Installed Building Products, Inc.

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' second quarter 2025 earnings conference call. Earlier today, we issued a press release on our financial results for the second 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 and 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 statement 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, Michael Miller, our Chief Financial Officer, and we are also joined by Jason Neiswanger, our Chief Administrative and Sustainability Officer. Jeff, I'll now turn the call over to you.

Thanks, Darren. Good morning to everyone joining us today. 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 continues to deliver strong financial results, demonstrating the high-value installation services we provide our home building customers. Our market positioning and focus on service It is especially valuable as many home builders rely on relationships with experienced partners to navigate today's evolving market dynamics. While we expect housing affordability to remain a challenge over the near term, we are confident in the long-term fundamentals of the U.S. housing industry and the effectiveness of our growth-focused capital allocation strategy. We are focused on growing earnings and cash flow through geographic expansion and end-product and end-market diversification strategies. we will continue to explore opportunities for operational improvements and remain disciplined with capital allocation. Through the first half of 2025, we paid nearly $68 million in cash dividends, or $2.44 per diluted share, and repurchased approximately $84 million of our common stock. As we pursue profitable growth while maximizing returns for our shareholders, we remain committed to doing the right thing for our employees, customers, and communities. Looking at our second quarter sales performance, consolidated sales increased 3% and same branch sales grew 1%. In our largest end market, same branch new single family installation sales were roughly flat, compared to a nearly 10% decline in U.S. single family completions relative to the same period last year. Our relative performance is encouraging and reflects a tremendous effort from employees at branches across the nation as well as at support groups. Sales in our multifamily end market held up well on a relative basis with backlogs at key branches showing growth on a year-over-year basis. According to the U.S. Census Bureau, we have seen double-digit multifamily starts growth in the 2025 second quarter relative to the same period last year. This is the first time we have witnessed double-digit multifamily starts growth in nearly two years and the first time observing two consecutive quarters of positive starts growth since the first quarter of 2023. While this data is subject to revisions, the conclusion that the market is improving is consistent with the multifamily activity we are seeing in several markets in which we compete. On a same branch basis, second quarter commercial sales in our installation segment increased 9% from the prior year period. Our heavy commercial activity continued to be the dominant driver of sales growth in this end market. Based on the growth in our heavy commercial backlog, we believe sales are poised to remain healthy beyond 2025. During the six months ended June 30, 2025, cash flow from operating activities increased 11% to $182 million, which primarily reflected effective management of working capital. The pace of acquisitions has slowed this year relative to prior years, but we remain disciplined in our approach to find well-run businesses that would support attractive returns on invested capital, make strategic sense, and fit well culturally. Our core residential installation and market remains highly fragmented with considerable opportunity for consolidation. As previously announced, during the 2025 second quarter, we acquired a Wisconsin-based installer of spray foam and air barrier products in the commercial end market with annual revenue of nearly $4 million. To date, we have acquired over $10 million of annual revenue, and we continue to work toward acquiring over $100 million in annual revenue. Based on the U.S. Census Bureau, single-family starts year-to-date through June 2025, have decreased by 7%. With the current interest rate environment and related housing affordability challenges expected to persist, we believe a larger than previously expected decline in single-family housing starts is likely this year. Still, over the long term, we continue to believe that our business is supported by a fundamental undersupply of residential housing and the gradual adoption of advanced building codes for the purpose of improved energy efficiency across the U.S. We believe IBP continues to operate from a position of strength as we take advantage of opportunities and navigate any challenges in the second half of the year. Our strong customer relationships, experienced leadership team, national scale, and diverse product categories across multiple end markets create a solid platform for IBP to perform well through the ebbs and flows of demand related to the U.S. construction market. Although macroeconomic uncertainty influences prevailing market conditions in our industry, and many others, we remain focused on profitability and effective capital allocation to drive earnings growth and value for our shareholders. I'm proud of our team's continued success and commitment to doing an excellent job for our customers. To everyone at IBP, thank you. I remain encouraged by our competitive positioning and am optimistic about the prospects ahead for IBP and the broader installation and complementary building product installation business. So with this overview, I'd like to turn the call over to Michael to provide more detail on our second quarter financial results.