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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s) Name of each exchange on which registered
Common Stock,$0.01 par value per shareIBP The New York Stock Exchange
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 No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
Accelerated filer 
Non-accelerated filer Smaller reporting company 
 Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act). Yes No
On October 27, 2022, the registrant had 28,603,412 shares of common stock, par value $0.01 per share, outstanding.



TABLE OF CONTENTS

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)
 September 30,December 31,
 20222021
ASSETS
Current assets
Cash and cash equivalents$203,402 $333,485 
Investments24,996  
Accounts receivable (less allowance for credit losses of $9,083 and $8,717 at September 30, 2022 and December 31, 2021, respectively)
415,657 312,767 
Inventories182,176 143,039 
Prepaid expenses and other current assets71,790 70,025 
Total current assets898,021 859,316 
Property and equipment, net115,479 105,933 
Operating lease right-of-use assets72,226 69,871 
Goodwill356,612 322,517 
Customer relationships, net184,225 178,264 
Other intangibles, net91,613 86,157 
Other non-current assets45,675 31,144 
Total assets$1,763,851 $1,653,202 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt$30,494 $30,839 
Current maturities of operating lease obligations25,414 23,224 
Current maturities of finance lease obligations2,275 1,747 
Accounts payable156,117 132,705 
Accrued compensation61,453 50,964 
Other current liabilities82,809 68,090 
Total current liabilities358,562 307,569 
Long-term debt827,906 832,193 
Operating lease obligations46,640 46,075 
Finance lease obligations5,469 3,297 
Deferred income taxes19,901 4,819 
Other long-term liabilities47,859 42,409 
Total liabilities1,306,337 1,236,362 
Commitments and contingencies (Note 16)
Stockholders’ equity
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
  
Common stock; $0.01 par value: 100,000,000 authorized, 33,429,557 and 33,271,659 issued and 28,604,098 and 29,706,401 shares outstanding at September 30, 2022 and December 31, 2021, respectively
334 333 
Additional paid in capital225,377 211,430 
Retained earnings453,286 352,543 
Treasury stock; at cost: 4,825,459 and 3,565,258 shares at September 30, 2022 and December 31, 2021, respectively
(263,896)(147,239)
Accumulated other comprehensive income (loss)42,413 (227)
Total stockholders’ equity457,514 416,840 
Total liabilities and stockholders’ equity$1,763,851 $1,653,202 

1

See accompanying notes to consolidated financial statements

INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
(in thousands, except share and per share amounts)

 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Net revenue$719,114 $509,763 $1,983,355 $1,434,927 
Cost of sales497,837 353,879 1,372,966 1,001,730 
Gross profit221,277 155,884 610,389 433,197 
Operating expenses
Selling31,651 24,188 86,214 67,677 
Administrative84,345 68,056 247,519 199,607 
Amortization11,370 9,224 33,728 26,798 
Operating income93,911 54,416 242,928 139,115 
Other expense, net
Interest expense, net10,668 7,687 31,669 22,781 
Other expense (income)185 (483)698 (494)
Income before income taxes83,058 47,212 210,561 116,828 
Income tax provision22,080 12,320 55,857 27,432 
Net income$60,978 $34,892 $154,704 $89,396 
Other comprehensive income, net of tax:
Net change on cash flow hedges, net of tax provision of $(5,105) and $(454) for the three months ended September 30, 2022 and 2021, respectively, and $(15,138) and $(2,638) for the nine months ended September 30, 2022 and 2021, respectively
14,379 1,292 42,640 7,762 
Comprehensive income$75,357 $36,184 $197,344 $97,158 
Earnings Per Share:
Basic$2.14 $1.19 $5.36 $3.05 
Diluted $2.13 $1.18 $5.33 $3.02 
Weighted average shares outstanding:
Basic28,478,954 29,404,257 28,851,389 29,355,538 
Diluted28,595,707 29,620,748 29,020,509 29,615,162 
Cash dividends declared per share$0.32 $0.30 $1.85 $0.90 


