Business Wire | Aug 6, 2020 07:00AM EDT

Installed Building Products Reports Record Second Quarter 2020 Results

Aug. 06, 2020

COLUMBUS, Ohio--(BUSINESS WIRE)--Aug. 06, 2020--Installed Building Products, Inc. (the "Company" or "IBP") (NYSE:IBP), an industry-leading installer of insulation and complementary building products, today announced results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights (Comparisons are to Prior Year Period)

* Net revenue increased 6.0% to a second quarter record of $393.9 million, despite reduced volume associated with branches temporarily closed during the quarter * Residential sales increased 5.6% * Large commercial sales increased 7.5% * Net income increased 33.9% to a record $25.3 million * Adjusted EBITDA* increased 27.1% to a record $63.1 million * Net income per diluted share increased 36.5% to $0.86 * Adjusted net income per diluted share* increased 28.7% to $1.12 * Net cash provided by operating activities for the three months ended June 30, 2020 increased 90.7% to $69.6 million * At June 30, 2020, IBP had $269.2 million in cash and cash equivalents, and investments, with nothing drawn on the existing $200 million revolving line of credit * In June 2020, acquired Nationwide Gutter, LLC, a Texas based provider of gutter installation and repair services primarily to multi-family and commercial customers, with annual revenue of approximately $5.2 million

"Despite the unprecedented challenges caused by the COVID-19 health crisis, IBP achieved multiple milestones for the 2020 second quarter including record second quarter sales and profitability," stated Jeff Edwards, Chairman and Chief Executive Officer. "These record results demonstrate the success of our ongoing geographic, end-market, and end-product diversification strategies, the benefits of our pricing strategies, and the hard work and dedication of our employees. In addition, the homebuilding industry has rebounded quickly during the second quarter and we experienced significant growth in our multi-family and commercial end-markets during the quarter. Based on our record second quarter results, current industry backlogs, and our solid liquidity position, we started closing transactions from our strong acquisition pipeline in June".

"Across our national footprint, our branches continue to follow federal, state, and local requirements in response to COVID-19. At the start of the second quarter, several of our branches where construction was not deemed essential were closed, which impacted revenue by approximately $10 million to $12 million. Operations have resumed across all IBP branches, but several recently re-opened locations are not yet at full capacity. We continue to closely monitor the evolving COVID-19 crisis and we will make the necessary adjustments to protect and support our employees and customers across the country".

"While overall housing trends have improved significantly from April and May of this year, our single-family market demand may be temporarily impacted by the normal lag between starts and completions as a result of the market disruptions that occurred during the early stages of the pandemic. We believe that IBP's growing presence within the multi-family and commercial end markets and the industry backlog of single-family units under construction, combined with our acquisition strategy, will help us navigate any near-term softness created by the April and May declines in single-family housing starts. Overall, our operating and financial results continue to demonstrate the compelling business model we have created, which has allowed us to effectively respond to recent market conditions, while also providing IBP with a strong platform for long-term value creation," concluded Mr. Edwards.

Second Quarter 2020 Results Overview

For the second quarter of 2020, net revenue was $393.9 million, an increase of 6.0% from $371.8 million in the second quarter of 2019. On a same branch basis, net revenue improved 2.3% from the prior year quarter. Residential same branch sales growth was 2.5% in the quarter, attributable to price gains and more favorable customer and product mix, compared to a decline in total completions of 2.9%. Our large commercial construction end-market increased 7.5% for the second quarter of 2020.

Gross profit improved 18.5% to $127.1 million from $107.3 million in the prior year quarter. Adjusted gross profit* as a percent of total revenue was the highest we have reported as a public company of 32.4% which adjusts for the Company's share-based compensation expense, branch start-up costs and employee-related expenses associated with the COVID-19 pandemic, compared to 29.0% for the same period last year. Selling and administrative expense, as a percent of net revenue, was 19.8% compared to 18.9% in the prior year quarter. Adjusted selling and administrative expense*, as a percent of net revenue, was 18.9% compared to 18.2% in the prior year quarter. This increase was attributable to higher variable employee expenses and insurance reserves.

