COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the "Company" or "IBP") (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights (Comparisons are to Prior Year Period)
“Record first quarter results were the result of strong market dynamics within our core residential housing markets. Our local branches continue to prudently align our selling prices with the value we offer our customers, supporting profitability and strong incremental margins. Gross margin expanded 60 basis points over the past year but ongoing supply constraints required us to make material purchases outside of our typical supply chain channels again this quarter. With a combination of strong volume and pricing growth during the period, we leveraged SG&A expenses and produced record first quarter earnings, adjusted earnings, and adjusted EBITDA,” stated Jeff Edwards, Chairman and Chief Executive Officer.
Mr. Edwards, continued, “Despite ongoing supply chain constraints, we are committed to maintaining an exceptional level of service for our customers by completing jobs correctly and on schedule. I am proud of the continued resolve, hard work, and dedication of our teams across the country, especially in the current market environment.”
“With the substantial number of permitted new housing units that have yet to be started, residential construction is expected to remain supportive of our business in 2022. We also expect the seasonal trends we typically experience throughout the year to be more muted in 2022 given the strong industry backlog. Overall, 2022 is shaping up to be another year of profitable growth and value creation for IBP,” concluded Mr. Edwards.
Acquisition Update
IBP continues to prioritize profitable growth through its proven strategy of acquiring well-run installers of insulation and complementary building products. For 2022, IBP expects to acquire at least $100 million of revenue.
During the 2022 first quarter and April, IBP announced the following acquisitions:
2022 Second Quarter Regular Cash Dividend and Share Repurchases
IBP’s Board of Directors has approved the Company’s quarterly cash dividend of $0.315 per share, payable on June 30, 2022, to stockholders of record on June 15, 2022. The second quarter regular cash dividend represents a 5% increase from last year’s second quarter cash dividend payment.
IBP repurchased 510,943 shares of its common stock at a total cost of $49.9 million, including commissions, during the first quarter of 2022. The Company has approximately $150 million of availability remaining under the Company’s current authorization, which expires March 1, 2023.
First Quarter 2022 Results Overview
For the first quarter of 2022, net revenue was a record $587.5 million, an increase of 34.4% from $437.1 million for the first quarter of 2021. On a consolidated same branch basis, net revenue improved 22.5% from the prior year quarter, which was attributable to a 9.7% increase in the volume of jobs completed and a 14.6% increase in price/mix during the first quarter relative to the same period last year. Residential sales growth within our Installation segment was 28.3% on a same branch basis in the quarter. Our commercial end-market net revenue within the Installation segment increased 13.0% for the first quarter of 2022. Commercial growth was largely driven by recent acquisitions as same branch sales were up 5.9% on a year-over-year basis, primarily due to continued challenges associated with the COVID-19 pandemic. Same branch sales within our heavy commercial business increased 0.5% over the prior year period.
Gross profit improved 37.5% to $172.4 million from $125.4 million in the prior year quarter. Adjusted gross profit* as a percent of total revenue was 29.4% which adjusts for the Company’s share-based compensation expense, as well as expenses directly related to COVID-19, compared to 28.7% for the same period last year. First quarter gross profit was reduced by an estimated $1.4 million due to ongoing supply chain disruptions that occurred during the quarter, which reduced gross profit margin by approximately 20 basis points and had the same impact to operating profit margin and adjusted EBITDA margin*.
Selling and administrative expense, as a percent of net revenue, was 17.8% compared to 19.7% in the prior year quarter. Adjusted selling and administrative expense*, as a percent of net revenue, was 16.9% compared to 18.7% in the prior year quarter.
Net income was $33.8 million, or $1.14 per diluted share, compared to $17.3 million, or $0.58 per diluted share in the prior year quarter. Adjusted net income* was $45.7 million, or $1.54 per diluted share, compared to $26.8 million, or $0.90 per diluted share in the prior year quarter. Adjusted net income accounts for the impact of non-core items in both periods, including an addback for non-cash amortization expense related to acquisitions.
Adjusted EBITDA* was $84.2 million, a 54.5% increase from $54.5 million in the prior year quarter, largely due to strong sales growth, improved gross margin, and leverage on selling and administrative expenses compared to the prior year quarter.
Conference Call and Webcast
The Company will host a conference call and webcast on May 5, 2022 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-0792 (domestic) or 201-689-8263 (international). The live webcast will be available at www.installedbuildingproducts.com in the investor relations section. A replay of the conference call will be available through June 5, 2022, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13727647.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest new residential insulation installers and is a diversified installer of complementary building products, including 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 manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects in all 48 continental states and the District of Columbia from its national network of over 210 branch locations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the housing market and the commercial market, our operations, industry conditions, our financial and business model, payment of dividends, the demand for our services and product offerings, trends in the large commercial business, the impact of the COVID-19 crisis on our business and end markets, supply chain and material constraints, expansion of our national footprint and end markets, diversification of our products, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions and the expected amount of acquired revenue, our ability to improve sales and profitability, the impact of the COVID-19 crisis on our financial results, and expectations for demand for our services and our earnings. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intends," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those expressed in or suggested by such forward-looking statements as a result of various factors, including, without limitation, the duration, effect and severity of the COVID-19 crisis; any recurrence of COVID-19, including through any new variant strains of the virus, and the related surges in positive COVID-19 cases; the adverse impact of the COVID-19 crisis on our business and financial results, our supply chain, the economy and the markets we serve; general economic and industry conditions; inflation and interest rates; the material price and supply environment; the timing of increases in our selling prices; the risk that the Company may reduce, suspend or eliminate dividend payments in the future; and the factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. In addition, any future declaration of dividends will be subject to the final determination of our Board of Directors. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws.
*Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by net revenue), Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit and Adjusted Selling and Administrative expense. The reasons for the use of these measures, reconciliations of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit, and Adjusted Selling and Administrative expense to the most directly comparable GAAP measures and other information relating to these measures are included below following the unaudited condensed consolidated financial statements. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for IBP’s financial results prepared in accordance with GAAP.
