10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From                      To                     

Commission File Number: 001-36307

Installed Building Products, Inc.

(Exact name of registrant as specified in its charter)

Delaware	45-3707650
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

495 South High Street, Suite 50 Columbus, Ohio	43215
(Address of principal executive offices)	( Zip Code)

(614) 221-3399

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act).    Yes  ¨    No  x

On May 7, 2015 the registrant had 31,353,789 shares of common stock, par value $0.01 per share, outstanding.

Table of Contents

PART I – FINANCIAL INFORMATION	2
Item 1. Financial Statements	2
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
Item 4. Controls and Procedures	28
PART II – OTHER INFORMATION	28
Item 1. Legal Proceedings	28
Item 1A. Risk Factors	28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3. Defaults Upon Senior Securities	29
Item 4. Mine Safety Disclosures	29
Item 5. Other Information	29
Item 6. Exhibits	29
SIGNATURES	30

i

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share amounts)

	March 31, 2015			December 31, 2014
ASSETS
Current assets
Cash	$	6,346		$	10,761
Accounts receivable (less allowance for doubtful accounts of $2,856 and $2,661 at March 31, 2015 and December 31, 2014, respectively)		74,388			72,280
Inventories		25,747			23,971
Other current assets		11,286			12,276
Total current assets		117,767			119,288
Property and equipment, net		42,953			39,370
Non-current assets
Goodwill		68,240			53,393
Intangibles, net		38,667			17,718
Other non-current assets		7,962			4,393
Total non-current assets		114,869			75,504
Total assets	$	275,589		$	234,162
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	2,514		$	1,786
Current maturities of capital lease obligations		9,238			9,374
Accounts payable		47,500			46,584
Accrued compensation		10,542			11,311
Other current liabilities		8,983			7,501
Total current liabilities		78,777			76,556
Long-term debt		61,076			25,070
Capital lease obligations, less current maturities		15,758			17,508
Deferred income taxes		14,569			9,746
Other long-term liabilities		18,291			13,408
Total liabilities		188,471			142,288
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred Stock; $0.01 par value: 5,000,000 authorized, 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively		—			—
Common Stock; $0.01 par value: 100,000,000 authorized, 31,969,284 and 31,839,087 issued and 31,354,284 and 31,539,087 outstanding at March 31, 2015 and December 31, 2014, respectively		320			319
Additional paid in capital		154,598			154,497
Accumulated deficit		(56,417	)		(57,659	)
Treasury Stock; at cost: 615,000 and 300,000 shares at March 31, 2015 and December 31, 2014, respectively		(11,383	)		(5,283	)
Total stockholders’ equity		87,118			91,874
Total liabilities and stockholders’ equity	$	275,589		$	234,162

See accompanying notes to condensed consolidated financial statements

2

INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except share and per share amounts)

	Three months ended March 31,
	2015		2014
Net revenue	$	129,948	$	105,946
Cost of sales		95,822		79,541
Gross profit		34,126		26,405
Operating expenses
Selling		8,112		6,470
Administrative		22,237		18,361
Amortization		789		697
Operating income		2,988		877
Other expense (income)
Interest expense		698		588
Other		25		(462	)
		723		126
Income before income taxes		2,265		751
Income tax provision		1,023		350
Net income from continuing operations		1,242		401
Discontinued operations
Loss from discontinued operations		—		45
Income tax benefit		—		(17	)
Loss from discontinued operations, net of income taxes		—		28
Net income		1,242		373
Accretion charges on Redeemable Preferred Stock		—		(19,897	)
Net income (loss) attributable to common stockholders	$	1,242	$	(19,524	)
Basic net income (loss) per share attributable to common stockholders:
Income (loss) from continuing operations	$	0.04	$	(0.75	)
Loss from discontinued operations		—		(0.01	)
Net income (loss) per share	$	0.04	$	(0.76	)
Diluted net income (loss) per share attributable to common stockholders:
Income (loss) from continuing operations	$	0.04	$	(0.75	)
Loss from discontinued operations		—		(0.01	)
Net income (loss) per share	$	0.04	$	(0.76	)
Weighted average shares outstanding:
Basic		31,493,587		25,841,679
Diluted		31,494,848		25,841,679

See accompanying notes to condensed consolidated financial statements

3

INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY AND REDEEMABLE INSTRUMENTS (UNAUDITED)

(in thousands, except share amounts)

					Additional															Redeemable
	Common Stock				Paid In			Accumulated			Treasury Shares						Stockholders’			Preferred Stock						Common Stock
	Shares		Amount		Capital			Deficit			Shares			Amount			(Deficit) Equity			Shares			Amount			Shares			Amount
BALANCE - January 1, 2014		16,183,901	$	162	$	—		$	(71,591	)		—		$	—		$	(71,429	)		1,000		$	55,838			5,850,000		$	81,010
Net income									373									373
Initial Public Offering (IPO)		8,567,500		86		78,902												78,988
Redemption of Redeemable Preferred Stock																					(1,000	)		(75,735	)
Termination of Redemption Feature upon IPO		5,850,000		58		89,309												89,367									(5,850,000	)		(89,367	)
Accretion of Redeemable Preferred Stock to Redemption Value						(19,897	)											(19,897	)					19,897
Adjustments to Redeemable Common Stock fair value measurement						(8,357	)											(8,357	)											8,357
BALANCE - March 31, 2014		30,601,401	$	306	$	139,957		$	(71,218	)		—		$	—		$	69,045			—		$	—			—		$	—
					Additional															Redeemable
	Common Stock				Paid In			Accumulated			Treasury Shares						Stockholders’			Preferred Stock						Common Stock
	Shares		Amount		Capital			Deficit			Shares			Amount			Equity			Shares			Amount			Shares			Amount
BALANCE - January 1, 2015		31,839,087	$	319	$	154,497		$	(57,659	)		(300,000	)	$	(5,283	)	$	91,874			—		$	—			—		$	—
Net income									1,242									1,242
Issuance of Restricted Stock Awards to Employees		130,197		1		(1	)											—
Share-Based Compensation Expense						102												102
Common Stock Repurchase												(315,000	)		(6,100	)		(6,100	)
BALANCE - March 31, 2015		31,969,284	$	320	$	154,598		$	(56,417	)		(615,000	)	$	(11,383	)	$	87,118			—		$	—			—		$	—

See accompanying notes to condensed consolidated financial statements

4

INSTALLED BUILDING PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

	Three months ended March 31,
	2015			2014
Cash flows from operating activities
Net income	$	1,242		$	373
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment		3,500			2,638
Amortization of intangibles		789			697
Amortization of deferred financing costs		36			44
Provision for doubtful accounts		536			490
Gain on sale of property and equipment		(68	)		(123	)
Noncash stock compensation		102			—
Other		—			(490	)
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable		2,094			1,027
Inventories		(796	)		(1,267	)
Other assets		282			(449	)
Accounts payable		(923	)		2,900
Income taxes payable		1,046			(133	)
Other liabilities		(1,855	)		(677	)
Net cash provided by operating activities		5,985			5,030
Cash flows from investing activities
Purchases of property and equipment		(5,666	)		(749	)
Acquisitions of businesses, net of cash acquired of $661 and $0, respectively		(30,019	)		(2,006	)
Proceeds from sale of property and equipment		153			160
Net cash used in investing activities		(35,532	)		(2,595	)
Cash flows from financing activities
Proceeds from initial public offering of common stock, net of costs		—			87,645
Redemption of Redeemable Preferred Stock		—			(75,735	)
Net payments on previous revolving line of credit		—			(8,714	)
Proceeds from revolving line of credit		35,400			—
Payments on revolving line of credit		(5,350	)		—
Proceeds from vehicle and equipment notes payable		4,361			—
Principal payments on long term debt		(766	)		(296	)
Principal payments on capital lease obligations		(2,413	)		(2,120	)
Payments for deferred initial public offering costs		—			(2,130	)
Repurchase of common stock		(6,100	)		—
Net cash provided by (used in) financing activities		25,132			(1,350	)
Net change in cash		(4,415	)		1,085
Cash at beginning of period		10,761			4,065
Cash at end of period	$	6,346		$	5,150
Supplemental disclosures of cash flow information
Net cash paid (received) during the period for:
Interest	$	646		$	313
Income taxes, net of refunds		(24	)		467
Supplemental disclosure of noncash investing and financing activities
Vehicles capitalized under capital leases and related lease obligations		509			4,633
Seller obligations in connection with acquisition of business		5,486			279
Unpaid deferred offering costs		—			2,085

See accompanying notes to condensed consolidated financial statements

5

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

NOTE 1 – ORGANIZATION

Installed Building Products, Inc. (“IBP”), a Delaware corporation formed on October 28, 2011, and its subsidiaries (collectively referred to as the “Company” and “we”, “us” and “our”), primarily install insulation, garage doors, rain gutters, shower doors, closet shelving and mirrors, and other products for residential and commercial builders located in the continental United States. IBP operates in over 100 locations within the continental United States and its corporate office is located in Columbus, Ohio.

We have one operating segment and a single reportable segment. Substantially all of our sales come from service based installation of various products in the existing and new residential and commercial construction end markets. Each of our branches has the capacity to serve all of our end markets. The following table sets forth the percentage of our net revenue by end market for the three months ended March 31:

	2015			2014
Existing and new residential construction		89	%		88	%
Commercial construction		11			12
		100	%		100	%

2014 Initial Public Offering (“IPO”)

On February 10, 2014, in anticipation of our IPO, we executed a 19.5-for-one stock split of our common stock which was originally a total of 1,129,944 shares of common stock issued and outstanding. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. Following the split we had 22,033,901 stock-split adjusted shares of common stock issued and outstanding.

On February 19, 2014, we completed an IPO of our common stock, which resulted in the sale of 8,567,500 shares. We received total proceeds from the IPO of $87,645 after excluding underwriter discounts and commissions of $6,597, based upon the price of $11.00 per share. We used $75,735 of the proceeds from our IPO to redeem our Redeemable Preferred Stock and $11,910 to pay down our revolving credit facility. The common stock is listed on The New York Stock Exchange under the symbol “IBP.” See Note 6, Stockholders’ Equity (Deficit), for further information.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements include all wholly owned subsidiaries and majority owned subsidiaries. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. All intercompany accounts and transactions have been eliminated.

The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods

6

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our fiscal 2014 consolidated financial statements and the notes thereto included in Part II, Item 8. Financial Statements and Supplementary Data, of our Annual Report on Form 10-K as filed with the SEC on March 13, 2015. The December 31, 2014 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP. Unless otherwise indicated, all amounts are in thousands except share and per share amounts.

Our interim operating results for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected in future operating quarters. See Item 1A. Risk Factors, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, for additional information regarding risk factors that may impact our results.

Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 describes the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no significant changes in our critical accounting estimates, other than those associated with share-based compensation, during the three months ended March 31, 2015.

Use of Estimates

Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, intangible assets and other long-lived assets, share-based compensation, reserves for general liability, workers’ compensation, and medical insurance. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense was approximately $439 and $343 for the three months ended March 31, 2015 and 2014, respectively, and is included in selling expense on the Condensed Consolidated Statements of Operations.

Share-Based Compensation

Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. Restricted stock awards are periodically granted to certain employees, officers, and non-employee members of our Board of Directors under the stockholder-approved 2014 Omnibus Incentive Plan. The awards are deemed to be equity-based with a

7

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

service condition and do not contain a market condition. Fair value of the awards to employees and officers is measured at the grant date, amortized to expense over the vesting period of the awards using the straight-line attribution method for all service-based awards with a graded vesting feature. This fair value is reduced by assumed forfeitures and adjusted for actual forfeitures until vesting. Employees and officers are subject to tax at the vesting date based on market price of the shares on that date, or on the grant date if an election is made. The future income tax benefit associated with these awards is recorded over the vesting period. In the event dividends are ultimately declared and paid, a forfeiture rate for the unvested restricted shares would be applied.

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 205-20. We have concluded that, upon adoption, this ASU will not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 sets forth a new revenue recognition model that requires identifying the contract(s) with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations and recognizing the revenue upon satisfaction of performance obligations. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest.” The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements.

8

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

NOTE 3 – GOODWILL AND INTANGIBLES

Goodwill

The change in carrying amount of goodwill was as follows:

	Goodwill (Gross)		Accumulated Impairment Losses			Goodwill (Net)
January 1, 2014	$	119,332	$	(70,004	)	$	49,328
Business combinations		1,217		—			1,217
March 31, 2014	$	120,549	$	(70,004	)	$	50,545
January 1, 2015	$	123,397	$	(70,004	)	$	53,393
Business combinations		14,847		—			14,847
March 31, 2015	$	138,244	$	(70,004	)	$	68,240

During the three months ended March 31, 2015 and 2014, goodwill increased $14,847 and $1,217, as a result of our 2015 and 2014 acquisitions, respectively. See Note 11, Business Combinations, for more information.

We test goodwill for impairment annually during the fourth quarter of our fiscal year or earlier if there is an impairment indicator. No impairment was recognized during either of the three month periods ended March 31, 2015 and 2014.

Intangibles, net

The following table provides the gross carrying amount and accumulated amortization for each major class of intangibles:

	March 31, 2015							December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortized intangibles:
Customer relationships	$	40,920	$	(16,616	)	$	24,304	$	26,119	$	16,151	$	9,968
Covenants not-to-compete		1,621		(266	)		1,355		883		202		681
Trademarks and tradenames		19,881		(6,873	)		13,008		13,681		6,612		7,069
	$	62,422	$	(23,755	)	$	38,667	$	40,683	$	22,965	$	17,718

The gross carrying amount of intangibles increased $21,739 during the three months ended March 31, 2015. Intangibles associated with 2015 acquisitions accounts for $21,680 of the increase with the remaining change due to an increase in covenants not to compete at an existing location. See Note 11, Business Combinations, for more information. Amortization expense on intangible assets totaled $789 and $697 during the three months ended March 31, 2015 and 2014, respectively. Remaining estimated aggregate annual amortization expense is as follows (amounts are for the fiscal year ended):

Remainder of 2015	$	4,238
2016		5,136
2017		4,517
2018		4,306
2019		4,011
Thereafter		16,459

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INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

NOTE 4 – LONG-TERM DEBT

Debt consists of the following:

	March 31, 2015			December 31, 2014
Revolving Line of Credit	$	30,050		$	—
Term Loan due July 7, 2019		24,375			24,688
Vehicle and equipment notes payable		5,652			1,346
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0%		3,513			822
		63,590			26,856
Less: current maturities		(2,514	)		(1,786	)
Long-term debt, less current maturities	$	61,076		$	25,070

On July 8, 2014, we entered into a Credit Agreement (as amended, the “Credit Agreement”) with a bank group with an aggregate commitment of $100,000 and a maturity date of July 7, 2019 (the “Maturity Date”). The Credit Agreement provides for a $75,000 revolving credit facility (“LOC”) and a $25,000 term loan (“Term Loan”) secured by all of our assets except certain vehicles secured by capital leases and loans. We can also borrow swingline loans up to $5,000 and obtain letters of credit of up to $10,000; any outstanding letters of credit and swingline loans under the Credit Agreement reduce our borrowing capacity. See Note 5, Term Debt, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, for further information regarding the Credit Agreement. See Note 13, Subsequent Event, “Amended Credit Agreement,” for further information regarding an amendment to the Credit Agreement.

