10-Q
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Table of Contents
 
 
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, 2019
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 class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common stock
 
IBP
 
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, smaller reporting company, or an emerging growth company. See definition 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 October 25, 2019, the registrant had
30,016,749
 shares of common stock, par value $0.01 per share,
outstanding.
 
     
 
 
 
 

Table of Contents
TABLE OF CONTENTS
         
 
 
1
 
         
   
1
 
         
   
28
 
         
   
36
 
         
   
3
7
 
         
 
 
37
 
         
   
37
 
         
   
37
 
         
   
3
8
 
         
   
38
 
         
   
38
 
         
   
38
 
         
   
3
9
 
         
 
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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,
 
 
2019
   
2018
 
ASSETS
 
 
 
 
 
 
Current assets
   
     
 
Cash and cash equivalents
  $
234,950
    $
90,442
 
Investments
   
4,980
     
10,060
 
Accounts receivable (less allowance for doubtful accounts of $6,712 and $5,085 at September 30, 2019 and December 31, 2018, respectively)
   
242,065
     
214,121
 
Inventories
   
63,547
     
61,162
 
Other current assets
   
32,955
     
35,760
 
                 
Total current assets
   
578,497
     
411,545
 
Property and equipment, net
   
102,148
     
90,117
 
Operating lease
right-of-use
assets
   
42,553
     
—  
 
Goodwill
   
184,574
     
173,049
 
Intangibles, net
   
144,321
     
149,790
 
Other
non-current
assets
   
11,589
     
10,157
 
                 
Total assets
  $
 
 
1,063,682
    $
834,658
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
Current liabilities
   
     
 
Current maturities of long-term debt
  $
22,734
    $
22,642
 
Current maturities of operating lease obligations
   
15,032
     
—  
 
Current maturities of finance lease obligations
   
3,133
     
4,806
 
Accounts payable
   
100,181
     
96,949
 
Accrued compensation
   
32,793
     
27,923
 
Other current liabilities
   
41,576
     
29,366
 
                 
Total current liabilitie
s
   
215,449
     
181,686
 
Long-term debt
   
542,510
     
432,182
 
Operating lease obligations
   
27,129
     
—  
 
Finance lease obligations
   
3,682
     
3,824
 
Deferred income taxes
   
3,833
     
6,695
 
Other long-term liabilities
   
43,565
     
27,773
 
                 
Total liabilities
   
836,168
     
652,160
 
Commitments and contingencies
   
 
     
 
 
Stockholders’ equity
   
     
 
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
   
—  
     
—  
 
Common stock; $0.01 par value: 100,000,000 authorized, 32,871,504 and 32,723,972 issued and 30,016,749 and 29,915,611 shares outstanding at September 30, 2019 and December 31, 2018, respectively
   
329
     
327
 
Additional paid in capital
   
188,216
     
181,815
 
Retained earnings
   
154,177
     
105,212
 
Treasury stock; at cost: 2,854,755 and 2,808,361 shares at September 30, 2019 and December 31, 2018, respectively
   
(106,756
)    
(104,425
)
Accumulated other comprehensive loss
   
(8,452
)    
(431
)
                 
Total stockholders’ equity
   
227,514
     
182,498
 
                 
Total liabilities and stockholders’ equity
  $
1,063,682
    $
834,658
 
                 
 
 
 
 
 
See accompanying notes to consolidated financial statements
1

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,
 
 
2019
   
2018
   
2019
   
2018
 
Net revenue
  $
396,449
    $
348,999
    $
1,110,398
    $
983,311
 
Cost of sales
   
278,362
     
251,665
     
795,616
     
710,358
 
                                 
Gross profit
   
118,087
     
97,334
     
314,782
     
272,953
 
Operating expenses
   
     
     
     
 
Selling
   
19,398
     
17,434
     
54,431
     
49,300
 
Administrative
   
55,098
     
48,337
     
156,022
     
137,511
 
Amortization
   
6,156
     
5,228
     
18,065
     
19,678
 
                                 
Operating income
   
37,435
     
26,335
     
86,264
     
66,464
 
Other expense
   
     
     
     
 
Interest expense, net
   
8,458
     
5,282
     
19,783
     
15,013
 
Other
   
155
     
132
     
381
     
417
 
                                 
Income before income taxes
   
28,822
     
20,921
     
66,100
     
51,034
 
Income tax provision
   
7,610
     
5,358
     
17,135
     
12,762
 
                                 
Net income
  $
21,212
    $
15,563
    $
48,965
    $
38,272
 
                                 
Other comprehensive (loss) income, net of tax:
   
     
     
     
 
Unrealized (loss) gain on cash flow hedge, net of tax benefit (provision) of $575 and ($278) for the three months ended September 30, 2019 and 2018, respectively, and $2,676 and ($822) for the nine months ended September 30, 2019 and 2018, respectively
   
