today's good and call. on everyone to Jason, morning us joining Thanks,
strong usual, financial performance. capital position on operating in more Miller, record will to CFO, with start year the call some As over take your produced and and highlights and discuss quarter IBP then call of IBP's will the turn I the before our another who Michael results questions. we detail
revenue the our our provide to and to working well-being a most succeed, to and commitment and locations increased XXXX, safety adjusted we as providing and commitment COVID-XX results achieved performance team to where employees, members work billion, that well service increased to For and important The throughout health, we $XXX.X customers, a part and $X.X communities. I XX.X% we environment attracting, while people we employee is million. talent. which share strive increased want XXXX, unparalleled business an of $X.XX to I'm pleased the XX.X% culture to dedication of protecting employee retaining customers have averages, report Throughout the record We of our effects introduced unprecedented our resources record to record our developing our XXXX humbled quality of result a maintained and dedication focusing the diluted to our X.X% despite demonstrate direct programs our women and nearly the earnings the a hard nationwide. industry on partners of EBITDA by per since men U.S. pandemic, these and value. turnover we've in continued proud and record work, am maintain the X,XXX the below
also demonstrate the the Our compelling strength of and resiliency the strong markets, the position business proven of our of end and model, our balance our geographies capital senior leadership record and position, and our within experience results sheet success team.
addition, and operations since XX%, of income have compound In grown respectively. continuing rates our adjusted in at XXXX, annual the from EBITDA growth IPO revenue, XX%, net XX%, and
our we and Our we performance to the encouraging, as for on for are strong we focus consistently is future value positioned well shareholders. sustainable creating continue believe
pursue this in growth-oriented flow strong capital I allocation business. while week's considerable of performance free needs The provide our cash our to operating detail, outlook our outlining more and long-term business strong model sheet returning balance also Before capital of and strategy flexibility our discussing shareholders supporting and our priorities. announcement to with capital acquisition want review the us to our
announce I approved As to IBP's of pleased initiation cash a Board quarterly the am of a result, Directors dividend.
The is payable first XXXX record share of XXXX. dividend March shareholders of quarterly XX, on on $X.XX per March to XX,
with to factors on commencing annual as the and existing contribute planned Directors paid dividend, repurchase share proven Board. and the for first for the has returns In the March also prioritize to to program strategy. Directors dividend operations million will expected Acquisitions determined generated growth profitability addition based cash important program the and generate acquisitions increased It's dividend will each an X, acquisition Board our quarterly The be by of variable of typically extended investments on quarter $XXX note, during continue determined obligations investment. to cash XXXX. profitable consideration cash of we flow variable strong to to XXXX. The capital by in year, through on the and will other be to Board consider immediately
targeting been these strategy strong through able while flow, strengthening we acquisition Xx our to can have believe trailing ratio adjusted self-fund priorities IBP's balance under free capital our a net support we leverage addition, XX-month cash debt EBITDA. sheet. We simultaneously while In
can let's our have support review while and pleased our our since a growth ability to you favorable with returning outlook performance way see, our and in capital As more shareholders. to extremely With we XXXX simultaneously come detail. plan this update, I'm IPO, long
of positions X.X% X.X% single-family the increased our many our a at residential another COVID-XX crisis. United favorable and throughout believe Total the growth adjusted residential, in quarter markets, XXXX. multi-family land approaches and prior XX% rates increased the mortgage continue, stabilization was an growth many Looking despite to year the the low have completions. XXXX In industry from over develop the strong improved of compared in the to benefit year XX% revenue trends of fourth across housing. to in homes. our XXXX, in response, the We increase priced affordably multifamily as and increase end further approximately impacts geographies supporting entry-level the year which to years quarter, and for completions will driven homebuilders' more their these XXXX nearly included continues entry-level increased Single-family States demand housing full In demographics demand in commercial communities come.