INSTALLED BUILDING PRODUCTS, INC. | |||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||
(unaudited, in thousands, except share and per share amounts) | |||||
Three months ended March 31, | |||||
2022 |
2021 |
||||
Net revenue | $ |
587,492 |
$ |
437,066 |
|
Cost of sales |
|
415,089 |
|
311,639 |
|
Gross profit |
|
172,403 |
|
125,427 |
|
Operating expenses | |||||
Selling |
|
25,192 |
|
20,858 |
|
Administrative |
|
79,144 |
|
65,077 |
|
Amortization |
|
11,097 |
|
8,396 |
|
Operating income |
|
56,970 |
|
31,096 |
|
Other expense, net | |||||
Interest expense, net |
|
10,600 |
|
7,574 |
|
Other expense |
|
145 |
|
81 |
|
Income before income taxes |
|
46,225 |
|
23,441 |
|
Income tax provision |
|
12,403 |
|
6,150 |
|
Net income | $ |
33,822 |
$ |
17,291 |
|
Other comprehensive income, net of tax: | |||||
Net change on cash flow hedges, net of tax provision of $6,430 and $3,428 for the three months ended March 31, 2022 and 2021, respectively |
|
18,111 |
|
10,157 |
|
Comprehensive income | $ |
51,933 |
$ |
27,448 |
|
Earnings Per Share: | |||||
Basic net income per share | $ |
1.15 |
$ |
0.59 |
|
Diluted net income per share | $ |
1.14 |
$ |
0.58 |
|
Weighted average shares outstanding: | |||||
Basic |
|
29,302,396 |
|
29,286,044 |
|
Diluted |
|
29,580,731 |
|
29,613,484 |
|
Cash dividends declared per share | $ |
1.22 |
$ |
0.30 |
INSTALLED BUILDING PRODUCTS, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited, in thousands, except share and per share amounts) | ||||||||
March 31, | December 31, |
|||||||
2022 |
2021 |
|||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ |
217,434 |
|
$ |
333,485 |
|
||
Investments |
|
49,980 |
|
|
- |
|
||
Accounts receivable (less allowance for credit losses of $8,590 and $8,717 at March 31, 2022 and December 31, 2021, respectively) |
|
345,586 |
|
|
312,767 |
|
||
Inventories |
|
160,023 |
|
|
143,039 |
|
||
Prepaid expenses and other current assets |
|
69,205 |
|
|
70,025 |
|
||
Total current assets |
|
842,228 |
|
|
859,316 |
|
||
Property and equipment, net |
|
107,817 |
|
|
105,933 |
|
||
Operating lease right-of-use assets |
|
69,033 |
|
|
69,871 |
|
||
Goodwill |
|
325,347 |
|
|
322,517 |
|
||
Customer relationships, net |
|
173,868 |
|
|
178,264 |
|
||
Other intangibles, net |
|
84,092 |
|
|
86,157 |
|
||
Other non-current assets |
|
50,364 |
|
|
31,144 |
|
||
Total assets | $ |
1,652,749 |
|
$ |
1,653,202 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ |
30,668 |
|
$ |
30,839 |
|
||
Current maturities of operating lease obligations |
|
23,505 |
|
|
23,224 |
|
||
Current maturities of finance lease obligations |
|
1,801 |
|
|
1,747 |
|
||
Accounts payable |
|
150,643 |
|
|
132,705 |
|
||
Accrued compensation |
|
56,639 |
|
|
50,964 |
|
||
Other current liabilities |
|
64,272 |
|
|
68,090 |
|
||
Total current liabilities |
|
327,528 |
|
|
307,569 |
|
||
Long-term debt |
|
829,638 |
|
|
832,193 |
|
||
Operating lease obligations |
|
45,091 |
|
|
46,075 |
|
||
Finance lease obligations |
|
3,254 |
|
|
3,297 |
|
||
Deferred income taxes |
|
11,242 |
|
|
4,819 |
|
||
Other long-term liabilities |
|
45,765 |
|
|
42,409 |
|
||
Total liabilities |
|
1,262,518 |
|
|
1,236,362 |
|
||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively |
|
- |
|
|
- |
|
||
Common stock; $0.01 par value: 100,000,000 authorized, 33,351,843 and 33,271,659 issued and 29,275,592 and 29,706,401 shares outstanding at March 31, 2022 and December 31, 2021, respectively |
|
334 |
|
|
333 |
|
||
Additional paid in capital |
|
218,642 |
|
|
211,430 |
|
||
Retained earnings |
|
350,475 |
|
|
352,543 |
|
||
Treasury stock; at cost: 4,076,251 and 3,565,258 shares at March 31, 2022 and December 31, 2021, respectively |
|
(197,104 |
) |
|
(147,239 |
) |
||
Accumulated other comprehensive (income (loss) |
|
17,884 |
|
|
(227 |
) |
||
Total stockholders' equity |
|
390,231 |
|
|
416,840 |
|
||
Total liabilities and stockholders' equity | $ |
1,652,749 |
|
$ |
1,653,202 |
|
INSTALLED BUILDING PRODUCTS, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Cash flows from operating activities | |||||||
Net income | $ |
33,822 |
|
$ |
17,291 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization of property and equipment |
|
11,329 |
|
|
10,663 |
|
|
Amortization of operating lease right-of-use assets |
|
6,371 |
|
|
5,050 |
|
|
Amortization of intangibles |
|
11,097 |
|
|
8,396 |
|
|
Amortization of deferred financing costs and debt discount |
|
484 |
|
|
331 |
|
|
Provision for credit losses |
|
653 |
|
|
127 |
|
|
Gain on sale of property and equipment |
|
(92 |
) |
|
(252 |
) |
|
Noncash stock compensation |
|
3,418 |
|
|
3,196 |
|
|
Amortization of terminated interest rate swap |
|
790 |
|
|
798 |
|
|
Changes in assets and liabilities, excluding effects of acquisitions | |||||||
Accounts receivable |
|
(32,700 |
) |
|
1,056 |
|
|
Inventories |
|
(16,300 |
) |
|
(7,644 |
) |
|
Other assets |
|
169 |
|
|
(1,794 |
) |
|
Accounts payable |
|
16,486 |
|
|
524 |
|
|
Income taxes receivable/payable |
|
11,433 |
|
|
4,633 |
|
|
Other liabilities |
|
1,265 |
|
|
(4,757 |
) |
|
Net cash provided by operating activities |
|
48,225 |
|
|
37,618 |
|
|
Cash flows from investing activities | |||||||
Purchases of investments |
|
(49,957 |
) |
|
- |
|
|
Purchases of property and equipment |
|
(10,362 |
) |
|
(10,846 |
) |
|
Acquisitions of businesses, net of cash acquired of $0 and $168 in 2022 and 2021, respectively |
|
(8,050 |
) |
|
(41,930 |
) |
|
Proceeds from sale of property and equipment |
|
265 |
|
|
389 |
|
|
Other |
|
(614 |
) |
|
(5 |
) |
|
Net cash used in investing activities |
|
(68,718 |
) |
|
(52,392 |
) |
|
Cash flows from financing activities | |||||||
Payments on term loan |
|
(1,250 |
) |
|
- |
|
|
Proceeds from vehicle and equipment notes payable |
|
4,752 |
|
|
7,808 |
|
|
Debt issuance costs |
|
(627 |
) |
|
- |
|
|
Principal payments on long-term debt |
|
(6,618 |
) |
|
(6,481 |
) |
|
Principal payments on finance lease obligations |
|
(521 |
) |
|
(530 |
) |
|
Acquisition-related obligations |
|
(6,003 |
) |
|
(1,414 |
) |
|
Dividends paid |
|
(35,426 |
) |
|
(8,786 |
) |
|
Repurchase of common stock |
|
(49,865 |
) |
|
- |
|
|
Net cash used in financing activities |
|
(95,558 |
) |
|
(9,403 |
) |
|
Net change in cash and cash equivalents |
|
(116,051 |
) |
|
(24,177 |
) |
|
Cash and cash equivalents at beginning of period |
|
333,485 |
|
|
231,520 |
|
|
Cash and cash equivalents at end of period | $ |
217,434 |
|
$ |
207,343 |
|
|
Supplemental disclosures of cash flow information | |||||||
Net cash paid during the period for: | |||||||
Interest | $ |
14,293 |
|
$ |
10,839 |
|
|
Income taxes, net of refunds |
|
1,088 |
|
|
1,474 |
|
|
Supplemental disclosure of noncash activities | |||||||
Right-of-use assets obtained in exchange for operating lease obligations |
|
5,514 |
|
|
5,679 |
|
|
Property and equipment obtained in exchange for finance lease obligations |
|
544 |
|
|
268 |
|
|
Seller obligations in connection with acquisition of businesses |
|
1,878 |
|
|
5,959 |
|
|
Unpaid purchases of property and equipment included in accounts payable |
|
1,884 |
|
|
1,043 |
|
Information on Segments
In the first quarter of 2022, we realigned our operating segments. This change resulted in our Company having three operating segments consisting of Installation, Distribution and Manufacturing. The Other category reported below reflects the operations of our Distribution and Manufacturing operating segments.