(1,726
)    
818
     
(8,021
)    
2,453
 
                                 
Comprehensive income
  $
19,486
    $
16,381
    $
40,944
    $
40,725
 
                                 
Basic net income per share
  $
0.71
    $
0.50
    $
1.65
    $
1.22
 
                                 
Diluted net income per share
  $
0.71
    $
0.50
    $
1.64
    $
1.21
 
                                 
Weighted average shares outstanding:
   
     
     
     
 
Basic
   
29,785,548
     
31,229,086
     
29,741,555
     
31,373,871
 
Diluted
   
29,877,056
     
31,312,756
     
29,839,873
     
31,512,104
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements
2

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 AND SEPTEMBER 30, 2019
(in thousands, except share amounts)
                                                                 
 
   
Additional
 
 
 
 
 
 
 
 
Accumulated Other
 
 
 
 
Common Stock
   
Paid In
 
 
Retained
 
 
Treasury Stock
   
Comprehensive
 
 
Stockholders’
 
 
Shares
 
 
Amount
 
 
Capital
 
 
Earnings
 
 
Shares
 
 
Amount
 
 
Income
 
 
Equity
 
BALANCE - July 1, 2018
   
32,723,972
    $
327
    $
 
 
178,266
    $
 
 
73,919
     
(1,117,623
)   $
 
 
(39,703
)   $
2,254
    $
215,063
 
                                                                 
Net income
   
     
     
     
15,563
     
     
     
     
15,563
 
Cumulative effect of accounting changes,
net of tax
   
     
     
     
(746
)    
     
     
     
(746
)
Issuance of common stock awards to
employees
   
     
     
     
     
     
     
     
—  
 
Surrender of common stock awards by
employees
   
     
     
     
     
(681
)    
     
     
—  
 
Share-based compensation expense
   
     
     
1,765
     
     
     
     
     
1,765
 
Share-based compensation issued to
directors
   
     
     
75
     
     
     
     
     
75
 
Common stock repurchase
   
     
     
     
     
(380,694
)    
(18,187
)    
     
(18,187
)
Other comprehensive income, net of tax
   
     
     
     
     
     
     
818
     
818
 
                                                                 
BALANCE - September 30, 2018
   
32,723,972
    $
327
    $
180,106
    $
88,736
     
(1,498,998
)   $
(57,890
)   $
3,072
    $
214,351
 
                                                                 
                                           
 
   
Additional
 
 
 
 
 
 
 
 
Accumulated Other
 
 
 
 
Common Stock
   
Paid In
 
 
Retained
 
 
Treasury Stock
   
Comprehensive
 
 
Stockholders’
 
 
Shares
 
 
Amount
 
 
Capital
 
 
Earnings
 
 
Shares
 
 
Amount
 
 
Loss
 
 
Equity
 
BALANCE - July 1, 2019
   
32,871,504
    $
329
    $
186,182
    $
132,965
     
(2,854,496
)   $
(106,748
)   $
(6,726
)   $
206,002
 
                                                                 
Net income
   
     
     
     
21,212
     
     
     
     
21,212
 
Issuance of common stock awards to
employees
   
     
     
     
     
     
     
     
—  
 
Surrender of common stock awards by
employees
   
     
     
     
     
(259
)    
(8
)    
     
(8
)
Share-based compensation expense
   
     
     
1,933
     
     
     
     
     
1,933
 
Share-based compensation issued to
directors
   
     
     
101
     
     
     
     
     
101
 
Other comprehensive loss, net of tax
   
     
     
     
     
     
     
(1,726
)    
(1,726
)
                                                                 
BALANCE - September 30, 2019
   
32,871,504
    $
329
    $
188,216
    $
154,177
     
(2,854,755
)   $
(106,756
)   $
(8,452
)   $
227,514
 
                                                                 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements
3

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND SEPTEMBER 30, 2019
(in thousands, except share amounts)
                                                                 
 
   
Additional
 
 
 
 
 
 
 
 
Accumulated Other
 
 
 
 
Common Stock
   
Paid In
 
 
Retained
 
 
Treasury Stock
   
Comprehensive
 
 
Stockholders’
 
 
Shares
 
 
Amount
 
 
Capital
 
 
Earnings
 
 
Shares
 
 
Amount
 
 
Income
 
 
Equity
 
BALANCE - January 1, 2018
   
32,524,934
    $
325
    $
 
 
174,043
    $
48,434
     
(662,788
)   $
(12,781
)   $
507
    $
210,528
 
                                                                 
Net income
   
     
     
     
38,272
     
     
     
     
38,272
 
Cumulative effect of accounting changes, net of tax
   
     
     
     
2,030
     
     
     
112
     
2,142
 
Issuance of common stock awards to employees
   
194,093
     
2
     
(2
)    
     
     
     
     
—  
 
Surrender of common stock awards by employees
   
     
     
