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spk00: Thank you. Thank you for standing by. This is the conference operator. Welcome to the installed building products fiscal 2020 third quarter financial results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press the 1 followed by the 4 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and 0. I would now like to turn the conference over to Jason Neiswanger, Senior Vice President, Finance and Investor Relations. Please go ahead.
spk02: Good morning, and welcome to Installed Building Products' third quarter 2020 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 on 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 include statements with respect to the housing market and the commercial market, industry conditions, our financial and business model, our efforts to manage material inflation, our ability to increase selling prices, the demand for our services and product offerings, the impact the COVID-19 crisis will have on our business and end markets, expansion of our national footprint, products, and end markets, our expectations for our end markets, including our large commercial business and multifamily, our ability to strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions, our diversification efforts, our growth rates and 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 in 2020 and 2021. Forward-looking statements may generally be identified by the use of words such as anticipate, believe, expect, intend, 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 statement made by management during this call is not a guarantee of future performance, and actual results may differ materially from those expressed in or suggested by the forward-looking statements as a result of various factors including, without limitation, the duration, effect, and severity of the COVID-19 crisis, the adverse impact of the COVID-19 crisis on our business and financial results, the economy, and the markets we serve. General economic and industry conditions, the material price environment, the timing of increases in our selling prices, and the factors discussed in the risk factor section of the company's annual report on Form 10-K for the year ended December 31, 2019, as the same may be updated from time to time in subsequent filings with the Securities and Exchange Commission. Any forward-looking statement made by management on this call speaks only as of the date hereof. New risks and uncertainties come up from time to time and it is impossible for the company to predict these events or their effect. 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. In addition, management uses certain non-GAAP performance measures on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted net income per diluted share, adjusted gross profit, adjusted gross profit margin, and adjusted selling and administrative expense. You can find a reconciliation of such measures to their nearest GAAP equivalent, the company's earnings release, and additional reconciliation for adjusted EBITDA for earlier fiscal years in our investor presentation, which are available on 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. I will now turn the call over to Jeff.
spk01: Thanks, Jason, and good morning to everyone joining us on today's call. As usual, I will start the call with some highlights on the quarter and then turn the call over to Michael Miller, IDP CFO, who will discuss our results and capital position in more detail before we take your questions. 2020 is shaping up to be a record year reflecting the success of our business model, the positive fundamentals underway across many of our end markets, and the dedication, hard work, and resiliency of our employees. IBP's strong operating and financial performance is encouraging given the unprecedented economic and social effects the COVID-19 pandemic has caused throughout 2020. I'm also excited by the long-term opportunities within our residential and commercial markets as a result of our ongoing geographic end market and end product diversification strategies. As an organization, we remain focused on supporting our employees, customers, and suppliers across the country while ensuring our business is well positioned to withstand the impacts of the COVID-19 crisis as well as other natural disasters and business disruptions that occur from time to time. Across our national footprint, our branches continue to follow federal, state, and local requirements in response to COVID-19, and I am pleased to report all IVP branches remained open during the quarter. In addition, the two hurricanes that made landfall in our Gulf Coast markets during the third quarter did not have a noticeable impact on our sales and profitability. Overall, our record third quarter financial results continue to highlight the strength of our business plan, the power of our financial model, and our core operating values focused
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