In October 2014, we entered into a Master Loan and Security Agreement (“Master Loan Agreement”) with a lender to provide financing up to $5,000 for the purpose of purchasing vehicles and equipment used in the normal course of business. Vehicles and equipment purchased under this Master Loan Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Master Loan Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months. The specific terms of each note are based on specific criteria, including the type of vehicle or equipment, the length of the term of the note, and the market interest rates at the time. There is no termination date of this Master Loan Arrangement. On February 12, 2015, we entered into a separate Master Equipment

10

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

Lease Agreement (“Master Equipment Agreement”) with a lender to provide financing up to $4,000 for the purpose of purchasing or leasing vehicles and related service equipment used in the normal course of business. Vehicles and equipment purchased or leased under this Master Equipment Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Master Equipment Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months. The balance outstanding under both financing arrangements at March 31, 2015 was $5,652. See Note 13, Subsequent Events, “Amended Equipment Lease Agreement,” for further information regarding an amendment to the Master Equipment Agreement.

NOTE 5 – FAIR VALUE MEASUREMENTS

Fair Values

Fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Accounts receivable, accounts payable, and accrued liabilities as of March 31, 2015 and December 31, 2014 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of the long-term debt, including the Term Loan and LOC as of March 31, 2015 and December 31, 2014, approximate fair value as of March 31, 2015 and December 31, 2014 due to the short term maturities of the underlying variable rate LIBOR agreements. The carrying amounts of the obligations associated with our capital leases approximate fair value as of March 31, 2015 and December 31, 2014 since the value of the obligations is based on the value of the associated tangible assets. Both debt classifications represent Level 2 fair value measurements.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels.

11

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

Our Redeemable Preferred Stock was redeemed in February 2014 with proceeds from our IPO, eliminating the associated put option. In addition, the redeemable feature of our Redeemable Common Stock was terminated upon the IPO. See Note 1, Organization, “2014 Initial Public Offering,” for further information. As such, corresponding fair values are zero as of March 31, 2015.

The following is a general description of the valuation methodologies used for liabilities and mezzanine equity (which includes redeemable preferred and common stock) items measured at fair value during fiscal year 2014:

Put option – Redeemable Preferred Stock – We identified a certain embedded feature in the Redeemable Preferred Stock that was required to be bifurcated and accounted for as a derivative. The identified put option allowed Redeemable Preferred stockholders to put their shares upon a change in control. The estimated fair value of the put option on Redeemable Preferred Stock was determined using our estimates of the probability of a change in control during each period the option was outstanding in combination with the accreted fair value of the Redeemable Preferred Stock during the option period. Those resulting probabilities were then calculated at net present value for each period presented.

Redeemable Common Stock – The estimated fair value of the redeemable feature of certain shares of our outstanding common stock was determined using a combination of discounted cash flows and market multiple approach modeling in order to mark the Redeemable Common Stock to market at each period end.

Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 were as follows (in thousands):

Balance as of January 1, 2014	$	81,500
Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments		8,357
Adjustments to fair value measurement impacting the Statement of Operations		(490	)
Termination of Redemption Feature on common stock and put option		(89,367	)
Balance as of March 31, 2014	$	—

The unrealized gain related to the put option liabilities is recorded within other expense (income) on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2014.

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INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

NOTE 6 – STOCKHOLDERS’ EQUITY

In anticipation of our IPO, we amended our Certificate of Incorporation on February 10, 2014 to, among other things, authorize additional shares of common and preferred stock. On February 25, 2014, we further amended our Certificate of Incorporation to delete references to the Redeemable Preferred Stock, all of which was redeemed with proceeds from our IPO and subsequently retired and cancelled.

As of March 31, 2015, we had 5,000,000 shares of preferred stock authorized with no shares issued or outstanding, 100,000,000 shares of common stock authorized, 31,969,284 shares of common stock issued and 31,354,284 shares of common stock outstanding, all with par value of $0.01, and 615,000 shares of treasury stock at cost.

On March 13, 2015, we entered into a share repurchase agreement with Installed Building Systems, Inc. (“IBS”), a related party, for the purchase of 315,000 shares of our common stock for a purchase price of $6,057 (or $19.23 per share, which represented a 7.5% discount to the last reported price of our common stock on March 13, 2015) plus minor costs we incurred with respect to the transaction of $43, totaling $6,100. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. For additional information on the related party relationship, see Note 9, Related Party Transactions.

NOTE 7 – EMPLOYEE BENEFITS

Healthcare

Our healthcare benefit expense (net of employee contributions) was approximately $2,715 and $2,612 for the three months ended March 31, 2015 and 2014, respectively, for all plans. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $1,431 and $1,089 as of March 31, 2015 and December 31, 2014, respectively.

Workers’ Compensation

Workers’ compensation expense totaled $2,065 and $1,585 for the three months ended March 31, 2015 and 2014, respectively. Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows:

	March 31, 2015		December 31, 2014
Included in other current liabilities	$	2,321	$	2,504
Included in other long-term liabilities		5,742		5,752
	$	8,063	$	8,256

We also had an insurance receivable for claims that exceeded the stop loss limit included on the Condensed Consolidated Balance Sheets. That receivable offsets an equal liability included within the reserve amounts noted above and was as follows:

	March 31, 2015		December 31, 2014
Included in other non-current assets	$	2,135	$	2,286

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INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

Share-Based Compensation

Directors

In June 2014, we granted 23,490 shares of restricted stock at a price of $12.77 per share (which represents market price on the grant date) to non-employee members of our Board of Directors. These shares effectively vested on the grant date since there is deemed to be no service period associated with these awards. The lack of a vesting or service period may not apply to any future share grants under our 2014 Omnibus Incentive Plan.

Employees

During the three months ended March 31, 2015, we granted 130,197 shares of restricted stock which vest fully between January 7, 2016 and March 31, 2016 for non-executive employees and in three equal installments for certain officers on each of March 31, 2016, March 31, 2017 and March 31, 2018, all with an estimated forfeiture rate of 3.3%. Share-based compensation expense and a related total recognized tax benefit were insignificant for the three months ended March 31, 2015. No shares were awarded during the three months ended March 31, 2014 and accordingly, no expense was recorded.

Nonvested restricted stock as of December 31, 2014 and changes during the three months ended March 31, 2015 were as follows:

	Restricted Stock Awards		Weighted Average Grant Date Fair Market Value Per Share
Nonvested restricted stock at December 31, 2014		—	$	—
Granted		130,197		21.53
Vested		—		—
Forfeited		—		—
Nonvested restricted stock at March 31, 2015		130,197	$	21.53

As of March 31, 2015, there was $2,590 of unrecognized compensation expense related to nonvested restricted stock. This expense is subject to future adjustments for vesting and forfeitures and is expected to be recognized on a straight-line basis over the remaining weighted-average period of 1.4 years.

As of March 31, 2015, 2,846,313 shares of common stock were available for issuance under the 2014 Omnibus Incentive Plan.

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INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

NOTE 8 – INCOME TAXES

Our provision for income taxes as a percentage of pretax earnings (“effective tax rate”) is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items.

During the three months ended March 31, 2015, the effective tax rate for continuing operations was 45.2 percent. The rate was favorably impacted by deductions related to domestic production activities, offset by separate tax filing entities in a loss position for which a full valuation allowance will be accounted for against the losses, causing no tax benefit to be recognized on the losses.

During the three months ended March 31, 2015, we increased our uncertain tax positions related to an acquisition that did not impact the effective tax rate.

NOTE 9 – RELATED PARTY TRANSACTIONS

We sell installation services to other companies related through common or affiliated ownership. We also purchase services and materials and pay rent to companies with common or related ownership.

We lease our headquarters and other facilities from certain related parties. See Note 10, Commitments and Contingencies, for future minimum lease payments to be paid to these related parties.

For the three months ended March 31, 2015 and 2014, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties were as follows:

	Three months ended March 31,
	2015		2014
Sales	$	1,166	$	414
Purchases		116		1,172
Rent		148		145

During the second quarter of 2014, we appointed a new member of our Board of Directors who is also the CEO of M/I Homes, Inc. (NYSE: MHO), one of our customers. As a result, we have included all sales to this customer during the three months ended March 31, 2015 in the above table.

At March 31, 2015 and December 31, 2014, we had related party balances of $1,137 and $1,255, respectively, included in accounts receivable on our Consolidated Balance Sheets. These balances represent trade accounts receivable arising during normal course of business with various related parties. M/I Homes, Inc. accounted for $452 and $627 of these balances as of March 31, 2015 and December 31, 2014, respectively.

As a result of our acquisition of TCI Contracting, LLC (“TCI”) in 2012, one of our existing suppliers became classified as a related party until a change in ownership of the supplier resulted in an end to such classification in August 2014. Purchases made from this supplier during the three months ended March 31, 2014 were $1,089, and are included in total related party purchases in the preceding table.

15

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

On March 13, 2015, we entered into a share repurchase agreement with Installed Building Systems, Inc. (“IBS”) for the purchase of 315,000 shares of our common stock. Jeff Edwards, our Chief Executive Officer, has beneficial ownership in the shares of our common stock held by IBS. See Note 6, Stockholders’ Equity, for additional information.

As of December 31, 2014, the Company maintained a receivable from IBP Holding Company, related to us through direct control by Jeff Edwards, in the amount of approximately $600. The receivable represented amounts owed to us for wages and related expenses paid by the Company during 2011 to former employees of IBP Holding Company and was included in other current assets on the Condensed Consolidated Balance Sheet as of December 31, 2014. During the three months ended March 31, 2015, we received the full remaining balance and accordingly, no such receivable exists as of March 31, 2015.

NOTE 10 – COMMITMENTS AND CONTINGENCIES

Accrued Insurance

Accrued insurance reserves included on the Condensed Consolidated Balance Sheets were as follows:

	March 31, 2015		December 31, 2014
Included in other current liabilities	$	1,418	$	1,379
Included in other long-term liabilities		6,944		3,754
	$	8,362	$	5,133

We also had insurance receivables included on the Condensed Consolidated Balance Sheets that, in aggregate, offset an equal liability included within the reserve amounts noted above. The amounts were as follows:

	March 31, 2015		December 31, 2014
Insurance receivable for claims under a fully insured policy	$	2,013	$	—
Insurance receivable for claims that exceeded the stop loss limit		677		677
Total insurance receivables included in other non-current assets	$	2,690	$	677

Leases

We are obligated under capital leases covering vehicles and certain equipment. The vehicle and equipment leases generally have terms ranging from four to six years. Total gross assets relating to capital leases were $65,144 and $65,238 as of March 31, 2015 and December 31, 2014, respectively, and a total of $20,253 and $20,499 were fully depreciated as of March 31, 2015 and December 31, 2014, respectively. The net book value of assets under capital leases was $26,824 and $28,754 as of March 31, 2015 and December 31, 2014, respectively, net of accumulated depreciation of $38,320 and $36,484 as of March 31, 2015 and December 31, 2014, respectively. Amortization of assets held under capital leases is included within cost of sales on the Condensed Consolidated Statements of Operations.

16

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

We also have several noncancellable operating leases, primarily for buildings, improvements, equipment, and certain vehicles. These leases generally contain renewal options for periods ranging from one to five years and require us to pay all executory costs such as property taxes, maintenance and insurance.

In some instances, lease agreements exist with related parties. Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) with related parties as of March 31, 2015 are as follows (amounts are as of the fiscal year ended):

Remainder of 2015	$	308
2016		377
2017		150
2018		83
2019		—
Thereafter		—

Supply Contract Commitments

As of March 31, 2015, we had two product supply contracts, one extending through December 31, 2015 and one extending through August 31, 2017. Our obligations for both contracts are based on quantity without a specific rate applied and therefore are not quantifiable. We expect our quantity purchases to exceed the minimum quantity commitments for all years covered by the contracts. Actual purchases made under the contracts for the three months ended March 31, 2015 and 2014 were $14,997 and $8,452, respectively.

Other Commitments and Contingencies

From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual and tort matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. It is not certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

NOTE 11 – BUSINESS COMBINATIONS

As part of our ongoing strategy to increase market share in certain markets, we completed one business combination during the three months ended March 31, 2015 and one business combination during the three months ended March 31, 2014. The goodwill to be recognized in conjunction with these business combinations is attributable to expected synergies. At least a portion of the goodwill resulting from the 2015 acquisition is expected to be deductible for tax purposes while the goodwill resulting from the 2014 acquisition is not expected to be deductible for tax purposes.

17

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

2015

On March 12, 2015, we acquired 100% of the stock and membership interests of nine different legal entities, collectively referred to as BDI Insulation (“BDI”). The purchase price consisted of cash of $30,680 and seller obligations of $5,486. Revenue and net income since the date of acquisition included in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2015 were $2,121 and $288, respectively.

2014

On March 24, 2014, we acquired 100% of the common stock of U.S. Insulation Corp. (“U.S. Insulation”). The purchase price consisted of cash of $2,006 and seller obligations of $279. Since the closing date was close to the end of the period, revenue and net income included in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 were not significant.

