Core Insights - Installed Building Products (IBP) reported quarterly earnings of $3.18 per share, exceeding the Zacks Consensus Estimate of $2.69 per share, and up from $2.85 per share a year ago, representing an earnings surprise of +18.22% [1] - The company achieved revenues of $778.2 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.67% and increasing from $760.6 million year-over-year [2] - IBP's stock has increased by approximately 35.8% since the beginning of the year, outperforming the S&P 500's gain of 15.1% [3] Earnings Outlook - The future performance of IBP's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $2.45 on revenues of $693.73 million, and for the current fiscal year, it is $10.16 on revenues of $2.88 billion [7] Industry Context - The Zacks Industry Rank indicates that the Building Products - Miscellaneous sector is currently in the bottom 35% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Revenue Performance - Net revenue for Q3 2025 reached a record $778.2 million, an increase of 2.3% from $760.6 million in Q3 2024[7] - Net revenue for Q3 2025 was $778.2 million, a 2.1% increase from $760.6 million in Q3 2024[22] - Total consolidated net revenue for Q3 2025 reached $778.2 million, compared to $760.6 million in Q3 2024, marking a growth of 2.1%[30] Income and Profitability - Net income increased 8.5% to a record $74.4 million, with net income per diluted share rising 12.3% to $2.74[7][14] - Net income for Q3 2025 was $74.4 million, up from $68.6 million in Q3 2024, resulting in a diluted earnings per share of $2.74[22] - Adjusted net income for Q3 2025 was $86.4 million, compared to $80.1 million in Q3 2024, indicating an increase of 4.1%[40] - Operating income for Q3 2025 was $106.8 million, an increase from $101.3 million in Q3 2024, reflecting a growth of 5.4%[30] - Adjusted EBITDA increased 5.7% to a record $139.9 million, representing an adjusted EBITDA margin of 18.0%[16] - Adjusted EBITDA for the three months ended September 30, 2025, was $139.9 million, compared to $132.3 million in the same period of 2024, reflecting a margin of 18.0%[49] Revenue Segmentation - Installation revenue increased by 1.0% to $721.1 million, while other revenue rose 21.7% to $57.1 million[7] - Installation segment revenue for Q3 2025 was $721.1 million, a slight increase from $713.7 million in Q3 2024, representing a growth of 1.9%[30] - Residential new construction accounted for 70% of the Installation segment revenue in Q3 2025, totaling $540.3 million, slightly down from 72% in Q3 2024[32] Cash Flow and Dividends - Net cash flow from operations increased 22.4% to $124.1 million, with cash and cash equivalents totaling $333.3 million as of September 30, 2025[7] - Cash and cash equivalents increased to $333.3 million as of September 30, 2025, from $327.6 million at the end of 2024[24] - The company declared cash dividends of $0.37 per share in Q3 2025, up from $0.35 per share in Q3 2024[22] - A quarterly cash dividend of $0.37 per share was declared, representing a 6% increase from the previous year[8] Expenses and Liabilities - The company’s operating expenses for Q3 2025 were $157.4 million, compared to $155.5 million in Q3 2024, showing a slight increase of 1.2%[30] - Total liabilities increased to $1,372.5 million as of September 30, 2025, from $1,354.6 million at the end of 2024[24] Sales Growth - Residential same branch sales decreased by 2.8%, while commercial same branch sales increased by 11.7%[10] - The company reported a commercial sales growth of 12.2% for the three months ended September 30, 2025, compared to 7.7% in the same period of 2024[51] - Same branch sales growth for the three months ended September 30, 2025, was 0.4%, a decrease from 5.2% in the same period of 2024[51] - The company experienced a decline in residential sales growth of (1.5)% for the three months ended September 30, 2025, compared to a growth of 7.7% in the same period of 2024[51] Asset Management - Total assets decreased to $2,051.1 million as of September 30, 2025, compared to $2,059.9 million at December 31, 2024[24] - Cash flows from operating activities for the nine months ended September 30, 2025, were $306.5 million, compared to $265.2 million in 2024[26] Share Repurchase - The company repurchased 200,000 shares of common stock at a total cost of $51.5 million during Q3 2025[9] - The company repurchased $134.9 million of common stock during the nine months ended September 30, 2025[28]