Net income was $25.3 million, or $0.86 per diluted share, compared to $18.9 million, or $0.63 per diluted share in the prior year quarter. Adjusted net income* was $33.2 million, or $1.12 per diluted share, compared to $25.9 million, or $0.87 per diluted share in the prior year quarter. Adjusted net income adjusts for the impact of non-core items in both periods, including COVID-19 expenses and an addback for non-cash amortization expense related to acquisitions.

Adjusted EBITDA* was $63.1 million, a 27.1% increase from $49.6 million in the prior year quarter, largely due to higher sales and improved gross profit margin compared to the prior year quarter.

Conference Call and Webcast

The Company will host a conference call and webcast on Thursday, August 6, 2020 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-0792 (domestic) or 201-689-8263 (international). The live webcast will be available at www.installedbuildingproducts.com in the investor relations section. A replay of the conference call will be available through September 6, 2020, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13705636.

About Installed Building Products

Installed Building Products, Inc. is one of the nation's largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects from its national network of over 180 branch locations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the housing market, our financial and business model, the demand for our services and product offerings, the impact of the COVID-19 crisis on our business and end markets, expansion of our national footprint and end markets, diversification of our products, our ability to capitalize on the new home and commercial construction recovery, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions, our 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. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intends," "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 statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those expressed in or suggested by such 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 Factors" 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 our subsequent filings with the Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. 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.

*Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release contains the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by net revenue), Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit and Adjusted Selling and Administrative expense. The reasons for the use of these measures, reconciliations of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit, and Adjusted Selling and Administrative expense to the most directly comparable GAAP measures and other information relating to these measures are included below following the unaudited condensed consolidated financial statements. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for IBP's financial results prepared in accordance with GAAP.

INSTALLED BUILDING PRODUCTS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(unaudited, in thousands, except share and per share amounts) Three months ended June 30, Six months ended June 30,

2020 2019 2020 2019

Net revenue $ 393,939 $ 371,814 $ 791,270 $ 713,949

Cost of sales 266,800 264,557 547,871 517,254

Gross profit 127,139 107,257 243,399 196,695

OperatingexpensesSelling 19,011 17,903 39,366 35,033

Administrative 59,060 52,493 119,255 100,924

Amortization 6,724 6,021 13,404 11,909

Operating 42,344 30,840 71,374 48,829 incomeOther expenseInterest 7,757 5,649 15,115 11,325 expense, netOther 129 101 129 226

Income before 34,458 25,090 56,130 37,278 income taxesIncome tax 9,121 6,171 14,805 9,525 provisionNet income $ 25,337 $ 18,919 $ 41,325 $ 27,753

Othercomprehensiveloss, net oftax:Unrealizedloss on cashflow hedge,net of taxbenefit of $51and $1,180 forthe threemonths ended (150 ) (3,546 ) (5,758 ) (6,295 )June 30, 2020and 2019,respectively,and $1,990 and$2,101 for thesix monthsended June 30,2020 and 2019,respectivelyComprehensive $ 25,187 $ 15,373 $ 35,567 $ 21,458 income Basic net $ 0.86 $ 0.64 $ 1.40 $ 0.93 income pershareDiluted net $ 0.86 $ 0.63 $ 1.39 $ 0.93 income pershareWeightedaverage sharesoutstanding:Basic 29,447,121 29,758,071 29,584,782 29,719,194

Diluted 29,584,167 29,834,748 29,757,560 29,820,917

INSTALLED BUILDING PRODUCTS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited, in thousands, except share and per share amounts) June 30, December 31,

2020 2019

ASSETSCurrent assetsCash and cash equivalents $ 252,488 $ 177,889

Investments 16,688 37,961

Accounts receivable (less allowance for credit 247,627 244,519 losses of $9,617 and $6,878 at June 30, 2020 andDecember 31, 2019, respectively)Inventories 69,149 74,606

Other current assets 33,996 46,974

Total current assets 619,948 581,949

Property and equipment, net 103,422 106,410

Operating lease right-of-use assets 47,448 45,691

Goodwill 200,264 195,652

Intangibles, net 147,117 153,562

Other non-current assets 12,851 16,215

Total assets $ 1,131,050 $ 1,099,479

LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilitiesCurrent maturities of long-term debt $ 24,230 $ 24,164

Current maturities of operating lease 16,209 15,459 obligationsCurrent maturities of finance lease obligations 2,333 2,747