INSTALLED BUILDING PRODUCTS, INC. | ||||||||||||
SEGMENT INFORMATION AS OF MARCH 31, 2022 | ||||||||||||
(unaudited, in thousands) | ||||||||||||
Installation | Other | Eliminations | Consolidated |
|||||||||
Revenue | $ |
561,631 |
$ |
26,650 |
$ |
(789 |
) |
$ |
587,492 |
|||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
385,692 |
|
19,373 |
|
(609 |
) |
|
404,456 |
|||
Adjusted gross profit |
|
175,939 |
|
7,277 |
|
(180 |
) |
|
183,036 |
|||
Depreciation and amortization |
|
10,633 |
||||||||||
Gross profit, as reported |
|
172,403 |
||||||||||
Selling |
|
25,192 |
||||||||||
Administrative |
|
79,144 |
||||||||||
Amortization |
|
11,097 |
||||||||||
Operating income |
|
56,970 |
||||||||||
Interest expense, net |
|
10,600 |
||||||||||
Other expense |
|
145 |
||||||||||
Income before income taxes | $ |
46,225 |
||||||||||
INSTALLED BUILDING PRODUCTS, INC. | ||||||||||||
SEGMENT INFORMATION AS OF MARCH 31, 2021 | ||||||||||||
(unaudited, in thousands) | ||||||||||||
Installation |
Other |
Eliminations |
Consolidated |
|||||||||
Revenue | $ |
432,178 |
$ |
5,253 |
$ |
(365 |
) |
$ |
437,066 |
|||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
297,832 |
|
4,067 |
|
(283 |
) |
|
301,616 |
|||
Adjusted gross profit |
|
134,346 |
|
1,186 |
|
(82 |
) |
|
135,450 |
|||
Depreciation and amortization |
|
10,023 |
||||||||||
Gross profit, as reported |
|
125,427 |
||||||||||
Selling |
|
20,858 |
||||||||||
Administrative |
|
65,077 |
||||||||||
Amortization |
|
8,396 |
||||||||||
Operating income |
|
31,096 |
||||||||||
Interest expense, net |
|
7,574 |
||||||||||
Other expense |
|
81 |
||||||||||
Income before income taxes | $ |
23,441 |
||||||||||
The prior period disclosures in the above table have been recast to conform to the current period segment presentation. |
INSTALLED BUILDING PRODUCTS, INC. | ||||||||||||
REVENUE BY END MARKET AS OF MARCH 31, 2022 AND 2021 | ||||||||||||
(unaudited, in thousands) | ||||||||||||
Three months ended March 31, | ||||||||||||
2022 |
2021 |
|||||||||||
Installation | ||||||||||||
Residential new construction | $ |
442,404 |
75 |
% |
$ |
327,244 |
75 |
% |
||||
Repair and remodel |
|
32,641 |
6 |
% |
|
28,289 |
6 |
% |
||||
Commercial |
|
86,586 |
15 |
% |
|
76,645 |
18 |
% |
||||
Net revenue, Installation |
|
561,631 |
96 |
% |
|
432,178 |
99 |
% |
||||
Other 1 |
|
25,861 |
4 |
% |
|
4,888 |
1 |
% |
||||
Net revenue, as reported | $ |
587,492 |
100 |
% |
$ |
437,066 |
100 |
% |
||||
1 Net revenue for manufacturing operations are included in the Other category for all periods presented to conform with our change in composition of operating segments. Revenues for the Other category are presented net of intercompany sales. |
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Gross Profit and Adjusted Selling and Administrative Expense measure performance by adjusting EBITDA, GAAP net income, gross profit and selling and administrative expense, respectively, for certain income or expense items that are not considered part of our core operations. We believe that the presentation of these measures provides useful information to investors regarding our results of operations because it assists both investors and us in analyzing and benchmarking the performance and value of our business.
We believe the Adjusted EBITDA measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of our capital structure (primarily interest expense), asset base (primarily depreciation and amortization), items outside our control (primarily income taxes) and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. In addition, we use various EBITDA-based measures in determining the achievement of awards under certain of our incentive compensation programs. Other companies may define Adjusted EBITDA differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted EBITDA may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.
Although we use the Adjusted EBITDA measure to assess the performance of our business, the use of the measure is limited because it does not include certain material expenses, such as interest and taxes, necessary to operate our business. Adjusted EBITDA should be considered in addition to, and not as a substitute for, GAAP net income as a measure of performance. Our presentation of this measure should not be construed as an indication that our future results will be unaffected by unusual or non-recurring items. This measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, this measure is not intended as an alternative to net income as an indicator of our operating performance, as an alternative to any other measure of performance in conformity with GAAP or as an alternative to cash flow provided by operating activities as a measure of liquidity. You should therefore not place undue reliance on this measure or ratios calculated using this measure.
We also believe the Adjusted Net Income measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of certain non-core items such as discontinued operations, acquisition related expenses, amortization expense, the tax impact of these certain non-core items, and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. To make the financial presentation more consistent with other public building products companies, beginning in the fourth quarter 2016 we included an addback for non-cash amortization expense related to acquisitions. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. Other companies may define Adjusted Net Income differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted Net Income may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.
INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED NET INCOME CALCULATIONS (unaudited, in thousands, except share and per share amounts) |
|||||||
|
|||||||
The table below reconciles Adjusted Net Income to the most directly comparable GAAP financial measure, net income, for the periods presented therein. |
|||||||
|
|||||||
Per share figures may reflect rounding adjustments and consequently totals may not appear to sum. |
|||||||
|
|
||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Net income, as reported | $ |
33,822 |
|
$ |
17,291 |
|
|
Adjustments for adjusted net income: | |||||||
Share based compensation expense |
|
3,418 |
|
|
3,196 |
|
|
Acquisition related expenses |
|
664 |
|
|
1,161 |
|
|
COVID-19 expenses 1 |
|
301 |
|
|
52 |
|
|
Amortization expense 2 |
|
11,097 |
|
|
8,396 |
|
|
Legal reserve |
|
565 |
|
|
- |
|
|
Tax impact of adjusted items at normalized tax rate 3 |
|
(4,172 |
) |
|
(3,329 |
) |
|
Adjusted net income | $ |
45,695 |
|
$ |
26,767 |
|
|
Weighted average shares outstanding (diluted) |
|
29,580,731 |
|
|
29,613,484 |
|
|
Diluted net income per share, as reported | $ |
1.14 |
|
$ |
0.58 |
|
|
Adjustments for adjusted net income, net of tax impact, per diluted share 4 |
|
0.40 |
|
|
0.32 |
|
|
Diluted adjusted net income per share | $ |
1.54 |
|
$ |
0.90 |
|
|
1 Addback of employee pay, employee medical expenses, and legal fees directly attributable to COVID-19 | |||||||
2 Addback of all non-cash amortization resulting from business combinations | |||||||
3 Normalized effective tax rate of 26.0% applied to periods presented | |||||||
4 Includes adjustments related to the items noted above, net of tax |
INSTALLED BUILDING PRODUCTS, INC. | |||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
ADJUSTED GROSS PROFIT CALCULATIONS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Gross profit | $ |
172,403 |
|
$ |
125,427 |
|
|
Share based compensation expense |
|
149 |
|
|
62 |
|
|
COVID-19 expenses 1 |
|
2 |
|
|
49 |
|
|
Adjusted gross profit | $ |
172,554 |
|
$ |
125,538 |
|
|
Adjusted gross profit - % Total Revenue |
|
29.4 |
% |
|
28.7 |
% |
|
1Addback of employee pay and employee medical expenses directly attributable to COVID-19 |
INSTALLED BUILDING PRODUCTS, INC. | |||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
ADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Selling expense | $ |
25,192 |
|
$ |
20,858 |
|
|
Administrative expense |
|
79,144 |
|
|
65,077 |
|
|
Selling and Administrative | $ |
104,336 |
|
$ |
85,935 |
|
|
Share based compensation expense |
|
3,269 |
|
|
3,133 |
|
|
Acquisition related expenses |
|
664 |
|
|
1,161 |
|
|
COVID-19 expenses 1 |
|
299 |
|
|
3 |
|
|
Legal reserve |
|
565 |
|
|
- |
|
|
Adjusted Selling and Administrative | $ |
99,539 |
|
$ |
81,638 |
|
|
Adjusted Selling and Administrative - % Total Revenue |
|
16.9 |
% |
|
18.7 |
% |
|
1 Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19 |
