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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From _________ To ________
Commission File Number: 001-36307
Installed Building Products, Inc.
(Exact name of registrant as specified in its charter)
Delaware 45-3707650
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
495 South High Street, Suite 50
 
Columbus, Ohio
43215
(Address of principal executive offices) (Zip Code)
(614) 221-3399
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s) Name of each exchange on which registered
Common Stock,$0.01 par value per shareIBP The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
Accelerated filer 
Non-accelerated filer Smaller reporting company 
 Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act). Yes No
On July 28, 2022, the registrant had 28,746,452 shares of common stock, par value $0.01 per share, outstanding.



Table of Contents
TABLE OF CONTENTS

i

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share amounts)
 June 30,December 31,
 20222021
ASSETS
Current assets
Cash and cash equivalents$69,940 $333,485 
Investments94,865  
Accounts receivable (less allowance for credit losses of $9,264 and $8,717 at June 30, 2022 and December 31, 2021, respectively)
384,696 312,767 
Inventories192,387 143,039 
Prepaid expenses and other current assets74,830 70,025 
Total current assets816,718 859,316 
Property and equipment, net114,699 105,933 
Operating lease right-of-use assets73,280 69,871 
Goodwill354,971 322,517 
Customer relationships, net191,375 178,264 
Other intangibles, net94,443 86,157 
Other non-current assets56,601 31,144 
Total assets$1,702,087 $1,653,202 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt$30,642 $30,839 
Current maturities of operating lease obligations24,696 23,224 
Current maturities of finance lease obligations2,049 1,747 
Accounts payable155,287 132,705 
Accrued compensation65,692 50,964 
Other current liabilities84,524 68,090 
Total current liabilities362,890 307,569 
Long-term debt828,632 832,193 
Operating lease obligations48,298 46,075 
Finance lease obligations4,462 3,297 
Deferred income taxes14,834 4,819 
Other long-term liabilities42,370 42,409 
Total liabilities1,301,486 1,236,362 
Commitments and contingencies (Note 16)
Stockholders’ equity
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
  
Common stock; $0.01 par value: 100,000,000 authorized, 33,428,587 and 33,271,659 issued and 28,745,614 and 29,706,401 shares outstanding at June 30, 2022 and December 31, 2021, respectively
334 333 
Additional paid in capital222,270 211,430 
Retained earnings401,326 352,543 
Treasury stock; at cost: 4,682,973 and 3,565,258 shares at June 30, 2022 and December 31, 2021, respectively
(251,363)(147,239)
Accumulated other comprehensive income (loss)28,034 (227)
Total stockholders’ equity400,601 416,840 
Total liabilities and stockholders’ equity$1,702,087 $1,653,202 

1

See accompanying notes to consolidated financial statements

Table of Contents
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,
 2022202120222021
Net revenue$676,749 $488,098 $1,264,241 $925,164 
Cost of sales460,040 336,212 875,129 647,851 
Gross profit216,709 151,886 389,112 277,313 
Operating expenses
Selling29,371 22,631 54,563 43,489 
Administrative84,030 66,474 163,174 131,551 
Amortization11,261 9,178 22,358 17,574 
Operating income92,047 53,603 149,017 84,699 
Other expense, net
Interest expense, net10,401 7,520 21,001 15,094 
Other expense (income)368 (92)513 (11)
Income before income taxes81,278 46,175 127,503 69,616 
Income tax provision21,374 8,962 33,777 15,112 
Net income$59,904 $37,213 $93,726 $54,504 
Other comprehensive income (loss), net of tax:
Net change on cash flow hedges, net of tax (provision) benefit of $(3,603) and $1,244 for the three months ended June 30, 2022 and 2021, respectively, and $(10,033) and $(2,184) for the six months ended June 30, 2022 and 2021, respectively
10,150 (3,687)28,261 6,470 
Comprehensive income$70,054 $33,526 $121,987 $60,974 
Earnings Per Share:
Basic$2.08 $1.27 $3.23 $1.86 
Diluted $2.07 $1.26 $3.21 $1.84 
Weighted average shares outstanding:
Basic28,781,866 29,374,801 29,040,693 29,330,910 
Diluted28,894,140 29,609,744 29,235,997 29,612,101 
Cash dividends declared per share$0.32 $0.30 $1.53 $0.60 