2

See accompanying notes to consolidated financial statements

INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2022
(in thousands, except share amounts)
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated
 Other
Comprehensive
Loss
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - July 1, 202133,264,517 $333 $205,597 $306,107 (3,562,942)$(147,204)$(2,293)$362,540 
Net income34,892 34,892 
Issuance of common stock awards to employees7,142    
Surrender of common stock awards(1,562)(24)(24)
Share-based compensation expense2,812 2,812 
Share-based compensation issued to directors 126 126 
Dividend declared ($0.30 per share)
(8,912)(8,912)
Other comprehensive income, net of tax1,292 1,292 
BALANCE - September 30, 202133,271,659 $333 $208,535 $332,087 (3,564,504)$(147,228)$(1,001)$392,726 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Income
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - July 1, 202233,428,587 $334 $222,270 $401,326 (4,682,973)$(251,363)$28,034 $400,601 
Net income60,978 60,978 
Surrender of common stock awards(554)(5)(5)
Share-based compensation expense2,967 2,967 
Share-based compensation issued to directors970 140 140 
Dividends declared ($0.32 per share)
(9,018)(9,018)
Common stock repurchase(141,932)(12,528)(12,528)
Other comprehensive income, net of tax14,379 14,379 
BALANCE - September 30, 202233,429,557 $334 $225,377 $453,286 (4,825,459)$(263,896)$42,413 $457,514 





3

See accompanying notes to consolidated financial statements

INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2022
(in thousands, except share amounts)

Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Loss
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202133,141,879 $331 $199,847 $269,420 (3,518,607)$(141,653)$(8,763)$319,182 
Net income89,396 89,396 
Issuance of common stock awards to employees125,550 2 (2) 
Surrender of common stock awards(45,897)(5,575)(5,575)
Share-based compensation expense8,351 8,351 
Share-based compensation issued to directors4,230 339 339 
Dividends declared ($0.90 per share)
(26,729)(26,729)
Other comprehensive income, net of tax7,762 7,762 
BALANCE - September 30, 202133,271,659 $333 $208,535 $332,087 (3,564,504)$(147,228)$(1,001)$392,726 
Common StockAdditional
Paid In
Capital
Retained
Earnings
Treasury StockAccumulated Other
Comprehensive Income (Loss)
Stockholders’
Equity
SharesAmountSharesAmount
BALANCE - January 1, 202233,271,659 $333 $211,430 $352,543 (3,565,258)$(147,239)$(227)$416,840 
Net income154,704 154,704 
Issuance of common stock awards to employees112,389 1 (1) 
Surrender of common stock awards(53,599)(4,464)(4,464)
Share-based compensation expense9,559 9,559 
Share-based compensation issued to directors6,305 389 389 
Issuance of awards previously classified as liability awards39,204 4,000 4,000 
Dividends declared ($1.85 per share)
(53,961)(53,961)
Common stock repurchase(1,206,602)(112,193)(112,193)
Other comprehensive income, net of tax42,640 42,640 
BALANCE - September 30, 202233,429,557 $334 $225,377 $453,286 (4,825,459)$(263,896)$42,413 $457,514 