The table below reconciles Adjusted EBITDA to the most directly comparable GAAP financial measure, net income, for the periods presented therein.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
ADJUSTED EBITDA CALCULATIONS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Adjusted EBITDA: | |||||||
Net income (GAAP) | $ |
33,822 |
|
$ |
17,291 |
|
|
Interest expense |
|
10,600 |
|
|
7,574 |
|
|
Provision for income taxes |
|
12,403 |
|
|
6,150 |
|
|
Depreciation and amortization |
|
22,425 |
|
|
19,059 |
|
|
EBITDA |
|
79,250 |
|
|
50,074 |
|
|
Acquisition related expenses |
|
664 |
|
|
1,161 |
|
|
Share based compensation expense |
|
3,418 |
|
|
3,196 |
|
|
COVID-19 expenses 1 |
|
301 |
|
|
52 |
|
|
Legal reserve |
|
565 |
|
|
- |
|
|
Adjusted EBITDA | $ |
84,198 |
|
$ |
54,483 |
|
|
Adjusted EBITDA margin |
|
14.3 |
% |
|
12.5 |
% |
|
1Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19 |
INSTALLED BUILDING PRODUCTS, INC. | |||||
SUPPLEMENTARY TABLE | |||||
(unaudited) | |||||
Three months ended March 31, | |||||
2022 |
2021 |
||||
Period-over-period Growth | |||||
Consolidated Sales Growth | 34.4 |
% |
10.0 |
% |
|
Consolidated Same Branch Sales Growth | 22.5 |
% |
2.2 |
% |
|
Installation 1 | |||||
Sales Growth | 30.0 |
% |
9.8 |
% |
|
Same Branch Sales Growth | 22.2 |
% |
2.0 |
% |
|
Single-Family Sales Growth | 37.4 |
% |
9.4 |
% |
|
Single-Family Same Branch Sales Growth | 29.4 |
% |
4.7 |
% |
|
Multi-Family Sales Growth | 24.6 |
% |
18.8 |
% |
|
Multi-Family Same Branch Sales Growth | 23.1 |
% |
6.6 |
% |
|
Residential Sales Growth | 35.2 |
% |
10.9 |
% |
|
Residential Same Branch Sales Growth | 28.3 |
% |
5.0 |
% |
|
Commercial Sales Growth 2 | 13.0 |
% |
2.8 |
% |
|
Commercial Same Branch Sales Growth | 5.9 |
% |
-14.0 |
% |
|
Other 1,3 | |||||
Sales Growth | 407.3 |
% |
37.3 |
% |
|
Same Branch Sales Growth | 50.8 |
% |
37.3 |
% |
|
Same Branch Sales Growth - Installation | |||||
Volume Growth 4 | 9.7 |
% |
10.2 |
% |
|
Price/Mix Growth 4 | 14.6 |
% |
-6.2 |
% |
|
Heavy Commercial Same Branch Sales Growth 5 | 0.5 |
% |
-13.1 |
% |
|
U.S. Housing Market 6 | |||||
Total Completions Growth | -5.5 |
% |
9.2 |
% |
|
Single-Family Completions Growth | -0.7 |
% |
11.2 |
% |
|
Multi-Family Completions Growth | -17.3 |
% |
4.8 |
% |
1 |
During the three months ended March 31, 2022, we realigned our operating segments to reflect recent changes in our business. Prior period disclosures in the above table have been recast to conform to the current period segment presentation. The segment change has no impact on the Company's previously reported consolidated U.S. GAAP financial results. |
|
2 |
Our commercial end market consists of heavy and light commercial projects. |
|
3 |
Other business segment category includes our manufacturing and distribution businesses operating segments. As of 1Q22, Installation segment end market growth metrics exclude the manufacturing and distribution businesses. This fiscal quarter is the first full quarter of results for our recently acquired distribution business. The acquisition was completed in December 2021. |
|
4 |
Excludes the heavy commercial end market. |
|
5 |
The heavy commercial end market, as a subset of our total commercial market, comprises certain of our branches working on projects constructed in steel and concrete, which are much larger than our average job. This market is excluded from the above same branch price/mix and volume growth metrics as to not skew the rates given the much larger per-job revenue compared to our average job. |
|
6 |
U.S. Census Bureau data, as revised. |
INSTALLED BUILDING PRODUCTS, INC. | |||||||||||
INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS | |||||||||||
(unaudited, in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2022 |
% Total | 2021 |
% Total | ||||||||
Revenue Increase | |||||||||||
Same Branch | $ |
98,267 |
65.3 |
% |
$ |
8,777 |
22.1 |
% |
|||
Acquired |
|
52,159 |
34.7 |
% |
|
30,958 |
77.9 |
% |
|||
Total | $ |
150,426 |
100.0 |
% |
$ |
39,735 |
100.0 |
% |
|||
Adj EBITDA | Adj EBITDA | ||||||||||
Contribution | Contribution | ||||||||||
Adjusted EBITDA | |||||||||||
Same Branch | $ |
22,529 |
22.9 |
% |
$ |
920 |
10.5 |
% |
|||
Acquired |
|
7,186 |
13.8 |
% |
|
4,393 |
14.2 |
% |
|||
Total | $ |
29,715 |
19.8 |
% |
$ |
5,313 |
13.4 |
% |
КОЛУМБУС, Огайо -- (BUSINESS WIRE)--Installed Building Products, Inc. ("Компания" или "IBP") (NYSE: IBP), ведущий в отрасли производитель изоляционных и дополнительных строительных материалов, сегодня объявила результаты за первый квартал, закончившийся 31 марта 2022 года.
Основные моменты первого квартала 2022 года (сравнение с периодом предыдущего года)
“Рекордные результаты первого квартала стали результатом сильной рыночной динамики на наших основных рынках жилой недвижимости. Наши местные филиалы продолжают разумно согласовывать наши отпускные цены со стоимостью, которую мы предлагаем нашим клиентам, поддерживая прибыльность и высокую добавленную стоимость. Валовая прибыль выросла на 60 базисных пунктов за прошедший год, но сохраняющиеся ограничения поставок вынудили нас снова совершать закупки материалов за пределами наших обычных каналов цепочки поставок в этом квартале. Благодаря сочетанию высоких объемов и роста цен в течение периода мы увеличили расходы на SG &A и получили рекордную прибыль за первый квартал, скорректированную прибыль и скорректированную EBITDA”, - заявил Джефф Эдвардс, председатель и главный исполнительный директор.
Г-н Эдвардс продолжил: “Несмотря на сохраняющиеся ограничения в цепочке поставок, мы стремимся поддерживать исключительный уровень обслуживания для наших клиентов, выполняя задания правильно и в установленные сроки. Я горжусь неизменной решимостью, упорным трудом и самоотверженностью наших команд по всей стране, особенно в нынешних рыночных условиях”.
“С учетом значительного количества разрешенных новых единиц жилья, которые еще предстоит начать, ожидается, что жилищное строительство продолжит поддерживать наш бизнес в 2022 году. Мы также ожидаем, что сезонные тенденции, которые мы обычно наблюдаем в течение года, будут более приглушенными в 2022 году, учитывая сильное отставание отрасли. В целом, 2022 год обещает стать еще одним годом прибыльного роста и создания стоимости для IBP”, - заключил г-н Эдвардс.
Обновление данных о приобретении
IBP продолжает уделять приоритетное внимание прибыльному росту благодаря своей проверенной стратегии приобретения хорошо зарекомендовавших себя установщиков изоляционных и дополнительных строительных материалов. К 2022 году IBP рассчитывает получить не менее 100 миллионов долларов дохода.
В течение первого квартала 2022 года и апреля IBP объявила о следующих приобретениях:
Регулярные денежные дивиденды за Второй квартал 2022 года и Выкуп акций
Совет директоров IBP утвердил ежеквартальные денежные дивиденды Компании в размере 0,315 доллара США на акцию, подлежащие выплате 30 июня 2022 года акционерам record 15 июня 2022 года. Регулярные денежные дивиденды за второй квартал представляют собой увеличение на 5% по сравнению с выплатой денежных дивидендов за второй квартал прошлого года.
IBP выкупила 510 943 обыкновенных акций на общую сумму 49,9 миллиона долларов, включая комиссионные, в течение первого квартала 2022 года. У Компании осталось около 150 миллионов долларов свободных средств в соответствии с текущим разрешением Компании, срок действия которого истекает 1 марта 2023 года.
Обзор результатов Первого квартала 2022 года
За первый квартал 2022 года чистая выручка составила рекордные 587,5 млн долларов, увеличившись на 34,4% по сравнению с 437,1 млн долларов за первый квартал 2021 года. На консолидированной основе в том же филиале чистая выручка увеличилась на 22,5% по сравнению с предыдущим кварталом, что было связано с увеличением объема выполненных работ на 9,7% и увеличением соотношения цены и качества на 14,6% в течение первого квартала по сравнению с аналогичным периодом прошлого года. Рост продаж жилья в нашем сегменте монтажа составил 28,3% по сравнению с аналогичным периодом прошлого квартала. Чистая выручка нашего коммерческого конечного рынка в сегменте монтажа увеличилась на 13,0% за первый квартал 2022 года. Коммерческий рост был в значительной степени обусловлен недавними приобретениями, поскольку продажи в том же филиале выросли на 5,9% в годовом исчислении, в первую очередь из-за сохраняющихся проблем, связанных с пандемией COVID-19. Продажи в том же филиале в рамках нашего крупного коммерческого бизнеса выросли на 0,5% по сравнению с предыдущим годом.
