Installed Building Products, Inc.

Greetings and welcome to the installed building products first quarter 2026 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ryan Ricketts, Director of Investor Relations and Financial Planning and Analysis. You may begin.

Good morning, and welcome to Installed Building Products' first quarter 2026 earnings conference call. Earlier today, we issued a press release on our financial results for the 2026 first 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 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, and Brad Wheeler, our Chief Operating Officer. Jeff, I will now turn the call over to you.

Thanks, Ryan, and 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 in more detail before we take your questions. We delivered solid top-line results despite the impact of having many fewer working days at several branches due to extreme weather conditions, which resulted in a $20 million missed revenue opportunity, as we previously mentioned on our 2025 fourth quarter call in February. The macroeconomic backdrop also changed midway through the first quarter, partially due to geopolitical factors raising uncertainty for U.S. consumers and making new home sales more challenging. Service quality is a controllable factor that we continue to maintain at a high level for our customers during the quarter. Emphasizing product diversification and prudent expense management have continued to be key initiatives. Our commercial end market continued to show strength delivering double-digit installation sales growth with heavy commercial sales growth exceeding 20% during the quarter. Even with industry-specific headwinds expected to continue to affect our new residential installation segment in the near term, our overall business has been resilient. All the credit 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 IDP, thank you for your hard work and dedication. Looking at our 2026 first quarter performance, consolidated sales decreased 4% and same branch sales declined 6%. Positive same branch commercial sales growth was more than offset by residential same branch sales growth headwinds within our installation segments. With respect to our new single-family end market, activity has been slower than we had hoped by this point in the spring selling season, with some geographic markets feeling more upbeat than others. We continue to effectively manage both material and labor to meet the needs of our customers and remain flexible to adjust to the varying demand across regions. In our multifamily end market, both our contract backlog and partnership across branches to win business and deliver installed services continues to grow, which is encouraging. Our commercial end market remained a bright spot in the 2026 first quarter, with sales in our installation segment up 11% on a same branch basis from the prior year period. Our heavy commercial end market continued to be the dominant driver of same branch sales growth, which more than offset weakness in our light commercial end market. Based on the growth in our heavy commercial contract backlogs, we believe heavy commercial sales and profitability are poised to remain healthy in 2026. During the 2026 first quarter, we completed a total of four acquisitions representing approximately $28 million of annual sales from a diverse product set in both residential and commercial end markets. Acquisitions during the quarter included an installer of insulation across new residential and commercial end markets throughout Texas, Louisiana, Arkansas, and Oklahoma with annual sales of approximately $5 million, a provider of a wide range of value-added mechanical insulation services for diverse commercial and industrial applications serving key commercial and industrial hubs across Wisconsin, Iowa, Minnesota, Michigan, and Illinois with annual sales of approximately $13 million. An installer of insulation primarily across new residential and light commercial markets throughout Kansas and Oklahoma with annual sales of approximately $3 million. And an installer of waterproofing applications across new residential, multifamily, and commercial markets throughout Minnesota with annual sales of approximately $7 million. Although deal timing is hard to predict, our current outlook for acquisition opportunities in 2026 is strong and we expect to acquire at least $100 million of annual revenue this year. In terms of broader housing construction activity, U.S. Census Bureau data for the 2026 first quarter showed single family starts decreased 6% from the prior year, while model family starts were up 21% for the same period. I'm proud of our team's continued success and commitment to doing an excellent job for our customers. Once again, to everyone at IDP, thank you. I remain encouraged by the fundamentals of our industry, our competitive positioning, and I'm optimistic about the prospects ahead for IDP in the broader insulation and complementary building products installation business. Before I turn the call over to Michael, I want to thank Darren. for his contributions over the past five years as he pursues another opportunity and I wish him all the best in his future endeavors. Ryan Ricketts has been appointed Director of Investor Relations and Financial Planning. He has played an integral role in our financial planning and analysis function and is a natural fit to lead our investor relations efforts. I look forward to his contributions as we continue to execute on our strategy and engage with the investment community. With this overview, I'd like to turn the call over to Michael to provide more detail on our 2026 first quarter financial results. Thank you, Jeff, and good morning, everyone.