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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 March 31, 2023
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 April 27, 2023, the registrant had 28,404,505 shares of common stock, par value $0.01 per share, outstanding.



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TABLE OF CONTENTS

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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)
 March 31,December 31,
 20232022
ASSETS
Current assets
Cash and cash equivalents$218,690 $229,627 
Accounts receivable (less allowance for credit losses of $10,059 and $9,549 at March 31, 2023 and December 31, 2022, respectively)
397,573 397,222 
Inventories170,115 176,629 
Prepaid expenses and other current assets76,217 80,933 
Total current assets862,595 884,411 
Property and equipment, net126,384 118,774 
Operating lease right-of-use assets74,602 76,174 
Goodwill392,625 373,555 
Customer relationships, net194,850 192,328 
Other intangibles, net94,751 91,145 
Other non-current assets33,756 42,545 
Total assets$1,779,563 $1,778,932 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt$31,165 $30,983 
Current maturities of operating lease obligations26,000 26,145 
Current maturities of finance lease obligations2,588 2,508 
Accounts payable134,836 149,186 
Accrued compensation45,613 51,608 
Other current liabilities76,136 67,631 
Total current liabilities316,338 328,061 
Long-term debt830,225 830,171 
Operating lease obligations48,339 49,789 
Finance lease obligations6,559 6,397 
Deferred income taxes25,993 28,458 
Other long-term liabilities46,887 42,557 
Total liabilities1,274,341 1,285,433 
Commitments and contingencies (Note 16)
Stockholders’ equity
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
  
Common stock; $0.01 par value: 100,000,000 authorized, 33,498,693 and 33,429,557 issued and 28,375,037 and 28,306,482 shares outstanding at March 31, 2023 and December 31, 2022, respectively
335 334 
Additional paid in capital232,503 228,827 
Retained earnings527,468 513,095 
Treasury stock; at cost: 5,123,656 and 5,123,075 shares at March 31, 2023 and December 31, 2022, respectively
(289,335)(289,317)
Accumulated other comprehensive income 34,251 40,560 
Total stockholders’ equity505,222 493,499 
Total liabilities and stockholders’ equity$1,779,563 $1,778,932 

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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 March 31,
 20232022
Net revenue$659,309 $587,492 
Cost of sales448,887 415,089 
Gross profit210,422 172,403 
Operating expenses
Selling32,607 25,192 
Administrative89,504 79,144 
Amortization11,435 11,097 
Operating income76,876 56,970 
Other expense, net
Interest expense, net9,670 10,600 
Other (income) expense (153)145 
Income before income taxes67,359 46,225 
Income tax provision18,085 12,403 
Net income$49,274 $33,822 
Other comprehensive (loss) income, net of tax:
Net change on cash flow hedges, net of tax benefit (provision) of $2,252 and $(6,430) for the three months ended March 31, 2023 and 2022, respectively.
(6,309)18,111 
Comprehensive income$42,965 $51,933 
Earnings Per Share:
Basic$1.76 $1.15 
Diluted $1.74 $1.14 
Weighted average shares outstanding:
Basic28,075,678 29,302,396 
Diluted28,278,220 29,580,731 
Cash dividends declared per share$1.23 $1.22 


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 MARCH 31, 2022 AND MARCH 31, 2023
(in thousands, except share and per share amounts)
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated
 Other
Comprehensive
(Loss) Income
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202233,271,659 $333 $211,430 $352,543 (3,565,258)$(147,239)$(227)$416,840 
Net income33,822 33,822 
Issuance of common stock awards to employees40,980 1 (1) 
Surrender of common stock awards(50)  
Share-based compensation expense3,089 3,089 
Share-based compensation issued to directors 124 124 
Issuance of awards previously classified as liability awards39,204 4,000 4,000 
Dividends declared ($1.22 per share)
(35,890)(35,890)
Common Stock repurchase(510,943)(49,865)(49,865)
Other comprehensive income, net of tax18,111 18,111 
BALANCE - March 31, 202233,351,843 $334 $218,642 $350,475 (4,076,251)$(197,104)$17,884 $390,231 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Income
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202333,429,557 $334 $228,827 $513,095 (5,123,075)$(289,317)$40,560 $493,499 
Net income49,274 49,274 
Issuance of common stock awards to employees69,136 1 (1) 
Surrender of common stock awards(581)(18)(18)
Share-based compensation expense3,529 3,529 
Share-based compensation issued to directors148 148 
Dividends declared ($1.23 per share)
(34,901)(34,901)
Other comprehensive (loss), net of tax(6,309)(6,309)
BALANCE - March 31, 202333,498,693 $335 $232,503 $527,468 (5,123,656)$(289,335)$34,251 $505,222 