Валовая прибыль увеличилась на 37,5% до 172,4 млн долларов с 125,4 млн долларов в предыдущем квартале. Скорректированная валовая прибыль* в процентах от общей выручки составила 29,4%, что учитывает компенсационные расходы Компании, основанные на акциях, а также расходы, непосредственно связанные с COVID-19, по сравнению с 28,7% за аналогичный период прошлого года. Валовая прибыль за первый квартал сократилась примерно на 1,4 миллиона долларов США из-за продолжающихся сбоев в цепочке поставок, которые произошли в течение квартала, что привело к снижению маржи валовой прибыли примерно на 20 базисных пунктов и оказало такое же влияние на маржу операционной прибыли и скорректированную маржу EBITDA*.
Коммерческие и административные расходы в процентах от чистой выручки составили 17,8% по сравнению с 19,7% в предыдущем квартале. Скорректированные коммерческие и административные расходы* в процентах от чистой выручки составили 16,9% по сравнению с 18,7% в предыдущем квартале.
Чистая прибыль составила $33,8 млн, или $1,14 на разводненную акцию, по сравнению с $17,3 млн, или $0,58 на разводненную акцию в предыдущем квартале. Скорректированная чистая прибыль* составила 45,7 млн долларов, или 1,54 доллара на разводненную акцию, по сравнению с 26,8 млн долларов, или 0,90 доллара на разводненную акцию в предыдущем квартале. Скорректированная чистая прибыль учитывает влияние непрофильных статей в обоих периодах, включая надбавку к неденежным расходам на амортизацию, связанным с приобретениями.
Скорректированный показатель EBITDA* составил 84,2 млн долларов США, что на 54,5% больше по сравнению с 54,5 млн долларов США в предыдущем квартале, в основном благодаря сильному росту продаж, улучшению валовой прибыли и увеличению доли продаж и административных расходов по сравнению с предыдущим кварталом.
Конференц-связь и веб-трансляция
Компания проведет телефонную конференцию и веб-трансляцию 5 мая 2022 года в 10:00 утра по восточному времени, чтобы обсудить эти результаты. Чтобы принять участие в звонке, пожалуйста, наберите 877-407-0792 (внутренний) или 201-689-8263 (международный). Прямая веб-трансляция будет доступна по адресу www.installedbuildingproducts.com в разделе по связям с инвесторами. Воспроизведение конференц-звонка будет доступно до 5 июня 2022 года, набрав 844-512-2921 (внутренний) или 412-317-6671 (международный) и введя код доступа 13727647.
Об Installed Building Products
Installed Building Products, Inc. является одним из крупнейших в стране установщиков новых утеплителей для жилых помещений и является многопрофильным установщиком дополнительных строительных продуктов, включая гидроизоляцию, противопожарную защиту, противопожарную защиту, гаражные ворота, водосточные желоба, жалюзи, двери для душа, стеллажи для шкафов и зеркала и другие продукты для жилых и коммерческих строителей, расположенных в континентальная часть Соединенных Штатов. Компания управляет всеми аспектами процесса монтажа для своих клиентов, от прямой закупки и получения материалов от национальных производителей до своевременной поставки материалов на рабочие места и качественного монтажа. Компания предлагает свой портфель услуг для новых и существующих проектов односемейных и многоквартирных жилых и коммерческих зданий во всех 48 континентальных штатах и округе Колумбия через свою национальную сеть из более чем 210 филиалов.
Прогнозные заявления
Настоящий пресс-релиз содержит прогнозные заявления по смыслу федеральных законов о ценных бумагах, в том числе в отношении рынка жилья и коммерческого рынка, нашей деятельности, условий в отрасли, нашей финансовой и бизнес-модели, выплаты дивидендов, спроса на наши услуги и предложения продуктов, тенденций в крупном коммерческом бизнесе, влияние кризиса COVID-19 на наш бизнес и конечные рынки, цепочку поставок и материальные ограничения, расширение нашего национального присутствия и конечных рынков, диверсификацию нашей продукции, нашу способность расти и укреплять наши позиции на рынке, нашу способность осуществлять и интегрировать приобретения, повышающие стоимость, и ожидаемый объем полученной выручки, нашей способности улучшить продажи и прибыльность, влияние кризиса COVID-19 на наши финансовые результаты, а также ожидания относительно спроса на наши услуги и нашей прибыли. Прогнозные заявления, как правило, могут быть идентифицированы с помощью таких слов, как "предвидеть", "полагать", "ожидать", "намеревается", "планирует" и "будет" или, в каждом случае, их отрицательные или другие варианты или сопоставимая терминология. Эти прогнозные заявления включают в себя все вопросы, которые не являются историческими фактами. По своей природе прогнозные заявления сопряжены с рисками и неопределенностями, поскольку они связаны с событиями и зависят от обстоятельств, которые могут произойти или не произойти в будущем. Любые прогнозные заявления, которые мы делаем здесь и в любых будущих отчетах и заявлениях, не являются гарантией будущих результатов, и фактические результаты могут существенно отличаться от тех, которые выражены в таких прогнозных заявлениях или предполагаются в результате различных факторов, включая, помимо прочего, продолжительность, эффект и серьезность кризис COVID-19; любое повторение COVID-19, в том числе через любые новые варианты штаммов вируса, и связанные с этим всплески положительных случаев COVID-19; негативное влияние кризиса COVID-19 на наш бизнес и финансовые результаты, нашу цепочку поставок, экономику и рынки, на которые мы обслуживания; общие экономические и отраслевые условия; инфляция и процентные ставки; условия цен на материалы и предложения; сроки повышения наших отпускных цен; риск того, что Компания может сократить, приостановить или отменить выплаты дивидендов в будущем; и факторы, обсуждаемые в разделе “Факторы риска” КомпанииГодовой отчет по форме 10-K за год, закончившийся 31 декабря 2021 года, поскольку он может время от времени обновляться в наших последующих заявках в Комиссию по ценным бумагам и биржам. Кроме того, любое объявление дивидендов в будущем будет зависеть от окончательного решения нашего Совета директоров. Любое прогнозное заявление, сделанное Компанией в настоящем пресс-релизе, относится только к дате настоящего Соглашения. Время от времени возникают новые риски и неопределенности, и Компания не может предсказать эти события или то, как они могут повлиять на нее. Компания не обязана и не намерена обновлять какие-либо прогнозные заявления после даты настоящего Соглашения, за исключением случаев, предусмотренных федеральными законами о ценных бумагах.
*Использование финансовых показателей, не относящихся к ОПБУ
В дополнение к финансовым показателям, подготовленным в соответствии с общепринятыми принципами бухгалтерского учета США (“GAAP”), настоящий пресс-релиз содержит финансовые показатели, не относящиеся к GAAP, такие как Скорректированная EBITDA, Скорректированная рентабельность по EBITDA (т.е. Скорректированная EBITDA, деленная на чистую выручку), Скорректированная Чистая прибыль, Скорректированная чистая прибыль на разводненную акцию, Скорректированная Валовая прибыль и Скорректированные Коммерческие и административные расходы. Причины использования этих показателей, сверки Скорректированной EBITDA, Скорректированной Чистой прибыли, Скорректированной Чистой прибыли на разводненную акцию, Скорректированной Валовой прибыли и Скорректированных расходов на продажу и административные расходы с наиболее непосредственно сопоставимыми показателями GAAP и другая информация, относящаяся к этим показателям, приведены ниже после неаудированной сокращенной консолидированной финансовой отчетности. Финансовые показатели, не относящиеся к GAAP, имеют ограничения в качестве аналитических инструментов и не должны рассматриваться изолированно или в качестве замены финансовых результатов IBP, подготовленных в соответствии с GAAP.
