net of tax: | ||||||||||||||||
Unrealized loss on cash flow hedge, net of tax benefit of |
|
(150 |
) |
|
(3,546 |
) |
|
(5,758 |
) |
|
(6,295 |
) |
||||
Comprehensive income |
$ |
25,187 |
|
$ |
15,373 |
|
$ |
35,567 |
|
$ |
21,458 |
|
||||
Basic net income per share |
$ |
0.86 |
|
$ |
0.64 |
|
$ |
1.40 |
|
$ |
0.93 |
|
||||
Diluted net income per share |
$ |
0.86 |
|
$ |
0.63 |
|
$ |
1.39 |
|
$ |
0.93 |
|
||||
Weighted average shares outstanding: | ||||||||||||||||
Basic |
|
29,447,121 |
|
|
29,758,071 |
|
|
29,584,782 |
|
|
29,719,194 |
|
||||
Diluted |
|
29,584,167 |
|
|
29,834,748 |
|
|
29,757,560 |
|
|
29,820,917 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited, in thousands, except share and per share amounts) | ||||||||
|
|
|
||||||
2020 |
|
2019 |
||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents |
$ |
252,488 |
|
$ |
177,889 |
|
||
Investments |
|
16,688 |
|
|
37,961 |
|
||
Accounts receivable (less allowance for credit losses of |
|
247,627 |
|
|
244,519 |
|
||
Inventories |
|
69,149 |
|
|
74,606 |
|
||
Other current assets |
|
33,996 |
|
|
46,974 |
|
||
Total current assets |
|
619,948 |
|
|
581,949 |
|
||
Property and equipment, net |
|
103,422 |
|
|
106,410 |
|
||
Operating lease right-of-use assets |
|
47,448 |
|
|
45,691 |
|
||
|
200,264 |
|
|
195,652 |
|
|||
Intangibles, net |
|
147,117 |
|
|
153,562 |
|
||
Other non-current assets |
|
12,851 |
|
|
16,215 |
|
||
Total assets |
$ |
1,131,050 |
|
$ |
1,099,479 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt |
$ |
24,230 |
|
$ |
24,164 |
|
||
Current maturities of operating lease obligations |
|
16,209 |
|
|
15,459 |
|
||
Current maturities of finance lease obligations |
|
2,333 |
|
|
2,747 |
|
||
Accounts payable |
|
81,386 |
|
|
98,871 |
|
||
Accrued compensation |
|
36,520 |
|
|
33,636 |
|
||
Other current liabilities |
|
53,371 |
|
|
39,272 |
|
||
Total current liabilities |
|
214,049 |
|
|
214,149 |
|
||
Long-term debt |
|
544,976 |
|
|
545,031 |
|
||
Operating lease obligations |
|
30,721 |
|
|
29,785 |
|
||
Finance lease obligations |
|
3,051 |
|
|
3,597 |
|
||
Deferred income taxes |
|
5,022 |
|
|
9,175 |
|
||
Other long-term liabilities |
|
60,495 |
|
|
47,711 |
|
||
Total liabilities |
|
858,314 |
|
|
849,448 |
|
||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Preferred Stock; |
|
- |
|
|
- |
|
||
Common stock; |
|
331 |
|
|
329 |
|
||
Additional paid in capital |
|
195,288 |
|
|
190,230 |
|
||
Retained earnings |
|
213,506 |
|
|
173,371 |
|
||
|
(123,488 |
) |
|
(106,756 |
) |
|||
Accumulated other comprehensive loss |
|
(12,901 |
) |
|
(7,143 |
) |
||
Total stockholders' equity |
|
272,736 |
|
|
250,031 |
|
||
Total liabilities and stockholders' equity |
$ |
1,131,050 |
|
$ |
1,099,479 |
|
||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(unaudited, in thousands) | |||||||
Six months ended |
|||||||
|
2020 |
|
|
2019 |
|||
Cash flows from operating activities | |||||||
Net income |
$ |
41,325 |
|
$ |
27,753 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization of property and equipment |
|
20,623 |
|
|
18,614 |
|
|
Amortization of operating lease right-of-use assets |
|
8,545 |
|
|
7,607 |
|
|
Amortization of intangibles |
|
13,404 |
|
|
11,909 |
|
|
Amortization of deferred financing costs and debt discount |