The preliminary estimated fair values of the assets acquired and liabilities assumed for the acquisitions approximated the following:

	As of the three months ended March 31,
	2015			2014
Cash	$	661		$	—
Accounts receivable		4,738			1,122
Inventories		980			234
Income taxes receivable		53			—
Other current assets		210			120
Property and equipment, net		1,007			520
Intangibles, net		21,680			846
Goodwill		14,847			1,202
Other non-current assets		3,736			—
Accounts payable and accrued expenses		(3,187	)		(1,362	)
Deferred income tax liabilities		(4,823	)		(397	)
Other long-term liabilities		(3,736	)		—
Total purchase price	$	36,166		$	2,285
Seller obligations	$	5,486		$	279
Cash paid		30,680			2,006
Total purchase price	$	36,166		$	2,285

Further adjustments are expected to the allocation above as the third-party valuation is finalized and certain tax aspects of the transaction and a customary post-closing review are completed during the measurement period.

Included in other noncurrent assets in the above table as of the three months ended March 31, 2015 is an insurance receivable of $2,013 and an indemnification asset associated with the acquisition of BDI in the amount of $1,723. These assets offset equal liabilities included in other long-term liabilities in the above table, which represent additional insurance reserves and an uncertain tax position liability for which we may be liable. All amounts are measured at their acquisition-date fair value.

18

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

Included in other accounts payable and accrued expenses in the above table as of the three months ended March 31, 2015 is additional consideration for a working capital adjustment to be finalized within 120 days of closing associated with the acquisition of BDI in the amount of $902. This liability is measured at the acquisition-date fair value of the liability.

Estimates of acquired intangible assets related to the acquisitions are as follows:

	As of the three months ended March 31,
	2015				2014
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)		Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)
Customer relationships	$	14,800		8	$	546		10
Trademarks and trade names		6,200		15		216		15
Non-competition agreements		680		5		84		5

Pro Forma Information

The unaudited pro forma information has been prepared as if the 2015 acquisition had taken place on January 1, 2014 and all 2014 acquisitions had taken place on January 1, 2013. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2014 and 2013, and the unaudited pro forma information does not purport to be indicative of future financial operating results. See Note 12, Business Combinations, to our audited financial statements in Item 8 of Part II of our Annual Report on Form 10-K filed with the SEC on March 13, 2014 for additional information on 2014 acquisitions included in the table below.

	Pro forma for the three months ended March 31,
	2015		2014
Net revenue	$	136,942	$	120,037
Net income		1,306		3,284
Accretion charges on Redeemable Preferred Stock		—		(19,897	)
Net income (loss) attributable to common stockholders		1,306		(16,613	)
Basic net income (loss) per share attributable to common stockholders		0.04		(0.64	)
Diluted net income (loss) per share attributable to common stockholders		0.04		(0.64	)

Unaudited pro forma net income has been calculated after adjusting the combined results of the Company to reflect additional intangible asset amortization expense of $474 and $747 for the three months ended March 31, 2015 and 2014, respectively.

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INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

NOTE 12 – INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents.

Diluted net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury stock method. Potential common shares are included in the diluted income (loss) per share calculation when dilutive. Diluted income (loss) per share was as follows:

	For the three months
	ended March 31,
	2015		2014
Net income (loss) attributable to common stockholders — basic and diluted	$	1,242	$	(19,524	)
Weighted average number of common shares outstanding		31,493,587		25,841,679
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method		1,261		—
Dilutive shares outstanding		31,494,848		25,841,679
Basic income (loss) per share attributable to common stockholders	$	0.04	$	(0.76	)
Diluted income (loss) per share attributable to common stockholders	$	0.04	$	(0.76	)

For the three months ended March 31, 2015, diluted income (loss) per share did not include approximately 28,684 shares of our non-vested restricted stock as the effect would have been antidilutive. There were no common stock equivalents with a dilutive effect during the three months ended March 31, 2014.

NOTE 13 – SUBSEQUENT EVENTS

Business Combination

On April 6, 2015, we acquired 100% of the common stock of C.Q. Insulation Inc. (“CQ”) for total consideration of approximately $5,868, subject to finalization of a working capital adjustment as well as a potential earnout determined based on CQ’s profits (as defined in the purchase contract) for the twelve months ended June 30, 2015. If the maximum potential earnout is achieved, the total purchase price of the acquisition could increase up to approximately 35%. The initial accounting for the business combination was not complete at the time the financial statements were issued due to the timing of the acquisition and the filing of our Quarterly Report on Form 10-Q. As a result, disclosures required under ASC 805-10-50, Business Combinations, cannot be made at this time.

20

INSTALLED BUILDING PRODUCTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share amounts)

Amended Credit Agreement

On April 28, 2015, we entered into an amendment to the Credit and Security Agreement (the “Amended Agreement”) with a group of lenders named therein and KeyBank National Association, as lead arranger, sole book runner and administrative agent. The amendment provides for a Revolving Line of Credit (“New LOC”) with a maximum limit of $100,000, a Term Loan in the amount of $50,000, a Delayed Draw Term Loan (the “DDTL”) of $50,000 and an uncommitted accordion feature in the amount of $25,000. The Amended Agreement is due April 30, 2020 (the “Maturity Date”) and is secured by all of our assets except those subject to capital leases. The total facility commitment amount is $200,000 including the New LOC, the Term Loan, the DDTL and any outstanding letters of credit.

The New LOC and Term Loan bear interest at either 1) the Eurodollar rate (“LIBOR”) or 2) the Base Rate (which approximates Prime Rate), plus a margin based on the type of rate applied and the value (represented as a ratio) of our total debt to earnings. The Term Loan requires quarterly principal payments beginning the second quarter of 2015 and ending with the second quarter of 2020, totaling $17,500. Any outstanding principal balance on the Term Loan is due on the Maturity Date.

The Amended Agreement contains financial covenants requiring us to maintain 1) a leverage ratio of debt to earnings, as adjusted for certain items and as defined by the agreement, of no greater than 3.50 to 1.00 and 2) a fixed charge coverage ratio, as adjusted for certain items, of no less than 1.10 to 1.00. The Amended Agreement also contains various restrictive non-financial covenants and a provision that, upon an event of default (as defined by the agreement), amounts outstanding under the New LOC, Term Loan, and any outstanding DDTL would bear interest at the rate as determined above plus 2%.

Amended Equipment Lease Agreement

On April 7, 2015, we amended the original Master Equipment Lease Agreement dated February 12, 2015 (“Amended Master Equipment Agreement”) with a lender for the purpose of purchasing or leasing vehicles and related service equipment used in the normal course of business to increase financing up to $22,000. Vehicles and equipment purchased or leased under this Amended Master Equipment Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Amended Master Equipment Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and related notes in “Item 1. Financial Statements” of this Form 10-Q, as well as our Annual Report on Form 10-K for the year ended December 31, 2014 (our “Form 10-K”). Dollar amounts are presented in thousands.

OVERVIEW

We are the second largest new residential insulation installer in the United States based on our internal estimates, with a national platform consisting of over 100 locations serving customers in all 48 continental states and the District of Columbia. We also install complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors. Substantially all of our net revenue comes from service-based installation of these products in the residential new construction, repair and remodel and commercial construction end markets.

We believe our business is well positioned to continue to profitably grow during the housing recovery due to our strong balance sheet, liquidity and our continuing acquisition strategy. We may continue to adjust our strategies based on housing demand and our performance in each of our markets. Nevertheless, the pace of the housing recovery and our future results could be negatively affected by weakening economic conditions and decreases in housing demand and affordability as well as increases in interest rates and tightening of mortgage lending practices.

We manage all aspects of the installation process for our customers, from our direct purchase and receipt of materials from national manufacturers, to our timely supply of materials to job sites and quality installation. Installation of insulation, including air sealing, is a critical phase in the construction process, as certain other interior work cannot begin until the insulation phase passes inspection. Our branches have expertise in local building codes and energy-efficient building practices, and strong working relationships with homebuilders and on-site construction managers. At the same time, our centralized corporate support functions allow us to leverage our longstanding supplier relationships, web-based information system and other dedicated corporate services to benefit our operations as a whole.

Three Months Ended March 31, 2015 Compared to the Three Months Ended March 31, 2014

Net revenue

For the three months ended March 31, 2015, net revenue increased $24,002, or 22.7%, to $129,948 from $105,946 during the three months ended March 31, 2014. The increase in net revenue included revenue from acquisitions of approximately $9,217. Approximately $7,159 was predominantly attributable to organic growth in the volume of completed jobs in all of our end markets. The remaining increase in net revenue of approximately $7,626 resulted from a variety of other factors including customer and product mix, market pricing variations and insulation volumes driven by building code requirements. Of these other factors, none was more significant than any other.

Cost of sales

For the three months ended March 31, 2015, cost of sales increased $16,281, or 20.5%, to $95,822 from $79,541 during the three months ended March 31, 2014. The increase in cost of sales included increases from acquisitions of approximately $6,825. Approximately $5,206 was predominantly attributable to organic growth in the volume of completed jobs in the residential new construction end market. Cost of

22

sales also increased $4,250 as a result of a variety of other factors including customer and product mix, market pricing variations and insulation volumes driven by building code requirements. Of these other factors, none was more significant than any other.

Gross Profit

For the three months ended March 31, 2015, gross profit increased $7,721 to $34,126 from $26,405 during the three months ended March 31, 2014. As a percentage of net revenue, gross profit increased to 26.3% for the three months ended March 31, 2015 from 24.9% for the three months ended March 31, 2014 primarily from operating efficiencies in several cost of sales categories that result from higher sales levels.

Operating expenses

Selling

For the three months ended March 31, 2015, selling expenses increased $1,642, or 25.4%, to $8,112 from $6,470 for the three months ended March 31, 2014. This increase was primarily due to increases in wages, benefits and commissions of $1,488, approximately half of which was related to acquisitions and the other half was to support higher sales levels.

Administrative

For the three months ended March 31, 2015, administrative expenses increased $3,876, or 21.1%, to $22,237 from $18,361 for the three months ended March 31, 2014. The increase in administrative expenses was primarily due to increases in wages and benefits of $1,672, of which $565 was related to acquisitions and the remainder was to support our growth, higher general liability insurance costs of $595, higher legal and accounting fees of $512 to support our status as a public company, an increase in facility costs of $391 (approximately half of which was related to acquisitions), and changes in several other administrative expenses of approximately $706 to support our growth.

Amortization

Amortization expense was relatively flat for the three months ended March 31, 2015 as compared to the three months ended March 31, 2014.

Other expense (income)

For the three months ended March 31, 2015, other expense increased $597 to $723 from $126 for the three months ended March 31, 2014. Included in the three months ended March 31, 2015 is additional interest expense of $110 primarily related to higher outstanding debt balances. Included in the three months ended March 31, 2014 is a one-time gain of $490 recognized upon termination of the put option on our Redeemable Preferred Stock. See Item 1, Financial Statements, Note 5, Fair Value Information, for further information.

Income tax provision

During the three months ended March 31, 2015, we recorded an income tax provision of $1,023 on our income from continuing operations before income taxes of $2,265, or an effective tax rate of 45.2%. This rate was favorably impacted by deductions related to domestic production activities. The favorability was offset by separate tax filing entities in a loss position for which a full valuation allowance will be accounted for against the losses, causing no tax benefit to be recognized on the losses.

23

During the three months ended March 31, 2014, we recorded an income tax provision of $350 on our income from continuing operations before income taxes of $751, or an effective tax rate of 46.6%. This rate was unfavorably impacted by separate tax filing entities in a loss position for which a full valuation allowance will be accounted for against the losses, causing no tax benefit to be recognized on the losses.

Liquidity and Capital Resources

Our primary capital requirements are to fund working capital needs, operating expenses, acquisitions and capital expenditures and meet required principal and interest payments. Our capital resources primarily consist of cash and borrowings under our credit agreement and capital equipment leases and loans.

The residential construction industry, and therefore our business, experienced a significant downturn that started in 2006. However, beginning in 2012, we saw the first meaningful increase in housing completions since the downturn began. We have experienced improved profitability and liquidity since 2012 and have invested significantly in acquisitions, supported by our cash and credit facility. Additionally, we have utilized capitalized leases and loans to finance an increase in the number of our vehicles.

We believe that our cash flows from operations, combined with our current cash levels and available borrowing capacity, will be adequate to support our ongoing operations and to fund our debt service requirements, capital expenditures and working capital for at least the next 12 months.

Historical cash flow information

Cash flow from operating activities

Net cash provided by operating activities of $5,985 and $5,030 for the three months ended March 31, 2015 and 2014, respectively, consisted primarily of net income of $1,242 and $373, respectively, adjusted for non-cash and certain other items. Included in the net cash provided in 2015 was a non-cash adjustment for depreciation and amortization expense on our expanded base of property, plant and equipment to support our growth totaling $3,500, as well as other changes in working capital, most notably a $2,094 decline in accounts receivable collected in the three months ended March 31, 2015 resulting from timing of collection of fourth quarter sales. Included in the net cash provided in 2014 was $2,638 of depreciation and amortization expense on our expanded base of property, plant and equipment, other changes in working capital, most notably $2,900 of additional accounts payable resulting from the increase in purchases to support our growth, offset by $490 of a one-time gain recognized upon termination of the put option on our Redeemable Preferred Stock.

Cash flows from investing activities

Net cash used in investing activities was $35,532 and $2,595 for the three months ended March 31, 2015 and 2014, respectively. In 2015 we made cash payments, net of cash acquired, of $30,019 to acquire BDI and $5,666 to purchase property, plant, and equipment, primarily to expand our fleet to support our growing business. In 2014 we made cash payments, net of cash acquired, of $2,006 to acquire U.S. Insulation and $749 to purchase property, plant, and equipment, primarily to expand our fleet to support our growing business. See Item 1, Financial Statements, Note 11, Business Combinations, for further information.

24

Cash flows from financing activities

Net cash provided by financing activities was $25,132 for the three months ended March 31, 2015 compared to net cash used in financing activities of $1,350 for the three months ended March 31, 2014. Net cash provided in 2015 was primarily the result of additional net borrowings of $30,050 on our revolver to support the acquisition of BDI offset by $6,100 paid to repurchase shares of our common stock. Net cash used in 2014 was primarily the result of the redemption of our Redeemable Preferred Stock resulting from our IPO of $75,735, net payments on our previous credit agreement of $8,714, cash payments for offering costs related to our IPO of $2,130, and vehicle capital lease principle payments of $2,120 all offset by net proceeds from our initial public offering of $87,645.

