IBP - Installed Building Products Inc. (IBP) Q4 2023 Earnings Call Transcript

2024-02-22 16:11:06 ET

Installed Building Products, Inc. (IBP)

Q4 2023 Earnings Conference Call

February 22, 2024 10:00 AM ET

Company Participants

Darren Hicks - Managing Director of Investor Relations

Jeff Edwards - Chairman & Chief Executive Officer

Michael Miller - Chief Financial Officer

Conference Call Participants

Susan Maklari - Goldman Sachs

Stephen Kim - Evercore ISI

Joe Ahlersmeyer - Deutsche Bank

Ken Zener - Seaport Research Partners

Mike Dahl - RBC Capital Markets

Doug Wardlaw - JPMorgan

Adam Baumgarten - Zelman & Associates

Keith Hughes - Truist Securities

Reuben Garner - The Benchmark Company

Philip Ng - Jefferies

Noah Merkousko - Stephens Inc.

Presentation

Operator

Greetings, and welcome to Installed Building Products Fiscal 2023 Fourth Quarter Financial Results Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Darren Hicks, Managing Director of Investor Relations for Installed Building Products. Thank you. You may begin.

Darren Hicks

Good morning, and welcome to Installed Building Products Fourth Quarter 2023 Earnings Conference Call. Earlier today, we issued a press release on our financial results for the third 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 of 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.

IBP improved both sales and profitability in the fourth quarter, helping IBP achieve another year of record financial results including record revenue, net income and adjusted EBITDA. I'm proud of IBP's performance in 2023, as installation sales growth in our multifamily and commercial end markets more than offset softer single-family sales growth throughout the year....

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