|
670 |
|
|
564 |
|
|
Provision for credit losses |
|
2,668 |
|
|
1,605 |
|
|
Gain on sale of property and equipment |
|
(144 |
) |
|
(156 |
) |
|
Noncash stock compensation |
|
5,415 |
|
|
4,345 |
|
|
Deferred income taxes |
|
(1,679 |
) |
|
- |
|
|
Changes in assets and liabilities, excluding effects of acquisitions | |||||||
Accounts receivable |
|
(3,158 |
) |
|
(17,876 |
) |
|
Inventories |
|
6,072 |
|
|
(1,650 |
) |
|
Other assets |
|
9,351 |
|
|
(1,495 |
) |
|
Accounts payable |
|
(18,504 |
) |
|
(1,253 |
) |
|
Income taxes receivable/payable |
|
16,015 |
|
|
6,347 |
|
|
Other liabilities |
|
4,922 |
|
|
(3,914 |
) |
|
|
105,525 |
|
|
52,400 |
|
||
Cash flows from investing activities | |||||||
Purchases of investments |
|
(776 |
) |
|
(17,352 |
) |
|
Maturities of short term investments |
|
22,050 |
|
|
17,560 |
|
|
Purchases of property and equipment |
|
(16,345 |
) |
|
(17,778 |
) |
|
Acquisitions of businesses |
|
(12,625 |
) |
|
(21,290 |
) |
|
Proceeds from sale of property and equipment |
|
314 |
|
|
452 |
|
|
Other |
|
(1,340 |
) |
|
(876 |
) |
|
|
(8,722 |
) |
|
(39,284 |
) |
||
Cash flows from financing activities | |||||||
Payments on term loan |
|
- |
|
|
(2,000 |
) |
|
Proceeds from vehicle and equipment notes payable |
|
12,768 |
|
|
13,783 |
|
|
Debt issuance costs |
|
(157 |
) |
|
- |
|
|
Principal payments on long-term debt |
|
(13,205 |
) |
|
(9,751 |
) |
|
Principal payments on finance lease obligations |
|
(1,392 |
) |
|
(2,481 |
) |
|
Acquisition-related obligations |
|
(3,486 |
) |
|
(5,039 |
) |
|
Repurchase of common stock |
|
(15,759 |
) |
|
- |
|
|
Surrender of common stock awards by employees |
|
(973 |
) |
|
(2,323 |
) |
|
|
(22,204 |
) |
|
(7,811 |
) |
||
Net change in cash and cash equivalents |
|
74,599 |
|
|
5,305 |
|
|
Cash and cash equivalents at beginning of period |
|
177,889 |
|
|
90,442 |
|
|
Cash and cash equivalents at end of period |
$ |
252,488 |
|
$ |
95,747 |
|
|
Supplemental disclosures of cash flow information | |||||||
Net cash paid during the period for: | |||||||
Interest |
$ |
13,006 |
|
$ |
11,793 |
|
|
Income taxes, net of refunds |
|
476 |
|
|
3,595 |
|
|
Supplemental disclosure of noncash activities | |||||||
Right-of-use assets obtained in exchange for operating lease obligations |
|
10,229 |
|
|
8,677 |
|
|
Property and equipment obtained in exchange for finance lease obligations |
|
600 |
|
|
1,830 |
|
|
Seller obligations in connection with acquisition of businesses |
|
4,037 |
|
|
3,162 |
|
|
Unpaid purchases of property and equipment included in accounts payable |
|
1,981 |
|
|
2,334 |
|
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.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||||||||||
ADJUSTED NET INCOME CALCULATIONS | |||||||||||||||
(unaudited, in thousands, except share and per share amounts) | |||||||||||||||
Three months ended |
|
Six months ended |
|||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||
Net income, as reported |
$ |
25,337 |
|
$ |
18,919 |
|
$ |
41,325 |
|
$ |
27,753 |
|
|||
Adjustments for adjusted net income: | |||||||||||||||
Share based compensation expense |
|
2,733 |
|
|
2,404 |
|
|
5,415 |
|
|
4,342 |
|
|||
Acquisition related expenses |
|
522 |
|
|
606 |
|
|
1,205 |
|
|
1,194 |
|
|||
COVID-19 expenses 1 |
|
650 |