Accounts payable 81,386 98,871

Accrued compensation 36,520 33,636

Other current liabilities 53,371 39,272

Total current liabilities 214,049 214,149

Long-term debt 544,976 545,031

Operating lease obligations 30,721 29,785

Finance lease obligations 3,051 3,597

Deferred income taxes 5,022 9,175

Other long-term liabilities 60,495 47,711

Total liabilities 858,314 849,448

Commitments and contingenciesStockholders' equityPreferred Stock; $0.01 par value: 5,000,000authorized and 0 shares issued and outstanding - - at June 30, 2020 and December 31, 2019,respectivelyCommon stock; $0.01 par value: 100,000,000authorized, 33,124,237 and 32,871,504 issued and 331 329 29,799,188 and 30,016,340 shares outstanding atJune 30, 2020 and December 31, 2019,respectivelyAdditional paid in capital 195,288 190,230

Retained earnings 213,506 173,371

Treasury stock; at cost: 3,325,049 and 2,855,164 (123,488 ) (106,756 )shares at June 30, 2020 and December 31, 2019,respectivelyAccumulated other comprehensive loss (12,901 ) (7,143 )

Total stockholders' equity 272,736 250,031

Total liabilities and stockholders' equity $ 1,131,050 $ 1,099,479



INSTALLED BUILDING PRODUCTS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in thousands) Six months ended June 30,

2020 2019

Cash flows from operating activitiesNet income $ 41,325 $ 27,753

Adjustments to reconcile net income to net cashprovided by operating activitiesDepreciation and amortization of property and equipment 20,623 18,614

Amortization of operating lease right-of-use assets 8,545 7,607

Amortization of intangibles 13,404 11,909

Amortization of deferred financing costs and debt 670 564 discountProvision for credit losses 2,668 1,605

Gain on sale of property and equipment (144 ) (156 )

Noncash stock compensation 5,415 4,345

Deferred income taxes (1,679 ) -

Changes in assets and liabilities, excluding effects ofacquisitionsAccounts receivable (3,158 ) (17,876 )

Inventories 6,072 (1,650 )

Other assets 9,351 (1,495 )

Accounts payable (18,504 ) (1,253 )

Income taxes receivable/payable 16,015 6,347

Other liabilities 4,922 (3,914 )

105,525 52,400

Cash flows from investing activitiesPurchases of investments (776 ) (17,352 )

Maturities of short term investments 22,050 17,560

Purchases of property and equipment (16,345 ) (17,778 )

Acquisitions of businesses (12,625 ) (21,290 )

Proceeds from sale of property and equipment 314 452

Other (1,340 ) (876 )

(8,722 ) (39,284 )

Cash flows from financing activitiesPayments on term loan - (2,000 )

Proceeds from vehicle and equipment notes payable 12,768 13,783

Debt issuance costs (157 ) -

Principal payments on long-term debt (13,205 ) (9,751 )

Principal payments on finance lease obligations (1,392 ) (2,481 )

Acquisition-related obligations (3,486 ) (5,039 )

Repurchase of common stock (15,759 ) -

Surrender of common stock awards by employees (973 ) (2,323 )

(22,204 ) (7,811 )

Net change in cash and cash equivalents 74,599 5,305

Cash and cash equivalents at beginning of period 177,889 90,442

Cash and cash equivalents at end of period $ 252,488 $ 95,747

Supplemental disclosures of cash flow informationNet cash paid during the period for:Interest $ 13,006 $ 11,793

Income taxes, net of refunds 476 3,595

Supplemental disclosure of noncash activitiesRight-of-use assets obtained in exchange for operating 10,229 8,677 lease obligationsProperty and equipment obtained in exchange for finance 600 1,830 lease obligationsSeller obligations in connection with acquisition of 4,037 3,162 businessesUnpaid purchases of property and equipment included in 1,981 2,334 accounts payable

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Gross Profit and Adjusted Selling and Administrative Expense measure performance by adjusting EBITDA, GAAP net income, gross profit and selling and administrative expense, respectively, for certain income or expense items that are not considered part of our core operations. We believe that the presentation of these measures provides useful information to investors regarding our results of operations because it assists both investors and us in analyzing and benchmarking the performance and value of our business.

We believe the Adjusted EBITDA measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of our capital structure (primarily interest expense), asset base (primarily depreciation and amortization), items outside our control (primarily income taxes) and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. In addition, we use various EBITDA-based measures in determining the achievement of awards under certain of our incentive compensation programs. Other companies may define Adjusted EBITDA differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted EBITDA may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.

