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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 September 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 November 1, 2023, the registrant had 28,409,079 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)
 September 30,December 31,
 20232022
ASSETS
Current assets
Cash and cash equivalents$339,759 $229,627 
Accounts receivable (less allowance for credit losses of $10,919 and $9,549 at September 30, 2023 and December 31, 2022, respectively)
427,093 397,222 
Inventories159,675 176,629 
Prepaid expenses and other current assets73,292 80,933 
Total current assets999,819 884,411 
Property and equipment, net134,031 118,774 
Operating lease right-of-use assets77,808 76,174 
Goodwill395,213 373,555 
Customer relationships, net181,672 192,328 
Other intangibles, net89,637 91,145 
Other non-current assets42,780 42,545 
Total assets$1,920,960 $1,778,932 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt$31,803 $30,983 
Current maturities of operating lease obligations27,769 26,145 
Current maturities of finance lease obligations2,694 2,508 
Accounts payable143,556 149,186 
Accrued compensation61,151 51,608 
Other current liabilities57,703 67,631 
Total current liabilities324,676 328,061 
Long-term debt833,458 830,171 
Operating lease obligations50,085 49,789 
Finance lease obligations6,909 6,397 
Deferred income taxes29,836 28,458 
Other long-term liabilities47,814 42,557 
Total liabilities1,292,778 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 September 30, 2023 and December 31, 2022, respectively
  
Common stock; $0.01 par value: 100,000,000 authorized, 33,582,449 and 33,429,557 issued and 28,409,655 and 28,306,482 shares outstanding at September 30, 2023 and December 31, 2022, respectively
336 334 
Additional paid in capital239,546 228,827 
Retained earnings638,309 513,095 
Treasury stock; at cost: 5,172,794 and 5,123,075 shares at September 30, 2023 and December 31, 2022, respectively
(295,144)(289,317)
Accumulated other comprehensive income 45,135 40,560 
Total stockholders’ equity628,182 493,499 
Total liabilities and stockholders’ equity$1,920,960 $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 September 30,Nine months ended September 30,
 2023202220232022
Net revenue$706,465 $719,114 $2,057,874 $1,983,355 
Cost of sales464,371 497,837 1,372,883 1,372,966 
Gross profit242,094 221,277 684,991 610,389 
Operating expenses
Selling31,966 31,651 97,475 86,214 
Administrative96,789 84,345 282,277 247,519 
Amortization11,031 11,370 33,722 33,728 
Operating income102,308 93,911 271,517 242,928 
Other expense, net
Interest expense, net9,718 10,668 29,216 31,669 
Other (income) expense (205)185 (544)698 
Income before income taxes92,795 83,058 242,845 210,561 
Income tax provision24,803 22,080 63,982 55,857 
Net income$67,992 $60,978 $178,863 $154,704 
Other comprehensive income, net of tax:
Net change on cash flow hedges, net of tax provision of $(1,956) and $(5,105) for the three months ended September 30, 2023 and 2022, respectively, and $(1,633) and $(15,138) for the nine months ended September 30, 2023 and 2022, respectively
5,482 14,379 4,575 42,640 
Comprehensive income$73,474 $75,357 $183,438 $197,344 
Earnings Per Share:
Basic$2.41 $2.14 $6.35 $5.36 
Diluted $2.40 $2.13 $6.32 $5.33 
Weighted average shares outstanding:
Basic28,204,328 28,478,954 28,151,899 28,851,389 
Diluted28,318,633 28,595,707 28,290,533 29,020,509 
Cash dividends declared per share$0.33 $0.32 $1.89 $1.85 


2

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INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 AND SEPTEMBER 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 - July 1, 202233,428,587 $334 $222,270 $401,326 (4,682,973)$(251,363)$28,034 $400,601 
Net income60,978 60,978 
Surrender of common stock awards(554)(5)(5)
Share-based compensation expense2,967 2,967 
Share-based compensation issued to directors970 140 140 
Dividends declared ($0.32 per share)
(9,018)(9,018)
Common Stock repurchase(141,932)(12,528)(12,528)
Other comprehensive income, net of tax14,379 14,379 
BALANCE - September 30, 202233,429,557 $334 $225,377 $453,286 (4,825,459)$(263,896)$42,413 $457,514 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Income
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - July 1, 202333,582,403 $336 $236,123 $579,691 (5,171,835)$(295,131)$39,653 $560,672 
Net income67,992 67,992 
Issuance of common stock awards to employees46 — — — 
Surrender of common stock awards(959)(13)(13)
Share-based compensation expense3,246 3,246 
Share-based compensation issued to directors177 177 
Dividends declared ($0.33 per share)
(9,374)(9,374)
Other comprehensive income, net of tax5,482 5,482 
BALANCE - September 30, 202333,582,449 $336 $239,546 $638,309 (5,172,794)$(295,144)$45,135 $628,182 



