to to you our And on everyone all morning Jason. record the XXXX I’m call. about of opportunity to us talk results. have to today’s good Thanks, joining happy
the will take question. over Miller, before call results As IBP’s we and usual, I your some with who Michael will CFO, detail in call highlights today’s our turn discuss start more to then
we IBP’s differentiate have growth financial installation levels XXXX reflected our within results marketplace IBP. and the company of all success platform strength created of drive business to throughout in continued Our oriented the model
fourth during have to items achieved in business public third in unexpected our results, since profitability going the am we year of the impact the and I quarters, extremely proud direction growth full sustain is which While our headed. financial
surpass revenue call $X.X how recent our our reflecting vision result revenues achieved and record past oriented a for while years to the success. model, dollars grown to XXX% adjusted going record accomplishments culture. a oriented impressive growth our are As the business time service on future billion XXXX. to want public, first has over to disciplined start These the XXX% IBP increased our our the million December drive of accomplishments four EBITDA XX, I our billion, history, Since we’ve today’s IBP’s in has by strategy rapidly and is $XXX.X a since acquisition growth,
addition, XX% revenues versus enhanced platform installation were the many at from to December of have our derived of XXXX our XX, In we housing diversifying and services by installation At of markets. services XXXX. business XX, December successfully footprint geographic XX% our expanding revenues U.S. strongest
core customer Additionally, more drivers increased to end along relationships business us our new residential at builders construction allows provide IBP’s installation our more market. geographic the to XXXX nearly of of at acquisition while The sell XX% to of growth product model effectively our customer our installed enhanced from with the strategy the further exposure to an in effort expansion deepening total the position services, and we to acquisition of diversify with XX% These expanding have end tenants commercial company’s access the nationwide. doubling increasing permits XXXX. base of to IBP’s products are geographic. Alpha two long-term line This
back organic and improvements investing the and growth. acquisition through organic upper platform to expansion are office support actively in sustainable We
a in while and the the more locations XX, of commitment amount XXXX. opened is in business a expect which platform dedication XXXX. is approximately added produces XXXX, of increasing employees, in the IBP’s More construction Diversifying recently, market, future During location of growth end that direct company a work to success result at new Denver residential we have and organic nearly performed additional Alpha we core Tulsa. positioned balanced and X,XXX of the Tampa XXX% our December better of limit increase from we cyclicality is an our sites. our
on call, construction third the market is mentioned the tight. quarter I As our industry labor for
and able We train installers, we but XXXX recruit, to are fourth higher trend still impacted hire new negatively This have cost. quarter seen profitability. employee-related
our the help continue be retention work an our and of and We on train to are cost productivity area believe rates reduce of will is what These for based continuing year nearly wellness team to during our wellness XXXX. last commitment significant of exceeding improve sourcing new recruit program, key expectations. that began employees. improve and to extremely which pleased on sense and our collective in employees to employee well to several all the initiatives IBP financial restricted installers, Reflecting program will initiatives we do to XX% and of increase program management installers. I’m our financial our stock focus participated the right, longevity offering eligible
remainder, educate management reduction, saving participants the personnel topics financial the helps back program As on and including community. to key a getting budgeting, debt
dollars. representing match of incurred of program, approximately each saving result XXXX of XXXX, in expense million this dollar dollar a As IBP for $X participant a
benefit a the other employees was partially bonuses charge, with successfully benefit during members of not company tax also the to taking XXXX. the associated impacted waiving quarter. our a The deduction only prior employee, the of but tax margins to to team allow match, fourth offset installers from effect the reform primarily me end to in program XXXX our the to complete While larger joined year the before ability in executive the expense our gross
of has We in we principal, that to valuable the our ongoing, X.X be and program offset expense educate but will to group employees spear, not address covered. earned represents order will inform thing only In now compensation program in and right charge. about program that bonus believe position that base security. wellness is to is and agree our been financial financial launched further and the do the a giving significantly IBP’s retention, help XXXX been waiving back reduced again dedicated program I be be employee While will this quarterly Michael has our employees their helps the the
installation also on catastrophic an in and fiberglass, to of labor result the failure the addition was fourth through a In loose-fill of to which above sold disruption allocated the Due is facility. quarter the majority material market, manufacturer’s tight primarily supply insulation change experienced basis quarter. supply, in the