Capital expenditures

Capital expenditures vary depending on prevailing business factors, including current and anticipated market conditions. Total capital expenditures were $5,666 and $749 for the three months ended March 31, 2015 and 2014, respectively, and primarily related to purchases of vehicles and various equipment to support our operations and increased net revenue. Of the $5,666 in capital expenditures during the three months ended March 31, 2015, $4,361 was converted to a financing arrangement by March 31, 2015 under the Master Loan Agreement or Master Equipment Agreement discussed below.

Credit and Security Agreement

On July 8, 2014, we entered into a Credit Agreement (as amended, the “Credit Agreement”) with a bank group with an aggregate commitment of $100,000 and a maturity date of July 7, 2019 (the “Maturity Date”). All of the obligations under the Credit Agreement are guaranteed by our existing and future direct and indirect material domestic subsidiaries, other than Suburban Insulation, Inc. (the “Guarantors”).

The Credit Agreement provides for a $75,000 revolving credit facility (“LOC”) and a $25,000 term loan (“Term Loan”) secured by all of our assets except certain vehicles secured by capital leases and loans. We can also borrow swingline loans up to $5,000 and obtain letters of credit of up to $10,000; any outstanding letters of credit and swingline loans under the Credit Agreement reduce our borrowing capacity. At March 31, 2015, we had $9,815 of outstanding letters of credit and no outstanding swingline loans. See Note 4, Long-Term Debt, for more information on our Credit Agreement. At March 31, 2015 and 2014, we were in compliance with all financial covenants of our Credit Agreement.

See Note 13, Subsequent Events, “Amended Credit Agreement,” for further information regarding an amendment to the Credit Agreement, dated April 28, 2015.

In October 2014, we entered into a Master Loan and Security Agreement (“Master Loan Agreement”) with a lender to provide financing up to $5,000 for the purpose of purchasing vehicles and equipment used in the normal course of business. Vehicles and equipment purchased under this Master Loan Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Master Loan Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months. The specific terms of each note are based on specific criteria, including the type of vehicle or equipment, the length of the term of the note, and the market interest rates at the time. There is no termination date of this Master Loan Arrangement. On February 12, 2015, we entered into a separate Master Equipment Lease Agreement (“Master Equipment Agreement”) with a lender to provide financing up to $4,000 for the purpose of purchasing or leasing vehicles and related service equipment used in the normal course of business. Vehicles and equipment purchased or leased under this Master Equipment Agreement serve as

25

collateral for each note controlled by this financing arrangement. Each financing arrangement under this Master Equipment Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months. The balance outstanding under both financing arrangements at March 31, 2015 was $5,652. See Note 13, Subsequent Events, “Amended Equipment Lease Agreement,” for further information regarding an amendment to the Master Equipment Agreement, dated April 7, 2015.

Letters of Credit and Bonds

We use letters of credit to secure our performance under our general liability and workers compensation insurance programs. Our workers compensation insurance program is considered a high deductible program whereby we are responsible for the cost of claims under $750. If we do not pay these claims, our insurance carriers are required to make these payments to the claimants on our behalf. Our general liability insurance program has an SIR of $350 whereby we are responsible for all claims below the SIR, and the insurance company only has liability above the SIR. As of March 31, 2015, we had $9,815 of outstanding letters of credit and $315 in cash securing our performance under these insurance programs. We occasionally use performance bonds to ensure completion of our work on certain larger customer contracts that can span multiple accounting periods. As of March 31, 2015, we had approximately 14 performance bonds outstanding, totaling $1,366. Performance bonds generally do not have stated expiration dates; rather, we are released from the bonds as the contractual performance is completed. As of March 31, 2015, we had approximately 218 permit and license bonds outstanding, totaling $3,841. Permit and license bonds are typically issued for one year and are required by certain municipalities when we obtain licenses and permits to perform work in their jurisdictions.

Capped Call Agreement

Certain of our shareholders entered into a capped call agreement with the underwriters of a secondary public offering of our common stock that was completed on June 17, 2014. We are not a party to the agreement. This agreement provides that these shareholders have the option to call a total of approximately 1.1 million shares at a capped price. The option can be exercised within specific dates based on the then price of the underlying shares. This has the effect of permitting the selling shareholders of this offering to receive additional benefit on the sold shares up to a predetermined price. This agreement is between such selling shareholders and the underwriters of this offering and does not represent compensation to the shareholders for services rendered and the price paid for the option represents fair value of that transaction. Accordingly, we have not recorded any expense related to this transaction.

26

Contractual Obligations

In the table below, we set forth our enforceable and legally binding obligations as of March 31, 2015. Some of the amounts included in the table are based on management’s estimates and assumptions about these obligations, including their duration, the possibility of renewal, anticipated actions by third parties and other factors. Because these estimates and assumptions are necessarily subjective, our actual payments may vary from those reflected in the table.

	Payments due by year:
	Total		Remainder of 2015		2016		2017		2018		2019		Thereafter
Long-term debt obligations (1)	$	40,094	$	2,899	$	4,200	$	4,373	$	4,448	$	19,794	$	4,380
Capital lease obligations (2)		27,796		8,034		8,617		5,749		3,385		1,976		35
Operating lease obligations (3)		19,323		5,183		5,781		3,477		1,462		1,182		2,238
Purchase obligations (4)		104,377		69,045		20,955		14,377		—		—		—

(1) Long-term debt obligations include amounts outstanding under our revolving credit facility as well as principal and interest payments on our Term Loan as of March 31, 2015. See Item 1, Financial Statements, Note 13, Subsequent Events, for information on an amendment to our Credit Agreement. Long-term debt obligations also include principal and interest payments on various notes payable, maturing through December 2016. See Item 1, Financial Statements, Note 13, Subsequent Events, for information on an amendment to our Equipment Lease Agreement.

(2) We maintain a fleet of production vehicles under a capital lease structure. The leases expire on various dates through May 2020. We anticipate continuing the leasing of production vehicles to include new vehicles to support the increasing number of installation jobs in our business as well as to replace aging vehicles. Capital lease obligations, as disclosed above, include estimated interest expense payments. In determining expected interest expense payments, we utilize the current market rate.

(3) We lease certain locations, vehicles and equipment under operating lease agreements, including, but not limited to, corporate offices, branch locations and various office and operating equipment. In some instances, these location lease agreements exist with related parties. See Note 9, Related Party Transactions, for further information.

(4) We currently maintain two supply contracts with minimum purchase requirements based on quantity without a specified market rate applied. The amounts in the above table represent our best estimate as to the prices that will be payable for the minimum volume of purchases that must be made under the contracts.

Off-Balance Sheet Arrangements

As of March 31, 2015, other than operating leases and purchase obligations described above, letters of credit issued under our revolving credit facility and performance and license bonds, we had no material off-balance sheet arrangements.

Critical Accounting Policies and Estimates

There have been no material changes for the three months ended March 31, 2015 from the critical accounting policies and estimates as previously disclosed in our Annual Report on Form 10-K.

Forward-looking Statements

Statements contained in this report that reflect our views about our future performance constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believe,” “anticipate,” “appear,” “may,” “will,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “should,” “forecast,” and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly,

27

our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements. Our future performance may be affected by: our dependence on the residential construction industry, the economy and the credit markets; uncertainty regarding the housing recovery; declines in the economy or expectations regarding the housing recovery that could lead to additional significant impairment charges; the cyclical and seasonal nature of our business; our exposure to severe weather conditions; the highly fragmented and competitive nature of our industry; product shortages or the loss of key suppliers; changes in the costs and availability of products; inability to successfully acquire and integrate other businesses; our exposure to claims arising from our acquired operations; our reliance on key personnel; our ability to attract, train and retain qualified employees while controlling labor costs; our exposure to product liability, workmanship warranty, casualty, construction defect and other claims and legal proceedings; changes in, or failure to comply with, federal, state, local and other regulations; disruptions in our information technology systems; and our ability to implement and maintain effective internal control over financial reporting. These and other factors are discussed in detail in Item 1A. Risk Factors in our most recent Annual Report on Form 10-K. Our forward-looking statements in this report speak only as of the date of this report. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to our exposure to market risk since December 31, 2014.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We have evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) as required by Exchange Act Rules 13a-15(e) and 15d-15(e). Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2015.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended March 31, 2015 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See Part I, Item 1. Financial Statements, Note 10, Commitments and Contingencies – Other Commitments and Contingencies, for information about existing legal proceedings.

Item 1A. Risk Factors

There have been no material changes for the three months ended March 31, 2015 from the risk factors as previously disclosed in our Annual Report on Form 10-K.

28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell any equity securities during the three months ended March 31, 2015 that were not registered under the Securities Act of 1933, as amended.

On March 13, 2015, we entered into a share repurchase agreement with Installed Building Systems, Inc., a related party, for the purchase of 315,000 shares of our common stock for a purchase price of $6,057 (or $19.23 per share, which represented a 7.5% discount to the last reported price of our common stock on March 13, 2015) plus minor costs we incurred with respect to the transaction of $43, totaling $6,100.

Item 3. Defaults Upon Senior Securities

There have been no material defaults in senior securities.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(a)(3) Exhibits

The Exhibits listed on the accompanying Index to Exhibits are filed as part of this Quarterly Report on form 10-Q.

29

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 13, 2015

INSTALLED BUILDING PRODUCTS INC.
By:	/s/ Jeffrey W. Edwards
	Jeffrey W. Edwards
	President and Chief Executive Officer
INSTALLED BUILDING PRODUCTS INC.
By:	/s/ Michael T. Miller
	Michael T. Miller
	Executive Vice President and Chief Financial Officer

30

INDEX TO EXHIBITS

Filed or Furnished with this Quarterly Report on Form 10-Q for the three months ended March 31, 2015

		Incorporation by Reference								Filed or Furnished Herewith
Exhibit Number	Description	Form		File No.		Exhibit(s)		Filing Date
10.1	Credit and Security Agreement dated April 28, 2015, between Installed Building Products, Inc. and the lenders party thereto, and KeyBank National Association, as joint lead arranger, sole book runner, administrative agent, swing line lender and issuing lender.		8-K		001-36307		10.1		04/30/2015
31.1	CEO Certification pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002										X
31.2	CFO Certification pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002										X
32.1	CEO Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002										X
32.2	CFO Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002										X
101 (a)	Financial statements in XBRL Format										X

31

EX-31.1

Exhibit 31.1

INSTALLED BUILDING PRODUCTS, INC.

Certification Required by Rule 13a-14(a) or 15d-14(a)

of the Securities Exchange Act of 1934

I, Jeffrey W. Edwards, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Installed Building Products, Inc. (the Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with general accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 13, 2015	By:	/s/ Jeffrey W. Edwards
		Jeffrey W. Edwards
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

INSTALLED BUILDING PRODUCTS, INC.

Certification Required by Rule 13a-14(a) or 15d-14(a)

of the Securities Exchange Act of 1934

I, Michael T. Miller, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Installed Building Products, Inc. (the Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with general accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 13, 2015	By:	/s/ Michael T. Miller
		Michael T. Miller
		Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

INSTALLED BUILDING PRODUCTS, INC.

Certification Required by Rule 13a-14(b) or 15d-14(b)

of the Securities Exchange Act of 1934 and

Section 1350 of Chapter 63 of Title 18 of the

United States Code

The certification set forth below is being submitted in connection with the Installed Building Products, Inc. Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Jeffrey W. Edwards, the President and Chief Executive Officer, of Installed Building Products, Inc., certifies that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of operations of Installed Building Products, Inc.

Dated: May 13, 2015	By:	/s/ Jeffrey W. Edwards
		Jeffrey W. Edwards
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

INSTALLED BUILDING PRODUCTS, INC.

Certification Required by Rule 13a-14(b) or 15d-14(b)

of the Securities Exchange Act of 1934 and

Section 1350 of Chapter 63 of Title 18 of the

United States Code

The certification set forth below is being submitted in connection with the Installed Building Products, Inc. Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Michael T. Miller, the Executive Vice President and Chief Financial Officer, of Installed Building Products, Inc., certifies that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of operations of Installed Building Products, Inc.

Dated: May 13, 2015	By:	/s/ Michael T. Miller
		Michael T. Miller
		Executive Vice President and Chief Financial Officer

XML

Long-term Debt - Schedule of Maturities of Long-term Debt (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Term loan maturity date	Jul. 07, 2019
Notes payable Interest rate, minimum	0.00%
Notes payable Interest rate, maximum	10.00%
Notes payable maturity date	March 2025

XML

Commitments and Contingencies - Future Minimum Lease Payments Under Noncancellable Operating Leases (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2015	$ 308
2016	377
2017	150
2018	83
2019	0
Thereafter	$ 0

XML

Income Taxes - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	45.20%
Income tax benefit	$ 0	$ (17)

XML

Business Combinations - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 Business	Mar. 31, 2014 Business	Dec. 31, 2014	Mar. 12, 2015	Mar. 24, 2014
Business Acquisition [Line Items]
Business combinations	1	1
Purchase price paid in cash	$ 30,019	$ 2,006
Note payable issued in connection with acquisition of business	5,486	279
Revenue	129,948	105,946
Net income	1,242	373
Other noncurrent assets	7,962		4,393
Additional consideration for working capital adjustment	902
Amortization expense of intangible assets	789	697
Insurance Receivables [Member]
Business Acquisition [Line Items]
Other noncurrent assets	2,013
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Purchase price paid in cash	2,006
Note payable issued in connection with acquisition of business	279
BDI Insulation [Member]
Business Acquisition [Line Items]
Ownership percentage acquired				100.00%
BDI Insulation [Member] | Indemnification Assets [Member]
Business Acquisition [Line Items]
Other noncurrent assets	1,723
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Purchase price paid in cash	30,680
Note payable issued in connection with acquisition of business	5,486
Revenue	2,121
Net income	288
U.S. Insulation [Member]
Business Acquisition [Line Items]
Ownership percentage acquired					100.00%
Combined Business Acquisitions [Member]
Business Acquisition [Line Items]
Note payable issued in connection with acquisition of business	5,486	279
Amortization expense of intangible assets	$ 474	$ 747

XML

Employee Benefits - Schedule of Insurance Receivable for Claims (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Malpractice Insurance [Line Items]
Included in other non-current assets	$ 2,690	$ 677
Workers Compensation [Member]
Malpractice Insurance [Line Items]
Included in other non-current assets	$ 2,135	$ 2,286