Installed Building Products, INC. | |||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||
(unaudited, in thousands, except share and per share amounts) | |||||
Three months ended March 31, | |||||
2022 |
2021 |
||||
Net revenue | $ |
587,492 |
$ |
437,066 |
|
Cost of sales |
|
415,089 |
|
311,639 |
|
Gross profit |
|
172,403 |
|
125,427 |
|
Operating expenses | |||||
Selling |
|
25,192 |
|
20,858 |
|
Administrative |
|
79,144 |
|
65,077 |
|
Amortization |
|
11,097 |
|
8,396 |
|
Operating income |
|
56,970 |
|
31,096 |
|
Other expense, net | |||||
Interest expense, net |
|
10,600 |
|
7,574 |
|
Other expense |
|
145 |
|
81 |
|
Income before income taxes |
|
46,225 |
|
23,441 |
|
Income tax provision |
|
12,403 |
|
6,150 |
|
Net income | $ |
33,822 |
$ |
17,291 |
|
Other comprehensive income, net of tax: | |||||
Net change on cash flow hedges, net of tax provision of $6,430 and $3,428 for the three months ended March 31, 2022 and 2021, respectively |
|
18,111 |
|
10,157 |
|
Comprehensive income | $ |
51,933 |
$ |
27,448 |
|
Earnings Per Share: | |||||
Basic net income per share | $ |
1.15 |
$ |
0.59 |
|
Diluted net income per share | $ |
1.14 |
$ |
0.58 |
|
Weighted average shares outstanding: | |||||
Basic |
|
29,302,396 |
|
29,286,044 |
|
Diluted |
|
29,580,731 |
|
29,613,484 |
|
Cash dividends declared per share | $ |
1.22 |
$ |
0.30 |
Installed Building Products, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited, in thousands, except share and per share amounts) | ||||||||
March 31, | December 31, |
|||||||
2022 |
2021 |
|||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ |
217,434 |
|
$ |
333,485 |
|
||
Investments |
|
49,980 |
|
|
- |
|
||
Accounts receivable (less allowance for credit losses of $8,590 and $8,717 at March 31, 2022 and December 31, 2021, respectively) |
|
345,586 |
|
|
312,767 |
|
||
Inventories |
|
160,023 |
|
|
143,039 |
|
||
Prepaid expenses and other current assets |
|
69,205 |
|
|
70,025 |
|
||
Total current assets |
|
842,228 |
|
|
859,316 |
|
||
Property and equipment, net |
|
107,817 |
|
|
105,933 |
|
||
Operating lease right-of-use assets |
|
69,033 |
|
|
69,871 |
|
||
Goodwill |
|
325,347 |
|
|
322,517 |
|
||
Customer relationships, net |
|
173,868 |
|
|
178,264 |
|
||
Other intangibles, net |
|
84,092 |
|
|
86,157 |
|
||
Other non-current assets |
|
50,364 |
|
|
31,144 |
|
||
Total assets | $ |
1,652,749 |
|
$ |
1,653,202 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ |
30,668 |
|
$ |
30,839 |
|
||
Current maturities of operating lease obligations |
|
23,505 |
|
|
23,224 |
|
||
Current maturities of finance lease obligations |
|
1,801 |
|
|
1,747 |
|
||
Accounts payable |
|
150,643 |
|
|
132,705 |
|
||
Accrued compensation |
|
56,639 |
|
|
50,964 |
|
||
Other current liabilities |
|
64,272 |
|
|
68,090 |
|
||
Total current liabilities |
|
327,528 |
|
|
307,569 |
|
||
Long-term debt |
|
829,638 |
|
|
832,193 |
|
||
Operating lease obligations |
|
45,091 |
|
|
46,075 |
|
||
Finance lease obligations |
|
3,254 |
|
|
3,297 |
|
||
Deferred income taxes |
|
11,242 |
|
|
4,819 |
|
||
Other long-term liabilities |
|
45,765 |
|
|
42,409 |
|
||
Total liabilities |
|
1,262,518 |
|
|
1,236,362 |
|
||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively |
|
- |
|
|
- |
|
||
Common stock; $0.01 par value: 100,000,000 authorized, 33,351,843 and 33,271,659 issued and 29,275,592 and 29,706,401 shares outstanding at March 31, 2022 and December 31, 2021, respectively |
|
334 |
|
|
333 |
|
||
Additional paid in capital |
|
218,642 |
|
|
211,430 |
|
||
Retained earnings |
|
350,475 |
|
|
352,543 |
|
||
Treasury stock; at cost: 4,076,251 and 3,565,258 shares at March 31, 2022 and December 31, 2021, respectively |
|
(197,104 |
) |
|
(147,239 |
) |
||
Accumulated other comprehensive (income (loss) |
|
17,884 |
|
|
(227 |
) |
||
Total stockholders' equity |
|
390,231 |
|
|
416,840 |
|
||
Total liabilities and stockholders' equity | $ |
1,652,749 |
|
$ |
1,653,202 |
|
Installed Building Products, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Cash flows from operating activities | |||||||
Net income | $ |
33,822 |
|
$ |
17,291 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization of property and equipment |
|
11,329 |
|
|
10,663 |
|
|
Amortization of operating lease right-of-use assets |
|
6,371 |
|
|
5,050 |
|
|
Amortization of intangibles |
|
11,097 |
|
|
8,396 |
|
|
Amortization of deferred financing costs and debt discount |
|
484 |
|
|
331 |
|
|
Provision for credit losses |
|
653 |
|
|
127 |
|
|
Gain on sale of property and equipment |
|
(92 |
) |
|
(252 |
) |
|
Noncash stock compensation |
|
3,418 |
|
|
3,196 |
|
|
Amortization of terminated interest rate swap |
|
790 |
|
|
798 |
|
|
Changes in assets and liabilities, excluding effects of acquisitions | |||||||
Accounts receivable |
|
(32,700 |
) |
|
1,056 |
|
|
Inventories |
|
(16,300 |
) |
|
(7,644 |
) |
|
Other assets |
|
169 |
|
|
(1,794 |
) |
|
Accounts payable |
|
16,486 |
|
|
524 |
|
|
Income taxes receivable/payable |
|
11,433 |
|
|
4,633 |
|
|
Other liabilities |
|
1,265 |
|
|
(4,757 |
) |
|
Net cash provided by operating activities |
|
48,225 |
|
|
37,618 |
|
|
Cash flows from investing activities | |||||||
Purchases of investments |
|
(49,957 |
) |
|
- |
|
|
Purchases of property and equipment |
|
(10,362 |
) |
|
(10,846 |
) |
|
Acquisitions of businesses, net of cash acquired of $0 and $168 in 2022 and 2021, respectively |
|
(8,050 |
) |
|
(41,930 |
) |
|
Proceeds from sale of property and equipment |
|
265 |
|
|
389 |
|
|
Other |
|
(614 |
) |
|
(5 |
) |
|
Net cash used in investing activities |
|
(68,718 |
) |
|
(52,392 |
) |
|
Cash flows from financing activities | |||||||
Payments on term loan |
|
(1,250 |
) |
|
- |
|
|
Proceeds from vehicle and equipment notes payable |
|
4,752 |
|
|
7,808 |
|
|
Debt issuance costs |
|
(627 |
) |
|
- |
|
|
Principal payments on long-term debt |
|
(6,618 |
) |
|
(6,481 |
) |
|
Principal payments on finance lease obligations |
|
(521 |
) |
|
(530 |
) |
|
Acquisition-related obligations |
|
(6,003 |
) |
|
(1,414 |
) |
|
Dividends paid |
|
(35,426 |
) |
|
(8,786 |
) |
|
Repurchase of common stock |
|
(49,865 |
) |
|
- |
|
|
Net cash used in financing activities |
|
(95,558 |
) |
|
(9,403 |
) |
|
Net change in cash and cash equivalents |
|
(116,051 |
) |
|
(24,177 |
) |
|
Cash and cash equivalents at beginning of period |
|
333,485 |
|
|
231,520 |
|
|
Cash and cash equivalents at end of period | $ |
217,434 |
|
$ |
207,343 |
|
|
Supplemental disclosures of cash flow information | |||||||
Net cash paid during the period for: | |||||||
Interest | $ |
14,293 |
|
$ |
10,839 |
|
|
Income taxes, net of refunds |
|
1,088 |
|
|
1,474 |
|
|
Supplemental disclosure of noncash activities | |||||||
Right-of-use assets obtained in exchange for operating lease obligations |
|
5,514 |
|
|
5,679 |
|
|
Property and equipment obtained in exchange for finance lease obligations |
|
544 |
|
|
268 |
|
|
Seller obligations in connection with acquisition of businesses |
|
1,878 |
|
|
5,959 |
|
|
Unpaid purchases of property and equipment included in accounts payable |
|
1,884 |
|
|
1,043 |
|
Информация о сегментах
В первом квартале 2022 года мы перестроили наши операционные сегменты. Это изменение привело к тому, что наша Компания имеет три операционных сегмента, состоящих из Установки, Дистрибуции и Производства. Другая категория, представленная ниже, отражает деятельность наших операционных сегментов Дистрибуции и Производства.
