ibp-20230630
FALSE2023Q2000158090512/31P7YP7Yhttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpense8000seven thousandfive thousand00015809052023-01-012023-06-3000015809052023-07-26xbrli:shares00015809052023-06-30iso4217:USD00015809052022-12-310001580905us-gaap:CustomerRelationshipsMember2023-06-300001580905us-gaap:CustomerRelationshipsMember2022-12-310001580905us-gaap:OtherIntangibleAssetsMember2023-06-300001580905us-gaap:OtherIntangibleAssetsMember2022-12-31iso4217:USDxbrli:shares00015809052023-04-012023-06-3000015809052022-04-012022-06-3000015809052022-01-012022-06-300001580905us-gaap:CommonStockMember2022-03-310001580905us-gaap:AdditionalPaidInCapitalMember2022-03-310001580905us-gaap:RetainedEarningsMember2022-03-310001580905us-gaap:TreasuryStockCommonMember2022-03-310001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-3100015809052022-03-310001580905us-gaap:RetainedEarningsMember2022-04-012022-06-300001580905us-gaap:CommonStockMember2022-04-012022-06-300001580905us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001580905us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001580905us-gaap:CommonStockMember2022-06-300001580905us-gaap:AdditionalPaidInCapitalMember2022-06-300001580905us-gaap:RetainedEarningsMember2022-06-300001580905us-gaap:TreasuryStockCommonMember2022-06-300001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-3000015809052022-06-300001580905us-gaap:CommonStockMember2023-03-310001580905us-gaap:AdditionalPaidInCapitalMember2023-03-310001580905us-gaap:RetainedEarningsMember2023-03-310001580905us-gaap:TreasuryStockCommonMember2023-03-310001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100015809052023-03-310001580905us-gaap:RetainedEarningsMember2023-04-012023-06-300001580905us-gaap:CommonStockMember2023-04-012023-06-300001580905us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001580905us-gaap:TreasuryStockCommonMember2023-04-012023-06-300001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001580905us-gaap:CommonStockMember2023-06-300001580905us-gaap:AdditionalPaidInCapitalMember2023-06-300001580905us-gaap:RetainedEarningsMember2023-06-300001580905us-gaap:TreasuryStockCommonMember2023-06-300001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001580905us-gaap:CommonStockMember2021-12-310001580905us-gaap:AdditionalPaidInCapitalMember2021-12-310001580905us-gaap:RetainedEarningsMember2021-12-310001580905us-gaap:TreasuryStockCommonMember2021-12-310001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-3100015809052021-12-310001580905us-gaap:RetainedEarningsMember2022-01-012022-06-300001580905us-gaap:CommonStockMember2022-01-012022-06-300001580905us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001580905us-gaap:TreasuryStockCommonMember2022-01-012022-06-300001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001580905us-gaap:CommonStockMember2022-12-310001580905us-gaap:AdditionalPaidInCapitalMember2022-12-310001580905us-gaap:RetainedEarningsMember2022-12-310001580905us-gaap:TreasuryStockCommonMember2022-12-310001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001580905us-gaap:RetainedEarningsMember2023-01-012023-06-300001580905us-gaap:CommonStockMember2023-01-012023-06-300001580905us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300001580905us-gaap:TreasuryStockCommonMember2023-01-012023-06-300001580905us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-30ibp:locationibp:segment0001580905ibp:ResidentialNewConstructionMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:ResidentialNewConstructionMember2023-04-012023-06-30xbrli:pure0001580905ibp:ResidentialNewConstructionMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:ResidentialNewConstructionMember2022-04-012022-06-300001580905ibp:ResidentialNewConstructionMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:ResidentialNewConstructionMember2023-01-012023-06-300001580905ibp:ResidentialNewConstructionMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:ResidentialNewConstructionMember2022-01-012022-06-300001580905ibp:RepairAndRemodelMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:RepairAndRemodelMemberus-gaap:CustomerConcentrationRiskMember2023-04-012023-06-300001580905ibp:RepairAndRemodelMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:RepairAndRemodelMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001580905ibp:RepairAndRemodelMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:RepairAndRemodelMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-06-300001580905ibp:RepairAndRemodelMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:RepairAndRemodelMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001580905ibp:CommercialMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:CommercialMember2023-04-012023-06-300001580905ibp:CommercialMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:CommercialMember2022-04-012022-06-300001580905ibp:CommercialMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:CommercialMember2023-01-012023-06-300001580905ibp:CommercialMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberibp:CommercialMember2022-01-012022-06-300001580905ibp:CustomerInstallationMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:CustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2023-04-012023-06-300001580905ibp:CustomerInstallationMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:CustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001580905ibp:CustomerInstallationMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:CustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-06-300001580905ibp:CustomerInstallationMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:CustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001580905ibp:OtherCustomerInstallationMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:OtherCustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2023-04-012023-06-300001580905ibp:OtherCustomerInstallationMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:OtherCustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001580905ibp:OtherCustomerInstallationMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:OtherCustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-06-300001580905ibp:OtherCustomerInstallationMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberibp:OtherCustomerInstallationMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001580905ibp:InsulationMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:InsulationMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:InsulationMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:InsulationMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:InsulationMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:InsulationMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:InsulationMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:InsulationMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMember2023-04-012023-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMember2022-04-012022-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMember2023-01-012023-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMember2022-01-012022-06-300001580905ibp:ShowerDoorsShelvingAndMirrorsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:GarageDoorsMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:GarageDoorsMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:GarageDoorsMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:GarageDoorsMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:GarageDoorsMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:GarageDoorsMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:GarageDoorsMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:GarageDoorsMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:WaterproofingMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:WaterproofingMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:WaterproofingMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:WaterproofingMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:WaterproofingMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:WaterproofingMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:WaterproofingMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:WaterproofingMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:RainGuttersMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:RainGuttersMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:RainGuttersMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:RainGuttersMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:RainGuttersMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:RainGuttersMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:RainGuttersMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:RainGuttersMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:FireproofingAndFirestoppingMember2023-04-012023-06-300001580905ibp:FireproofingAndFirestoppingMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:FireproofingAndFirestoppingMember2022-04-012022-06-300001580905ibp:FireproofingAndFirestoppingMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:FireproofingAndFirestoppingMember2023-01-012023-06-300001580905ibp:FireproofingAndFirestoppingMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:FireproofingAndFirestoppingMember2022-01-012022-06-300001580905ibp:FireproofingAndFirestoppingMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:WindowBlindsMember2023-04-012023-06-300001580905ibp:WindowBlindsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:WindowBlindsMember2022-04-012022-06-300001580905ibp:WindowBlindsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:WindowBlindsMember2023-01-012023-06-300001580905ibp:WindowBlindsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:WindowBlindsMember2022-01-012022-06-300001580905ibp:WindowBlindsMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:OtherBuildingProductsMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:OtherBuildingProductsMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:OtherBuildingProductsMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:OtherBuildingProductsMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:OtherBuildingProductsMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:OtherBuildingProductsMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:OtherBuildingProductsMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:OtherBuildingProductsMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905ibp:ProductInstallationMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:ProductInstallationMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905ibp:ProductInstallationMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:ProductInstallationMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905ibp:ProductInstallationMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:ProductInstallationMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905ibp:ProductInstallationMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberibp:ProductInstallationMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905us-gaap:ProductAndServiceOtherMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductAndServiceOtherMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905us-gaap:ProductAndServiceOtherMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductAndServiceOtherMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905us-gaap:ProductAndServiceOtherMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductAndServiceOtherMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905us-gaap:ProductAndServiceOtherMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductAndServiceOtherMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-04-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-04-012022-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-06-300001580905us-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-3000015809052023-07-012023-01-012023-06-300001580905ibp:InstallationSegmentMember2022-12-310001580905ibp:OtherSegmentMember2022-12-310001580905ibp:InstallationSegmentMember2023-01-012023-06-300001580905ibp:OtherSegmentMember2023-01-012023-06-300001580905ibp:InstallationSegmentMember2023-06-300001580905ibp:OtherSegmentMember2023-06-300001580905us-gaap:NoncompeteAgreementsMember2023-06-300001580905us-gaap:NoncompeteAgreementsMember2022-12-310001580905us-gaap:TrademarksAndTradeNamesMember2023-06-300001580905us-gaap:TrademarksAndTradeNamesMember2022-12-310001580905us-gaap:OrderOrProductionBacklogMember2023-06-300001580905us-gaap:OrderOrProductionBacklogMember2022-12-310001580905us-gaap:SeniorNotesMemberibp:FivePointSevenFivePercentageSeniorNotesDueTwoThousandTwentyEightMember2023-06-300001580905us-gaap:SeniorNotesMemberibp:FivePointSevenFivePercentageSeniorNotesDueTwoThousandTwentyEightMember2022-12-310001580905ibp:TermLoanAgreementMemberus-gaap:MediumTermNotesMember2023-06-300001580905ibp:TermLoanAgreementMemberus-gaap:MediumTermNotesMember2022-12-310001580905us-gaap:NotesPayableOtherPayablesMembersrt:MinimumMemberibp:VehicleAndEquipmentNotesMember2022-12-310001580905us-gaap:NotesPayableOtherPayablesMembersrt:MinimumMemberibp:VehicleAndEquipmentNotesMember2023-06-300001580905us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMemberibp:VehicleAndEquipmentNotesMember2022-12-310001580905us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMemberibp:VehicleAndEquipmentNotesMember2023-06-300001580905us-gaap:NotesPayableOtherPayablesMemberibp:VehicleAndEquipmentNotesMember2023-06-300001580905us-gaap:NotesPayableOtherPayablesMemberibp:VehicleAndEquipmentNotesMember2022-12-310001580905us-gaap:NotesPayableOtherPayablesMembersrt:MinimumMember2022-12-310001580905us-gaap:NotesPayableOtherPayablesMembersrt:MinimumMember2023-06-300001580905us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMember2022-12-310001580905us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMember2023-06-300001580905us-gaap:NotesPayableOtherPayablesMember2023-06-300001580905us-gaap:NotesPayableOtherPayablesMember2022-12-310001580905ibp:TermLoanAgreementMemberibp:OneMonthMember2023-04-300001580905ibp:TermLoanAgreementMemberibp:OneMonthMember2023-04-012023-04-300001580905ibp:TermLoanAgreementMemberibp:OneMonthMember2023-04-280001580905ibp:TermLoanAgreementMemberibp:ThreeMonthsMember2023-04-280001580905ibp:TermLoanAgreementMemberibp:SixMonthsMember2023-04-280001580905us-gaap:BaseRateMemberibp:TermLoanAgreementMember2023-04-292023-06-300001580905ibp:TermLoanAgreementMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-04-292023-06-300001580905ibp:OperatingLeaseMember2023-04-012023-06-300001580905ibp:OperatingLeaseMember2022-04-012022-06-300001580905ibp:OperatingLeaseMember2023-01-012023-06-300001580905ibp:OperatingLeaseMember2022-01-012022-06-300001580905ibp:FinanceLeaseMember2023-04-012023-06-300001580905ibp:FinanceLeaseMember2022-04-012022-06-300001580905ibp:FinanceLeaseMember2023-01-012023-06-300001580905ibp:FinanceLeaseMember2022-01-012022-06-300001580905ibp:RelatedPartyOperatingLeasesMember2023-06-300001580905ibp:OtherPartyOperatingLeasesMember2023-06-300001580905us-gaap:FairValueInputsLevel1Member2023-06-300001580905us-gaap:FairValueInputsLevel2Member2023-06-300001580905us-gaap:FairValueInputsLevel3Member2023-06-300001580905us-gaap:FairValueInputsLevel1Member2022-12-310001580905us-gaap:FairValueInputsLevel2Member2022-12-310001580905us-gaap:FairValueInputsLevel3Member2022-12-310001580905ibp:FivePointSevenFivePercentageSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001580905us-gaap:FairValueInputsLevel2Memberibp:FivePointSevenFivePercentageSeniorNotesDueTwoThousandTwentyEightMember2023-06-300001580905ibp:FivePointSevenFivePercentageSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001580905us-gaap:FairValueInputsLevel2Memberibp:FivePointSevenFivePercentageSeniorNotesDueTwoThousandTwentyEightMember2022-12-310001580905us-gaap:AllOtherSegmentsMember2023-01-012023-06-300001580905us-gaap:OperatingSegmentsMemberibp:InstallationSegmentMember2023-04-012023-06-300001580905us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2023-04-012023-06-300001580905us-gaap:IntersegmentEliminationMember2023-04-012023-06-300001580905us-gaap:OperatingSegmentsMemberibp:InstallationSegmentMember2023-01-012023-06-300001580905us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2023-01-012023-06-300001580905us-gaap:IntersegmentEliminationMember2023-01-012023-06-300001580905srt:RestatementAdjustmentMember2023-04-012023-06-300001580905srt:RestatementAdjustmentMemberus-gaap:IntersegmentEliminationMember2023-01-012023-06-300001580905srt:RestatementAdjustmentMember2023-01-012023-06-300001580905us-gaap:OperatingSegmentsMemberibp:InstallationSegmentMember2022-04-012022-06-300001580905us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2022-04-012022-06-300001580905us-gaap:IntersegmentEliminationMember2022-04-012022-06-300001580905us-gaap:OperatingSegmentsMemberibp:InstallationSegmentMember2022-01-012022-06-300001580905us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2022-01-012022-06-300001580905us-gaap:IntersegmentEliminationMember2022-01-012022-06-300001580905srt:RestatementAdjustmentMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300001580905srt:RestatementAdjustmentMember2022-04-012022-06-300001580905srt:RestatementAdjustmentMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300001580905srt:RestatementAdjustmentMember2022-01-012022-06-300001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapOneEffectiveJuly202021Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapTwoEffectiveDecember312021Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapThreeEffectiveDecember312021Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001580905ibp:InterestRateSwapFourEffectiveDecember312025Memberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapFiveEffectiveDecember312025Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapOneEffectiveJuly202021Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapTwoEffectiveDecember312021Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapThreeEffectiveDecember312021Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001580905ibp:InterestRateSwapFourEffectiveDecember312025Memberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001580905us-gaap:CashFlowHedgingMemberibp:InterestRateSwapFiveEffectiveDecember312025Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001580905us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-07-08ibp:instrument0001580905us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2023-06-300001580905us-gaap:DesignatedAsHedgingInstrumentMember2023-04-012023-06-300001580905us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-06-3000015809052020-08-31ibp:swap0001580905us-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001580905us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001580905us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-06-300001580905us-gaap:InterestRateSwapMember2023-04-012023-06-300001580905us-gaap:InterestRateSwapMember2022-04-012022-06-300001580905us-gaap:InterestRateSwapMember2023-01-012023-06-300001580905us-gaap:InterestRateSwapMember2022-01-012022-06-300001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-06-300001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001580905us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-3000015809052022-02-240001580905ibp:DividendOneMember2023-02-222023-02-220001580905ibp:DividendOneMember2023-02-222023-03-310001580905ibp:DividendTwoMember2023-02-222023-02-220001580905ibp:DividendTwoMember2023-02-222023-03-310001580905ibp:DividendTwoMember2023-05-052023-05-050001580905ibp:DividendTwoMember2023-05-052023-06-300001580905ibp:DividendOneMember2022-02-242022-02-240001580905ibp:DividendOneMember2022-02-232022-03-310001580905ibp:DividendTwoMember2022-02-242022-02-240001580905ibp:DividendTwoMember2022-02-232022-02-230001580905ibp:DividendTwoMember2022-03-312022-03-3100015809052022-05-052022-05-0500015809052022-06-302022-06-300001580905us-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-06-300001580905us-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-12-310001580905us-gaap:CostOfSalesMember2023-04-012023-06-300001580905us-gaap:CostOfSalesMember2022-04-012022-06-300001580905us-gaap:CostOfSalesMember2023-01-012023-06-300001580905us-gaap:CostOfSalesMember2022-01-012022-06-300001580905ibp:PerformanceBasedAwardsMembersrt:OfficerMember2023-01-012023-06-300001580905ibp:PerformanceBasedAwardsMemberus-gaap:CommonStockMembersrt:OfficerMember2023-01-012023-06-30ibp:installment0001580905ibp:LiabilityPerformanceBasedStockAwardsMember2023-01-012023-06-300001580905ibp:CommonStockAwardsMember2022-12-310001580905ibp:PerformanceBasedAwardsMember2022-12-310001580905ibp:PerformanceBasedStockUnitsMember2022-12-310001580905ibp:CommonStockAwardsMember2023-01-012023-06-300001580905ibp:PerformanceBasedAwardsMember2023-01-012023-06-300001580905ibp:PerformanceBasedStockUnitsMember2023-01-012023-06-300001580905ibp:CommonStockAwardsMember2023-06-300001580905ibp:PerformanceBasedAwardsMember2023-06-300001580905ibp:PerformanceBasedStockUnitsMember2023-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-04-012023-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-04-012022-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-01-012023-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-01-012022-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2023-04-012023-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2022-04-012022-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2023-01-012023-06-300001580905ibp:CommonStockAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2022-01-012022-06-300001580905ibp:PerformanceBasedAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-04-012023-06-300001580905ibp:PerformanceBasedAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-04-012022-06-300001580905ibp:PerformanceBasedAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-01-012023-06-300001580905ibp:PerformanceBasedAwardsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-01-012022-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberibp:LiabilityPerformanceBasedStockAwardsMember2023-04-012023-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberibp:LiabilityPerformanceBasedStockAwardsMember2022-04-012022-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberibp:LiabilityPerformanceBasedStockAwardsMember2023-01-012023-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMemberibp:LiabilityPerformanceBasedStockAwardsMember2022-01-012022-06-300001580905ibp:PerformanceBasedRestrictedStockUnitsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-04-012023-06-300001580905ibp:PerformanceBasedRestrictedStockUnitsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-04-012022-06-300001580905ibp:PerformanceBasedRestrictedStockUnitsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-01-012023-06-300001580905ibp:PerformanceBasedRestrictedStockUnitsMemberibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-01-012022-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-04-012023-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-04-012022-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-01-012023-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2022-01-012022-06-300001580905us-gaap:SellingAndMarketingExpenseMember2023-04-012023-06-300001580905us-gaap:SellingAndMarketingExpenseMember2022-04-012022-06-300001580905us-gaap:SellingAndMarketingExpenseMember2023-01-012023-06-300001580905us-gaap:SellingAndMarketingExpenseMember2022-01-012022-06-300001580905us-gaap:GeneralAndAdministrativeExpenseMember2023-04-012023-06-300001580905us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001580905us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-06-300001580905us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001580905ibp:PerformanceBasedRestrictedStockUnitsMember2023-06-300001580905ibp:PerformanceBasedRestrictedStockUnitsMember2023-01-012023-06-300001580905ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember2023-06-300001580905ibp:LiabilityPerformanceBasedStockAwardsMember2022-01-012022-06-300001580905ibp:CommonStockAwardsMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2023-04-012023-06-300001580905ibp:CommonStockAwardsMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2022-04-012022-06-300001580905us-gaap:RelatedPartyMember2023-04-012023-06-300001580905us-gaap:RelatedPartyMember2022-04-012022-06-300001580905us-gaap:RelatedPartyMember2023-01-012023-06-300001580905us-gaap:RelatedPartyMember2022-01-012022-06-300001580905us-gaap:RelatedPartyMember2023-06-300001580905us-gaap:RelatedPartyMember2022-12-310001580905srt:AffiliatedEntityMember2023-06-300001580905srt:AffiliatedEntityMember2022-12-310001580905us-gaap:GeneralLiabilityMember2023-06-300001580905us-gaap:GeneralLiabilityMember2022-12-31ibp:aluminumPoundibp:acquistion0001580905ibp:AnchorMember2023-03-122023-03-120001580905ibp:AnchorMember2023-04-012023-06-300001580905ibp:AnchorMember2023-01-012023-06-300001580905ibp:OtherAcquisitionsMember2023-02-132023-02-130001580905ibp:OtherAcquisitionsMember2023-04-012023-06-300001580905ibp:OtherAcquisitionsMember2023-01-012023-06-300001580905ibp:CentralAluminumMember2022-04-112022-04-110001580905ibp:CentralAluminumMember2022-04-012022-06-300001580905ibp:CentralAluminumMember2022-01-012022-06-300001580905ibp:OtherAcquisitionsMember2022-01-012022-06-300001580905ibp:OtherAcquisitionsMember2022-04-012022-06-300001580905ibp:AnchorMember2023-06-300001580905ibp:OtherAcquisitionsMember2023-06-300001580905ibp:A2023AcquisitionsMember2023-06-300001580905ibp:A2023AcquisitionsMember2023-01-012023-06-300001580905ibp:CentralAluminumMember2022-06-300001580905ibp:OtherAcquisitionsMember2022-06-300001580905ibp:A2022AcquisitionsMember2022-06-300001580905ibp:A2022AcquisitionsMember2022-01-012022-06-300001580905us-gaap:CustomerRelationshipsMember2023-01-012023-06-300001580905us-gaap:CustomerRelationshipsMember2022-01-012022-06-300001580905us-gaap:TrademarksAndTradeNamesMember2023-01-012023-06-300001580905us-gaap:TrademarksAndTradeNamesMember2022-01-012022-06-300001580905us-gaap:NoncompeteAgreementsMember2023-01-012023-06-300001580905us-gaap:NoncompeteAgreementsMember2022-01-012022-06-300001580905us-gaap:OrderOrProductionBacklogMember2023-01-012023-06-300001580905us-gaap:OrderOrProductionBacklogMember2022-01-012022-06-300001580905us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2023-04-012023-06-300001580905us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-04-012022-06-300001580905us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2023-01-012023-06-300001580905us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-01-012022-06-300001580905us-gaap:SubsequentEventMember2023-08-022023-08-02