as perform construction. as previously are result of the market multi-family to had in sales over-indexed to been a locations market we end end enhanced direct continue the single-family strategy We our well growing in that
environment, was a from expected, with in benefited pricing trends. As more also line XXXX historical
deflation result end improved price/mix not a up price/mix fourth For basis, in market. shift X.X% a And decline the X%. the single-family reflects our X.X%. on a stack price/mix over year, quarter The X-year was was in mix pricing but of
fourth price home. shift or as volume a is the up overall quarter, branch impacted sales entry-level single-family we to to insulation builders price/mix same move for production up experienced production last X%. During was within selling the of lower builder volume year, higher jobs market end a custom typically average and than the compared This
near-term. materials homes, efficiencies, fourth decline continue higher in sales volumes, we into the the profitability complementary in Even are many increase we increase in basis the from gross quarter followed mix inflation price/mix, our Given line margin benefited quarter with experiencing increased products. believe products over the expectations XXXX, consumer in and XXXX. of from increased of was install. trend insulation for for Early demand XX building with entry-level may January with this points in April The fourth fiberglass XXXX contribution as price and we effective price was another of
our single-family were we XXXX. for the support homes U.S. believe single-family position While we XXXX, with the current and the considerably our housing the the in well is starts inflationary similar industry in quarter construction of positioned labor increased the Furthermore, industry strong continued the XXX,XXX of the over highest fourth are strong single-family timing availability and dynamics environment demand level up what remain different. believe and XX% our and demand services. to According under navigate our environment With units, the to experienced to November suppliers, XXXX. Bureau, increase we customers since of to in is Census fiberglass
We are affected the we a also sites multifamily sales our result market our focus sales year XX.X% our increased commercial throughout COVID unique construction and these strategy. basis, branch large of commercial as for continued success Despite year. challenges, for well a protocols suburban multifamily believe operations large and on related positioned of growth growth on X.X%. the commercial expanding increased same safety
Our nature believe of our activity And past market large of in the benefit half months. end commercial total over the will second within and XXXX. based projects, commercial the improved we trend the time X pipeline on this our bid large market has long-lead
intact end solid market commercial be us growth remain near-term commercial and large end important market. any of pipeline within growing Long-term strategy. We our the expected our our also continues navigate the and to presence component an fundamentals exposure in help to market are softness diversifying will believe
X we and opportunistic over year of strong $XXX acquisitions was commercial addition, million competitiveness. XXXX annual and representing that acquisition scale completed our acquisitions revenues. to growth, we another additional In pursue continue of increase
million to insulation coatings customers, acoustics installation industrial protection, customers, we and multi-family and included residential applications. Washington-based insulation the a commercial a quarter Acquisitions specialty for waterproofing and completed Washington-based multifamily a installer stopping to of fourth $XX Georgia-based of residential commercial revenues. in nearly of installer and building and acquisitions During of Virginia-based complementary a of services representing to products annual fire alone, provider insulation, fire installer X services and customers
end robust, continue pursue strategies. pipeline and we remains product and actively diversification multifamily support market acquisition geographic and commercial of installers Our acquisitions well-run to that residential, our end
of growing targeting Our acquisition exceed the structure, timing is our target this acquisitions on revenue our are and capital depending may acquired $XXX solid we supported XXXX. by in million and flexible within large of We and approximately strategy pipeline.
is I deck want call and was most on term good believe over COVID-XX profitability We provide the Investor website. to effects to XXXX in Before continued investor our of expectations of growth we the our additional our our information pandemic. expect the turn IBP for Michael, of of markets included in Relations available on our for outlook, will year in another section strong and I longer despite and will XXXX XXXX, be remain the which
mix favorable our of multifamily uncertain rebound homes. For impacts half in The which near-term XXXX, the to from strong combined high margins with remain the we Gross increase remain may increased despite our in completions material single-digit starts market, expect increased We between of expect of markets in customers, lag within sales while the end throughout the encounter. end a historically year. will single-family our to inflation we dramatically remains positively the to seasonal single-family builder entry-level XXXX. we mid- trends year, are are And to expected volumes commercial the the during higher order to to occur the completions, business demand and believe anticipated and that second impact continue range.
We continue sales expenses, proactively throughout year. continue our to administrative manage would to higher expenses anticipate the leverage
As believe another we long-term a of mid-teens growth profitable to with XXXX adjusted result, EBITDA expected line with expectations. margins will in our strong be annual year be
the conclude to responded my extremely throughout I'm unique the challenges how year. pleased with to have So has team that our remarks, prepared occurred
Our power experience cash the model, our long-standing management we customer of developed, the relationships continued operating balance of strength sheet our success reflects our business and and flow. of team, the have the
another expected to year We and IBP. start to year to strong off be XXXX are a for the is great
On in are at who hard I'd the team, I'd customers. our thank leadership results. call the to your for day, of and representing to we I like overview, all field quarter want efforts, thank IBP and to on you work fourth every to our those the always, behalf to details this recognize turn personally like over dedication. provide entire serving your Michael With more As