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Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three months ended March 31,
 20232022
Cash flows from operating activities
Net income$49,274 $33,822 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment12,525 11,329 
Amortization of operating lease right-of-use assets7,316 6,371 
Amortization of intangibles11,435 11,097 
Amortization of deferred financing costs and debt discount475 484 
Provision for credit losses1,678 653 
Gain on sale of property and equipment(639)(92)
Noncash stock compensation3,436 3,418 
Other, net(2,523)790 
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable1,716 (32,700)
Inventories7,699 (16,300)
Other assets4,434 169 
Accounts payable(16,906)16,486 
Income taxes receivable/payable16,450 11,433 
Other liabilities(22,537)1,265 
Net cash provided by operating activities73,833 48,225 
Cash flows from investing activities
Purchases of investments (49,957)
Purchases of property and equipment(14,949)(10,362)
Acquisitions of businesses, net of cash acquired of $10 and $0 in 2023 and 2022, respectively
(38,008)(8,050)
Proceeds from sale of property and equipment741 265 
Other4,602 (614)
Net cash used in investing activities$(47,614)$(68,718)

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See accompanying notes to consolidated financial statements

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED, CONTINUED)
(in thousands)
Three months ended March 31,
20232022
Cash flows from financing activities
Payments on Term Loan$(1,250)$(1,250)
Proceeds from vehicle and equipment notes payable8,119 4,752 
Debt issuance costs (627)
Principal payments on long-term debt(7,024)(6,618)
Principal payments on finance lease obligations(727)(521)
Dividends paid(34,536)(35,426)
Acquisition-related obligations(1,720)(6,003)
Repurchase of common stock (49,865)
Surrender of common stock awards by employees(18) 
Net cash used in financing activities(37,156)(95,558)
Net change in cash and cash equivalents(10,937)(116,051)
Cash and cash equivalents at beginning of period229,627 333,485 
Cash and cash equivalents at end of period$218,690 $217,434 
Supplemental disclosures of cash flow information
Net cash paid during the period for:
Interest$14,658 $14,293 
Income taxes, net of refunds1,524 1,088 
Supplemental disclosure of noncash activities
Right-of-use assets obtained in exchange for operating lease obligations$5,650 $5,514 
Property and equipment obtained in exchange for finance lease obligations957 544 
Seller obligations in connection with acquisition of businesses6,035 1,878 
Unpaid purchases of property and equipment included in accounts payable2,316 1,884 

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See accompanying notes to consolidated financial statements

Table of Contents
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 240 locations and its corporate office is located in Columbus, Ohio.
The vast majority of our sales originate from our one reportable segment, Installation. 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, and see Note 10, Information on Segments, for information on how we segment the business.
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, 2022 (“2022 Form 10-K”), as filed with the SEC on February 22, 2023. The December 31, 2022 Condensed Consolidated Balance Sheet data herein was derived from the audited consolidated financial statements but the related footnotes do not include all disclosures required by U.S. GAAP.
Our interim operating results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected in future operating quarters.
Note 2 to the audited consolidated financial statements in our 2022 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 policy described below, there have been no changes to our significant accounting policies during the three months ended March 31, 2023.
Recently Adopted Accounting Pronouncements
StandardEffective DateAdoption
ASU 2021-08, Business Combinations (Topic 805): Accounting for contract assets and contract liabilities from contracts with customersDecember 15, 2022
This pronouncement amended 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. This did not have a material impact on our consolidated financial statements
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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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 2023-01 Leases (Topic 842): Common Control Arrangements  This pronouncement amends Topic 842 to require all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group.  Annual periods beginning after December 15, 2023, 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
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 March 31,
2023
2022
Installation:
Residential new construction$475,095 72 %$442,404 75 %
Repair and remodel37,675 6 %32,641 6 %
Commercial109,972 16 %86,586 15 %
Net revenue, Installation$622,742 94 %$561,631 96 %
Other
36,567 6 %25,861 4 %
Net revenue, as reported$659,309 100 %$587,492 100 %
 Three months ended March 31,
20232022
Installation:
Insulation$394,043 60 %$364,943 63 %
Shower doors, shelving and mirrors45,513 7 %36,340 6 %
Garage doors43,312 7 %35,979 6 %
Waterproofing29,939 4 %29,022 5 %
Rain gutters27,800 4 %23,546 4 %
Window Blinds15,881 2 %13,058 2 %
Fireproofing/firestopping15,175 2 %15,922 3 %
Other building products51,079 8 %42,821 7 %
Net revenue, Installation$622,742 94 %$561,631 96 %
Other 36,567 6 %25,861 4 %
Net revenue, as reported$659,309 100 %$587,492 100 %
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

