IBP - Installed Building Products Inc. (IBP) Q1 2024 Earnings Call Transcript

2024-05-09 16:20:25 ET

Installed Building Products, Inc. (IBP)

Q1 2024 Earnings Conference Call

May 09, 2024 10:00 AM ET

Company Participants

Darren Hicks – Managing Director-Investor Relations

Jeff Edwards – Chairman and Chief Executive Officer

Michael Miller – Chief Financial Officer

Jason Niswonger – Chief Administrative and Sustainability Officer

Conference Call Participants

Michael Rehaut – JPMorgan

Stephen Kim – Evercore ISI

Trey Grooms – Stephens

Susan Maklari – Goldman Sachs

Ken Zener – Seaport Research Partners

Mike Dahl – RBC Capital Markets

Jeffrey Stevenson – Loop Capital

Keith Hughes – Truist

Adam Baumgarten – Zelman & Associates

Presentation

Operator

Good day everyone, and welcome to the Installed Building Products Fiscal 2024 First Quarter Financial Results Conference Call. At this time all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note today's call is being recorded and I'll be standing by if you need any assistance.

It is now my pleasure to turn the conference over to Darren Hicks, Managing Director of Investor Relations. Please go ahead.

Darren Hicks

Good morning, and welcome to Installed Building Products first quarter 2024 earnings conference call. Earlier today, we issued a press release on our financial results for the first quarter, which can be found in the Investor Relations section of our website. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and beliefs. These statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those described today. Please refer to the cautionary statements and risk factors in our SEC filings, including our annual report on Form 10-K.

We undertake no duty or obligation to update any forward-looking statements as a result of new information or future events, except as required by federal securities laws. In addition, management refers to certain non-GAAP or adjusted financial measures on this call. You can find a reconciliation of such measures to their nearest GAAP equivalent in the company's earnings release and additional reconciliation for EBITDA and adjusted EBITDA for earlier fiscal periods in our investor presentation, which are available on the Investor Relations section of our website. This morning's conference call is hosted by Jeff Edwards, our Chairman and Chief Executive Officer; and Michael Miller, our Chief Financial Officer; and joined by Jason Niswonger, our Chief Administrative and Sustainability Officer.

I will now turn the call over to Jeff.

Jeff Edwards

Thanks Darren, and good morning to everyone joining us on today's call. As usual, I will start the call with some highlights and then turn the call over to Michael, who will discuss our financial results and capital position in more detail before we take your questions. Our first quarter sales results reflected fundamental improvements in our single-family end market relative to the last twelve months and the continuation of healthy sales growth in our multifamily end market. We believe our customers are committed to meeting new construction homeownership demand by continuing to build new single-family homes in the current macroeconomic backdrop....

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