Core Insights - Installed Building Products (NYSE: IBP) has experienced a 40% pullback from its 2024 highs, making its shares appealing at current multiples [1] Group 1: Company Overview - Installed Building Products is positioned as a leader in the industry, providing opportunities for investors to capitalize on significant corporate events such as IPOs, mergers & acquisitions, and earnings reports [1] Group 2: Investment Opportunities - The investment group "Value In Corporate Events" focuses on identifying the best opportunities in the market, covering 10 major events each month [1]

Core Insights - Installed Building Products, Inc. (IBP) has accelerated its growth through strategic acquisitions of Echols Glass & Mirror, Inc. and Vanderkoy Bros, LLC, leading to a 2.1% increase in shares after hours [1] Expanding Product Portfolio - The acquisition of Echols enhances IBP's capabilities in wholesale glass design and fabrication, particularly in the Southeastern United States, adding higher-margin decorative interior products to its portfolio [2] - Vanderkoy's expertise in drywall and metal stud framing installation strengthens IBP's presence in the Midwest and introduces new structural installation capabilities [3] Strengthening Regional & End-Market Diversification - The combined acquisitions expand IBP's reach in both residential and commercial markets, aligning with its strategy to diversify service offerings and strengthen revenue [4] Financial Impact of Acquisitions - The acquisitions are expected to add over $16 million in annual revenues, contributing to IBP's ongoing strategy that has already seen approximately $55 million in annual revenues from recent buyouts [5][9] Inorganic Growth Strategy - Strategic mergers and acquisitions (M&A) are a key component of IBP's growth strategy, allowing for expansion into new markets and product categories while maintaining a disciplined approach to target well-managed businesses [6] Integration and Future Growth - IBP has successfully integrated several acquisitions, including a recent one that added approximately $4 million in annual revenues, positioning the company for sustained margin expansion and growth [7][8] Stock Performance - IBP's stock has increased by 38.9% year-to-date, significantly outperforming the Zacks Building Products - Miscellaneous industry's decline of 0.8%, supported by a disciplined capital allocation strategy [10]

Core Viewpoint - Installed Building Products, Inc. has announced the acquisition of Echols Glass & Mirror, Inc. and Vanderkoy Bros, LLC, which will enhance its geographic presence and diversify its revenue streams in the building products sector [1] Group 1: Acquisitions - The acquisition of Echols Glass & Mirror, Inc. and Vanderkoy Bros, LLC is aimed at expanding IBP's geographic footprint across the U.S. [1] - These acquisitions are expected to further diversify IBP's revenue and cash flows within the attractive building products market [1]

Core Viewpoint - Installed Building Products, Inc. (IBP) has released its 2025 Environmental, Social, and Governance (ESG) report, highlighting its commitment to sustainability, employee well-being, and community engagement while showcasing significant achievements over the past year [1][5]. Group 1: Company Growth and Commitment - Over the past decade, IBP has evolved from a regional leader to a national player in the building products industry, employing more than 10,000 individuals across over 250 locations [2]. - The company emphasizes a culture of integrity, which influences its interactions with employees, customers, and environmental stewardship [3]. Group 2: Environmental Initiatives - IBP has made substantial progress in reducing its carbon footprint, achieving an approximate 89% reduction in CO2 emissions from spray foam applications compared to the 2020 baseline [7]. - The company has increased its energy usage from carbon-free electricity supplies to about 38% of its total energy consumption [7]. - Approximately 64% of IBP's 2024 revenue is derived from services related to energy-saving insulation [4]. Group 3: Community Engagement and Philanthropy - Since 2019, IBP has granted $340,000 to employees in need and contributed over $4.3 million to nonprofit organizations, bringing its total philanthropic impact to over $14 million [7][8]. - The introduction of the Jay Elliott Building for Tomorrow Scholarship, a $10,000 annual award, honors the legacy of a former leader and supports employees or their family members pursuing higher education [3][7]. - The company commits more than 1% of its annual EBITDA to support education, housing, and community resilience initiatives nationwide [8].