Although we use the Adjusted EBITDA measure to assess the performance of our business, the use of the measure is limited because it does not include certain material expenses, such as interest and taxes, necessary to operate our business. Adjusted EBITDA should be considered in addition to, and not as a substitute for, GAAP net income as a measure of performance. Our presentation of this measure should not be construed as an indication that our future results will be unaffected by unusual or non-recurring items. This measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, this measure is not intended as an alternative to net income as an indicator of our operating performance, as an alternative to any other measure of performance in conformity with GAAP or as an alternative to cash flow provided by operating activities as a measure of liquidity. You should therefore not place undue reliance on this measure or ratios calculated using this measure.

We also believe the Adjusted Net Income measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of certain non-core items such as discontinued operations, acquisition related expenses, amortization expense, the tax impact of these certain non-core items, and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. To make the financial presentation more consistent with other public building products companies, beginning in the fourth quarter 2016 we included an addback for non-cash amortization expense related to acquisitions. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. Other companies may define Adjusted Net Income differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted Net Income may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.

INSTALLED BUILDING PRODUCTS, INC.RECONCILIATION OF GAAP TO NON-GAAP MEASURESADJUSTED NET INCOME CALCULATIONS(unaudited, in thousands, except share and per share amounts) Three months ended June 30, Six months ended June 30,

2020 2019 2020 2019

Net income, $ 25,337 $ 18,919 $ 41,325 $ 27,753 as reportedAdjustmentsfor adjustednet income:Share based 2,733 2,404 5,415 4,342 compensationexpenseAcquisition 522 606 1,205 1,194 relatedexpensesCOVID-19 650 - 650 - expenses ^1Branch - 357 - 617 start-upcosts ^2Amortization 6,724 6,021 13,404 11,909 expense ^3Miscellaneous - - (279 ) - non-operatingincomeTax impact ofadjusted (2,764 ) (2,441 ) (5,303 ) (4,696 )items atnormalizedtax rate ^4Adjusted net $ 33,202 $ 25,866 $ 56,417 $ 41,119 incomeWeightedaverage 29,584,167 29,834,748 29,757,560 29,820,917 sharesoutstanding(diluted)Diluted netincome per $ 0.86 $ 0.63 $ 1.39 $ 0.93 share, asreportedAdjustmentsfor adjustednet income, 0.26 0.24 0.51 0.45 net of taximpact, perdiluted share^5Dilutedadjusted net $ 1.12 $ 0.87 $ 1.90 $ 1.38 income pershare

^1 Addback of employee pay, employee medical expenses, and legal fees directlyattributable to COVID-19

^2 Addback of costs related to organic branch expansion for Alpha locations^3 Addback of all non-cash amortization resulting from business combinations^4 Normalized effective tax rate of 26.0% applied to both periods presented^5 Includes adjustments related to the items noted above, net of tax

The table below reconciles Adjusted Net Income to the most directly comparable GAAP financial measure, net income, for the periods presented therein.

Per share figures may reflect rounding adjustments and consequently totals may not appear to sum.

INSTALLED BUILDING PRODUCTS, INC.RECONCILIATION OF GAAP TO NON-GAAP MEASURESADJUSTED GROSS PROFIT CALCULATIONS(unaudited, in thousands) Three months ended June Six months ended June 30, 30,

2020 2019 2020 2019

Gross profit $ 127,139 $ 107,257 $ 243,399 $ 196,695

Share based compensation 65 105 161 183 expenseCOVID-19 expenses ^1 307 - 307 -

Branch start-up costs ^2 - 357 - 617

Adjusted gross profit $ 127,511 $ 107,719 $ 243,867 $ 197,495

Adjusted gross profit - % 32.4 % 29.0 % 30.8 % 27.7 %Total Revenue

^1 Addback of employee pay and employee medical expenses directly attributable to COVID-19

^2 Addback of costs related to organic branch expansion for Alpha locations



INSTALLED BUILDING PRODUCTS, INC.RECONCILIATION OF GAAP TO NON-GAAP MEASURESADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS(unaudited, in thousands) Three months ended June Six months ended June 30, 30,