     
     
(42,799
)    
(2,282
)    
     
(2,282
)
Share-based compensation expense
   
     
     
5,965
     
     
     
     
     
5,965
 
Share-based compensation issued to directors
   
4,945
     
     
100
     
     
     
     
     
100
 
Common stock repurchase
   
     
     
     
     
(793,411
)    
(42,827
)    
     
(42,827
)
Other comprehensive income, net of tax
   
     
     
     
     
     
     
2,453
     
2,453
 
                                                                 
BALANCE - September 30, 2018
   
32,723,972
    $
327
    $
180,106
    $
88,736
     
(1,498,998
)   $
(57,890
)   $
3,072
    $
214,351
 
                                                                 
                                           
 
   
Additional
 
 
 
 
 
 
 
 
Accumulated Other
 
 
 
 
Common Stock
   
Paid In
 
 
Retained
 
 
Treasury Stock
   
Comprehensive
 
 
Stockholders’
 
 
Shares
 
 
Amount
 
 
Capital
 
 
Earnings
 
 
Shares
 
 
Amount
 
 
Loss
 
 
Equity
 
BALANCE - January 1, 2019
   
32,723,972
    $
327
    $
181,815
    $
105,212
     
(2,808,361
)   $
(104,425
)   $
(431
)   $
182,498
 
                                                                 
Net income
   
     
     
     
48,965
     
     
     
     
48,965
 
Issuance of common stock awards to employees
   
139,862
     
2
     
(2
)    
     
     
     
     
—  
 
Surrender of common stock awards by employees
   
     
     
     
     
(46,394
)    
(2,331
)    
     
(2,331
)
Share-based compensation expense
   
     
     
6,144
     
     
     
     
     
6,144
 
Share-based compensation issued to directors
   
7,670
     
     
259
     
     
     
     
     
259
 
Other comprehensive loss, net of tax
   
     
     
     
     
     
     
(8,021
)    
(8,021
)
                                                                 
BALANCE - September 30, 2019
   
32,871,504
    $
329
    $
188,216
    $
154,177
     
(2,854,755
)   $
(106,756
)   $
(8,452
)   $
227,514
 
                                                                 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements
4

Table of Contents
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
                 
 
Nine months ended September 30,
 
 
2019
   
2018
 
Cash flows from operating activities
 
 
 
 
 
 
Net income
  $
48,965
    $
 
 
38,272
 
Adjustments to reconcile net income to net cash provided by operating activities
   
     
 
Depreciation and amortization of property and equipment
   
28,575
     
24,567
 
Amortization of operating lease
right-of-use
assets
   
11,597
     
—  
 
Amortization of intangibles
   
18,065
     
19,678
 
Amortization of deferred financing costs and debt discount
   
845
     
883
 
Provision for doubtful accounts
   
3,173
     
2,219
 
Write-off
of debt issuance costs
   
2,774
     
1,164
 
Gain on sale of property and equipment
   
(69
)    
(551
)
Noncash stock compensation
   
6,442
     
6,089
 
Changes in assets and liabilities, excluding effects of acquisitions
   
     
 
Accounts receivable
   
(29,144
)    
(35,953
)
Inventories
   
(852
)    
(6,799
)
Other assets
   
(4,845
)    
(801
)
Accounts payable
   
2,535
     
7,523
 
Income taxes receivable/payable
   
13,487
     
10,542
 
Other liabilities
   
4,969
     
2,016
 
                 
Net cash provided by operating activities
   
106,517
     
68,849
 
                 
Cash flows from investing activities
 
 
 
 
 
 
Purchases of investments
   
(17,352
)    
(22,818
)
Maturities of short term investments
   
22,560
     
37,500
 
Purchases of property and equipment
   
(37,267
)    
(27,051
)
Acquisitions of businesses
   
(24,740
)    
(34,682
)
Proceeds from sale of property and equipment
   
563
     
1,106
 
Other
   
(1,795
)    
(1,590
)
                 
Net cash used in investing activities
   
(58,031
)    
(47,535
)
                 
Cash flows from financing activities
 
 
 
 
 
 
Proceeds from senior notes (Note 6)
   
300,000
     
—  
 
Proceeds from term loan (Note 6)
   
—  
     
100,000
 
Payments on term loan (Note 6)
   
(195,750
)    
(750
)
Proceeds from vehicle and equipment notes payable
   
23,767
     
20,657
 
Debt issuance costs
   
(5,191
)    
(1,992
)
Principal payments on long-term debt
   
(15,278
)    
(10,324
)
Principal payments on finance lease obligations
   
(3,398
)    
(4,316
)
Acquisition-related obligations
   
(5,797
)    
(2,901
)
Repurchase of common stock
   
—  
     
(42,827
)
Surrender of common stock awards by employees
   
(2,331
)    
(2,282
)