2

See accompanying notes to consolidated financial statements

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2022
(in thousands, except share amounts)
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated
 Other
Comprehensive Income
(Loss)
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - April 1, 202133,208,082 $331 $202,662 $277,804 (3,518,881)$(141,653)$1,394 $340,538 
Net income37,213 37,213 
Issuance of common stock awards to employees52,205 2 (2) 
Surrender of common stock awards(44,061)(5,551)(5,551)
Share-based compensation expense2,826 2,826 
Share-based compensation issued to directors4,230 111 111 
Dividend declared ($0.30 per share)
(8,910)(8,910)
Other comprehensive loss, net of tax(3,687)(3,687)
BALANCE - June 30, 202133,264,517 $333 $205,597 $306,107 (3,562,942)$(147,204)$(2,293)$362,540 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Income
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - April 1, 202233,351,843 $334 $218,642 $350,475 (4,076,251)$(197,104)$17,884 $390,231 
Net income59,904 59,904 
Issuance of common stock awards to employees71,409    
Surrender of common stock awards(52,995)(4,459)(4,459)
Share-based compensation expense3,503 3,503 
Share-based compensation issued to directors5,335 125 125 
Dividends declared ($0.32 per share)
(9,053)(9,053)
Common stock repurchase(553,727)(49,800)(49,800)
Other comprehensive income, net of tax10,150 10,150 
BALANCE - June 30, 202233,428,587 $334 $222,270 $401,326 (4,682,973)$(251,363)$28,034 $400,601 





3

See accompanying notes to consolidated financial statements

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INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2022
(in thousands, except share amounts)

Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Loss
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202133,141,879 $331 $199,847 $269,420 (3,518,607)$(141,653)$(8,763)$319,182 
Net income54,504 54,504 
Issuance of common stock awards to employees118,408 2 (2) 
Surrender of common stock awards(44,335)(5,551)(5,551)
Share-based compensation expense5,539 5,539 
Share-based compensation issued to directors4,230 213 213 
Dividends declared ($0.60 per share)
(17,817)(17,817)
Other comprehensive income, net of tax6,470 6,470 
BALANCE - June 30, 202133,264,517 $333 $205,597 $306,107 (3,562,942)$(147,204)$(2,293)$362,540 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Income Loss
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202233,271,659 $333 $211,430 $352,543 (3,565,258)$(147,239)$(227)$416,840 
Net income93,726 93,726 
Issuance of common stock awards to employees112,389 1 (1) 
Surrender of common stock awards(53,045)(4,459)(4,459)
Share-based compensation expense6,592 6,592 
Share-based compensation issued to directors5,335 249 249 
Issuance of awards previously classified as liability awards39,204 4,000 4,000 
Dividends declared ($1.53 per share)
(44,943)(44,943)
Common stock repurchase(1,064,670)(99,665)(99,665)
Other comprehensive income, net of tax28,261 28,261 
BALANCE - June 30, 202233,428,587 $334 $222,270 $401,326 (4,682,973)$(251,363)$28,034 $400,601 

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INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Six months ended June 30,
 20222021
Cash flows from operating activities
Net income$93,726 $54,504 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment23,162 21,570 
Amortization of operating lease right-of-use assets13,224 10,549 
Amortization of intangibles22,358 17,574 
Amortization of deferred financing costs and debt discount961 663 
Provision for credit losses1,887 102 
Gain on sale of property and equipment(511)(560)
Noncash stock compensation7,078 6,693 
Amortization of terminated interest rate swap1,668 1,602 
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable(66,719)(3,953)
Inventories(33,481)(19,973)
Other assets(1,474)(1,225)
Accounts payable19,259 3,724 
Income taxes receivable/payable11,466 (297)
Other liabilities6,855 (7,538)
Net cash provided by operating activities99,460 83,435 
Cash flows from investing activities
Purchases of investments(124,713) 
Maturities of short term investments30,000  
Purchases of property and equipment(24,512)(20,278)
Acquisitions of businesses, net of cash acquired of $337 and $168 in 2022 and 2021, respectively
(72,463)(67,715)
Proceeds from sale of property and equipment830 1,112 
Other(7,047)(5)
Net cash used in investing activities(197,905)(86,886)
Cash flows from financing activities
Payments on Term Loan(2,500) 
Proceeds from vehicle and equipment notes payable13,325 15,103 
Debt issuance costs(657) 
Principal payments on long-term debt(16,158)(13,012)
Principal payments on finance lease obligations(1,085)(1,041)
Dividends paid(44,877)(17,607)
Acquisition-related obligations(9,024)(2,050)
Repurchase of common stock(99,665) 
Surrender of common stock awards by employees(4,459)(5,551)
Net cash used in financing activities(165,100)(24,158)
Net change in cash and cash equivalents(263,545)(27,609)
Cash and cash equivalents at beginning of period333,485 231,520 
Cash and cash equivalents at end of period$69,940 $203,911 
Supplemental disclosures of cash flow information
Net cash paid during the period for:
Interest$22,586 $12,899 
Income taxes, net of refunds22,311 15,288 
Supplemental disclosure of noncash activities
Right-of-use assets obtained in exchange for operating lease obligations16,561 16,967 
Release of indemnification of acquisition-related debt980 2,036 
Property and equipment obtained in exchange for finance lease obligations2,600 1,134 
Seller obligations in connection with acquisition of businesses25,278 12,954 
Unpaid purchases of property and equipment included in accounts payable1,058 886 