real current limited to the the of as primary industry to current disruption anticipate prices we other increases insulation support While past ability inflation installers for the in we through stay the This profitability material selling improve offset and effectively in and progress Historically, markets. and in years disruption provided to cost with through increases marketplace, need We customers, material inflationary practice will the the pricing. price services additional competitive of cover price the installation many impacts we our with these increase In environment have customer increased our rising driver competitive of insulation cost. remain yet non-material selling minimal managed to relied the the our over have supply rising the two on have to impact the of insulation supply cost to has in engaged are inflationary price tighter market. our actively the a and customers demand year. light increases material as in
and program position the million this morning, and additional repurchase the our flow review unless our IBP’s in remain our record of With of and Finally, effect that The stock shareholder strategy. effective approved acquisition the strong flow and of extending prudent of results. use by will on and our stock of balance positive a value. is With Board. million we’d as business, this XXXX’s cash $XX generation than program outlook in as purchase XXXX some XX, overview, saw cash capital financial compliments cash strong March release commitment Board the you February sheet be continuing a generating of until drivers press our will repurchases and $XX more X, XXXX reflects Directors to investments
contribution to completions favorably and in recent organic single-family Solid of influence the of acquisitions our rate improvements growth housing revenues. the continue
approximately For single-family approximately XX% increased fourth quarter, to completions over increased the total of sales to single-family compared XX% while X%. in the branch U.S. XXXX increase single-family total sales
increased sales market, XX%. demand compared sales of increased Within residential U.S. approximately total the robust total fourth approximately while from benefited sales multifamily while X%. our XX%, locations residential during increase quarter, increased the multifamily same-branch increased Combined to the total sales same-branch in XXXX approximately new XX% completions and XX% multifamily
approximately continue recovery million XXXX from consensus chip Blue We in X%. and continue X.XX end housing starts benefit to to will for an starts our estimates of the of stabilization next business expect markets towards housing total approximately where the over That’s residential annual X.X million to few industry. improve years increase representing housing
factors housing various expand growth, our formations IBP’s housing market We a rising During while U.S. XXXX’s continues X%, strengthening and the X.X% primarily also reporting and from in continue we footprint geographic single-family in double-digit strong been our increase City, many builders fourth Louisville growth market strategy strength supplement residential including our permits. benefit anticipate into Kansas the including believe due improving during quarter fourth has total Las quarter. acquisition to will new increased permits order to organic employment, confidence. public continue that end with Vegas. to to consumer household to its markets and sentiment point help this over Builder
$XXX at XX for revenues the we at approximately time million representing record During a any acquisitions, year of annual IBP year the single of completed acquisition. and
City-based fourth multiple installer locations These trailing of throughout Oklahoma-based represent of quarter, installer. completed the installer XX revenue. insulation insulation and XXXX’s blinds, and approximately the the four million rally-based $XX fourth Kansas shades acquisitions combined acquisitions insulation four Southeast During comprised shutters month with completed the installer in and we a in in window quarter
this all-state completed in acquisitions; revenues the far installer with in installer Rocket an insulation $X.X Coatings & annual insulation Insulation million. includes annual insulation revenues we in York, located $X.X first on have New million and XXXX So quarter, of Island two and but Kentucky Long of additional
and proud robust and the markets our and end acquisitions recent we cost Irma our many diversify Harvey pipeline of responded extremely XXXX continue our that to at fantastic employee-related a of challenges several higher occurred and hurricanes of I’m IBP, pursue geographic accounts was footprint, Our during product penetration. supply. will the material is including acquisitions potential team to expand year By complimentary our that year more disrupted and how impact and further
was fourth our a However, the not XXXX’s disappointment reflect see and what future does quarter as potential. I
will cost are actively on incremental We to and XXXX. services profitability anticipate pricing offset increasing improve our the throughout pressure
a from Tax profit during Jobs effective result In IBP and XXXX addition, the a lower of tax will rate Act. as Cut
IBP’s on opportunities funding rate lower our by reinvesting hard employees of our benefits all I for team growth thank acquisition focus would tax of the enhancing into back strategy. the motivated business, and dedicated their like fantastic will our We and to experienced, work.
of behalf at everyone as thank and well IBP, and also your I We committed customers customers. suppliers turn to like would results. commercial Michael to appreciate full superior on are with our you. as would fourth call Finally, on our providing I now like of homebuilding, our to support to multifamily and each more over services. installation to year the provide details quarter we Thank