|
|
- |
|
|
650 |
|
|
- |
|
|||
Branch start-up costs 2 |
|
- |
|
|
357 |
|
|
- |
|
|
617 |
|
|||
Amortization expense 3 |
|
6,724 |
|
|
6,021 |
|
|
13,404 |
|
|
11,909 |
|
|||
Miscellaneous non-operating income |
|
- |
|
|
- |
|
|
(279 |
) |
|
- |
|
|||
Tax impact of adjusted items at normalized tax rate 4 |
|
(2,764 |
) |
|
(2,441 |
) |
|
(5,303 |
) |
|
(4,696 |
) |
|||
Adjusted net income |
$ |
33,202 |
|
$ |
25,866 |
|
$ |
56,417 |
|
$ |
41,119 |
|
|||
Weighted average shares outstanding (diluted) |
|
29,584,167 |
|
|
29,834,748 |
|
|
29,757,560 |
|
|
29,820,917 |
|
|||
Diluted net income per share, as reported |
$ |
0.86 |
|
$ |
0.63 |
|
$ |
1.39 |
|
$ |
0.93 |
|
|||
Adjustments for adjusted net income, net of tax impact, per diluted share 5 |
|
0.26 |
|
|
0.24 |
|
|
0.51 |
|
|
0.45 |
|
|||
Diluted adjusted net income per share |
$ |
1.12 |
|
$ |
0.87 |
|
$ |
1.90 |
|
$ |
1.38 |
|
1 Addback of employee pay, employee medical expenses, and legal fees directly attributable to COVID-19 |
|||
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 26.0% applied to both periods presented | |||
5 Includes adjustments related to the items noted above, net of tax | |||
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 GROSS PROFIT CALCULATIONS | |||||||||||||||
(unaudited, in thousands) | |||||||||||||||
Three months ended |
|
Six months ended |
|||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||
Gross profit |
$ |
127,139 |
|
$ |
107,257 |
|
$ |
243,399 |
|
$ |
196,695 |
|
|||
Share based compensation expense |
|
65 |
|
|
105 |
|
|
161 |
|
|
183 |
|
|||
COVID-19 expenses 1 |
|
307 |
|
|
- |
|
|
307 |
|
|
- |
|
|||
Branch start-up costs 2 |
|
- |
|
|
357 |
|
|
- |
|
|
617 |
|
|||
Adjusted gross profit |
$ |
127,511 |
|
$ |
107,719 |
|
$ |
243,867 |
|
$ |
197,495 |
|
|||
Adjusted gross profit - % Total Revenue |
|
32.4 |
% |
|
29.0 |
% |
|
30.8 |
% |
|
27.7 |
% |
1 |
Addback of employee pay and employee medical expenses directly attributable to COVID-19 |
|||||
2 |
Addback of costs related to organic branch expansion for Alpha locations |
|||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||||||||||
ADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS | |||||||||||||||
(unaudited, in thousands) | |||||||||||||||
Three months ended |
|
Six months ended |
|||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||
Selling expense |
$ |
19,011 |
|
$ |
17,903 |
|
$ |
39,366 |
|
$ |
35,033 |
|
|||
Administrative expense |
|
59,060 |
|
|
52,493 |
|
|
119,255 |
|
|
100,924 |
|
|||
Selling and Administrative |
$ |
78,071 |
|
$ |
70,396 |
|
$ |
158,621 |
|
$ |
135,957 |
|
|||
Share based compensation expense |
|
2,668 |
|
|
2,298 |
|
|
5,254 |
|
|
4,159 |
|
|||
Acquisition related expenses |
|
522 |
|
|
606 |
|
|
1,205 |
|
|
1,194 |
|
|||
COVID-19 expenses 1 |
|
342 |
|
|
- |
|
|
342 |
|
|
- |
|
|||
Adjusted Selling and Administrative |
$ |
74,539 |
|
$ |
67,492 |
|
$ |
151,820 |
|
$ |
130,604 |
|
|||
Adj. Selling and Administrative - % Total Revenue |
|
18.9 |
% |
|
18.2 |
% |
|
19.2 |
% |
|
18.3 |
% |
1 Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19 | |||
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 |
|
Six months ended |
|||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||
Adjusted EBITDA: | |||||||||||||||||