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, 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 July 26, 2023, the registrant had 28,410,568 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,
 20232022
ASSETS
Current assets
Cash and cash equivalents$255,226 $229,627 
Accounts receivable (less allowance for credit losses of $10,634 and $9,549 at June 30, 2023 and December 31, 2022, respectively)
416,601 397,222 
Inventories163,378 176,629 
Prepaid expenses and other current assets82,897 80,933 
Total current assets918,102 884,411 
Property and equipment, net130,979 118,774 
Operating lease right-of-use assets76,582 76,174 
Goodwill393,493 373,555 
Customer relationships, net187,507 192,328 
Other intangibles, net91,919 91,145 
Other non-current assets37,358 42,545 
Total assets$1,835,940 $1,778,932 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt$31,661 $30,983 
Current maturities of operating lease obligations26,389 26,145 
Current maturities of finance lease obligations2,702 2,508 
Accounts payable138,029 149,186 
Accrued compensation51,932 51,608 
Other current liabilities63,821 67,631 
Total current liabilities314,534 328,061 
Long-term debt831,282 830,171 
Operating lease obligations49,975 49,789 
Finance lease obligations6,996 6,397 
Deferred income taxes27,906 28,458 
Other long-term liabilities44,575 42,557 
Total liabilities1,275,268 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 June 30, 2023 and December 31, 2022, respectively
  