2020 2019 2020 2019

Selling expense $ 19,011 $ 17,903 $ 39,366 $ 35,033

Administrative expense 59,060 52,493 119,255 100,924

Selling and Administrative $ 78,071 $ 70,396 $ 158,621 $ 135,957

Share based compensation 2,668 2,298 5,254 4,159 expenseAcquisition related 522 606 1,205 1,194 expensesCOVID-19 expenses ^1 342 - 342 -

Adjusted Selling and $ 74,539 $ 67,492 $ 151,820 $ 130,604 AdministrativeAdj. Selling and 18.9 % 18.2 % 19.2 % 18.3 %Administrative - % TotalRevenue

^1 Addback of employee pay, employee medical expenses and legal fees directlyattributable to COVID-19

The table below reconciles Adjusted EBITDA to the most directly comparable GAAP financial measure, net income, for the periods presented therein.

INSTALLED BUILDING PRODUCTS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED EBITDA CALCULATIONS (unaudited, in thousands)

Three months ended June Six months ended June 30, 30,

2020 2019 2020 2019

Adjusted EBITDA: Net income (GAAP) $ 25,337 $ 18,919 $ 41,325 $ 27,753

Interest expense 7,757 5,649 15,115 11,325

Provision for income taxes 9,121 6,171 14,805 9,525

Depreciation and 16,974 15,523 34,029 30,523 amortization Miscellaneous non-operating - - (279 ) - income EBITDA 59,189 46,262 104,995 79,126

Acquisition related expenses 522 606 1,205 1,194

Share based compensation 2,733 2,404 5,415 4,342 expense COVID-19 expenses ^1 650 - 650 -

Branch start-up costs - 357 - 617

Adjusted EBITDA $ 63,094 $ 49,629 $ 112,265 $ 85,279

Adjusted EBITDA margin 16.0 % 13.3 % 14.2 % 11.9 %

^1 Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19



INSTALLED BUILDING PRODUCTS, INC.SUPPLEMENTARY TABLE(unaudited) Three months ended Six months ended June 30, June 30,

2020 2019 2020 2019

Period-over-period GrowthSales Growth 6.0% 11.8% 10.8% 12.6%

Same Branch Sales Growth 2.3% 7.8% 7.0% 7.6%

Single-Family Sales Growth -0.2% 9.5% 5.1% 11.8%

Single-Family Same Branch Sales -3.5% 4.4% 1.0% 5.4%Growth Residential Sales Growth 5.6% 9.5% 9.7% 11.5%

Residential Same Branch Sales 2.5% 5.2% 5.9% 6.0%Growth Same Branch Sales GrowthVolume Growth^1 -2.1% 0.7% -1.2% 2.0%

Price/Mix Growth^1 4.8% 5.7% 8.4% 4.9%

Large Commercial Construction 7.5% 21.0% 10.6% 13.7%Sales Growth U.S. Housing Market^2Total Completions Growth -2.9% 0.5% -1.7% 3.2%

Single-Family Completions Growth -2.5% 6.3% 0.7% 5.5%

^1 Excludes the large commercial end market^2 U.S. Census Bureau data, as revised

INSTALLED BUILDING PRODUCTS, INC.INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS(unaudited, in thousands) Three months ended June 30, Six months ended June 30,

2020 % Total 2019 % Total 2020 % Total 2019 % Total

RevenueIncreaseSame Branch $ 8,680 39.2 % $ 25,890 66.0 % $ 50,128 64.8 % $ 48,184 60.5 %

Acquired 13,444 60.8 % 13,340 34.0 % 27,192 35.2 % 31,453 39.5 %

Total $ 22,124 100.0 % $ 39,230 100.0 % $ 77,320 100.0 % $ 79,637 100.0 %

Adj EBITDA Adj EBITDA Adj EBITDA Adj EBITDA

Contribution Contribution Contribution Contribution

AdjustedEBITDASame Branch $ 11,217 129.2 % $ 2,101 8.1 % $ 22,503 44.9 % $ 4,447 9.2 %

Acquired 2,247 16.7 % 1,960 14.7 % 4,481 16.5 % 3,843 12.2 %

Total $ 13,464 60.9 % $ 4,061 10.4 % $ 26,984 34.9 % $ 8,291 10.4 %

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CONTACT: Investor Relations: 614-221-9944 investorrelations@installed.net