XML

Significant Accounting Policies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Advertising expenses	$ 439	$ 343

XML

Business Combinations - Estimates of Acquired Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 14,800	$ 546
Weighted Average Estimated Useful Life (yrs)	8 years	10 years
Trademarks and Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	6,200	216
Weighted Average Estimated Useful Life (yrs)	15 years	15 years
Non-competition Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 680	$ 84
Weighted Average Estimated Useful Life (yrs)	5 years	5 years

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 were as follows (in thousands):

Balance as of January 1, 2014	$	81,500
Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments		8,357
Adjustments to fair value measurement impacting the Statement of Operations		(490	)
Termination of Redemption Feature on common stock and put option		(89,367	)
Balance as of March 31, 2014	$	—

XML

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 13, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Related parties receivable	$ 1,137,000			$ 1,255,000
Related party purchases	116,000	1,172,000
New Supplier Relationship [Member]
Related Party Transaction [Line Items]
Related party purchases		1,089,000
IBP Holding Company [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	0			600,000
M/I Homes Inc [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	$ 452,000			$ 627,000
IBS [Member]
Related Party Transaction [Line Items]
Repurchase of common stock, shares			315,000

XML

Fair Value Measurements - Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]
Beginning balance	$ 81,500
Adjustments to fair value measurement impacting the Statement of Stockholders' Deficit and Redeemable Instruments	8,357
Adjustments to fair value measurement impacting the Statement of Operations	(490)
Termination of Redemption Feature on common stock and put option	$ (89,367)

XML

Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Finite-Lived Intangible Assets, Net, Amortization Expense Rolling Maturity Abstract
2015	$ 4,238
2016	5,136
2017	4,517
2018	4,306
2019	4,011
Thereafter	$ 16,459

XML

Commitments and Contingencies - Schedule of Insurance Receivable for Claims (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Insurance receivable for claims under a fully insured policy	$ 2,013
Insurance receivable for claims that exceeded the stop loss limit	677	677
Total insurance receivables included in other non-current assets	$ 2,690	$ 677

XML

Subsequent Events - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended	1 Months Ended	0 Months Ended
	Feb. 12, 2015	Mar. 31, 2015	Apr. 30, 2015	Apr. 30, 2015	Apr. 07, 2015	Apr. 06, 2015	Jul. 08, 2014
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity							$ 100,000,000
Master Equipment Lease Agreement [Member]
Subsequent Event [Line Items]
Purchasing or leasing vehicles	4,000,000
Lease obligation period	60 months
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity							75,000,000
Term Loan [Member]
Subsequent Event [Line Items]
Principal payment of term loan		17,500,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity			200,000,000	200,000,000
Maturity date			Apr. 30, 2020
Credit facility, covenant terms				The Amended Agreement contains financial covenants requiring us to maintain 1) a leverage ratio of debt to earnings, as adjusted for certain items and as defined by the agreement, of no greater than 3.50 to 1.00 and 2) a fixed charge coverage ratio, as adjusted for certain items, of no less than 1.10 to 1.00.
Credit facility, interest rate description				The Amended Agreement also contains various restrictive non-financial covenants and a provision that, upon an event of default (as defined by the agreement), amounts outstanding under the New LOC, Term Loan, and any outstanding DDTL would bear interest at the rate as determined above plus 2%.
Contingent interest rate increase				2.00%
Subsequent Event [Member] | Master Equipment Lease Agreement [Member]
Subsequent Event [Line Items]
Purchasing or leasing vehicles					22,000,000
Lease obligation period					60 months
Subsequent Event [Member] | Amended Credit Agreement [Member]
Subsequent Event [Line Items]
Amount of uncommitted accordion feature			25,000,000	25,000,000
Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Leverage Ratio, covenants requirements				3.50
Subsequent Event [Member] | Minimum [Member]
Subsequent Event [Line Items]
Fixed coverage ratio, covenants requirements				1.10
Subsequent Event [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity			100,000,000	100,000,000
Subsequent Event [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity			50,000,000	50,000,000
Subsequent Event [Member] | Delayed Draw Term Loan [Member]
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity			50,000,000	50,000,000
Subsequent Event [Member] | CQ Insulation [Member]
Subsequent Event [Line Items]
Ownership percentage acquired						100.00%
Consideration transferred for acquisition						$ 5,868,000
Subsequent Event [Member] | Bowling Green, Inc. [Member]
Subsequent Event [Line Items]
Percentage increase in purchase price due to earnout achievement						35.00%

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Employee Benefits - Summary of Nonvested Restricted Stock Awards and Changes During Period (Detail) (Restricted Stock [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	130,197	0
Vested	0
Forfeited	0
Nonvested restricted stock, Ending balance	130,197
Granted	$ 21.53
Vested	$ 0
Forfeited	$ 0
Nonvested restricted stock, Ending balance	$ 21.53

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements include all wholly owned subsidiaries and majority owned subsidiaries. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. All intercompany accounts and transactions have been eliminated.

The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our fiscal 2014 consolidated financial statements and the notes thereto included in Part II, Item 8. Financial Statements and Supplementary Data, of our Annual Report on Form 10-K as filed with the SEC on March 13, 2015. The December 31, 2014 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP. Unless otherwise indicated, all amounts are in thousands except share and per share amounts.

Our interim operating results for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected in future operating quarters. See Item 1A. Risk Factors, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, for additional information regarding risk factors that may impact our results.

Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 describes the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no significant changes in our critical accounting estimates, other than those associated with share-based compensation, during the three months ended March 31, 2015.

Use of Estimates

Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, intangible assets and other long-lived assets, share-based compensation, reserves for general liability, workers’ compensation, and medical insurance. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense was approximately $439 and $343 for the three months ended March 31, 2015 and 2014, respectively, and is included in selling expense on the Condensed Consolidated Statements of Operations.

Share-Based Compensation

Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. Restricted stock awards are periodically granted to certain employees, officers, and non-employee members of our Board of Directors under the stockholder-approved 2014 Omnibus Incentive Plan. The awards are deemed to be equity-based with a service condition and do not contain a market condition. Fair value of the awards to employees and officers is measured at the grant date, amortized to expense over the vesting period of the awards using the straight-line attribution method for all service-based awards with a graded vesting feature. This fair value is reduced by assumed forfeitures and adjusted for actual forfeitures until vesting. Employees and officers are subject to tax at the vesting date based on market price of the shares on that date, or on the grant date if an election is made. The future income tax benefit associated with these awards is recorded over the vesting period. In the event dividends are ultimately declared and paid, a forfeiture rate for the unvested restricted shares would be applied.

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 205-20. We have concluded that, upon adoption, this ASU will not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 sets forth a new revenue recognition model that requires identifying the contract(s) with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations and recognizing the revenue upon satisfaction of performance obligations. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest.” The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements.

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Stockholders' Equity - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 13, 2015	Dec. 31, 2014
Statement Of Shareholders Equity [Line Items]
Preferred stock, shares authorized	5,000,000		5,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	100,000,000		100,000,000
Common stock, shares issued	31,969,284		31,839,087
Common stock, shares outstanding	31,354,284		31,539,087
Treasury stock, shares	615,000		300,000
Share repurchase, amount	$ 6,100
IBS [Member]
Statement Of Shareholders Equity [Line Items]
Share repurchase, shares		315,000
Share repurchase, amount		6,100
Share repurchase, cost		43
Share repurchase, aggregate cost excluding transaction cost		$ 6,057
Share repurchase, price per share		$ 19.23
Discount from last reported price of our common stock		7.50%

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Business Combinations (Tables)

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions approximated the following:

	As of the three months ended March 31,
	2015			2014
Cash	$	661		$	—
Accounts receivable		4,738			1,122
Inventories		980			234
Income taxes receivable		53			—
Other current assets		210			120
Property and equipment, net		1,007			520
Intangibles, net		21,680			846
Goodwill		14,847			1,202
Other non-current assets		3,736			—
Accounts payable and accrued expenses		(3,187	)		(1,362	)
Deferred income tax liabilities		(4,823	)		(397	)
Other long-term liabilities		(3,736	)		—
Total purchase price	$	36,166		$	2,285
Seller obligations	$	5,486		$	279
Cash paid		30,680			2,006
Total purchase price	$	36,166		$	2,285

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows:

	As of the three months ended March 31,
	2015				2014
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)		Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)
Customer relationships	$	14,800		8	$	546		10
Trademarks and trade names		6,200		15		216		15
Non-competition agreements		680		5		84		5

Pro Forma Results of Operations

The unaudited pro forma information has been prepared as if the 2015 acquisition had taken place on January 1, 2014 and all 2014 acquisitions had taken place on January 1, 2013. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2014 and 2013, and the unaudited pro forma information does not purport to be indicative of future financial operating results. See Note 12, Business Combinations, to our audited financial statements in Item 8 of Part II of our Annual Report on Form 10-K filed with the SEC on March 13, 2014 for additional information on 2014 acquisitions included in the table below.

	Pro forma for the three months ended March 31,
	2015		2014
Net revenue	$	136,942	$	120,037
Net income		1,306		3,284
Accretion charges on Redeemable Preferred Stock		—		(19,897	)
Net income (loss) attributable to common stockholders		1,306		(16,613	)
Basic net income (loss) per share attributable to common stockholders		0.04		(0.64	)
Diluted net income (loss) per share attributable to common stockholders		0.04		(0.64	)

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

For the three months ended March 31, 2015 and 2014, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties were as follows:

	Three months ended March 31,
	2015		2014
Sales	$	1,166	$	414
Purchases		116		1,172
Rent		148		145

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Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Intangibles, net	$ 21,680
Goodwill	68,240	50,545	53,393	49,328
Seller obligations	5,486	279
Combined Business Acquisitions [Member]
Business Acquisition [Line Items]
Cash	661
Accounts receivable	4,738	1,122
Inventories	980	234
Income taxes receivable	53
Other current assets	210	120
Property and equipment, net	1,007	520
Intangibles, net	21,680	846
Goodwill	14,847	1,202
Other non-current assets	3,736
Accounts payable and accrued expenses	(3,187)	(1,362)
Deferred income tax liabilities	(4,823)	(397)
Other long-term liabilities	(3,736)
Total purchase price	36,166	2,285
Seller obligations	5,486	279
Cash paid	30,680	2,006
Total purchase price	$ 36,166	$ 2,285

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Employee Benefits - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014	Dec. 31, 2014
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Healthcare benefit expense, net of employee contributions	$ 2,715	$ 2,612
Accrued compensation	10,542			11,311
Workers compensation expense	2,065	1,585
2014 Omnibus Incentive Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Common stock shares available for issuance	2,846,313
Medical IBNR Included in Accrued Compensation [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Accrued compensation	1,431			1,089
Restricted Stock [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Restricted stock granted, shares	130,197	0
Grant date fair value for restricted stock granted	$ 0
Number of equal installments for vesting restricted stock	3
Estimated forfeiture percentage of restricted shares	3.30%
Share based compensation expense		0
Unrecognized compensation expense	$ 2,590
Restricted shares, weighted average remaining period	1 year 4 months 24 days
Restricted Stock [Member] | Directors [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Restricted stock granted, shares			23,490
Grant date fair value for restricted stock granted			$ 12.77

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Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Summary of Diluted Income (Loss) Per Share

Diluted income (loss) per share was as follows:

	For the three months
	ended March 31,
	2015		2014
Net income (loss) attributable to common stockholders — basic and diluted	$	1,242	$	(19,524	)
Weighted average number of common shares outstanding		31,493,587		25,841,679
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method		1,261		—
Dilutive shares outstanding		31,494,848		25,841,679
Basic income (loss) per share attributable to common stockholders	$	0.04	$	(0.76	)
Diluted income (loss) per share attributable to common stockholders	$	0.04	$	(0.76	)

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Organization - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended	3 Months Ended		0 Months Ended
	Feb. 10, 2014	Mar. 31, 2015 Segment	Mar. 31, 2014	Feb. 19, 2014	Dec. 31, 2014
Basis Of Presentation And Organization [Line Items]
Number of operating segment		1
Stock split description	19.5-for-one
Stock split ratio	19.5
Common stock, shares issued		31,969,284			31,839,087
Common stock, shares outstanding		31,354,284			31,539,087
Proceeds from issuance of IPO			$ 87,645
Payment to redeem redeemable preferred stock			75,735
Payment of revolving credit facility		5,350
IPO [Member]
Basis Of Presentation And Organization [Line Items]
Common stock, shares issued				8,567,500
Proceeds from issuance of IPO				87,645
Payment to redeem redeemable preferred stock				75,735
Proceeds from IPO used to pay underwriting fees				6,597
Common stock, price per share				$ 11.00
IPO [Member] | Revolving Credit Facility [Member]
Basis Of Presentation And Organization [Line Items]
Payment of revolving credit facility				$ 11,910
Shares Prior to Stock Split [Member]
Basis Of Presentation And Organization [Line Items]
Common stock, shares issued	1,129,944
Common stock, shares outstanding	1,129,944
Stock Split [Member]
Basis Of Presentation And Organization [Line Items]
Common stock, shares issued	22,033,901
Common stock, shares outstanding	22,033,901
UNITED STATES
Basis Of Presentation And Organization [Line Items]
Number of locations the company operates		100

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Organization

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Organization

NOTE 1 – ORGANIZATION

Installed Building Products, Inc. (“IBP”), a Delaware corporation formed on October 28, 2011, and its subsidiaries (collectively referred to as the “Company” and “we”, “us” and “our”), primarily install insulation, garage doors, rain gutters, shower doors, closet shelving and mirrors, and other products for residential and commercial builders located in the continental United States. IBP operates in over 100 locations within the continental United States and its corporate office is located in Columbus, Ohio.

We have one operating segment and a single reportable segment. Substantially all of our sales come from service based installation of various products in the existing and new residential and commercial construction end markets. Each of our branches has the capacity to serve all of our end markets. The following table sets forth the percentage of our net revenue by end market for the three months ended March 31:

	2015			2014
Existing and new residential construction		89	%		88	%
Commercial construction		11			12
		100	%		100	%

2014 Initial Public Offering (“IPO”)

On February 10, 2014, in anticipation of our IPO, we executed a 19.5-for-one stock split of our common stock which was originally a total of 1,129,944 shares of common stock issued and outstanding. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. Following the split we had 22,033,901 stock-split adjusted shares of common stock issued and outstanding.