Common stock; $0.01 par value: 100,000,000 authorized, 33,582,403 and 33,429,557 issued and 28,410,568 and 28,306,482 shares outstanding at June 30, 2023 and December 31, 2022, respectively
336 334 
Additional paid in capital236,123 228,827 
Retained earnings579,691 513,095 
Treasury stock; at cost: 5,171,835 and 5,123,075 shares at June 30, 2023 and December 31, 2022, respectively
(295,131)(289,317)
Accumulated other comprehensive income 39,653 40,560 
Total stockholders’ equity560,672 493,499 
Total liabilities and stockholders’ equity$1,835,940 $1,778,932 

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,
 2023202220232022
Net revenue$692,100 $676,749 $1,351,409 $1,264,241 
Cost of sales459,625 460,040 908,512 875,129 
Gross profit232,475 216,709 442,897 389,112 
Operating expenses
Selling32,902 29,371 65,509 54,563 
Administrative95,984 84,030 185,488 163,174 
Amortization11,256 11,261 22,691 22,358 
Operating income92,333 92,047 169,209 149,017 
Other expense, net
Interest expense, net9,828 10,401 19,498 21,001 
Other (income) expense (186)368 (339)513 
Income before income taxes82,691 81,278 150,050 127,503 
Income tax provision21,094 21,374 39,179 33,777 
Net income$61,597 $59,904 $110,871 $93,726 
Other comprehensive income (loss), net of tax:
Net change on cash flow hedges, net of tax (provision) benefit of $(1,928) and $(3,603) for the three months ended June 30, 2023 and 2022, respectively, and $324 and $(10,033) for the six months ended June 30, 2023 and 2022, respectively
5,402 10,150 (907)28,261 
Comprehensive income$66,999 $70,054 $109,964 $121,987 
Earnings Per Share:
Basic$2.19 $2.08 $3.94 $3.23 
Diluted $2.18 $2.07 $3.92 $3.21 
Weighted average shares outstanding:
Basic28,174,279 28,781,866 28,125,251 29,040,693 
Diluted28,273,334 28,894,140 28,276,049 29,235,997 
Cash dividends declared per share$0.33 $0.32 $1.56 $1.53 