3

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Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND SEPTEMBER 30, 2023
(in thousands, except share and per shares amounts)
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other Comprehensive (Loss) IncomeStockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202233,271,659 $333 $211,430 $352,543 (3,565,258)$(147,239)$(227)$416,840 
Net income154,704 154,704 
Issuance of common stock awards to employees112,389 1 (1) 
Surrender of common stock awards(53,599)(4,464)(4,464)
Share-based compensation expense9,559 9,559 
Share-based compensation issued to directors6,305 389 389 
Issuance of awards previously classified as liability awards39,204 4,000 4,000 
Dividends declared ($1.85 per share)
(53,961)(53,961)
Common stock repurchase(1,206,602)(112,193)(112,193)
Other comprehensive income, net of tax42,640 42,640 
BALANCE - September 30, 202233,429,557 $334 $225,377 $453,286 (4,825,459)$(263,896)$42,413 $457,514 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other Comprehensive IncomeStockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202333,429,557 $334 $228,827 $513,095 (5,123,075)$(289,317)$40,560 $493,499 
Net income178,863 178,863 
Issuance of common stock awards to employees146,354 2 (2) 
Surrender of common stock awards(49,719)(5,827)(5,827)
Share-based compensation expense10,236 10,236 
Share-based compensation issued to directors6,538 485 485 
Dividends declared ($1.89 per share)
(53,649)(53,649)
Other comprehensive income, net of tax4,575 4,575 
BALANCE - September 30, 202333,582,449 $336 $239,546 $638,309 (5,172,794)$(295,144)$45,135 $628,182 

4

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INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Nine months ended September 30,
 20232022
Cash flows from operating activities
Net income$178,863 $154,704 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment38,702 35,153 
Amortization of operating lease right-of-use assets21,716 19,832 
Amortization of intangibles33,722 33,728 
Amortization of deferred financing costs and debt discount1,415 1,436 
Provision for credit losses4,380 2,754 
Write-off of debt issuance costs928  
Gain on sale of property and equipment(1,518)(1,048)
Noncash stock compensation10,637 10,290 
Other, net(8,824)1,509 
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable(28,695)(98,528)
Inventories18,715 (23,071)
Proceeds from termination of interest rate swap agreements 25,462 
Other assets10,701 4,773 
Accounts payable(8,269)20,290 
Income taxes receivable/payable(198)12,354 
Other liabilities(21,736)(971)
Net cash provided by operating activities250,539 198,667 
Cash flows from investing activities
Purchases of investments (344,388)
Maturities of short term investments 320,000 
Purchases of property and equipment(46,902)(35,212)
Acquisitions of businesses, net of cash acquired of $10 and $330 in 2023 and 2022, respectively
(44,845)(75,779)
Proceeds from sale of property and equipment2,054 1,418 
Settlements with interest rate swap counterparties12,165 1,287 
Other(350)(7,261)
Net cash used in investing activities$(77,878)$(139,935)

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INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED, CONTINUED)
(in thousands)
Nine months ended September 30,
20232022
Cash flows from financing activities
Payments on Term Loan$(3,731)$(3,750)
Proceeds from vehicle and equipment notes payable28,359 20,492 
Debt issuance costs(438)(655)
Principal payments on long-term debt(22,193)(23,340)
Principal payments on finance lease obligations(2,199)(1,661)
Dividends paid(53,779)(53,821)
Acquisition-related obligations(2,721)(9,423)
Repurchase of common stock (112,193)
Surrender of common stock awards by employees(5,827)(4,464)
Net cash used in financing activities(62,529)(188,815)
Net change in cash and cash equivalents110,132 (130,083)
Cash and cash equivalents at beginning of period229,627 333,485 
Cash and cash equivalents at end of period$339,759 $203,402 
Supplemental disclosures of cash flow information
Net cash paid during the period for:
Interest$36,332 $40,639 
Income taxes, net of refunds64,177 43,512 
Supplemental disclosure of noncash activities
Right-of-use assets obtained in exchange for operating lease obligations$23,188 $22,056 
Release of indemnification of acquisition-related debt 980 
Property and equipment obtained in exchange for finance lease obligations2,905 4,411 
Seller obligations in connection with acquisition of businesses8,290 25,534 
Unpaid purchases of property and equipment included in accounts payable1,943 857 