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See accompanying notes to consolidated financial statements

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - ORGANIZATION
Installed Building Products (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly-owned subsidiaries (collectively referred to as the “Company,” and “we,” “us” and “our”) primarily install insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company operates in more than 210 locations and its corporate office is located in Columbus, Ohio.
In the first quarter of 2022, we realigned our operating segments to reflect recent changes in our business. We have three operating segments consisting of our Installation, Manufacturing and Distribution operations. The Installation operating segment is also our one reportable segment. See Note 10, Information on Segments, for further information.
Substantially all of our Installation segment sales are derived from the service-based installation of various products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. Each of our Installation branches has the capacity to serve all of our end markets. See Note 3, Revenue Recognition, for information on our revenues by product and end market.
The COVID-19 pandemic ("COVID-19") has caused significant volatility, uncertainty and economic disruption. Public health organizations and international, federal, state and local governments responded by implementing measures during various points of the pandemic to contain the spread of COVID-19. We do not believe the various orders and restrictions significantly impacted our business in the first six months of 2022. However, COVID-19 has caused disruptions in the building products supply chain, impacting our ability to purchase certain materials we install through typical channels and fueling producer price and consumer inflation. The extent to which COVID-19 will impact our future growth, operations, customers, suppliers, employees and financial results is uncertain. The future impact on our financial results will depend on numerous factors including government actions and the resulting impact on construction activity, the effect on our customers’ demand for our services, the effects on our supply chain for materials, and the ability of our customers to pay for our services.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
The information furnished in the Condensed Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our audited consolidated financial statements and the notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 Form 10-K”), as filed with the SEC on February 24, 2022. The December 31, 2021 Condensed Consolidated Balance Sheet data herein was derived from the audited consolidated financial statements but does not include all disclosures required by U.S. GAAP.
Our interim operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected in future operating quarters.
Note 2 to the audited consolidated financial statements in our 2021 Form 10-K describes the significant accounting policies and estimates used in preparation of the audited consolidated financial statements. Other than the recently implemented accounting policies described below, there have been no changes to our significant accounting policies during the three or six months ended June 30, 2022.
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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Reclassifications
The change in reportable segments described in Note 1, Organization and Note 10, Information on Segments, requires certain prior year disclosures in Note 3, Revenue Recognition and Note 6, Goodwill and Intangibles to be recast to conform to the current year presentation.
Recently Issued Accounting Pronouncements Not Yet Adopted
We are currently evaluating the impact of the following Accounting Standards Update ("ASU") on our Condensed Consolidated Financial Statements or Notes to Condensed Consolidated Financial Statements:
Standard  Description  Effective Date  Effect on the financial statements or other significant matters
ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
  This pronouncement amends Topic 805 to require an acquirer to account for revenue contracts in a business combination in accordance with Topic 606 as if the acquirer had originated the contracts.  Annual periods beginning after December 15, 2022, including interim periods therein. Early adoption is permitted.  We are currently assessing the impact of adoption on our consolidated financial statements.
NOTE 3 - REVENUE RECOGNITION
Revenues for our Installation operating segment are derived primarily through contracts with customers whereby we install insulation and other complementary building products and are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We offer assurance-type warranties on certain of our installed products and services that do not represent a separate performance obligation and, as such, do not impact the timing or extent of revenue recognition.
For contracts that are not complete at the reporting date, we recognize revenue over time utilizing a cost-to-cost input method as we believe this represents the best measure of when goods and services are transferred to the customer. When this method is used, we estimate the costs to complete individual contracts and record as revenue that portion of the total contract price that is considered complete based on the relationship of costs incurred to date to total anticipated costs. Under the cost-to-cost method, the use of estimated costs to complete each contract is a significant variable in the process of determining recognized revenue, requires judgment and can change throughout the duration of a contract due to contract modifications and other factors impacting job completion. The costs of earned revenue include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools and repairs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.
Our long-term contracts can be subject to modification to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.
Payment terms typically do not exceed 30 days for short-term contracts and typically do not exceed 60 days for long-term contracts with customers. All contracts are billed either contractually or as work is performed. Billing on our long-term contracts occurs primarily on a monthly basis throughout the contract period whereby we submit invoices for customer payment based on actual or estimated costs incurred during the billing period. On certain of our long-term contracts the customer may withhold payment on an invoice equal to a percentage of the invoice amount, which will be subsequently paid after satisfactory completion of each installation project. This amount is referred to as retainage and is common practice in the construction industry, as it allows for customers to ensure the quality of the service performed prior to full payment. Retainage receivables are classified as current or long-term assets based on the expected time to project completion.