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, 2022 AND JUNE 30, 2023
(in thousands, except share and per share amounts)
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 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Income
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - April 1, 202333,498,693 $335 $232,503 $527,468 (5,123,656)$(289,335)$34,251 $505,222 
Net income61,597 61,597 
Issuance of common stock awards to employees77,172 1 (1) 
Surrender of common stock awards(48,179)(5,796)(5,796)
Share-based compensation expense3,461 3,461 
Share-based compensation issued to directors6,538 160 160 
Dividends declared ($0.33 per share)
(9,374)(9,374)
Other comprehensive income, net of tax5,402 5,402 
BALANCE - June 30, 202333,582,403 $336 $236,123 $579,691 (5,171,835)$(295,131)$39,653 $560,672 



3

See accompanying notes to consolidated financial statements

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND JUNE 30, 2023
(in thousands, except share and per shares 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 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 
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 income110,871 110,871 
Issuance of common stock awards to employees146,308 2 (2) 
Surrender of common stock awards(48,760)(5,814)(5,814)
Share-based compensation expense6,990 6,990 
Share-based compensation issued to directors6,538 308 308 
Dividends declared ($1.56 per share)
(44,275)(44,275)
Other comprehensive (loss), net of tax(907)(907)
BALANCE - June 30, 202333,582,403 $336 $236,123 $579,691 (5,171,835)$(295,131)$39,653 $560,672 

4

See accompanying notes to consolidated financial statements

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Six months ended June 30,
 20232022
Cash flows from operating activities
Net income$110,871 $93,726 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment25,416 23,162 
Amortization of operating lease right-of-use assets14,446 13,224 
Amortization of intangibles22,691 22,358 
Amortization of deferred financing costs and debt discount951 961 
Provision for credit losses3,196 1,887 
Gain on sale of property and equipment(1,203)(511)
Noncash stock compensation7,121 7,078 
Other, net(5,543)1,668 
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable(17,492)(66,719)
Inventories14,724 (33,481)
Other assets4,933 (1,474)
Accounts payable(16,300)19,259 
Income taxes receivable/payable(4,841)11,466 
Other liabilities(20,877)6,855 
Net cash provided by operating activities138,093 99,459 
Cash flows from investing activities
Purchases of investments (124,713)
Maturities of short term investments 30,000 
Purchases of property and equipment(28,330)(24,512)
Acquisitions of businesses, net of cash acquired of $10 and $337 in 2023 and 2022, respectively
(40,182)(72,463)
Proceeds from sale of property and equipment1,457 830 
Settlements with interest rate swap counterparties7,760  
Other(225)(7,047)
Net cash used in investing activities$(59,520)$(197,905)

5

See accompanying notes to consolidated financial statements

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED, CONTINUED)
(in thousands)
Six months ended June 30,
20232022
Cash flows from financing activities
Payments on Term Loan$(2,500)$(2,500)
Proceeds from vehicle and equipment notes payable18,299 13,325 
Debt issuance costs (657)
Principal payments on long-term debt(14,793)(16,158)
Principal payments on finance lease obligations(1,449)(1,085)
Dividends paid(44,471)(44,877)
Acquisition-related obligations(2,246)(9,024)
Repurchase of common stock (99,665)
Surrender of common stock awards by employees(5,814)(4,459)
Net cash used in financing activities(52,974)(165,100)
Net change in cash and cash equivalents25,599 (263,545)
Cash and cash equivalents at beginning of period229,627 333,485 
Cash and cash equivalents at end of period$255,226 $69,940 
Supplemental disclosures of cash flow information
Net cash paid during the period for:
Interest$20,807 $22,586 
Income taxes, net of refunds44,096 22,311 
Supplemental disclosure of noncash activities
Right-of-use assets obtained in exchange for operating lease obligations$14,713 $16,561 
Release of indemnification of acquisition-related debt 980 
Property and equipment obtained in exchange for finance lease obligations2,232 2,600 
Seller obligations in connection with acquisition of businesses7,714 25,278 
Unpaid purchases of property and equipment included in accounts payable4,860 1,058 

6

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 and six months ended June 30, 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 six months ended June 30, 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
7

Table of Contents
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 June 30,Six months ended June 30,
2023202220232022
Installation:
Residential new construction$495,699 71 %$505,513 75 %$970,795 72 %$947,916 75 %
Repair and remodel38,939 6 %37,965 5 %76,613 5 %70,606 6 %
Commercial117,227 17 %94,520 14 %227,200 17 %181,107 14 %
Net revenue, Installation$651,865 94 %$637,998 94 %$1,274,608 94 %$1,199,629 95 %
Other
40,235 6 %38,751 6 %76,801 6 %64,612 5 %
Net revenue, as reported$692,100 100 %$676,749 100 %$1,351,409 100 %$1,264,241 100 %
 Three months ended June 30,Six months ended June 30,
2023202220232022
Installation:
Insulation$416,847 60 %$409,602 61 %$810,892 60 %$774,546 62 %
Shower doors, shelving and mirrors47,839 7 %41,264 6 %93,352 7 %77,604 6 %
Garage doors40,862 6 %42,512 6 %84,174 6 %78,491 6 %
Waterproofing32,988 5 %35,197 5 %62,927 5 %64,218 5 %
Rain gutters29,566 4 %28,723 4 %57,366 4 %52,269 4 %
Fireproofing/firestopping19,865 3 %16,166 3 %35,040 3 %32,088 3 %
Window Blinds16,319 2 %15,414 2 %32,200 2 %28,472 2 %
Other building products47,579 7 %49,120 7 %98,657 7 %91,941 7 %
Net revenue, Installation$651,865 94 %$637,998 94 %$1,274,608 94 %$1,199,629 95 %
Other 40,235 6 %38,751 6 %76,801 6 %64,612 5 %
Net revenue, as reported$692,100 100 %$676,749 100 %$1,351,409 100 %$1,264,241 100 %
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

