Installed Building Products, Inc.

Greetings and welcome to the installed building products fiscal 2024 fourth quarter financial results conference call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Darren Hicks, Vice President of Investor Relations. Thank you, sir. You may begin.

Good morning, and welcome to Installed Building Products' fourth quarter and fiscal year 2024 earnings conference call. Earlier today, we issued a press release on our financial results, 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 federal securities laws. These forward-looking statements are based on management's current beliefs and expectations and are subject to factors that could cause actual results to differ materially from those described today. Please refer to our SEC filings for cautionary statements and risk factors. 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 and adjusted financial measures on this call. You can find a reconciliation of such non-GAAP measures to the nearest GAAP equivalent in the company's earnings release and investor presentation, both of which are available in 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 we are also joined by Jason Neiswanger, our Chief Administrative and Sustainability Officer. Jeff, I will now turn the call over to you.

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 fourth quarter results capped off another record year of revenue and profitability for IVP, supported by organic growth across our residential and markets. Our record financial performance in 2024 is a reflection of the talent, commitment, and focus of IBP's employees across the country. We continue to invest in attractive growth opportunities and return capital to shareholders with strong operating cash flow generated in 2024. During the year, we invested approximately $87 million in acquisitions and allocated a combined $230 million toward dividends and share repurchases. I'm pleased to report that for the first quarter of 2025, our Board of Directors approved a 6% increase to both our regular quarterly cash dividend and an annual variable dividend to $0.37 per share and $1.70 per share, respectively. These actions reflect the Board's confidence in our financial position and ability to support a strategy of returning capital to our shareholders over the long term. The success of our growth strategies, combined with our disciplined approach to capital allocation, have created significant value for our shareholders. Again, the credit for our accomplishments goes to the hardworking men and women across our more than 250 branches throughout the United States and those who support them from our office in Columbus, Ohio. To everyone at IBP, thank you. As we continue to focus on profitable growth and maximizing returns for our shareholders, we remain committed to doing the right thing for our employees, customers, and communities. Looking at our full-year sales performance in 2024, Our consolidated sales growth of nearly 6% and same-branch growth of approximately 4% drove another year of record results. In our largest end market, single-family sales growth was supported by a diverse mix of local, regional, and national builders. Additionally, our deep customer relationships, local market knowledge, and the ability to align our pricing with the value we offer our customers were key to our 2024 single-family sales results. our multifamily installation sales growth remained resilient during 24 with apparent operational benefits of our centralized service-oriented model combined with complimentary product diversification efforts. On the same branch basis, multifamily sales in our installation segment increased over 6% in 2024. We continue to see strategic growth opportunities through geographic and product expansion in our multifamily end market long-term. On the same branch basis, 2024 commercial sales in our installation segment improved modestly from the prior year period. Net income and EBITDA growth in 2024 reflected our pursuit of the most operationally and financially attractive jobs across the country. Across our network of branches, we prioritized profitable growth, which contributed to achieving an all-time annual record for diluted net income per share and adjusted EBITDA in 2024. During 2024, we continued to fill out our geographic footprint through the acquisition of nine businesses with combined annual revenue of over $100 million. During the fourth quarter of 2024, we completed three acquisitions, including a Midwest-based specialty distributor focused on supplying insulation and related accessories to residential and commercial end markets with annual revenue of over $22 million, a North Carolina-based installer of multiple building products to new residential homes and commercial buildings with annual revenue of over $17 million, and a Texas-based single-family, multifamily, and commercial installer of fiberglass and spray foam insulation with annual revenue of over $12 million. Although deal timing is hard to predict, our current outlet for acquisition opportunities in 2025 is strong, and we expect to acquire at least $100 million of annual revenue this year. Based on the U.S. Census Bureau, single-family starts in 2024 were up 7%. Looking into 2025, we believe the demand environment for our single-family installation services will be relatively stable compared to 2024. Housing affordability continues to be a challenge for some potential buyers, and while there exists some uncertainty surrounding the regulatory environment, immigration and trade, recent economic growth and employment data has been healthy, and we believe the long-term view on demand for our installed services remains positive. Operating conditions will inevitably change but we remain steadfast in our effort to deliver a high level of service with a focus on realizing operational and financial improvements in 2025 and beyond. 2024 was a record year financially, and I remain encouraged by the resilience of our employees and excited by the prospects ahead for IDP and the broader installation and other building product installation business. So with this overview, I'd like to turn the call over to Michael to provide more detail on our fourth quarter and full year financial results.