Group 1 - Installed Building Products, Inc. (IBP) announced the acquisition of Carolina Precision Fibers ACP, LLC, enhancing its access to environmentally responsible insulation alternatives [1][2] - The acquisition is part of a broader strategy that includes three smaller acquisitions, contributing approximately $39 million in annual revenue to IBP in 2025 [2] - Despite challenges in housing affordability, the company remains optimistic about the long-term fundamentals of the US housing industry and its growth-focused capital allocation strategy [2] Group 2 - IBP is a significant player in the fiberglass insulation market, installing insulation in about 30% of all newly built homes in the US [3] - The company benefits from purchasing fiberglass at approximately 20% lower prices than smaller customers due to its large volume purchases [3] - The production of fiberglass requires continuous operation of manufacturing plants, which creates a dependency on large customers like IBP for efficient absorption of production volumes [3]

Group 1 - The article recommends a buy rating for Installed Building Products, Inc. (NYSE: IBP) based on a solid demand outlook and the company's potential to capitalize on it [1] - The author emphasizes a fundamentals-based approach to value investing, focusing on companies with long-term durability and robust balance sheets rather than just low multiples [1] - There is a recognition of the risks involved in investing in successful companies, particularly the importance of valuation in avoiding overpaying [1] Group 2 - The author expresses a belief that in certain situations, the development potential of a company can outweigh immediate price concerns [1]

Core Viewpoint - Installed Building Products (IBP) is currently in Phase 17 of its 18-phase Adhishthana cycle, raising concerns about the sustainability of its stock rally in the long term [1][5]. Summary by Sections Adhishthana Framework - The Guna Triads, consisting of Phases 14, 15, and 16, are crucial for determining if IBP can achieve Nirvana in Phase 18, which is the peak of the cycle [4]. - The absence of Satoguna in all three phases of the Guna Triads indicates a low probability of a strong and sustained rally in the upcoming Phase 18, scheduled from January 2026 to July 2027 [4]. Current Stock Performance - Although the current rally in IBP shares appears robust, the weak triad formation suggests that momentum may slow down once Phase 18 begins [5]. - Phase 17 is characterized as a no-action phase, which aligns with the outlook indicated by the weak triads [5]. Investor Considerations - Existing investors may continue to hold the stock to capitalize on the current upside, but they should be cautious as the rally's strength may diminish before the end of Phase 17 [6]. - The lack of Satoguna in IBP's triads limits the potential for a sustained long-term rally, making the stock more suitable for short-term trading rather than new long-term investments [7].