Net income (GAAP) |
$ |
25,337 |
|
$ |
18,919 |
|
$ |
41,325 |
|
$ |
27,753 |
|
|||||
Interest expense |
|
7,757 |
|
|
5,649 |
|
|
15,115 |
|
|
11,325 |
|
|||||
Provision for income taxes |
|
9,121 |
|
|
6,171 |
|
|
14,805 |
|
|
9,525 |
|
|||||
Depreciation and amortization |
|
16,974 |
|
|
15,523 |
|
|
34,029 |
|
|
30,523 |
|
|||||
Miscellaneous non-operating income |
|
- |
|
|
- |
|
|
(279 |
) |
|
- |
|
|||||
EBITDA |
|
59,189 |
|
|
46,262 |
|
|
104,995 |
|
|
79,126 |
|
|||||
Acquisition related expenses |
|
522 |
|
|
606 |
|
|
1,205 |
|
|
1,194 |
|
|||||
Share based compensation expense |
|
2,733 |
|
|
2,404 |
|
|
5,415 |
|
|
4,342 |
|
|||||
COVID-19 expenses 1 |
|
650 |
|
|
- |
|
|
650 |
|
|
- |
|
|||||
Branch start-up costs |
|
- |
|
|
357 |
|
|
- |
|
|
617 |
|
|||||
Adjusted EBITDA |
$ |
63,094 |
|
$ |
49,629 |
|
$ |
112,265 |
|
$ |
85,279 |
|
|||||
Adjusted EBITDA margin |
|
16.0 |
% |
|
13.3 |
% |
|
14.2 |
% |
|
11.9 |
% |
1 |
Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19 |
|||||
SUPPLEMENTARY TABLE | |||||||
(unaudited) | |||||||
Three months ended |
|
Six months ended |
|||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Period-over-period Growth | |||||||
Sales Growth |
6.0% |
11.8% |
10.8% |
12.6% |
|||
Same Branch Sales Growth |
2.3% |
7.8% |
7.0% |
7.6% |
|||
Single-Family Sales Growth |
-0.2% |
9.5% |
5.1% |
11.8% |
|||
Single-Family Same Branch Sales Growth |
-3.5% |
4.4% |
1.0% |
5.4% |
|||
Residential Sales Growth |
5.6% |
9.5% |
9.7% |
11.5% |
|||
Residential Same Branch Sales Growth |
2.5% |
5.2% |
5.9% |
6.0% |
|||
Same Branch Sales Growth | |||||||
Volume Growth1 |
-2.1% |
0.7% |
-1.2% |
2.0% |
|||
Price/Mix Growth1 |
4.8% |
5.7% |
8.4% |
4.9% |
|||
Large Commercial Construction Sales Growth |
7.5% |
21.0% |
10.6% |
13.7% |
|||
Total Completions Growth |
-2.9% |
0.5% |
-1.7% |
3.2% |
|||
Single-Family Completions Growth |
-2.5% |
6.3% |
0.7% |
5.5% |
1 Excludes the large commercial end market |
2 |
INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS | |||||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||
Three months ended |
|
Six months ended |
|||||||||||||||||||||
2020 |
|
% Total |
|
2019 |
|
% Total |
|
2020 |
|
% Total |
|
2019 |
|
% Total |
|||||||||
Revenue Increase | |||||||||||||||||||||||
Same Branch |
$ |
8,680 |
39.2 |
% |
$ |
25,890 |
66.0 |
% |
$ |
50,128 |
64.8 |
% |
$ |
48,184 |
60.5 |
% |
|||||||
Acquired |
|
13,444 |
60.8 |
% |
|
13,340 |
34.0 |
% |
|
27,192 |
35.2 |
% |
|
31,453 |
39.5 |
% |
|||||||
Total |
$ |
22,124 |
100.0 |
% |
$ |
39,230 |
100.0 |
% |
$ |
77,320 |
100.0 |
% |
$ |
79,637 |
100.0 |
% |
|||||||
Adj EBITDA |
|
|
|
Adj EBITDA |
|
|
|
Adj EBITDA |
|
|
|
Adj EBITDA |
|||||||||||
Contribution |
|
|
|
Contribution |
|
|
|
Contribution |
|
|
|
Contribution |
|||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
Same Branch |
$ |
11,217 |
129.2 |
% |
$ |
2,101 |
8.1 |
% |
$ |
22,503 |
44.9 |
% |
$ |
4,447 |
9.2 |
% |
|||||||
Acquired |
|
2,247 |
16.7 |
% |
|
1,960 |
14.7 |
% |
|
4,481 |
16.5 |
% |
|
3,843 |
12.2 |
% |
|||||||
Total |
$ |
13,464 |
60.9 |
% |
$ |
4,061 |
10.4 |
% |
$ |
26,984 |
34.9 |
% |
$ |
8,291 |
10.4 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200806005077/en/
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