8

Table of Contents
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):
 June 30, 2023December 31, 2022
Contract assets$33,648 $29,431 
Contract liabilities(17,492)(18,884)
Uncompleted contracts were as follows (in thousands):
 June 30, 2023December 31, 2022
Costs incurred on uncompleted contracts$250,313 $273,788 
Estimated earnings104,934 114,781 
Total355,247 388,569 
Less: Billings to date331,514 368,009 
Net under billings$23,733 $20,560 
Net under billings were as follows (in thousands):
 June 30, 2023December 31, 2022
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$33,648 $29,431 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(9,915)(8,871)
Net under billings$23,733 $20,560 
The difference between contract assets and contract liabilities as of June 30, 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 the three and six months ended June 30, 2023, we recognized $1.6 million and $17.4 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 and six months ended June 30, 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 June 30, 2023, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $135.5 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 provision3,196 
Recoveries collected and additions159 
Amounts written off(2,270)
Balance as of June 30, 2023$10,634 

9

Table of Contents
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 $217.1 million and $191.9 million as of June 30, 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 combinations14,325  14,325 
Other340 5,273 5,613 
Goodwill (gross) - June 30, 2023369,891 93,606 463,497 
Accumulated impairment losses (70,004) (70,004)
Goodwill (net) - June 30, 2023$299,887 $93,606 $393,493 
Other changes presented in the above table primarily include one immaterial acquisition and adjustments for the allocation of certain acquisitions still under measurement made during the six months ended June 30, 2023, including a change in tax election that resulted in a $4.4 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 June 30,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$349,761 $162,254 $187,507 $338,050 $145,722 $192,328 
Covenants not-to-compete31,289 21,954 9,335 30,899 20,086 10,813 
Trademarks and tradenames125,335 43,461 81,874 119,612 39,638 79,974 
Backlog21,635 20,925 710 20,815 20,457 358 
 $528,020 $248,594 $279,426 $509,376 $225,903 $283,473 
The gross carrying amount of intangibles increased approximately $18.6 million during the six months ended June 30, 2023 primarily due to business combinations. For more information, see Note 17, Business Combinations.

10

Table of Contents
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$21,644 
202439,938 
202534,396 
202630,445 
202726,160 
Thereafter126,843 
NOTE 7 - LONG-TERM DEBT
Long-term debt consisted of the following (in thousands):
 As of June 30,As of December 31,
 20232022
Senior Notes due 2028, net of unamortized debt issuance costs of $2,737 and $3,036, respectively
$297,263 $296,964 
Term loan, net of unamortized debt issuance costs of $5,282 and $5,767, respectively
487,218 489,233 
Vehicle and equipment notes, maturing through June 2028; payable in various monthly installments, including interest rates ranging from 1.9% to 6.7%
77,080 72,984 
Various notes payable, maturing through April 2025; payable in various monthly installments, including interest rates ranging from 2.0% to 5.0%
1,382 1,973 
862,943 861,154 
Less: current maturities(31,661)(30,983)
Long-term debt, less current maturities$831,282 $830,171 
Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of June 30, 2023 are as follows (in thousands):
Remainder of 2023$16,128 
202428,825 
202523,134 
202618,323 
202713,220 
Thereafter771,332 
Term Loan Benchmark Replacement
In April 2023, we notified the lenders on our $500.0 million, seven-year term loan facility due December 2028 (the "Term Loan") under our credit agreement (the "Term Loan Agreement") that we have elected to trigger a benchmark replacement from LIBOR to the Secured Overnight Financing Rate ("Term SOFR"). The Term Loan was subsequently amended on April 28, 2023 (the "First Amendment") to implement Term SOFR as the benchmark rate and includes a credit spread adjustment of 0.11%, 0.26% and 0.43% for interest periods of one month, three months and six months, respectively, and it is subject to the same floor as currently set forth in the Term Loan Agreement. The Term Loan now bears interest at either the base rate (which approximates the prime rate) or the Term SOFR rate plus the applicable credit spread adjustment, plus a margin of (A) 1.25% in the case of base rate loans or (B) 2.25% in the case of Term SOFR rate loans.
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,

11

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.
The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:
As of June 30,As of December 31,
(in thousands)Classification20232022
Assets   
Non-Current   
OperatingOperating lease right-of-use assets$76,582 $76,174 
FinanceProperty and equipment, net9,676 8,928 
Total lease assets $86,258 $85,102 
Liabilities 
Current 
OperatingCurrent maturities of operating lease obligations$26,389 $26,145 
FinancingCurrent maturities of finance lease obligations2,702 2,508 
Non-Current 
OperatingOperating lease obligations49,975 49,789 
FinancingFinance lease obligations6,996 6,397 
Total lease liabilities$86,062 $84,839 
Weighted-average remaining lease term:
Operating leases 3.8 years4.0 years
Finance leases 3.8 years3.6 years
Weighted-average discount rate:
Operating leases 4.86 %4.41 %
Finance leases 6.71 %5.76 %
Lease Costs
The table below presents certain information related to the lease costs for finance and operating leases:
Three months ended June 30,Six months ended June 30,
(in thousands)Classification2023202220232022
Operating lease cost(1)
Administrative$9,387 $8,180 $18,590 $15,939 
Finance lease cost:
Amortization of leased assets(2)
Cost of sales895 855 1,872 1,571 
Interest on finance lease obligationsInterest expense, net146 68 277 129 
Total lease costs$10,428 $9,103 $20,739 $17,639 
(1)Includes variable lease costs of $1.1 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively, and $2.3 million and $1.7 million for the six months ended June 30, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended June 30, 2023 and 2022, and $0.6 million for each of the six months ended June 30, 2023 and 2022.
(2)Includes variable lease costs of $0.1 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $0.4 million for each of the six months ended June 30, 2023 and 2022.