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - ORGANIZATION
Installed Building Products (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly-owned subsidiaries (collectively referred to as the “Company,” and “we,” “us” and “our”) primarily install insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company operates in more than 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 nine months ended September 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 nine months ended September 30, 2023.
Reclassifications
In order to conform with the current year presentation, we reclassified $1.3 million of the financing component of interest rate swaps for the nine months ended September 30, 2022 from “Other” to “Settlements with interest rate swap counterparties” within the investing activities section of our Condensed Consolidated Statements of Cash Flows.
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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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
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.  The Company will adopt and apply the guidance as prescribed by this ASU to future common control arrangements that occur after the effective date. This will not materially affect 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 September 30,Nine months ended September 30,
2023202220232022
Installation:
Residential new construction$518,080 73 %$532,299 74 %$1,488,875 72 %$1,480,214 75 %
Repair and remodel37,839 6 %39,139 6 %114,452 6 %109,745 5 %
Commercial105,272 15 %101,478 14 %332,472 16 %282,585 14 %
Net revenue, Installation$661,191 94 %$672,916 94 %$1,935,799 94 %$1,872,544 94 %
Other
45,274 6 %46,198 6 %122,075 6 %110,811 6 %
Net revenue, as reported$706,465 100 %$719,114 100 %$2,057,874 100 %$1,983,355 100 %

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 Three months ended September 30,Nine months ended September 30,
2023202220232022
Installation:
Insulation$424,166 60 %$429,091 60 %$1,235,056 60 %$1,203,635 61 %
Shower doors, shelving and mirrors48,223 7 %46,735 7 %141,576 7 %124,339 6 %
Garage doors40,597 6 %45,224 6 %124,771 6 %123,715 6 %
Waterproofing36,186 5 %31,088 4 %99,113 5 %95,306 5 %
Rain gutters31,227 4 %31,065 4 %88,593 4 %83,334 4 %
Fireproofing/firestopping18,889 3 %17,159 3 %53,929 3 %49,247 3 %
Window blinds16,147 2 %16,585 2 %48,347 2 %45,058 2 %
Other building products45,756 7 %55,969 8 %144,414 7 %147,910 7 %
Net revenue, Installation$661,191 94 %$672,916 94 %$1,935,799 94 %$1,872,544 94 %
Other 45,274 6 %46,198 6 %122,075 6 %110,811 6 %
Net revenue, as reported$706,465 100 %$719,114 100 %$2,057,874 100 %$1,983,355 100 %
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 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):
 September 30, 2023December 31, 2022
Contract assets$34,069 $29,431 
Contract liabilities(17,247)(18,884)
Uncompleted contracts were as follows (in thousands):
 September 30, 2023December 31, 2022
Costs incurred on uncompleted contracts$245,069 $273,788 
Estimated earnings111,047 114,781 
Total356,116 388,569 
Less: Billings to date330,417 368,009 
Net under billings$25,699 $20,560 
Net under billings were as follows (in thousands):
 September 30, 2023December 31, 2022
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$34,069 $29,431 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(8,370)(8,871)
Net under billings$25,699 $20,560 
The difference between contract assets and contract liabilities as of September 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 nine months ended September 30, 2023, we recognized $0.4 million and $17.8 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 and nine months ended September 30, 2023 or 2022.

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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 September 30, 2023, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $124.0 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 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 provision4,380 
Recoveries collected and additions234 
Amounts written off(3,244)
Balance as of September 30, 2023$10,919 
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 $307.4 million and $191.9 million as of September 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 by reporting segment was as follows (in thousands):
InstallationOtherConsolidated
Goodwill (gross) - January 1, 2023$355,226 $88,333 $443,559 
Business combinations15,860  15,860 
Other525 5,273 5,798 
Goodwill (gross) - September 30, 2023371,611 93,606 465,217 
Accumulated impairment losses (70,004) (70,004)
Goodwill (net) - September 30, 2023$301,607 $93,606 $395,213 
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 nine months ended September 30, 2023, including measurement period adjustments primarily associated with a 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.

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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 September 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$351,806 $170,134 $181,672 $338,050 $145,722 $192,328 
Covenants not-to-compete31,439 22,852 8,587 30,899 20,086 10,813 
Trademarks and tradenames126,054 45,411 80,643 119,612 39,638 79,974 
Backlog21,635 21,228 407 20,815 20,457 358 
 $530,934 $259,625 $271,309 $509,376 $225,903 $283,473 
The gross carrying amount of intangibles increased approximately $21.6 million during the nine months ended September 30, 2023 primarily due to business combinations. For more information, see Note 17, Business Combinations.
Remaining estimated aggregate annual amortization expense is as follows (amounts, in thousands, are for the fiscal year ended):
Remainder of 2023$10,717 
202440,186 
202534,645 
202630,693 
202726,408 
Thereafter128,660 
NOTE 7 - LONG-TERM DEBT
Long-term debt consisted of the following (in thousands):
 As of September 30,As of December 31,
 20232022
Senior notes due 2028, net of unamortized debt issuance costs of $2,588 and $3,036, respectively
$297,412 $296,964 
Term loan, net of unamortized debt issuance costs of $4,543 and $5,767, respectively
486,726 489,233 
Vehicle and equipment notes, maturing through September 2028; payable in various monthly installments, including interest rates ranging from 1.9% to 7.0%
79,941 72,984 
Note payable, maturing April 2025; payable in annual installments, including interest rate at 5.0%
1,182 1,973 
865,261 861,154 
Less: current maturities(31,803)(30,983)
Long-term debt, less current maturities$833,458 $830,171 