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended June 30, 2025, including balance sheets, statements of operations, comprehensive income, stockholders' equity, and cash flows, along with detailed notes on presentation and accounting policies Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 (millions) | December 31, 2024 (millions) | | :--- | :--- | :--- | | **Total Assets** | **$2,020.1** | **$2,059.9** | | Cash and cash equivalents | $305.2 | $327.6 | | Goodwill | $436.9 | $432.6 | | **Total Liabilities** | **$1,355.6** | **$1,354.6** | | Long-term debt | $842.8 | $842.4 | | **Total Stockholders' Equity** | **$664.5** | **$705.3** | Condensed Consolidated Statements of Operations Highlights (in millions, except per share amounts) | Metric | Q2 2025 (millions) | Q2 2024 (millions) | H1 2025 (millions) | H1 2024 (millions) | | :--- | :--- | :--- | :--- | :--- | | **Net Revenue** | **$760.3** | **$737.6** | **$1,445.1** | **$1,430.5** | | Gross Profit | $259.9 | $251.4 | $483.6 | $485.9 | | Operating Income | $101.0 | $94.8 | $170.8 | $182.7 | | **Net Income** | **$69.0** | **$65.2** | **$114.4** | **$121.1** | | Diluted EPS | $2.52 | $2.30 | $4.15 | $4.27 | Condensed Consolidated Statements of Cash Flows Highlights (in millions) | Cash Flow Category | Six months ended June 30, 2025 (millions) | Six months ended June 30, 2024 (millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $182.5 | $163.8 | | Net cash used in investing activities | $(43.2) | $(55.2) | | Net cash used in financing activities | $(161.7) | $(114.8) | | **Net change in cash and cash equivalents** | **$(22.4)** | **$(6.2)** | [Note 3 - Revenue Recognition](index=11&type=section&id=Note%203%20-%20Revenue%20Recognition) Revenue is primarily generated from the Installation segment, which accounted for 94% of total net revenue in the first six months of 2025, with residential new construction as the largest end market at 72% and insulation as the main product category contributing 60% Net Revenue by End Market (Six months ended June 30) | End Market | 2025 Revenue (millions) | 2025 % | 2024 Revenue (millions) | 2024 % | | :--- | :--- | :--- | :--- | :--- | | Residential new construction | $1,043.2 | 72% | $1,045.2 | 73% | | Repair and remodel | $85.6 | 6% | $82.6 | 6% | | Commercial | $234.0 | 16% | $225.4 | 16% | | **Total Installation** | **$1,362.8** | **94%** | **$1,353.2** | **95%** | Net Revenue by Product (Six months ended June 30) | Product | 2025 Revenue (millions) | 2025 % | 2024 Revenue (millions) | 2024 % | | :--- | :--- | :--- | :--- | :--- | | Insulation | $861.0 | 60% | $875.7 | 61% | | Shower doors, shelving, mirrors | $108.0 | 7% | $102.3 | 7% | | Garage doors | $86.6 | 6% | $85.9 | 6% | | Waterproofing | $74.9 | 5% | $65.2 | 5% | - As of June 30, 2025, the company had **$161.4 million** in remaining performance obligations, which it expects to recognize as revenue over the next 18 months[38](index=38&type=chunk) [Note 7 - Long-Term Debt](index=14&type=section&id=Note%207%20-%20Long-Term%20Debt) As of June 30, 2025, total long-term debt was $876.1 million, a slight increase from $874.8 million at year-end 2024, primarily composed of a term loan and senior notes, with current maturities of $33.3 million Long-Term Debt Composition (in millions) | Debt Instrument | June 30, 2025 (millions) | December 31, 2024 (millions) | | :--- | :--- | :--- | | Senior Notes due 2028, net | $298.5 | $298.2 | | Term loan, net | $490.3 | $492.5 | | Vehicle and equipment notes | $86.1 | $82.3 | | **Total Debt** | **$876.1** | **$874.8** | | Less: current maturities | $(33.3) | $(32.4) | | **Long-term debt, less current maturities** | **$842.8** | **$842.4** | [Note 12 - Stockholders' Equity](index=21&type=section&id=Note%2012%20-%20Stockholders%27%20Equity) The company actively returned capital to shareholders through dividends and share repurchases, repurchasing 500,000 shares for $83.5 million and declaring dividends totaling $2.44 per share in the first six months of 2025 - During the six months ended June 30, 2025, the company repurchased **500,000 shares** of its common stock for an aggregate price of **$83.5 million**[77](index=77&type=chunk) - On February 27, 2025, the board authorized a new stock repurchase program for up to **$500.0 million**, effective through March 1, 2026[78](index=78&type=chunk) Dividends Declared (Six months ended June 30, 2025) | Declaration Date | Dividend Per Share ($) | Amount Declared (millions) | | :--- | :--- | :--- | | 2/27/2025 | $1.70 | $47.1 | | 2/27/2025 | $0.37 | $10.2 | | 5/8/2025 | $0.37 | $10.1 | [Note 