Financial Highlights - Full year revenue reached a record of $123 billion[3] - Non-Pipeline revenues also reached a record level[3] - Total Backlog increased to $143 billion, a sequential increase of $440 million and a year-over-year growth of $19 billion[3] - Record FY Adjusted EBITDA increased 19% year-over-year, with margins improving 110 bps[3] - FY Adjusted EPS increased $214, or 118%, year-over-year[3] - Record Cash Flow from Operations reached $11 billion[3] Segment Results (2024) - Communications revenue was $346 billion[7] - Clean Energy and Infrastructure revenue was $2682 billion[7] - Power Delivery revenue was $4092 billion[7] - Pipeline Infrastructure revenue was $2134 billion[7] Q4 2024 Backlog - Total backlog reached $143 billion, up 15%, or $19 billion year-over-year, and $440 million, or 3% sequentially[11] - Clean Energy and Infrastructure backlog grew by ~$11 billion year-over-year to ~$42 billion[11] 2025 Guidance - Revenue is projected to be $1345 billion[19] - Adjusted EBITDA is expected to be between $11 billion and $115 billion[19] - Adjusted Diluted EPS is projected to be between $535 and $584[19] - Cash flow from operations is anticipated to approximate $700 million[24]

Company Overview - IBP has a national platform of over 250 locations serving all 48 continental states and the District of Columbia[16] - In 2024, Insulation accounted for 60% of revenue, while New Single Family represented 57% of the end-market revenue[18] - The company has generated over $1 billion in free cash flow in five years[25] - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to share repurchases, and $323 million (28%) to dividends[33] - An established IBP branch generates ~$4,400 per residential permit, while a developing branch generates ~$2,200 per residential permit[43] Financial Performance - IBP's residential sales per completion more than doubled from $555 in 2015 to $1,308 in 2024[55] - Net revenue increased from $16532 million in 2020 to $29413 million in 2024, a 59% growth[57] - Adjusted EBITDA increased from $2456 million in 2020 to $5114 million in 2024[57] - Net Debt / Adjusted EBITDA was 108x as of December 31, 2024[69] - Adjusted Gross Profit margin was 338% in 2024[57]