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INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of September 30, 2023 are as follows (in thousands):
Remainder of 2023$8,193 
202430,455 
202524,917 
202620,260 
202715,318 
Thereafter773,249 
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. .
Term Loan Agreement Amendment
In August 2023, we amended our Term Loan ("the Second Amendment"). The amended Term Loan effects a repricing of the interest rate applicable to the existing term loans thereunder from Term SOFR plus 2.25% to Term SOFR plus 2.00%. The Second Amendment also establishes an alternate base rate equal to the highest of (i) the federal funds rate plus 1/2 of 1.00%, (ii) the prime rate and (iii) the Term SOFR rate for an interest period of one month plus 1.00%. The Second Amendment also states that there will be a six-month protection provision during which a 1.00% premium would be charged in connection with certain repricing transactions. As of September 30, 2023, we had $486.7 million, net of unamortized debt issuance costs, due on our Term Loan.
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 September 30,As of December 31,
(in thousands)Classification20232022
Assets   
Non-Current   
OperatingOperating lease right-of-use assets$77,808 $76,174 
FinanceProperty and equipment, net9,532 8,928 
Total lease assets $87,340 $85,102 
Liabilities 
Current 
OperatingCurrent maturities of operating lease obligations$27,769 $26,145 
FinancingCurrent maturities of finance lease obligations2,694 2,508 
Non-Current 
OperatingOperating lease obligations50,085 49,789 
FinancingFinance lease obligations6,909 6,397 
Total lease liabilities$87,457 $84,839 
Weighted-average remaining lease term:
Operating leases 3.7 years4.0 years
Finance leases 3.7 years3.6 years
Weighted-average discount rate:
Operating leases 5.13 %4.41 %
Finance leases 6.95 %5.76 %
Lease Costs
The table below presents certain information related to the lease costs for finance and operating leases:
Three months ended September 30,Nine months ended September 30,
(in thousands)Classification2023202220232022
Operating lease cost(1)
Administrative$9,676 $8,355 $28,266 $24,293 
Finance lease cost:
Amortization of leased assets(2)
Cost of sales976 817 2,848 2,388 
Interest on finance lease obligationsInterest expense, net161 87 438 216 
Total lease costs$10,813 $9,259 $31,552 $26,897 
(1)Includes variable lease costs of $1.2 million and $0.9 million for the three months ended September 30, 2023 and 2022, respectively, and $3.5 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended September 30, 2023 and 2022, and $0.9 million for each of the nine months ended September 30, 2023 and 2022.
(2)Includes variable lease costs of $0.2 million for each of the three months ended September 30, 2023 and 2022, and $0.6 million for each of the nine months ended September 30, 2023 and 2022.

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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 September 30,Nine months ended September 30,
 2023202220232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$7,896 $7,030 $23,452 $20,296 
Operating cash flows for finance leases161 87 438 216 
Financing cash flows for finance leases750 576 2,199 1,661 
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 September 30, 2023 (in thousands):
 Finance LeasesOperating Leases
  Related PartyOtherTotal Operating
Remainder of 2023$868 $327 $7,739 $8,066 
20243,147 1,045 27,477 28,522 
20252,789 894 19,742 20,636 
20262,457  13,676 13,676 
20271,486  7,376 7,376 
Thereafter219  6,958 6,958 
Total minimum lease payments10,966 $2,266 $82,968 85,234 
Less: Amounts representing executory costs(1) 
Less: Amounts representing interest(1,362)(7,380)
Present value of future minimum lease payments9,603 77,854 
Less: Current obligation under leases(2,694)(27,769)
Long-term lease obligations$6,909 $50,085 
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 September 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 and nine months ended September 30, 2023 and 2022, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis.

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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 September 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 September 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 September 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 September 30, 2023As of December 31, 2022
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Financial assets:
Cash equivalents$307,420 $307,420 $ $ $191,881 $191,881 $ $ 
Derivative financial instruments41,537 41,537  38,671 38,671  
Total financial assets$348,957 $307,420 $41,537 $ $230,552 $191,881 $38,671 $ 
Financial liabilities:
Contingent consideration$992 $ $ $992 $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 value134 
Amounts paid to sellers(1,000)
Contingent consideration liability - September 30, 2023$992 
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 September 30, 2023As of December 31, 2022
 Carrying ValueFair ValueCarrying ValueFair Value
Senior Notes(1)
$300,000 $277,254 $