On February 19, 2014, we completed an IPO of our common stock, which resulted in the sale of 8,567,500 shares. We received total proceeds from the IPO of $87,645 after excluding underwriter discounts and commissions of $6,597, based upon the price of $11.00 per share. We used $75,735 of the proceeds from our IPO to redeem our Redeemable Preferred Stock and $11,910 to pay down our revolving credit facility. The common stock is listed on The New York Stock Exchange under the symbol “IBP.” See Note 6, Stockholders’ Equity (Deficit), for further information.

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Organization - Summary of Percentage of Net Revenue by End Market (Detail) (Customer Concentration Risk [Member], Revenue [Member])	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Product Information [Line Items]
Net revenues percentage	100.00%	100.00%
Existing and New Residential Construction [Member]
Product Information [Line Items]
Net revenues percentage	89.00%	88.00%
Commercial Construction [Member]
Product Information [Line Items]
Net revenues percentage	11.00%	12.00%

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Long-term Debt - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
	Feb. 12, 2015	Mar. 31, 2015	Dec. 31, 2014	Jul. 08, 2014
Debt Instrument [Line Items]
Aggregate commitment amount on credit agreement				$ 100,000,000
Term loan		24,375,000	24,688,000
Master Equipment Lease Agreement [Member]
Debt Instrument [Line Items]
Purchasing or leasing vehicles	4,000,000
Lease obligation period	60 months
Capital obligation outstanding	5,652,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate commitment amount on credit agreement				75,000,000
Term Loan [Member]
Debt Instrument [Line Items]
Term loan				25,000,000
Swing Lines Loan [Member]
Debt Instrument [Line Items]
Aggregate commitment amount on credit agreement				5,000,000
New Letter of Credit [Member]
Debt Instrument [Line Items]
Aggregate commitment amount on credit agreement				10,000,000
Master Loan Agreement [Member]
Debt Instrument [Line Items]
Aggregate commitment amount on credit agreement		$ 5,000,000
Payment Period		60 months

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Commitments and Contingencies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Commitments And Contingencies Disclosure [Line Items]
Capital lease assets, gross	$ 65,144		$ 65,238
Assets fully depreciated	20,253		20,499
Capital leased assets, net book value	26,824		28,754
Accumulated depreciation	38,320		36,484
Actual purchases made under contract	$ 14,997	$ 8,452
Contract One [Member]
Commitments And Contingencies Disclosure [Line Items]
Extended term of contract	Dec. 31, 2015
Contract Two [Member]
Commitments And Contingencies Disclosure [Line Items]
Extended term of contract	Aug. 31, 2017
Minimum [Member]
Commitments And Contingencies Disclosure [Line Items]
Estimated life of capital lease	4 years
Noncancellable operating leases, renewal period	1 year
Maximum [Member]
Commitments And Contingencies Disclosure [Line Items]
Estimated life of capital lease	6 years
Noncancellable operating leases, renewal period	5 years

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Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 6,346	$ 10,761
Accounts receivable (less allowance for doubtful accounts of $2,856 and $2,661 at March 31, 2015 and December 31, 2014, respectively)	74,388	72,280
Inventories	25,747	23,971
Other current assets	11,286	12,276
Total current assets	117,767	119,288
Property and equipment, net	42,953	39,370
Non-current assets
Goodwill	68,240	53,393
Intangibles, net	38,667	17,718
Other non-current assets	7,962	4,393
Total non-current assets	114,869	75,504
Total assets	275,589	234,162
Current liabilities
Current maturities of long-term debt	2,514	1,786
Current maturities of capital lease obligations	9,238	9,374
Accounts payable	47,500	46,584
Accrued compensation	10,542	11,311
Other current liabilities	8,983	7,501
Total current liabilities	78,777	76,556
Long-term debt	61,076	25,070
Capital lease obligations, less current maturities	15,758	17,508
Deferred income taxes	14,569	9,746
Other long-term liabilities	18,291	13,408
Total liabilities	188,471	142,288
Commitments and contingencies (Note 10)
Stockholders' equity
Preferred stock value
Common stock value	320	319
Additional paid in capital	154,598	154,497
Accumulated deficit	(56,417)	(57,659)
Treasury Stock; at cost: 615,000 and 300,000 shares at March 31, 2015 and December 31, 2014, respectively	(11,383)	(5,283)
Total stockholders' equity	87,118	91,874
Total liabilities and stockholders' equity	$ 275,589	$ 234,162

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Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Employee-related Liabilities [Abstract]
Included in other current liabilities	$ 2,321	$ 2,504
Included in other long-term liabilities	5,742	5,752
Workers' Compensation Liability	$ 8,063	$ 8,256

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net income	$ 1,242	$ 373
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment	3,500	2,638
Amortization of intangibles	789	697
Amortization of deferred financing costs	36	44
Provision for doubtful accounts	536	490
Gain on sale of property and equipment	(68)	(123)
Noncash stock compensation	102
Other		(490)
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable	2,094	1,027
Inventories	(796)	(1,267)
Other assets	282	(449)
Accounts payable	(923)	2,900
Income taxes payable	1,046	(133)
Other liabilities	(1,855)	(677)
Net cash provided by operating activities	5,985	5,030
Cash flows from investing activities
Purchases of property and equipment	(5,666)	(749)
Acquisitions of businesses, net of cash acquired of $661 and $0, respectively	(30,019)	(2,006)
Proceeds from sale of property and equipment	153	160
Net cash used in investing activities	(35,532)	(2,595)
Cash flows from financing activities
Proceeds from initial public offering of common stock, net of costs		87,645
Redemption of Redeemable Preferred Stock		(75,735)
Net payments on previous revolving line of credit		(8,714)
Proceeds from revolving line of credit	35,400
Payments on revolving line of credit	(5,350)
Proceeds from vehicle and equipment notes payable	4,361
Principal payments on long term debt	(766)	(296)
Principal payments on capital lease obligations	(2,413)	(2,120)
Payments for deferred initial public offering costs		(2,130)
Repurchase of common stock	(6,100)
Net cash provided by (used in) financing activities	25,132	(1,350)
Net change in cash	(4,415)	1,085
Cash at beginning of period	10,761	4,065
Cash at end of period	6,346	5,150
Supplemental disclosures of cash flow information Net cash paid (received) during the period for:
Interest	646	313
Income taxes, net of refunds	(24)	467
Supplemental disclosure of noncash investing and financing activities
Vehicles capitalized under capital leases and related lease obligations	509	4,633
Seller obligations in connection with acquisition of business	5,486	279
Unpaid deferred offering costs		$ 2,085

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Income (Loss) Per Common Share - Summary of Diluted Income (Loss) Per Share (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders - basic and diluted	$ 1,242	$ (19,524)
Weighted average number of common shares outstanding	31,493,587	25,841,679
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method	1,261	0
Dilutive shares outstanding	31,494,848	25,841,679
Basic income (loss) per share attributable to common stockholders	$ 0.04	$ (0.76)
Diluted income (loss) per share attributable to common stockholders	$ 0.04	$ (0.76)

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Goodwill and Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 14,847,000	$ 1,217,000
Goodwill impairment	0	0
Amortization expense on intangible assets	789,000	697,000
Intangibles on business combination	21,680,000
2015 Acquisitions [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Increase in gross carrying amount of intangibles	$ 21,739,000

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Organization (Tables)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Summary of Percentage of Net Revenue by End Market

The following table sets forth the percentage of our net revenue by end market for the three months ended March 31:

	2015			2014
Existing and new residential construction		89	%		88	%
Commercial construction		11			12
		100	%		100	%

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Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 62,422	$ 40,683
Accumulated Amortization	(23,755)	22,965
Net Book Value	38,667	17,718
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	40,920	26,119
Accumulated Amortization	(16,616)	16,151
Net Book Value	24,304	9,968
Covenants not-to-compete [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,621	883
Accumulated Amortization	(266)	202
Net Book Value	1,355	681
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,881	13,681
Accumulated Amortization	(6,873)	6,612
Net Book Value	$ 13,008	$ 7,069

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

Debt consists of the following:

	March 31, 2015			December 31, 2014
Revolving Line of Credit	$	30,050		$	—
Term Loan due July 7, 2019		24,375			24,688
Vehicle and equipment notes payable		5,652			1,346
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0%		3,513			822
		63,590			26,856
Less: current maturities		(2,514	)		(1,786	)
Long-term debt, less current maturities	$	61,076		$	25,070

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Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Cash Flows [Abstract]
Cash acquired, Net	$ 661	$ 0

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,856	$ 2,661
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,969,284	31,839,087
Common stock, shares outstanding	31,354,284	31,539,087
Treasury stock, shares	615,000	300,000

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 10 – COMMITMENTS AND CONTINGENCIES

Accrued Insurance

Accrued insurance reserves included on the Condensed Consolidated Balance Sheets were as follows:

	March 31, 2015		December 31, 2014
Included in other current liabilities	$	1,418	$	1,379
Included in other long-term liabilities		6,944		3,754
	$	8,362	$	5,133

We also had insurance receivables included on the Condensed Consolidated Balance Sheets that, in aggregate, offset an equal liability included within the reserve amounts noted above. The amounts were as follows:

	March 31, 2015		December 31, 2014
Insurance receivable for claims under a fully insured policy	$	2,013	$	—
Insurance receivable for claims that exceeded the stop loss limit		677		677
Total insurance receivables included in other non-current assets	$	2,690	$	677

Leases

We are obligated under capital leases covering vehicles and certain equipment. The vehicle and equipment leases generally have terms ranging from four to six years. Total gross assets relating to capital leases were $65,144 and $65,238 as of March 31, 2015 and December 31, 2014, respectively, and a total of $20,253 and $20,499 were fully depreciated as of March 31, 2015 and December 31, 2014, respectively. The net book value of assets under capital leases was $26,824 and $28,754 as of March 31, 2015 and December 31, 2014, respectively, net of accumulated depreciation of $38,320 and $36,484 as of March 31, 2015 and December 31, 2014, respectively. Amortization of assets held under capital leases is included within cost of sales on the Condensed Consolidated Statements of Operations.

We also have several noncancellable operating leases, primarily for buildings, improvements, equipment, and certain vehicles. These leases generally contain renewal options for periods ranging from one to five years and require us to pay all executory costs such as property taxes, maintenance and insurance.

In some instances, lease agreements exist with related parties. Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) with related parties as of March 31, 2015 are as follows (amounts are as of the fiscal year ended):

Remainder of 2015	$	308
2016		377
2017		150
2018		83
2019		—
Thereafter		—

Supply Contract Commitments

As of March 31, 2015, we had two product supply contracts, one extending through December 31, 2015 and one extending through August 31, 2017. Our obligations for both contracts are based on quantity without a specific rate applied and therefore are not quantifiable. We expect our quantity purchases to exceed the minimum quantity commitments for all years covered by the contracts. Actual purchases made under the contracts for the three months ended March 31, 2015 and 2014 were $14,997 and $8,452, respectively.

Other Commitments and Contingencies

From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual and tort matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. It is not certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2015	May 07, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	IBP
Entity Registrant Name	INSTALLED BUILDING PRODUCTS, INC.
Entity Central Index Key	0001580905
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		31,353,789

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Business Combinations

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Business Combinations

NOTE 11 – BUSINESS COMBINATIONS

As part of our ongoing strategy to increase market share in certain markets, we completed one business combination during the three months ended March 31, 2015 and one business combination during the three months ended March 31, 2014. The goodwill to be recognized in conjunction with these business combinations is attributable to expected synergies. At least a portion of the goodwill resulting from the 2015 acquisition is expected to be deductible for tax purposes while the goodwill resulting from the 2014 acquisition is not expected to be deductible for tax purposes.

2015

On March 12, 2015, we acquired 100% of the stock and membership interests of nine different legal entities, collectively referred to as BDI Insulation (“BDI”). The purchase price consisted of cash of $30,680 and seller obligations of $5,486. Revenue and net income since the date of acquisition included in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2015 were $2,121 and $288, respectively.

2014

On March 24, 2014, we acquired 100% of the common stock of U.S. Insulation Corp. (“U.S. Insulation”). The purchase price consisted of cash of $2,006 and seller obligations of $279. Since the closing date was close to the end of the period, revenue and net income included in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 were not significant.

The preliminary estimated fair values of the assets acquired and liabilities assumed for the acquisitions approximated the following:

	As of the three months ended March 31,
	2015			2014
Cash	$	661		$	—
Accounts receivable		4,738			1,122
Inventories		980			234
Income taxes receivable		53			—
Other current assets		210			120
Property and equipment, net		1,007			520
Intangibles, net		21,680			846
Goodwill		14,847			1,202
Other non-current assets		3,736			—
Accounts payable and accrued expenses		(3,187	)		(1,362	)
Deferred income tax liabilities		(4,823	)		(397	)
Other long-term liabilities		(3,736	)		—
Total purchase price	$	36,166		$	2,285
Seller obligations	$	5,486		$	279
Cash paid		30,680			2,006
Total purchase price	$	36,166		$	2,285

Further adjustments are expected to the allocation above as the third-party valuation is finalized and certain tax aspects of the transaction and a customary post-closing review are completed during the measurement period.

Included in other noncurrent assets in the above table as of the three months ended March 31, 2015 is an insurance receivable of $2,013 and an indemnification asset associated with the acquisition of BDI in the amount of $1,723. These assets offset equal liabilities included in other long-term liabilities in the above table, which represent additional insurance reserves and an uncertain tax position liability for which we may be liable. All amounts are measured at their acquisition-date fair value.

Included in other accounts payable and accrued expenses in the above table as of the three months ended March 31, 2015 is additional consideration for a working capital adjustment to be finalized within 120 days of closing associated with the acquisition of BDI in the amount of $902. This liability is measured at the acquisition-date fair value of the liability.

Estimates of acquired intangible assets related to the acquisitions are as follows:

	As of the three months ended March 31,
	2015				2014
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)		Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)
Customer relationships	$	14,800		8	$	546		10
Trademarks and trade names		6,200		15		216		15
Non-competition agreements		680		5		84		5

Pro Forma Information

The unaudited pro forma information has been prepared as if the 2015 acquisition had taken place on January 1, 2014 and all 2014 acquisitions had taken place on January 1, 2013. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2014 and 2013, and the unaudited pro forma information does not purport to be indicative of future financial operating results. See Note 12, Business Combinations, to our audited financial statements in Item 8 of Part II of our Annual Report on Form 10-K filed with the SEC on March 13, 2014 for additional information on 2014 acquisitions included in the table below.

