$IBP
Installed Building Products, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515283154 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $159.7M $126.3M
YoY Change 26.39% 20.69%
Cost Of Revenue $113.4M $91.50M
YoY Change 23.95% 16.66%
Gross Profit $46.28M $34.81M
YoY Change 32.96% 32.58%
Gross Profit Margin 28.98% 27.55%
Selling, General & Admin $33.41M $29.50M
YoY Change 13.25% 28.21%
% of Gross Profit 72.19% 84.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.400M $700.0K
YoY Change 671.43% -86.27%
% of Gross Profit 11.67% 2.01%
Operating Expenses $33.41M $30.30M
YoY Change 10.26% 31.68%
Operating Profit $11.39M $4.509M
YoY Change 152.56% 80.94%
Interest Expense $967.0K -$700.0K
YoY Change -238.14% -220.27%
% of Operating Profit 8.49% -15.52%
Other Income/Expense, Net -$1.161M -$100.0K
YoY Change 1061.0% -71.18%
Pretax Income $10.23M $3.800M
YoY Change 169.13% 77.16%
Income Tax $3.720M $1.500M
% Of Pretax Income 36.37% 39.47%
Net Earnings $6.507M $2.307M
YoY Change 182.05% 88.17%
Net Earnings / Revenue 4.07% 1.83%
Basic Earnings Per Share $0.21
Diluted Earnings Per Share $0.21 $74.68K
COMMON SHARES
Basic Shares Outstanding 31.23M shares
Diluted Shares Outstanding 31.25M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $5.100M
YoY Change 9.8% 30.77%
Cash & Equivalents $5.562M $5.133M
Short-Term Investments
Other Short-Term Assets $7.589M $5.130M
YoY Change 47.93% -25.65%
Inventory $27.42M $21.87M
Prepaid Expenses
Receivables $88.66M $63.33M
Other Receivables $0.00 $2.300M
Total Short-Term Assets $129.2M $99.34M
YoY Change 30.09% 13.14%
LONG-TERM ASSETS
Property, Plant & Equipment $47.23M $35.13M
YoY Change 34.44% 31.08%
Goodwill $74.24M $50.53M
YoY Change 46.91%
Intangibles $47.15M $12.86M
YoY Change 266.57%
Long-Term Investments
YoY Change
Other Assets $8.154M $3.957M
YoY Change 106.07% 27.65%
Total Long-Term Assets $176.8M $67.35M
YoY Change 162.47% -28.12%
TOTAL ASSETS
Total Short-Term Assets $129.2M $99.34M
Total Long-Term Assets $176.8M $67.35M
Total Assets $306.0M $201.8M
YoY Change 51.62% 11.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.97M $44.48M
YoY Change 16.85% 22.19%
Accrued Expenses $13.10M $9.100M
YoY Change 43.96% 5.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.827M $122.0K
YoY Change 3856.56% -98.23%
Total Short-Term Liabilities $92.65M $70.20M
YoY Change 31.97% 20.42%
LONG-TERM LIABILITIES
Long-Term Debt $72.90M $7.294M
YoY Change 899.42% -83.15%
Other Long-Term Liabilities $16.50M $11.08M
YoY Change 48.88% 23.11%
Total Long-Term Liabilities $89.39M $18.37M
YoY Change 386.52% -64.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.65M $70.20M
Total Long-Term Liabilities $89.39M $18.37M
Total Liabilities $211.4M $115.9M
YoY Change 82.42% -4.52%
SHAREHOLDERS EQUITY
Retained Earnings -$49.91M -$68.91M
YoY Change -27.57%
Common Stock $320.0K $319.0K
YoY Change 0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.38M
YoY Change
Treasury Stock Shares 616.6K shares
Shareholders Equity $94.56M $85.91M
YoY Change
Total Liabilities & Shareholders Equity $306.0M $201.8M
YoY Change 51.62% 11.19%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $6.507M $2.307M
YoY Change 182.05% 88.17%
Depreciation, Depletion And Amortization $5.400M $700.0K
YoY Change 671.43% -86.27%
Cash From Operating Activities $9.400M $2.600M
YoY Change 261.54% 160.0%
INVESTING ACTIVITIES
Capital Expenditures -$5.800M -$800.0K
YoY Change 625.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$14.20M $300.0K
YoY Change -4833.33% -66.67%
Cash From Investing Activities -$20.10M -$500.0K
YoY Change 3920.0% -600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.900M -2.100M
YoY Change -571.43% 950.0%
NET CHANGE
Cash From Operating Activities 9.400M 2.600M
Cash From Investing Activities -20.10M -500.0K
Cash From Financing Activities 9.900M -2.100M
Net Change In Cash -800.0K -0.0000000009313
YoY Change 85899345920000100.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $9.400M $2.600M
Capital Expenditures -$5.800M -$800.0K
Free Cash Flow $15.20M $3.400M
YoY Change 347.06% 88.89%

Facts In Submission

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The Amended Credit Agreement also contains various restrictive non-financial covenants and a provision that, upon an event of default (as defined by the agreement), amounts outstanding under the LOC, Term Loan, and any outstanding DDTL would bear interest at the rate as determined above plus 2%.
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INSTALLED BUILDING PRODUCTS, INC.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <u>Use of Estimates</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, intangible assets and other long-lived assets, share-based compensation, reserves for general liability, workers&#x2019; compensation, and medical insurance. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates.</p> </div>
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20499000
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0.21
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0
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19487000
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WorkersCompensationExpense
4050000
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LineOfCreditFacilityAdditionalInterestRate
0.02 pure
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TerminationOfRedemptionFeatureOnCommonStockAndPutOption
-89367000
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7684000
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31136000
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200000
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31228000 shares
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IncomeLossFromContinuingOperationsPerBasicShare
0.21
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EarningsPerShareBasic
0.21
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EffectiveIncomeTaxRateContinuingOperations
0.364 pure
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1571000
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6507000
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6560000
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6507000
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159693000
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OperatingIncomeLoss
11388000
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46282000
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3720000
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0.08
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2584000
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PurchasesMadeUnderPurchaseCommitments
12388000

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