Installed Building Products, INC. | ||||||||||||
SEGMENT INFORMATION AS OF MARCH 31, 2022 | ||||||||||||
(unaudited, in thousands) | ||||||||||||
Installation | Other | Eliminations | Consolidated |
|||||||||
Revenue | $ |
561,631 |
$ |
26,650 |
$ |
(789 |
) |
$ |
587,492 |
|||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
385,692 |
|
19,373 |
|
(609 |
) |
|
404,456 |
|||
Adjusted gross profit |
|
175,939 |
|
7,277 |
|
(180 |
) |
|
183,036 |
|||
Depreciation and amortization |
|
10,633 |
||||||||||
Gross profit, as reported |
|
172,403 |
||||||||||
Selling |
|
25,192 |
||||||||||
Administrative |
|
79,144 |
||||||||||
Amortization |
|
11,097 |
||||||||||
Operating income |
|
56,970 |
||||||||||
Interest expense, net |
|
10,600 |
||||||||||
Other expense |
|
145 |
||||||||||
Income before income taxes | $ |
46,225 |
||||||||||
Installed Building Products, INC. | ||||||||||||
SEGMENT INFORMATION AS OF MARCH 31, 2021 | ||||||||||||
(unaudited, in thousands) | ||||||||||||
Installation |
Other |
Eliminations |
Consolidated |
|||||||||
Revenue | $ |
432,178 |
$ |
5,253 |
$ |
(365 |
) |
$ |
437,066 |
|||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
297,832 |
|
4,067 |
|
(283 |
) |
|
301,616 |
|||
Adjusted gross profit |
|
134,346 |
|
1,186 |
|
(82 |
) |
|
135,450 |
|||
Depreciation and amortization |
|
10,023 |
||||||||||
Gross profit, as reported |
|
125,427 |
||||||||||
Selling |
|
20,858 |
||||||||||
Administrative |
|
65,077 |
||||||||||
Amortization |
|
8,396 |
||||||||||
Operating income |
|
31,096 |
||||||||||
Interest expense, net |
|
7,574 |
||||||||||
Other expense |
|
81 |
||||||||||
Income before income taxes | $ |
23,441 |
||||||||||
The prior period disclosures in the above table have been recast to conform to the current period segment presentation. |
Installed Building Products, INC. | ||||||||||||
REVENUE BY END MARKET AS OF MARCH 31, 2022 AND 2021 | ||||||||||||
(unaudited, in thousands) | ||||||||||||
Three months ended March 31, | ||||||||||||
2022 |
2021 |
|||||||||||
Installation | ||||||||||||
Residential new construction | $ |
442,404 |
75 |
% |
$ |
327,244 |
75 |
% |
||||
Repair and remodel |
|
32,641 |
6 |
% |
|
28,289 |
6 |
% |
||||
Commercial |
|
86,586 |
15 |
% |
|
76,645 |
18 |
% |
||||
Net revenue, Installation |
|
561,631 |
96 |
% |
|
432,178 |
99 |
% |
||||
Other 1 |
|
25,861 |
4 |
% |
|
4,888 |
1 |
% |
||||
Net revenue, as reported | $ |
587,492 |
100 |
% |
$ |
437,066 |
100 |
% |
||||
1 Net revenue for manufacturing operations are included in the Other category for all periods presented to conform with our change in composition of operating segments. Revenues for the Other category are presented net of intercompany sales. |
Сверка финансовых показателей, не относящихся к ОПБУ
Скорректированная EBITDA, Скорректированная рентабельность по EBITDA, Скорректированная Чистая прибыль, Скорректированная Валовая прибыль и Скорректированные Коммерческие и Административные расходы измеряют эффективность путем корректировки EBITDA, чистой прибыли по GAAP, валовой прибыли и коммерческих и административных расходов соответственно для определенных статей доходов или расходов, которые не считаются частью нашей основной деятельности. Мы считаем, что представление этих показателей предоставляет инвесторам полезную информацию о результатах нашей деятельности, поскольку это помогает как инвесторам, так и нам в анализе и сопоставлении результатов и стоимости нашего бизнеса.
Мы считаем, что скорректированный показатель EBITDA полезен для инвесторов и для нас как показатель сравнительных операционных показателей от периода к периоду, поскольку он измеряет наши изменения в решениях о ценообразовании, контроле затрат и других факторах, влияющих на операционные показатели, и устраняет влияние нашей структуры капитала (в первую очередь процентных расходов), базы активов (в первую очередь износ и амортизация), статьи, находящиеся вне нашего контроля (в первую очередь налоги на прибыль), а также волатильность, связанная со сроками и масштабами других видов деятельности, таких как обесценение активов и непрофильные доходы и расходы. Соответственно, мы считаем, что этот показатель полезен для сравнения общих операционных показателей от периода к периоду. Кроме того, мы используем различные показатели, основанные на EBITDA, при определении достижения премий в рамках определенных наших программ поощрительной компенсации. Другие компании могут определять скорректированную EBITDA по-разному, и в результате наш показатель может быть не сопоставим напрямую с показателями других компаний. Кроме того, Скорректированный показатель EBITDA может быть определен по-разному для целей условий, содержащихся в нашей возобновляемой кредитной линии или любой будущей кредитной линии.
Хотя мы используем показатель скорректированной EBITDA для оценки эффективности нашего бизнеса, использование этого показателя ограничено, поскольку оно не включает определенные материальные расходы, такие как проценты и налоги, необходимые для ведения нашего бизнеса. Скорректированный показатель EBITDA следует рассматривать в дополнение к чистому доходу по ОПБУ, а не как его замену в качестве показателя эффективности. Наше представление этого показателя не должно быть истолковано как указание на то, что на наши будущие результаты не повлияют необычные или повторяющиеся элементы. Этот показатель имеет ограничения как аналитический инструмент, и вы не должны рассматривать его изолированно или в качестве замены анализа наших результатов, представленных в соответствии с GAAP. Из-за этих ограничений данный показатель не предназначен в качестве альтернативы чистой прибыли в качестве показателя нашей операционной деятельности, в качестве альтернативы любому другому показателю эффективности в соответствии с GAAP или в качестве альтернативы денежному потоку, обеспечиваемому операционной деятельностью, в качестве показателя ликвидности. Поэтому вам не следует чрезмерно полагаться на этот показатель или коэффициенты, рассчитанные с использованием этого показателя.
Мы также считаем, что показатель скорректированной чистой прибыли полезен для инвесторов и для нас как показатель сравнительных операционных показателей от периода к периоду, поскольку он измеряет наши изменения в решениях о ценообразовании, контроле затрат и других факторах, влияющих на операционные показатели, и устраняет влияние определенных непрофильных статей, таких как прекращение деятельности, приобретение соответствующие расходы, расходы на амортизацию, налоговое воздействие этих определенных непрофильных статей и волатильность, связанная со сроками и масштабами других видов деятельности, таких как обесценение активов и непрофильные доходы и расходы. Чтобы сделать финансовую отчетность более согласованной с другими компаниями, производящими продукцию для общественных зданий, начиная с четвертого квартала 2016 года мы включили надбавку к неденежным расходам на амортизацию, связанным с приобретениями. Соответственно, мы считаем, что этот показатель полезен для сравнения общих операционных показателей от периода к периоду. Другие компании могут определять Скорректированную чистую прибыль по-разному, и в результате наш показатель может быть не сопоставим напрямую с показателями других компаний. Кроме того, Скорректированный Чистый доход может быть определен по-разному для целей условий, содержащихся в нашей возобновляемой кредитной линии или любой будущей кредитной линии.