17 - Business Combinations](index=27&type=section&id=Note%2017%20-%20Business%20Combinations) The company continued its acquisition strategy, completing two business combinations and two bolt-on acquisitions in the first six months of 2025 for a total cash payment of $11.3 million, which contributed $1.9 million in revenue since their respective acquisition dates Acquisition Summary (Six months ended June 30, 2025, in millions) | Metric | Value (millions) | | :--- | :--- | | Cash Paid | $11.3 | | Total Purchase Price | $11.9 | | Revenue since acquisition | $1.9 | | Net Income since acquisition | $0.1 | Purchase Price Allocation (Six months ended June 30, 2025, in millions) | Asset/Liability | Estimated Fair Value (millions) | | :--- | :--- | | Intangibles | $7.1 | | Goodwill | $3.6 | | Property and equipment | $0.9 | | **Fair value of assets acquired** | **$11.9** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for the second quarter of 2025, highlighting a 3.1% increase in net revenue to $760.3 million, driven by 10.0% growth in the commercial end market and contributions from acquisitions, covering key performance metrics, operational results, liquidity, capital resources, and external factors [Overview and 2025 Second Quarter Highlights](index=30&type=section&id=Overview%20and%202025%20Second%20Quarter%20Highlights) In Q2 2025, net revenue grew 3.1% to $760.3 million, and gross profit increased 3.4% to $259.9 million, primarily fueled by a 10.0% increase in commercial end market sales and recent acquisitions, while maintaining strong liquidity and returning $59.3 million to shareholders - Q2 2025 net revenue increased **3.1% YoY** to **$760.3 million**, while gross profit rose **3.4%** to **$259.9 million**[120](index=120&type=chunk) - Growth was driven by a **10.0% increase** in commercial end market sales and a **2.6% increase** in the residential single-family new construction end market[120](index=120&type=chunk) - The company returned **$59.3 million** to shareholders in Q2 2025, consisting of a **$10.1 million** dividend payment and **$49.2 million** in share repurchases[121](index=121&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) For Q2 2025, net revenue growth was driven by a 9.3% increase in commercial same-branch sales and acquisitions, offsetting a 1.1% decline in residential same-branch sales, with gross profit margin improving to 34.2% due to labor efficiency gains, while administrative expenses rose 6.0% to $113.1 million from increased compensation and wage inflation Key Performance Metrics (Q2 2025 vs Q2 2024) | Metric | Growth Rate | | :--- | :--- | | Consolidated Sales Growth | 3.1% | | Consolidated Same Branch Sales Growth | 0.7% | | Residential Same Branch Sales Growth | (1.1)% | | Commercial Same Branch Sales Growth | 9.3% | Operating Expenses (in millions) | Expense Category | Q2 2025 (millions) | Q2 2024 (millions) | % Change | | :--- | :--- | :--- | :--- | | Selling | $35.7 | $34.5 | 3.5% | | Administrative | $113.1 | $106.7 | 6.0% | [Key Factors Affecting Operating Results](index=34&type=section&id=Key%20Factors%20Affecting%20Operating%20Results) The company's performance is influenced by elevated mortgage rates and home prices curtailing housing demand, potential material price increases due to supplier actions and tariffs, and a tight labor market requiring increased spending on hiring, training, and retention - Elevated mortgage rates and home prices have curtailed housing demand, but the Federal Reserve's signal to potentially lower rates may ease pressure[142](index=142&type=chunk) - The company may face increased material pricing due to supplier actions and tariffs, which could impact margins if costs cannot be passed on to customers[145](index=145&type=chunk) - The business is labor-intensive, and tight labor availability in the construction industry requires increased spending on hiring, training, and retention[146](index=146&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had total liquidity of $551.2 million, comprising $305.2 million in cash and $246.0 million available under its ABL credit facility, with primary capital requirements including working capital, acquisitions, and capital expenditures, and cash flow from operations increasing to $182.5 million - Total liquidity as of June 30, 2025, was **$551.2 million**, consisting of **$305.2 million** in cash and cash equivalents and **$246.0 million** in available credit[149](index=149&type=chunk)[169](index=169&type=chunk) - Working capital decreased to **$660.8 million** from **$695.9 million** at year-end 