	Pro forma for the three months ended March 31,
	2015		2014
Net revenue	$	136,942	$	120,037
Net income		1,306		3,284
Accretion charges on Redeemable Preferred Stock		—		(19,897	)
Net income (loss) attributable to common stockholders		1,306		(16,613	)
Basic net income (loss) per share attributable to common stockholders		0.04		(0.64	)
Diluted net income (loss) per share attributable to common stockholders		0.04		(0.64	)

Unaudited pro forma net income has been calculated after adjusting the combined results of the Company to reflect additional intangible asset amortization expense of $474 and $747 for the three months ended March 31, 2015 and 2014, respectively.

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net revenue	$ 129,948	$ 105,946
Cost of sales	95,822	79,541
Gross profit	34,126	26,405
Operating expenses
Selling	8,112	6,470
Administrative	22,237	18,361
Amortization	789	697
Operating income	2,988	877
Other expense (income)
Interest expense	698	588
Other	25	(462)
Non-operating income (expense)	723	126
Income before income taxes	2,265	751
Income tax provision	1,023	350
Net income from continuing operations	1,242	401
Discontinued operations
Loss from discontinued operations		45
Income tax benefit	0	(17)
Loss from discontinued operations, net of income taxes		28
Net income	1,242	373
Net income (loss) attributable to common stockholders	1,242	(19,524)
Basic net income (loss) per share attributable to common stockholders:
Income (loss) from continuing operations	$ 0.04	$ (0.75)
Loss from discontinued operations		$ (0.01)
Net income (loss) per share	$ 0.04	$ (0.76)
Diluted net income (loss) per share attributable to common stockholders:
Income (loss) from continuing operations	$ 0.04	$ (0.75)
Loss from discontinued operations		$ (0.01)
Net income (loss) per share	$ 0.04	$ (0.76)
Weighted average shares outstanding:
Basic	31,493,587	25,841,679
Diluted	31,494,848	25,841,679
Redeemable Preferred Stock [Member]
Discontinued operations
Accretion charges on Redeemable Preferred Stock		$ (19,897)

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Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 5 – FAIR VALUE MEASUREMENTS

Fair Values

Fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Accounts receivable, accounts payable, and accrued liabilities as of March 31, 2015 and December 31, 2014 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of the long-term debt, including the Term Loan and LOC as of March 31, 2015 and December 31, 2014, approximate fair value as of March 31, 2015 and December 31, 2014 due to the short term maturities of the underlying variable rate LIBOR agreements. The carrying amounts of the obligations associated with our capital leases approximate fair value as of March 31, 2015 and December 31, 2014 since the value of the obligations is based on the value of the associated tangible assets. Both debt classifications represent Level 2 fair value measurements.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels.

Our Redeemable Preferred Stock was redeemed in February 2014 with proceeds from our IPO, eliminating the associated put option. In addition, the redeemable feature of our Redeemable Common Stock was terminated upon the IPO. See Note 1, Organization, “2014 Initial Public Offering,” for further information. As such, corresponding fair values are zero as of March 31, 2015.

The following is a general description of the valuation methodologies used for liabilities and mezzanine equity (which includes redeemable preferred and common stock) items measured at fair value during fiscal year 2014:

Put option – Redeemable Preferred Stock – We identified a certain embedded feature in the Redeemable Preferred Stock that was required to be bifurcated and accounted for as a derivative. The identified put option allowed Redeemable Preferred stockholders to put their shares upon a change in control. The estimated fair value of the put option on Redeemable Preferred Stock was determined using our estimates of the probability of a change in control during each period the option was outstanding in combination with the accreted fair value of the Redeemable Preferred Stock during the option period. Those resulting probabilities were then calculated at net present value for each period presented.

Redeemable Common Stock – The estimated fair value of the redeemable feature of certain shares of our outstanding common stock was determined using a combination of discounted cash flows and market multiple approach modeling in order to mark the Redeemable Common Stock to market at each period end.

Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 were as follows (in thousands):

Balance as of January 1, 2014	$	81,500
Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments		8,357
Adjustments to fair value measurement impacting the Statement of Operations		(490	)
Termination of Redemption Feature on common stock and put option		(89,367	)
Balance as of March 31, 2014	$	—

The unrealized gain related to the put option liabilities is recorded within other expense (income) on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2014.

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Long-Term Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 4 – LONG-TERM DEBT

Debt consists of the following:

	March 31, 2015			December 31, 2014
Revolving Line of Credit	$	30,050		$	—
Term Loan due July 7, 2019		24,375			24,688
Vehicle and equipment notes payable		5,652			1,346
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0%		3,513			822
		63,590			26,856
Less: current maturities		(2,514	)		(1,786	)
Long-term debt, less current maturities	$	61,076		$	25,070

On July 8, 2014, we entered into a Credit Agreement (as amended, the “Credit Agreement”) with a bank group with an aggregate commitment of $100,000 and a maturity date of July 7, 2019 (the “Maturity Date”). The Credit Agreement provides for a $75,000 revolving credit facility (“LOC”) and a $25,000 term loan (“Term Loan”) secured by all of our assets except certain vehicles secured by capital leases and loans. We can also borrow swingline loans up to $5,000 and obtain letters of credit of up to $10,000; any outstanding letters of credit and swingline loans under the Credit Agreement reduce our borrowing capacity. See Note 5, Term Debt, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, for further information regarding the Credit Agreement. See Note 13, Subsequent Event, “Amended Credit Agreement,” for further information regarding an amendment to the Credit Agreement.

In October 2014, we entered into a Master Loan and Security Agreement (“Master Loan Agreement”) with a lender to provide financing up to $5,000 for the purpose of purchasing vehicles and equipment used in the normal course of business. Vehicles and equipment purchased under this Master Loan Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Master Loan Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months. The specific terms of each note are based on specific criteria, including the type of vehicle or equipment, the length of the term of the note, and the market interest rates at the time. There is no termination date of this Master Loan Arrangement. On February 12, 2015, we entered into a separate Master Equipment Lease Agreement (“Master Equipment Agreement”) with a lender to provide financing up to $4,000 for the purpose of purchasing or leasing vehicles and related service equipment used in the normal course of business. Vehicles and equipment purchased or leased under this Master Equipment Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Master Equipment Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months. The balance outstanding under both financing arrangements at March 31, 2015 was $5,652. See Note 13, Subsequent Events, “Amended Equipment Lease Agreement,” for further information regarding an amendment to the Master Equipment Agreement.

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Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Change in Carrying Amount of Goodwill

The change in carrying amount of goodwill was as follows:

	Goodwill (Gross)		Accumulated Impairment Losses			Goodwill (Net)
January 1, 2014	$	119,332	$	(70,004	)	$	49,328
Business combinations		1,217		—			1,217
March 31, 2014	$	120,549	$	(70,004	)	$	50,545
January 1, 2015	$	123,397	$	(70,004	)	$	53,393
Business combinations		14,847		—			14,847
March 31, 2015	$	138,244	$	(70,004	)	$	68,240

Schedule of Gross Carrying Amount and Accumulated Amortization

The following table provides the gross carrying amount and accumulated amortization for each major class of intangibles:

	March 31, 2015							December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortized intangibles:
Customer relationships	$	40,920	$	(16,616	)	$	24,304	$	26,119	$	16,151	$	9,968
Covenants not-to-compete		1,621		(266	)		1,355		883		202		681
Trademarks and tradenames		19,881		(6,873	)		13,008		13,681		6,612		7,069
	$	62,422	$	(23,755	)	$	38,667	$	40,683	$	22,965	$	17,718

Schedule of Estimated Aggregate Annual Amortization

Remaining estimated aggregate annual amortization expense is as follows (amounts are for the fiscal year ended):

Remainder of 2015	$	4,238
2016		5,136
2017		4,517
2018		4,306
2019		4,011
Thereafter		16,459

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Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Income (Loss) Per Common Share

NOTE 12 – INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents.

Diluted net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury stock method. Potential common shares are included in the diluted income (loss) per share calculation when dilutive. Diluted income (loss) per share was as follows:

	For the three months
	ended March 31,
	2015		2014
Net income (loss) attributable to common stockholders — basic and diluted	$	1,242	$	(19,524	)
Weighted average number of common shares outstanding		31,493,587		25,841,679
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method		1,261		—
Dilutive shares outstanding		31,494,848		25,841,679
Basic income (loss) per share attributable to common stockholders	$	0.04	$	(0.76	)
Diluted income (loss) per share attributable to common stockholders	$	0.04	$	(0.76	)

For the three months ended March 31, 2015, diluted income (loss) per share did not include approximately 28,684 shares of our non-vested restricted stock as the effect would have been antidilutive. There were no common stock equivalents with a dilutive effect during the three months ended March 31, 2014.

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Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 8 – INCOME TAXES

Our provision for income taxes as a percentage of pretax earnings (“effective tax rate”) is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items.

During the three months ended March 31, 2015, the effective tax rate for continuing operations was 45.2 percent. The rate was favorably impacted by deductions related to domestic production activities, offset by separate tax filing entities in a loss position for which a full valuation allowance will be accounted for against the losses, causing no tax benefit to be recognized on the losses.

During the three months ended March 31, 2015, we increased our uncertain tax positions related to an acquisition that did not impact the effective tax rate.

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Income (Loss) Per Common Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common shares	1,261	0
Restricted Stock [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of income (loss)	28,684

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Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Stockholders' Equity

NOTE 6 – STOCKHOLDERS’ EQUITY

In anticipation of our IPO, we amended our Certificate of Incorporation on February 10, 2014 to, among other things, authorize additional shares of common and preferred stock. On February 25, 2014, we further amended our Certificate of Incorporation to delete references to the Redeemable Preferred Stock, all of which was redeemed with proceeds from our IPO and subsequently retired and cancelled.

As of March 31, 2015, we had 5,000,000 shares of preferred stock authorized with no shares issued or outstanding, 100,000,000 shares of common stock authorized, 31,969,284 shares of common stock issued and 31,354,284 shares of common stock outstanding, all with par value of $0.01, and 615,000 shares of treasury stock at cost.

On March 13, 2015, we entered into a share repurchase agreement with Installed Building Systems, Inc. (“IBS”), a related party, for the purchase of 315,000 shares of our common stock for a purchase price of $6,057 (or $19.23 per share, which represented a 7.5% discount to the last reported price of our common stock on March 13, 2015) plus minor costs we incurred with respect to the transaction of $43, totaling $6,100. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. For additional information on the related party relationship, see Note 9, Related Party Transactions.

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Employee Benefits

3 Months Ended

Mar. 31, 2015

Postemployment Benefits [Abstract]

Employee Benefits

NOTE 7 – EMPLOYEE BENEFITS

Healthcare

Our healthcare benefit expense (net of employee contributions) was approximately $2,715 and $2,612 for the three months ended March 31, 2015 and 2014, respectively, for all plans. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $1,431 and $1,089 as of March 31, 2015 and December 31, 2014, respectively.

Workers’ Compensation

Workers’ compensation expense totaled $2,065 and $1,585 for the three months ended March 31, 2015 and 2014, respectively. Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows:

	March 31, 2015		December 31, 2014
Included in other current liabilities	$	2,321	$	2,504
Included in other long-term liabilities		5,742		5,752
	$	8,063	$	8,256

We also had an insurance receivable for claims that exceeded the stop loss limit included on the Condensed Consolidated Balance Sheets. That receivable offsets an equal liability included within the reserve amounts noted above and was as follows:

	March 31, 2015		December 31, 2014
Included in other non-current assets	$	2,135	$	2,286

Share-Based Compensation

Directors

In June 2014, we granted 23,490 shares of restricted stock at a price of $12.77 per share (which represents market price on the grant date) to non-employee members of our Board of Directors. These shares effectively vested on the grant date since there is deemed to be no service period associated with these awards. The lack of a vesting or service period may not apply to any future share grants under our 2014 Omnibus Incentive Plan.

Employees

During the three months ended March 31, 2015, we granted 130,197 shares of restricted stock which vest fully between January 7, 2016 and March 31, 2016 for non-executive employees and in three equal installments for certain officers on each of March 31, 2016, March 31, 2017 and March 31, 2018, all with an estimated forfeiture rate of 3.3%. Share-based compensation expense and a related total recognized tax benefit were insignificant for the three months ended March 31, 2015. No shares were awarded during the three months ended March 31, 2014 and accordingly, no expense was recorded.

Nonvested restricted stock as of December 31, 2014 and changes during the three months ended March 31, 2015 were as follows:

	Restricted Stock Awards		Weighted Average Grant Date Fair Market Value Per Share
Nonvested restricted stock at December 31, 2014		—	$	—
Granted		130,197		21.53
Vested		—		—
Forfeited		—		—
Nonvested restricted stock at March 31, 2015		130,197	$	21.53

As of March 31, 2015, there was $2,590 of unrecognized compensation expense related to nonvested restricted stock. This expense is subject to future adjustments for vesting and forfeitures and is expected to be recognized on a straight-line basis over the remaining weighted-average period of 1.4 years.

As of March 31, 2015, 2,846,313 shares of common stock were available for issuance under the 2014 Omnibus Incentive Plan.

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Related Party Transactions

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 9 – RELATED PARTY TRANSACTIONS

We sell installation services to other companies related through common or affiliated ownership. We also purchase services and materials and pay rent to companies with common or related ownership.

We lease our headquarters and other facilities from certain related parties. See Note 10, Commitments and Contingencies, for future minimum lease payments to be paid to these related parties.

For the three months ended March 31, 2015 and 2014, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties were as follows:

	Three months ended March 31,
	2015		2014
Sales	$	1,166	$	414
Purchases		116		1,172
Rent		148		145

During the second quarter of 2014, we appointed a new member of our Board of Directors who is also the CEO of M/I Homes, Inc. (NYSE: MHO), one of our customers. As a result, we have included all sales to this customer during the three months ended March 31, 2015 in the above table.

At March 31, 2015 and December 31, 2014, we had related party balances of $1,137 and $1,255, respectively, included in accounts receivable on our Consolidated Balance Sheets. These balances represent trade accounts receivable arising during normal course of business with various related parties. M/I Homes, Inc. accounted for $452 and $627 of these balances as of March 31, 2015 and December 31, 2014, respectively.

