Financial Performance - Q3 2025 sales reached $1,393.158 million, a 1.4% increase compared to the same period in 2024[8] - Adjusted Operating Profit for Q3 2025 was $228.954 million, a decrease of 6.9%[8] - Adjusted Operating Margin was 16.4%, a decrease of 150 bps[8] - Adjusted EBITDA Margin was 19.8%, a decrease of 100 bps[8] Segment Performance - Installation Services sales were $858.264 million, a 0.2% increase[12] - Installation Services Adjusted Operating Profit was $167.065 million, a decrease of 3.0%[12] - Specialty Distribution sales were $608.892 million, a 1.4% increase[17] - Specialty Distribution Adjusted Operating Profit was $87.456 million, a decrease of 8.0%[17] Acquisitions and Growth - Year-to-date 2025 acquisitions are expected to add approximately $1.2 billion in annual revenue[7, 24] - The Progressive Roofing acquisition in Q3 is expected to add approximately $440 million in annual revenue[7] - The SPI transaction in Q4 is expected to add approximately $700 million in annual revenue[7] - Completed 5 additional acquisitions that build on core strengths and add >$65 million in annual revenue[7] Capital Allocation and Outlook - The company returned $65.5 million in capital to shareholders in Q3, with year-to-date share repurchases totaling $417.1 million[28] - The company has $770.9 million of availability remains under current authorization[28] - The company raised its 2025 sales guidance to a midpoint of $5,400 million, including the impact of the SPI acquisition and four recently announced acquisitions[45]