2024, primarily due to cash used for dividends and stock repurchases[156](index=156&type=chunk) Summary of Cash Flow Activity (Six months ended June 30, in millions) | Cash Flow Activity | 2025 (millions) | 2024 (millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $182.5 | $163.8 | | Net cash used in investing activities | $(43.2) | $(55.2) | | Net cash used in financing activities | $(161.7) | $(114.8) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk stems from interest rate fluctuations on its variable-rate debt, with $93.8 million exposed to market risk as of June 30, 2025, after hedging $400.0 million of its Term Loan, meaning a one percentage point change in interest rates would affect annual interest expense by approximately $0.9 million - The company's primary market risk is interest rate fluctuation on its variable-rate debt[182](index=182&type=chunk) - After hedging **$400.0 million** with interest rate swaps, **$93.8 million** of the Term Loan remained exposed to variable interest rate risk as of June 30, 2025[182](index=182&type=chunk) - A hypothetical **one percentage point** increase or decrease in interest rates would change the company's annual interest expense by approximately **$0.9 million**[182](index=182&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the second quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[184](index=184&type=chunk) - No changes in internal control over financial reporting occurred during the three months ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[185](index=185&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and litigation arising from the normal course of business, but management does not believe that the ultimate outcome of any pending matters will have a material adverse effect on its financial position, results of operations, or cash flows - The company does not believe that the ultimate outcome of any pending legal matters will have a **material adverse effect** on its consolidated financial position, results of operations or cash flows[102](index=102&type=chunk)[187](index=187&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - As of the date of this report, there have been **no material changes** from the risk factors disclosed in the 2024 Form 10-K[188](index=188&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's stock repurchase activity for the second quarter of 2025, where it repurchased 300,000 shares under its publicly announced program, with approximately $416.5 million remaining available for future repurchases as of June 30, 2025 Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased (shares) | Average Price Paid Per Share ($) | Shares Purchased as Part of Program (shares) | | :--- | :--- | :--- | :--- | | April 2025 | 52,266 | $158.28 | — | | May 2025 | 200,266 | $162.43 | 200,000 | | June 2025 | 100,000 | $166.72 | 100,000 | | **Total** | **352,532** | **$163.03** | **300,000** | - A new stock repurchase program authorizing up to **$500.0 million** was announced on February 22, 2025, and is effective through March 1, 2026. As of June 30, 2025, **$416.5 million** remained available under this program[189](index=189&type=chunk)[194](index=194&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205.%20Other%20Information) Effective August 7, 2025, the company entered into new Change in Control Agreements with its executive officers to align severance policies with market practices, providing specific severance benefits, including a lump sum payment and accelerated equity vesting, if employment is terminated for qualifying reasons within 24 months following a change in control - The company entered into new Change in Control Agreements with its executive officers, effective August 7, 2025[193](index=193&type=chunk) - The agreements provide for severance benefits in the event of a qualifying termination within 24 months of a change in control, including a **lump sum cash payment equal to 300% of annual base salary plus target bonus**, **18 months of health benefits**, and **immediate vesting of all equity awards**[195](index=195&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the form of the new Change in Control Agreement for executive officers, an Amended and Restated Employment Agreement for the CEO, CEO and CFO certifications, and financial statements formatted in inline XBRL - Key exhibits filed with this report include the Form of Change in Control Agreement for executive officers (Exhibit 10.1) and the Amended and Restated Employment Agreement for CEO Jeffery W. Edwards (Exhibit 10.2)[199](index=199&type=chunk)