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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):
 March 31, 2023December 31, 2022
Contract assets$36,048 $29,431 
Contract liabilities(17,331)(18,884)
Uncompleted contracts were as follows (in thousands):
 March 31, 2023December 31, 2022
Costs incurred on uncompleted contracts$279,994 $273,788 
Estimated earnings116,621 114,781 
Total396,615 388,569 
Less: Billings to date369,686 368,009 
Net under billings$26,929 $20,560 
Net under billings were as follows (in thousands):
 March 31, 2023December 31, 2022
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$36,048 $29,431 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(9,119)(8,871)
Net under billings$26,929 $20,560 
The difference between contract assets and contract liabilities as of March 31, 2023 compared to December 31, 2022 is primarily the result of timing differences between our performance of obligations under contracts and customer payments and billings. During three months ended March 31, 2023, we recognized $15.8 million of revenue that was included in the contract liability balance at December 31, 2022. We did not recognize any impairment losses on our receivables and contract assets during the three months ended March 31, 2023 or 2022.
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 March 31, 2023, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $154.3 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.
NOTE 4 - CREDIT LOSSES
Our expected loss allowance methodology for accounts receivable is developed using historical experience, present economic conditions and other relevant factors management considers relevant to estimate expected credit losses. We also perform ongoing evaluations of creditworthiness of our existing and potential customers.
Changes in our allowance for credit losses were as follows (in thousands):
Balance as of January 1, 2023$9,549 
Current period provision1,678 
Recoveries collected and additions61 
Amounts written off(1,229)
Balance as of March 31, 2023$10,059 

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 5 - CASH AND CASH EQUIVALENTS
Cash and cash equivalents include highly liquid instruments with insignificant interest rate risk and original or remaining maturities of three months or less at the time of purchase. These instruments amounted to approximately $197.9 million and $191.9 million as of March 31, 2023 and December 31, 2022, respectively. See Note 9, Fair Value Measurements, for additional information.
NOTE 6 - GOODWILL AND INTANGIBLES
Goodwill
The change in carrying amount of goodwill was as follows (in thousands):
InstallationOtherConsolidated
Goodwill (gross) - January 1, 2023$355,226 $88,333 $443,559 
Business combinations13,540  13,540 
Other257 5,273 5,530 
Goodwill (gross) - March 31, 2023369,023 93,606 462,629 
Accumulated impairment losses (70,004) (70,004)
Goodwill (net) - March 31, 2023$299,019 $93,606 $392,625 
Other changes presented in the above table primarily include adjustments for the allocation of certain acquisitions still under measurement made during the three months ended March 31, 2023, including a change in tax election that resulted in a $4.9 million change in purchase price for a 2022 acquisition. For additional information regarding changes to goodwill resulting from acquisitions, see Note 17, Business Combinations.
We test goodwill for impairment annually during the fourth quarter of our fiscal year or earlier if there is an impairment indicator. Accumulated impairment losses included within the above table were incurred over multiple periods and were all associated with the Installation segment, with the latest impairment charge being recorded during the year ended December 31, 2010.
Intangibles, net
The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in thousands):
 As of March 31,As of December 31,
 20232022
 Gross
Carrying
Amount
Accumulated
Amortization
Net
Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net
Book
Value
Amortized intangibles:      
Customer relationships$349,019 $154,169 $194,850 $338,050 $145,722 $192,328 
Covenants not-to-compete31,207 21,028 10,179 30,899 20,086 10,813 
Trademarks and tradenames125,078 41,518 83,560 119,612 39,638 79,974 
Backlog21,635 20,623 1,012 20,815 20,457 358 
 $526,939 $237,338 $289,601 $509,376 $225,903 $283,473 
The gross carrying amount of intangibles increased approximately $17.6 million during the three months ended March 31, 2023 primarily due to business combinations. For more information, see Note 17, Business Combinations.