As a result of our acquisition of TCI Contracting, LLC (“TCI”) in 2012, one of our existing suppliers became classified as a related party until a change in ownership of the supplier resulted in an end to such classification in August 2014. Purchases made from this supplier during the three months ended March 31, 2014 were $1,089, and are included in total related party purchases in the preceding table.

On March 13, 2015, we entered into a share repurchase agreement with Installed Building Systems, Inc. (“IBS”) for the purchase of 315,000 shares of our common stock. Jeff Edwards, our Chief Executive Officer, has beneficial ownership in the shares of our common stock held by IBS. See Note 6, Stockholders’ Equity, for additional information.

As of December 31, 2014, the Company maintained a receivable from IBP Holding Company, related to us through direct control by Jeff Edwards, in the amount of approximately $600. The receivable represented amounts owed to us for wages and related expenses paid by the Company during 2011 to former employees of IBP Holding Company and was included in other current assets on the Condensed Consolidated Balance Sheet as of December 31, 2014. During the three months ended March 31, 2015, we received the full remaining balance and accordingly, no such receivable exists as of March 31, 2015.

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Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Goodwill [Line Items]
Goodwill (Gross)	$ 138,244	$ 123,397	$ 120,549	$ 119,332
Accumulated Impairment Losses	(70,004)	(70,004)	(70,004)	(70,004)
Goodwill (Net)	68,240	53,393	50,545	49,328
U.S. Insulation [Member]
Goodwill [Line Items]
Goodwill (Gross)	14,847		1,217
Goodwill (Net)	$ 14,847		$ 1,217

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Commitment and Contingencies - Schedule of Accrued Insurance Reserves (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Included in other current liabilities	$ 1,418	$ 1,379
Included in other long-term liabilities	6,944	3,754
Total	$ 8,362	$ 5,133

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements include all wholly owned subsidiaries and majority owned subsidiaries. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. All intercompany accounts and transactions have been eliminated.

The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our fiscal 2014 consolidated financial statements and the notes thereto included in Part II, Item 8. Financial Statements and Supplementary Data, of our Annual Report on Form 10-K as filed with the SEC on March 13, 2015. The December 31, 2014 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP. Unless otherwise indicated, all amounts are in thousands except share and per share amounts.

Our interim operating results for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected in future operating quarters. See Item 1A. Risk Factors, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, for additional information regarding risk factors that may impact our results.

Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 describes the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no significant changes in our critical accounting estimates, other than those associated with share-based compensation, during the three months ended March 31, 2015.

Use of Estimates

Use of Estimates

Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, intangible assets and other long-lived assets, share-based compensation, reserves for general liability, workers’ compensation, and medical insurance. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates.

Advertising Costs

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense was approximately $439 and $343 for the three months ended March 31, 2015 and 2014, respectively, and is included in selling expense on the Condensed Consolidated Statements of Operations.

Share-Based Compensation

Share-Based Compensation

Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. Restricted stock awards are periodically granted to certain employees, officers, and non-employee members of our Board of Directors under the stockholder-approved 2014 Omnibus Incentive Plan. The awards are deemed to be equity-based with a service condition and do not contain a market condition. Fair value of the awards to employees and officers is measured at the grant date, amortized to expense over the vesting period of the awards using the straight-line attribution method for all service-based awards with a graded vesting feature. This fair value is reduced by assumed forfeitures and adjusted for actual forfeitures until vesting. Employees and officers are subject to tax at the vesting date based on market price of the shares on that date, or on the grant date if an election is made. The future income tax benefit associated with these awards is recorded over the vesting period. In the event dividends are ultimately declared and paid, a forfeiture rate for the unvested restricted shares would be applied.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 205-20. We have concluded that, upon adoption, this ASU will not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 sets forth a new revenue recognition model that requires identifying the contract(s) with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations and recognizing the revenue upon satisfaction of performance obligations. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest.” The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements.

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Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2015

Postemployment Benefits [Abstract]

Summary of Workers' Compensation Known Claims and IBNR Reserves

Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows:

	March 31, 2015		December 31, 2014
Included in other current liabilities	$	2,321	$	2,504
Included in other long-term liabilities		5,742		5,752
	$	8,063	$	8,256

Summary of Nonvested Restricted Stock Awards and Changes During Period

Nonvested restricted stock as of December 31, 2014 and changes during the three months ended March 31, 2015 were as follows:

	Restricted Stock Awards		Weighted Average Grant Date Fair Market Value Per Share
Nonvested restricted stock at December 31, 2014		—	$	—
Granted		130,197		21.53
Vested		—		—
Forfeited		—		—
Nonvested restricted stock at March 31, 2015		130,197	$	21.53

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Related Party Transactions - Schedule of Related Party Transactions (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transactions [Abstract]
Sales	$ 1,166	$ 414
Purchases	116	1,172
Rent	$ 148	$ 145

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Fair Value Measurements - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Redeemable preferred stock fair value	$ 0

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Condensed Consolidated Statements of Stockholders' Equity (Deficit) and Redeemable Instruments (Unaudited) (USD $) In Thousands, except Share data	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Redeemable Preferred Stock [Member]	Redeemable Common Stock [Member]
BALANCE at Dec. 31, 2013	$ (71,429)	$ 162		$ (71,591)		$ 55,838	$ 81,010
BALANCE, Preferred stock at Dec. 31, 2013						1,000
BALANCE, Shares at Dec. 31, 2013		16,183,901					5,850,000
Net income	373			373
Initial Public Offering (IPO), Value	78,988	86	78,902
Initial Public Offering (IPO), Shares		8,567,500
Redemption of Redeemable Preferred Stock, Value						(75,735)
Redemption of Redeemable Preferred Stock, Shares						(1,000)
Termination of Redemption Feature upon IPO, Value	89,367	58	89,309				(89,367)
Termination of Redemption Feature upon IPO, Shares		5,850,000					(5,850,000)
Accretion of Redeemable Preferred Stock to Redemption Value	(19,897)		(19,897)			19,897
Adjustments to Redeemable Common Stock fair value measurement	(8,357)		(8,357)				8,357
BALANCE at Mar. 31, 2014	69,045	306	139,957	(71,218)
BALANCE, Shares at Mar. 31, 2014		30,601,401
BALANCE at Dec. 31, 2014	91,874	319	154,497	(57,659)	(5,283)
BALANCE, Preferred stock at Dec. 31, 2014	0
BALANCE, Shares at Dec. 31, 2014	31,539,087	31,839,087			(300,000)
Net income	1,242			1,242
Issuance of Restricted Stock Awards to Employees		1	(1)
Issuance of Restricted Stock Awards to Employees, Shares		130,197
Share-Based Compensation Expense	102		102
Common Stock Repurchase, Value	(6,100)				(6,100)
Common Stock Repurchase, Shares					(315,000)
BALANCE at Mar. 31, 2015	$ 87,118	$ 320	$ 154,598	$ (56,417)	$ (11,383)
BALANCE, Preferred stock at Mar. 31, 2015	0
BALANCE, Shares at Mar. 31, 2015	31,354,284	31,969,284			(615,000)

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Goodwill and Intangibles

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

NOTE 3 – GOODWILL AND INTANGIBLES

Goodwill

The change in carrying amount of goodwill was as follows:

	Goodwill (Gross)		Accumulated Impairment Losses			Goodwill (Net)
January 1, 2014	$	119,332	$	(70,004	)	$	49,328
Business combinations		1,217		—			1,217
March 31, 2014	$	120,549	$	(70,004	)	$	50,545
January 1, 2015	$	123,397	$	(70,004	)	$	53,393
Business combinations		14,847		—			14,847
March 31, 2015	$	138,244	$	(70,004	)	$	68,240

During the three months ended March 31, 2015 and 2014, goodwill increased $14,847 and $1,217, as a result of our 2015 and 2014 acquisitions, respectively. See Note 11, Business Combinations, for more information.

We test goodwill for impairment annually during the fourth quarter of our fiscal year or earlier if there is an impairment indicator. No impairment was recognized during either of the three month periods ended March 31, 2015 and 2014.

Intangibles, net

The following table provides the gross carrying amount and accumulated amortization for each major class of intangibles:

	March 31, 2015							December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortized intangibles:
Customer relationships	$	40,920	$	(16,616	)	$	24,304	$	26,119	$	16,151	$	9,968
Covenants not-to-compete		1,621		(266	)		1,355		883		202		681
Trademarks and tradenames		19,881		(6,873	)		13,008		13,681		6,612		7,069
	$	62,422	$	(23,755	)	$	38,667	$	40,683	$	22,965	$	17,718

The gross carrying amount of intangibles increased $21,739 during the three months ended March 31, 2015. Intangibles associated with 2015 acquisitions accounts for $21,680 of the increase with the remaining change due to an increase in covenants not to compete at an existing location. See Note 11, Business Combinations, for more information. Amortization expense on intangible assets totaled $789 and $697 during the three months ended March 31, 2015 and 2014, respectively. Remaining estimated aggregate annual amortization expense is as follows (amounts are for the fiscal year ended):

Remainder of 2015	$	4,238
2016		5,136
2017		4,517
2018		4,306
2019		4,011
Thereafter		16,459

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Business Combinations - Pro Forma Results of Operations (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition [Line Items]
Net revenue	$ 136,942	$ 120,037
Net income	1,306	3,284
Net income (loss) attributable to common stockholders	1,306	(16,613)
Basic net income (loss) per share attributable to common stockholders	$ 0.04	$ (0.64)
Diluted net income (loss) per share attributable to common stockholders	$ 0.04	$ (0.64)
Redeemable Preferred Stock [Member]
Business Acquisition [Line Items]
Accretion charges on Redeemable Preferred Stock		$ (19,897)

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Insurance Receivable for Claims

We also had insurance receivables included on the Condensed Consolidated Balance Sheets that, in aggregate, offset an equal liability included within the reserve amounts noted above. The amounts were as follows:

	March 31, 2015		December 31, 2014
Insurance receivable for claims under a fully insured policy	$	2,013	$	—
Insurance receivable for claims that exceeded the stop loss limit		677		677
Total insurance receivables included in other non-current assets	$	2,690	$	677

Schedule of Accrued Insurance Reserves

Accrued insurance reserves included on the Condensed Consolidated Balance Sheets were as follows:

	March 31, 2015		December 31, 2014
Included in other current liabilities	$	1,418	$	1,379
Included in other long-term liabilities		6,944		3,754
	$	8,362	$	5,133

Future Minimum Lease Payments Under Noncancellable Operating Leases

 Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) with related parties as of March 31, 2015 are as follows (amounts are as of the fiscal year ended):

Remainder of 2015	$	308
2016		377
2017		150
2018		83
2019		—
Thereafter		—

Workers Compensation [Member]

Schedule of Insurance Receivable for Claims

That receivable offsets an equal liability included within the reserve amounts noted above and was as follows:

	March 31, 2015		December 31, 2014
Included in other non-current assets	$	2,135	$	2,286

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Long-term Debt - Schedule of Maturities of Long-term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Revolving Line of Credit	$ 30,050
Term Loan due July 7, 2019	24,375	24,688
Vehicle and equipment notes payable	5,652	1,346
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0%	3,513	822
Total long term debt	63,590	26,856
Total long term debt	63,590	26,856
Less: current maturities	(2,514)	(1,786)
Long-term debt, less current maturities	$ 61,076	$ 25,070

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Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

NOTE 13 – SUBSEQUENT EVENTS

Business Combination

On April 6, 2015, we acquired 100% of the common stock of C.Q. Insulation Inc. (“CQ”) for total consideration of approximately $5,868, subject to finalization of a working capital adjustment as well as a potential earnout determined based on CQ’s profits (as defined in the purchase contract) for the twelve months ended June 30, 2015. If the maximum potential earnout is achieved, the total purchase price of the acquisition could increase up to approximately 35%. The initial accounting for the business combination was not complete at the time the financial statements were issued due to the timing of the acquisition and the filing of our Quarterly Report on Form 10-Q. As a result, disclosures required under ASC 805-10-50, Business Combinations, cannot be made at this time.

Amended Credit Agreement

On April 28, 2015, we entered into an amendment to the Credit and Security Agreement (the “Amended Agreement”) with a group of lenders named therein and KeyBank National Association, as lead arranger, sole book runner and administrative agent. The amendment provides for a Revolving Line of Credit (“New LOC”) with a maximum limit of $100,000, a Term Loan in the amount of $50,000, a Delayed Draw Term Loan (the “DDTL”) of $50,000 and an uncommitted accordion feature in the amount of $25,000. The Amended Agreement is due April 30, 2020 (the “Maturity Date”) and is secured by all of our assets except those subject to capital leases. The total facility commitment amount is $200,000 including the New LOC, the Term Loan, the DDTL and any outstanding letters of credit.

The New LOC and Term Loan bear interest at either 1) the Eurodollar rate (“LIBOR”) or 2) the Base Rate (which approximates Prime Rate), plus a margin based on the type of rate applied and the value (represented as a ratio) of our total debt to earnings. The Term Loan requires quarterly principal payments beginning the second quarter of 2015 and ending with the second quarter of 2020, totaling $17,500. Any outstanding principal balance on the Term Loan is due on the Maturity Date.

The Amended Agreement contains financial covenants requiring us to maintain 1) a leverage ratio of debt to earnings, as adjusted for certain items and as defined by the agreement, of no greater than 3.50 to 1.00 and 2) a fixed charge coverage ratio, as adjusted for certain items, of no less than 1.10 to 1.00. The Amended Agreement also contains various restrictive non-financial covenants and a provision that, upon an event of default (as defined by the agreement), amounts outstanding under the New LOC, Term Loan, and any outstanding DDTL would bear interest at the rate as determined above plus 2%.

Amended Equipment Lease Agreement

On April 7, 2015, we amended the original Master Equipment Lease Agreement dated February 12, 2015 (“Amended Master Equipment Agreement”) with a lender for the purpose of purchasing or leasing vehicles and related service equipment used in the normal course of business to increase financing up to $22,000. Vehicles and equipment purchased or leased under this Amended Master Equipment Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Amended Master Equipment Agreement will serve as a separate note and obligation. Regular payments are due under each note at the time the obligation occurs for a period of 60 consecutive months.