Installed Building Products, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED NET INCOME CALCULATIONS (unaudited, in thousands, except share and per share amounts) |
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|
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The table below reconciles Adjusted Net Income to the most directly comparable GAAP financial measure, net income, for the periods presented therein. |
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|
|||||||
Per share figures may reflect rounding adjustments and consequently totals may not appear to sum. |
|||||||
|
|
||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Net income, as reported | $ |
33,822 |
|
$ |
17,291 |
|
|
Adjustments for adjusted net income: | |||||||
Share based compensation expense |
|
3,418 |
|
|
3,196 |
|
|
Acquisition related expenses |
|
664 |
|
|
1,161 |
|
|
COVID-19 expenses 1 |
|
301 |
|
|
52 |
|
|
Amortization expense 2 |
|
11,097 |
|
|
8,396 |
|
|
Legal reserve |
|
565 |
|
|
- |
|
|
Tax impact of adjusted items at normalized tax rate 3 |
|
(4,172 |
) |
|
(3,329 |
) |
|
Adjusted net income | $ |
45,695 |
|
$ |
26,767 |
|
|
Weighted average shares outstanding (diluted) |
|
29,580,731 |
|
|
29,613,484 |
|
|
Diluted net income per share, as reported | $ |
1.14 |
|
$ |
0.58 |
|
|
Adjustments for adjusted net income, net of tax impact, per diluted share 4 |
|
0.40 |
|
|
0.32 |
|
|
Diluted adjusted net income per share | $ |
1.54 |
|
$ |
0.90 |
|
|
1 Addback of employee pay, employee medical expenses, and legal fees directly attributable to COVID-19 | |||||||
2 Addback of all non-cash amortization resulting from business combinations | |||||||
3 Normalized effective tax rate of 26.0% applied to periods presented | |||||||
4 Includes adjustments related to the items noted above, net of tax |
Installed Building Products, INC. | |||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
ADJUSTED GROSS PROFIT CALCULATIONS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Gross profit | $ |
172,403 |
|
$ |
125,427 |
|
|
Share based compensation expense |
|
149 |
|
|
62 |
|
|
COVID-19 expenses 1 |
|
2 |
|
|
49 |
|
|
Adjusted gross profit | $ |
172,554 |
|
$ |
125,538 |
|
|
Adjusted gross profit - % Total Revenue |
|
29.4 |
% |
|
28.7 |
% |
|
1Addback of employee pay and employee medical expenses directly attributable to COVID-19 |
Installed Building Products, INC. | |||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
ADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Selling expense | $ |
25,192 |
|
$ |
20,858 |
|
|
Administrative expense |
|
79,144 |
|
|
65,077 |
|
|
Selling and Administrative | $ |
104,336 |
|
$ |
85,935 |
|
|
Share based compensation expense |
|
3,269 |
|
|
3,133 |
|
|
Acquisition related expenses |
|
664 |
|
|
1,161 |
|
|
COVID-19 expenses 1 |
|
299 |
|
|
3 |
|
|
Legal reserve |
|
565 |
|
|
- |
|
|
Adjusted Selling and Administrative | $ |
99,539 |
|
$ |
81,638 |
|
|
Adjusted Selling and Administrative - % Total Revenue |
|
16.9 |
% |
|
18.7 |
% |
|
1 Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19 |
В таблице ниже приведена сверка скорректированной EBITDA с наиболее непосредственно сопоставимым финансовым показателем GAAP, чистой прибылью, за представленные в ней периоды.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
ADJUSTED EBITDA CALCULATIONS | |||||||
(unaudited, in thousands) | |||||||
Three months ended March 31, | |||||||
2022 |
2021 |
||||||
Adjusted EBITDA: | |||||||
Net income (GAAP) | $ |
33,822 |
|
$ |
17,291 |
|
|
Interest expense |
|
10,600 |
|
|
7,574 |
|
|
Provision for income taxes |
|
12,403 |
|
|
6,150 |
|
|
Depreciation and amortization |
|
22,425 |
|
|
19,059 |
|
|
EBITDA |
|
79,250 |
|
|
50,074 |
|
|
Acquisition related expenses |
|
664 |
|
|
1,161 |
|
|
Share based compensation expense |
|
3,418 |
|
|
3,196 |
|
|
COVID-19 expenses 1 |
|
301 |
|
|
52 |
|
|
Legal reserve |
|
565 |
|
|
- |
|
|
Adjusted EBITDA | $ |
84,198 |
|
$ |
54,483 |
|
|
Adjusted EBITDA margin |
|
14.3 |
% |
|
12.5 |
% |
|
1Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19 |
Installed Building Products, INC. | |||||
SUPPLEMENTARY TABLE | |||||
(unaudited) | |||||
Three months ended March 31, | |||||
2022 |
2021 |
||||
Period-over-period Growth | |||||
Consolidated Sales Growth | 34.4 |
% |
10.0 |
% |
|
Consolidated Same Branch Sales Growth | 22.5 |
% |
2.2 |
% |
|
Installation 1 | |||||
Sales Growth | 30.0 |
% |
9.8 |
% |
|
Same Branch Sales Growth | 22.2 |
% |
2.0 |
% |
|
Single-Family Sales Growth | 37.4 |
% |
9.4 |
% |
|
Single-Family Same Branch Sales Growth | 29.4 |
% |
4.7 |
% |
|
Multi-Family Sales Growth | 24.6 |
% |
18.8 |
% |
|
Multi-Family Same Branch Sales Growth | 23.1 |
% |
6.6 |
% |
|
Residential Sales Growth | 35.2 |
% |
10.9 |
% |
|
Residential Same Branch Sales Growth | 28.3 |
% |
5.0 |
% |
|
Commercial Sales Growth 2 | 13.0 |
% |
2.8 |
% |
|
Commercial Same Branch Sales Growth | 5.9 |
% |
-14.0 |
% |
|
Other 1,3 | |||||
Sales Growth | 407.3 |
% |
37.3 |
% |
|
Same Branch Sales Growth | 50.8 |
% |
37.3 |
% |
|
Same Branch Sales Growth - Installation | |||||
Volume Growth 4 | 9.7 |
% |
10.2 |
% |
|
Price/Mix Growth 4 | 14.6 |
% |
-6.2 |
% |
|
Heavy Commercial Same Branch Sales Growth 5 | 0.5 |
% |
-13.1 |
% |
|
U.S. Housing Market 6 | |||||
Total Completions Growth | -5.5 |
% |
9.2 |
% |
|
Single-Family Completions Growth | -0.7 |
% |
11.2 |
% |
|
Multi-Family Completions Growth | -17.3 |
% |
4.8 |
% |
1 |
During the three months ended March 31, 2022, we realigned our operating segments to reflect recent changes in our business. Prior period disclosures in the above table have been recast to conform to the current period segment presentation. The segment change has no impact on the Company's previously reported consolidated U.S. GAAP financial results. |
|
2 |
Our commercial end market consists of heavy and light commercial projects. |
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3 |
Other business segment category includes our manufacturing and distribution businesses operating segments. As of 1Q22, Installation segment end market growth metrics exclude the manufacturing and distribution businesses. This fiscal quarter is the first full quarter of results for our recently acquired distribution business. The acquisition was completed in December 2021. |
|
4 |
Excludes the heavy commercial end market. |
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5 |
The heavy commercial end market, as a subset of our total commercial market, comprises certain of our branches working on projects constructed in steel and concrete, which are much larger than our average job. This market is excluded from the above same branch price/mix and volume growth metrics as to not skew the rates given the much larger per-job revenue compared to our average job. |
|
6 |
U.S. Census Bureau data, as revised. |
Installed Building Products, INC. | |||||||||||
INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS | |||||||||||
(unaudited, in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2022 |
% Total | 2021 |
% Total | ||||||||
Revenue Increase | |||||||||||
Same Branch | $ |
98,267 |
65.3 |
% |
$ |
8,777 |
22.1 |
% |
|||
Acquired |
|
52,159 |
34.7 |
% |
|
30,958 |
77.9 |
% |
|||
Total | $ |
150,426 |
100.0 |
% |
$ |
39,735 |
100.0 |
% |
|||
Adj EBITDA | Adj EBITDA | ||||||||||
Contribution | Contribution | ||||||||||
Adjusted EBITDA | |||||||||||
Same Branch | $ |
22,529 |
22.9 |
% |
$ |
920 |
10.5 |
% |
|||
Acquired |
|
7,186 |
13.8 |
% |
|
4,393 |
14.2 |
% |
|||
Total | $ |
29,715 |
19.8 |
% |
$ |
5,313 |
13.4 |
% |