Installed Building Products, Inc. (IBP) Earnings Call Transcript & Summary

Good morning, and welcome to the 2022 Annual Meeting of Stockholders of Installed Building Products, Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Jeff Edwards, Chief Executive Officer, President and Chairman of the Board of Directors of Installed Building Products. Mr. Edwards, the floor is yours.

Good morning, ladies and gentlemen, and welcome to the 2022 Annual Meeting of Stockholders of Installed Building Products, Inc. As Chief Executive Officer, President and Chairman of the Board of Directors of the company, I officially call this meeting to order. Following the meeting, we will answer questions submitted through the web portal. Now I'd like to introduce the other members of management joining today either in person or by telephone. Jay Elliott, our Chief Operating Officer; Todd Fry, our Chief Accounting Officer; Jeff Hire, our President of External Affairs; Michael Miller, our Executive Vice President and Chief Financial Officer and a member of the Board of Directors; Jason Niswonger, our Chief Administrative and Sustainability Officer; and Shelley McBride, our General Counsel and Secretary, who will act as Secretary of today's meeting. Other members of the Board of Directors attending by telephone are Margot Carter, Janet Jackson, Larry Hilsheimer, David Meuse, Mike Thomas and Vik Verma. George Fackler, [ Kevin Crum ] and Jason Gambone from Deloitte & Touche, our independent registered public accounting firm, are joining us today by telephone as well and will be available during the question-and-answer session following today's meeting to respond to any questions. And finally, the company has appointed Computershare Trust Company to act as inspector of election. Michelle LaMarco from Computershare is with us today and has taken the oath of inspector of election, which oath will be filed with the minutes of the meeting. I now ask Mr. Miller to open the business portion of the meeting.

Thank you, Mr. Chairman. During the meeting, only validated stockholders will be able to ask questions in the designated field on the web portal. While this meeting is being recorded, no one attending the meeting via the webcast or by telephone is permitted to use any recording device. The Board fixed March 31, 2022, as the record date for determining our stockholders entitled to vote at this meeting. The inspector of election has an affidavit attesting to the fact that a notice of Internet availability of the proxy materials or the proxy materials themselves were mailed to all stockholders of record on or about April 14, 2022. This affidavit will be filed with the minutes of the meeting. As of the record date, there were 29,275,592 shares of common stock outstanding and entitled to vote at this meeting. The stockholder list is available for examination during this meeting at www.meetnow.global/mypscxq. We are informed by the inspector of election that they are represented in person or by proxy, 27,261,445 shares of common stock or approximately 93% of the shares entitled to vote at this meeting. Accordingly, Mr. Chairman, a quorum is present for purposes of transacting business.

Thank you, Michael. Because holders of a majority of the shares entitled to vote are present in person or by proxy, I declare this meeting to be duly convened. There are 3 proposals to be voted on at today's meeting. The first proposal is the election of 3 Class III directors: Jeffrey W. Edwards, Lawrence A. Hilsheimer and Janet E. Jackson have been nominated for election to hold office until the 2025 Annual Meeting or until their successors are duly elected and qualified. The second proposal is to ratify the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2022. The third and last proposal is an advisory vote to approve the compensation of the company's named executive officers. If any stockholder would like to make a comment regarding any of the proposals, please submit your comment now by clicking on the broadcast button at the top of the screen. Once in the meeting center, click on the message icon in the upper right corner to submit your comment. As there were no comments submitted, let the record reflect that the polls are now open. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the broadcast button at the top of the screen. Stockholders who have mailed proxies or who have voted by telephone or the Internet and do not want to change their vote, do not need to take any further action. We will be closing the poll shortly. We, therefore, ask that you complete your ballots at this time. [Voting]

Now that everyone has had the opportunity to vote, I hereby declare the polls closed. Michelle, as inspector of election, please provide the voting results.

Mr. Chairman, based on the preliminary report regarding proposal 1, each nominee for Director has been elected by not less than 92% of the vote. Regarding proposal 2, the appointment of Deloitte & Touche as the company's independent registered public accounting firm for fiscal year 2022 has been ratified, receiving 99% of the vote. Regarding proposal 3, the compensation of the company's named executive officers has been approved on an advisory basis, receiving 95% of the vote.

Thank you, Michelle. Final voting results will be reported in a Form 8-K to be filed within 4 business days of this meeting. Based on the votes, I hereby declare that Jeffrey W. Edwards, Lawrence A. Hilsheimer and Janet E. Jackson have been elected as directors to serve until the expiration of their 3-year terms or until their successors have been elected and qualified. The appointment of Deloitte & Touche as our independent registered public accounting firm for fiscal year 2022 has been ratified, and the compensation of our named executive officers has been approved on an advisory basis. The final report of the inspector of election will be filed with the minutes of this meeting. There being no further business to come before the meeting, the 2022 Annual Meeting of Stockholders is adjourned. We will now open things up for stockholder questions. As there are no questions, thank you for participating in our 2022 Annual Meeting of Stockholders.

The 2022 Annual Meeting of Stockholders of Installed Building Products is now concluded. Please feel free to disconnect.