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Remaining estimated aggregate annual amortization expense is as follows (amounts, in thousands, are for the fiscal year ended):
Remainder of 2023$32,834 
202439,843 
202534,301 
202630,350 
202726,064 
Thereafter126,209 
NOTE 7 - LONG-TERM DEBT
Long-term debt consisted of the following (in thousands):
 As of March 31,As of December 31,
 20232022
Senior Notes due 2028, net of unamortized debt issuance costs of $2,887 and $3,036, respectively
$297,113 $296,964 
Term loan, net of unamortized debt issuance costs of $5,524 and $5,767, respectively
488,226 489,233 
Vehicle and equipment notes, maturing through March 2028; payable in various monthly installments, including interest rates ranging from 1.9% to 6.2%
74,078 72,984 
Various notes payable, maturing through April 2025; payable in various monthly installments, including interest rates ranging from 2.0% to 5.0%
1,973 1,973 
861,390 861,154 
Less: current maturities(31,165)(30,983)
Long-term debt, less current maturities$830,225 $830,171 
Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of March 31, 2023 are as follows (in thousands):
Remainder of 2023$23,976 
202427,027 
202521,201 
202616,250 
202711,002 
Thereafter770,345 
NOTE 8 - LEASES
We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:
As of March 31,As of December 31,
(in thousands)Classification20232022
Assets   
Non-Current   
OperatingOperating lease right-of-use assets$74,602 $76,174 
FinanceProperty and equipment, net9,159 8,928 
Total lease assets $83,761 $85,102 
Liabilities 
Current 
OperatingCurrent maturities of operating lease obligations$26,000 $26,145 
FinancingCurrent maturities of finance lease obligations2,588 2,508 
Non-Current 
OperatingOperating lease obligations48,339 49,789 
FinancingFinance lease obligations6,559 6,397 
Total lease liabilities$83,486 $84,839 
Weighted-average remaining lease term:
Operating leases 3.9 years4.0 years
Finance leases 3.8 years3.6 years
Weighted-average discount rate:
Operating leases 4.60 %4.41 %
Finance leases 6.08 %5.76 %
Lease Costs
The table below presents certain information related to the lease costs for finance and operating leases:
Three months ended March 31,
(in thousands)Classification20232022
Operating lease cost(1)
Administrative$9,203 $7,759 
Finance lease cost:
Amortization of leased assets(2)
Cost of sales977 716 
Interest on finance lease obligationsInterest expense, net131 61 
Total lease costs$10,311 $8,536 
(1)Includes variable lease costs of $1.2 million and $0.9 million for the three months ended March 31, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended March 31, 2023 and 2022.
(2)Includes variable lease costs of $0.2 million for each of the three months ended March 31, 2023 and 2022.
Other Information
The table below presents supplemental cash flow information related to leases (in thousands):
 Three months ended March 31,
 20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$7,691 $6,463 
Operating cash flows for finance leases131 61 
Financing cash flows for finance leases727 521 

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of March 31, 2023 (in thousands):
 Finance LeasesOperating Leases
  Related PartyOtherTotal Operating
Remainder of 2023$2,354 $1,068 $21,268 $22,336 
20242,668 1,175 21,565 22,740 
20252,299 1,017 14,742 15,759 
20261,968  9,616 9,616 
2027997  5,252 5,252 
Thereafter17  5,559 5,559 
Total minimum lease payments10,303 $3,260 $78,002 81,262 
Less: Amounts representing executory costs(2) 
Less: Amounts representing interest(1,154)(6,923)
Present value of future minimum lease payments9,147 74,339 
Less: Current obligation under leases(2,588)(26,000)
Long-term lease obligations$6,559 $48,339 
NOTE 9 - FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels.
Assets Measured at Fair Value on a Nonrecurring Basis
Certain assets, specifically other intangible and long-lived assets, are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022 are categorized based on the lowest level of significant input to the valuation. The assets are measured at fair value when our impairment assessment indicates a carrying value for each of the assets in excess of the asset’s estimated fair value. Undiscounted cash flows, a Level 3 input, are utilized in determining estimated fair values. During each of the three months ended March 31, 2023 and 2022, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis.
Estimated Fair Value of Financial Instruments
Accounts receivable, accounts payable and accrued liabilities as of March 31, 2023 and December 31, 2022 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of certain long-term debt, including the Term Loan and ABL Revolver as of March 31, 2023 and December 31, 2022, approximate fair value due to the variable rate nature of the agreements. The carrying amounts of our operating lease right-of-use assets and the obligations associated with our operating and finance leases as well as our vehicle and equipment notes approximate fair value as of March 31, 2023 and December 31, 2022. All debt classifications represent Level 2 fair value measurements. Derivative financial instruments are measured at fair value based on observable market information and appropriate valuation methods.
Contingent consideration liabilities arise from future earnout payments to the sellers associated with certain acquisitions and are based on predetermined calculations of certain future results. These future payments are estimated by considering various factors, including business risk and projections. The contingent consideration liabilities are measured at fair value by discounting estimated future payments, calculated based on a weighted average of various future forecast scenarios, to their net present value.


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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in thousands):
 As of March 31, 2023As of December 31, 2022
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Financial assets:
Cash equivalents$197,910 $197,910 $ $ $191,881 $191,881 $ $ 
Derivative financial instruments30,020 30,020  38,671 38,671  
Total financial assets$227,930 $197,910 $30,020 $ $230,552 $191,881 $38,671 $ 
Financial liabilities:
Contingent consideration$968 $ $ $968 $1,858 $ $ $1,858 
Derivative financial instruments1,014