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Revenues for our Distribution and Manufacturing operating segments included in the Other category are accounted for on a point-in-time basis when the sale occurs, adjusted accordingly for any return provisions. Sales taxes are not included in revenue as we act as a conduit for collecting and remitting sales taxes to the appropriate government authorities. The point-in-time recognition is when we transfer the promised products to the customer and the customer obtains control of the products depending upon the agreed upon terms in the contract.
We disaggregate our revenue from contracts with customers for our Installation segment by end market and product, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenues for the Other category are presented net of intercompany sales in the tables below. The following tables present our net revenues disaggregated by end market and product (in thousands):
Three months ended June 30,Six months ended June 30,
2022
2021
20222021
Installation:
Residential new construction$505,513 75 %$369,736 76 %$947,916 75 %$696,979 75 %
Repair and remodel37,965 5 %30,245 6 %70,606 6 %58,534 7 %
Commercial94,520 14 %82,984 17 %181,107 14 %159,629 17 %
Net revenue, Installation$637,998 94 %$482,965 99 %$1,199,629 95 %$915,142 99 %
Other (1)
38,751 6 %5,133 1 %64,612 5 %10,022 1 %
Net revenue, as reported$676,749 100 %$488,098 100 %$1,264,241 100 %$925,164 100 %
 Three months ended June 30,Six months ended June 30,
2022202120222021
Installation:
Insulation$409,602 61 %$308,231 63 %$774,546 62 %$586,798 63 %
Garage doors42,512 6 %26,044 5 %78,491 6 %50,483 6 %
Shower doors, shelving and mirrors41,264 6 %34,986 7 %77,604 6 %66,419 7 %
Waterproofing35,197 5 %34,264 7 %64,218 5 %64,213 7 %
Rain gutters28,723 4 %21,460 4 %52,269 4 %40,464 4 %
Fireproofing/firestopping16,166 3 %13,037 3 %32,088 3 %25,472 3 %
Window blinds15,414 2 %12,667 3 %28,472 2 %24,201 3 %
Other building products49,120 7 %32,276 7 %91,941 7 %57,092 6 %
Net revenue, Installation$637,998 94 %$482,965 99 %$1,199,629 95 %$915,142 99 %
Other (1)
38,751 6 %5,133 1 %64,612 5 %10,022 1 %
Net revenue, as reported$676,749 100 %$488,098 100 %$1,264,241 100 %$925,164 100 %
(1) Net revenue for manufacturing operations are included in the Other category for all periods presented to conform with our change in composition of operating segments.
Contract Assets and Liabilities
Our contract assets consist of unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized, based on costs incurred, exceeds the amount billed to the customer. Our contract assets are recorded in other current assets in our Condensed Consolidated Balance Sheets. Our contract liabilities consist of customer deposits and billings in excess of revenue recognized, based on costs incurred and are included in other current liabilities in our Condensed Consolidated Balance Sheets.
Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in thousands):
 June 30, 2022December 31, 2021
Contract assets$41,416 $32,679 
Contract liabilities(17,827)(14,153)

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Uncompleted contracts were as follows (in thousands):
 June 30, 2022December 31, 2021
Costs incurred on uncompleted contracts$229,832 $206,050 
Estimated earnings101,671 106,163 
Total331,503 312,213 
Less: Billings to date297,929 285,978 
Net under billings$33,574 $26,235 
Net under billings were as follows (in thousands):
 June 30, 2022December 31, 2021
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$41,416 $32,679 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(7,842)(6,444)
Net under billings$33,574 $26,235 
The difference between contract assets and contract liabilities as of June 30, 2022 compared to December 31, 2021 is primarily the result of timing differences between our performance of obligations under contracts and customer payments. During the three and six months ended June 30, 2022, we recognized $2.8 million and $13.2 million of revenue that was included in the contract liability balance at December 31, 2021. We did not recognize any impairment losses on our receivables and contract assets during the three and six months ended June 30, 2022 or 2021.
Remaining performance obligations represent the transaction price of contracts for which work has not been performed and excludes unexercised contract options and potential modifications. As of June 30, 2022, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $183.6 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.
Practical Expedients and Exemptions
We generally expense sales commissions and other incremental costs of obtaining a contract when incurred because the amortization period is usually one year or less. Sales commissions are recorded within selling expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income.
We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.
NOTE 4 - CREDIT LOSSES
Our expected loss allowance methodology for accounts receivable is developed using historical losses, current economic conditions and future market forecasts. We also perform ongoing evaluations of our existing and potential customer’s creditworthiness.
Changes in our allowance for credit losses were as follows (in thousands):
Balance as of January 1, 2022$