12

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Other Information
The table below presents supplemental cash flow information related to leases (in thousands):
 Three months ended June 30,Six months ended June 30,
 2023202220232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$7,865 $6,803 $15,556 $13,266 
Operating cash flows for finance leases146 68 277 129 
Financing cash flows for finance leases722 564 1,449 1,085 
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 June 30, 2023 (in thousands):
 Finance LeasesOperating Leases
  Related PartyOtherTotal Operating
Remainder of 2023$1,704 $650 $14,916 $15,566 
20242,992 1,045 24,637 25,682 
20252,621 894 17,590 18,484 
20262,290  11,719 11,719 
20271,319  6,260 6,260 
Thereafter130  6,226 6,226 
Total minimum lease payments11,056 $2,589 $81,348 83,937 
Less: Amounts representing executory costs(2) 
Less: Amounts representing interest(1,356)(7,573)
Present value of future minimum lease payments9,698 76,364 
Less: Current obligation under leases(2,702)(26,389)
Long-term lease obligations$6,996 $49,975 
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 June 30, 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 June 30, 2023 and 2022, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis.

13

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Estimated Fair Value of Financial Instruments
Accounts receivable, accounts payable and accrued liabilities as of June 30, 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 June 30, 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 June 30, 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.

The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in thousands):
 As of June 30, 2023As of December 31, 2022
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Financial assets:
Cash equivalents$217,141 $217,141 $ $ $191,881 $191,881 $ $ 
Derivative financial instruments35,222 35,222  38,671 38,671  
Total financial assets$252,363 $217,141 $35,222 $ $230,552 $191,881 $38,671 $ 
Financial liabilities:
Contingent consideration$980 $ $ $980 $1,858 $ $ $1,858 
See Note 5, Cash and Cash Equivalents, for more information on cash equivalents included in the table above. Also see Note 11, Derivatives and Hedging Activities, for more information on derivative financial instruments.
The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands):
Contingent consideration liability - January 1, 2023$1,858 
Accretion in value122 
Amounts paid to sellers(1,000)
Contingent consideration liability - June 30, 2023$980 
The accretion in value of contingent consideration liabilities is included within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income.
The carrying value and associated fair value of financial assets and liabilities that are not recorded at fair value in the Condensed Consolidated Balance Sheets and not described above include our Senior Notes. To estimate the fair value of our Senior Notes, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. The Senior Notes represent a Level 2 fair value measurement and are as follows (in thousands):
 As of June 30, 2023As of December 31, 2022
 Carrying ValueFair ValueCarrying ValueFair Value
Senior Notes(1)
$300,000 $282,741 $300,000 $270,993 
(1)Excludes the impact of unamortized debt issuance costs.
See Note 5, Cash and Cash Equivalents, for more information on investments included in the table above. Also see Note 7, Long-Term Debt, for more information on our Senior Notes.

14

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 10 - INFORMATION ON SEGMENTS
Our segment structure includes three operating segments consisting of Installation, Distribution and Manufacturing. Our Installation operating segment represents the majority of our net revenue and gross profit and forms our one reportable segment. This operating segment represents the service-based installation of insulation and complementary building products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. These branch locations have similar economic and operating characteristics including the nature of products and services offered, operating procedures and risks, customer bases, employee incentives, material procurement and shared corporate resources and therefore combine to form one operating segment.
The Other category reported below reflects the operations of our two remaining operating segments, Distribution and Manufacturing, which do not meet the quantitative thresholds for separate reporting. Our Distribution operating segment includes our businesses that sell insulation, gutters and accessories primarily to installers of these products who operate in multiple end markets. Our Manufacturing operating segment consists of our cellulose insulation manufacturing operation. In addition to sales of cellulose insulation, revenues from this operating segment consist of sales of asphalt and industrial fibers to distributors and installers of these products.
The Installation reportable segment includes substantially all of our net revenue from services while net revenue included in the Other category includes substantially all of our net revenue from sales of products. The intercompany sales from the Other category to the Installation reportable segment include a profit margin while our Installation segment records these transactions at cost.
The key metrics used to assess the performance of our operating segments are revenue and segment gross profit as these are the metrics used by our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), to review results, assess performance and allocate resources. We define segment gross profit as revenue less cost of sales, excluding depreciation and amortization. We do not report total assets, depreciation and amortization expenses included in reported cost of sales, operating expenses or other expense, net by segment because our CODM does not use this information to assess segment performance or allocate resources. The following tables represent our segment information for the three and six months ended June 30, 2023 and 2022 (in thousands):

Three months ended June 30, 2023Six months ended June 30, 2023
InstallationOtherEliminationsConsolidatedInstallationOtherEliminationsConsolidated
Revenue$651,866$42,283$(2,049)$692,100$1,274,608$81,005$(4,204)$1,351,409
Cost of sales (1)
418,66130,371(1,583)447,449829,04658,829(3,349)884,526
Segment gross profit$233,205$11,912$(466)$244,651$445,562$22,176$(855)$466,883
Segment gross profit percentage35.8 %28.2 %22.7 %35.3 %35.0 %27.4 %20.3 %34.5 %
Three months ended June 30, 2022Six months ended June 30, 2022
InstallationOtherEliminationsConsolidatedInstallationOtherEliminations