4

See accompanying notes to consolidated financial statements

INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Nine months ended September 30,
 20222021
Cash flows from operating activities
Net income$154,704 $89,396 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment35,153 32,498 
Amortization of operating lease right-of-use assets19,832 16,464 
Amortization of intangibles33,728 26,798 
Amortization of deferred financing costs and debt discount1,436 993 
Provision for credit losses2,754 1,135 
Gain on sale of property and equipment(1,048)(1,405)
Noncash stock compensation10,290 10,228 
Other, net1,509 2,414 
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable(98,528)(23,224)
Inventories(23,071)(37,122)
Proceeds from termination of interest rate swap agreements25,462  
Other assets4,773 (8,116)
Accounts payable20,290 14,120 
Income taxes receivable/payable12,354 (107)
Other liabilities(971)(7,594)
Net cash provided by operating activities198,667 116,478 
Cash flows from investing activities
Purchases of investments(344,388) 
Maturities of short term investments320,000  
Purchases of property and equipment(35,212)(27,898)
Acquisitions of businesses, net of cash acquired of $330 and $1,640 in 2022 and 2021, respectively
(75,779)(94,500)
Proceeds from sale of property and equipment1,418 2,219 
Other(5,974)(1,430)
Net cash used in investing activities(139,935)(121,609)
Cash flows from financing activities
Payments on Term Loan(3,750) 
Proceeds from vehicle and equipment notes payable20,492 20,753 
Debt issuance costs(655) 
Principal payments on long-term debt(23,340)(19,688)
Principal payments on finance lease obligations(1,661)(1,573)
Dividends paid(53,821)(26,428)
Acquisition-related obligations(9,423)(2,442)
Repurchase of common stock(112,193) 
Surrender of common stock awards by employees(4,464)(5,576)
Net cash used in financing activities(188,815)(34,954)
Net change in cash and cash equivalents(130,083)(40,085)
Cash and cash equivalents at beginning of period333,485 231,520 
Cash and cash equivalents at end of period$203,402 $191,435 
Supplemental disclosures of cash flow information
Net cash paid during the period for:
Interest$40,639 $23,748 
Income taxes, net of refunds43,512 27,428 
Supplemental disclosure of noncash activities
Right-of-use assets obtained in exchange for operating lease obligations22,056 23,543 
Release of indemnification of acquisition-related debt980 2,036 
Property and equipment obtained in exchange for finance lease obligations4,411 1,918 
Seller obligations in connection with acquisition of businesses25,534 18,987 
Unpaid purchases of property and equipment included in accounts payable857 1,327 

5

See accompanying notes to consolidated financial statements

INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - ORGANIZATION
Installed Building Products (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly-owned subsidiaries (collectively referred to as the “Company,” and “we,” “us” and “our”) primarily install insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company operates in more than 220 locations and its corporate office is located in Columbus, Ohio.
In the first quarter of 2022, we realigned our operating segments to reflect recent changes in our business. We have three operating segments consisting of our Installation, Manufacturing and Distribution operations. The Installation operating segment is also our one reportable segment. See Note 10, Information on Segments, for further information.
Substantially all of our Installation segment sales are derived from the service-based installation of various products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. Each of our Installation branches has the capacity to serve all of our end markets. See Note 3, Revenue Recognition, for information on our revenues by product and end market.
The COVID-19 pandemic ("COVID-19") has caused significant volatility, uncertainty and economic disruption. Public health organizations and international, federal, state and local governments responded by implementing measures during various points of the pandemic to contain the spread of COVID-19. We do not believe the various orders and restrictions significantly impacted our business in the first nine months of 2022. However, COVID-19 has caused disruptions in the building products supply chain, impacting our ability to purchase certain materials we install through typical channels and fueling producer price and consumer inflation. The extent to which COVID-19 will impact our future growth, operations, customers, suppliers, employees and financial results is uncertain. The future impact on our financial results will depend on numerous factors including government actions and the resulting impact on construction activity, the effect on our customers’ demand for our services, the effects on our supply chain for materials, and the ability of our customers to pay for our services.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. 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”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been 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 audited 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 for the fiscal year ended December 31, 2021 (the “2021 Form 10-K”), as filed with the SEC on February 24, 2022. The December 31, 2021 Condensed Consolidated Balance Sheet data herein was derived from the audited consolidated financial statements but does not include all disclosures required by U.S. GAAP.
Our interim operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected in future operating quarters.
Note 2 to the audited consolidated financial statements in our 2021 Form 10-K describes the significant accounting policies and estimates used in preparation of the audited consolidated financial statements. Other than the recently implemented accounting policies described below, there have been no changes to our significant accounting policies during the three or nine months ended September 30, 2022.
6

INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Reclassifications
The change in reportable segments described in Note 1, Organization and Note 10, Information on Segments, requires certain prior year disclosures in Note 3, Revenue Recognition and Note 6, Goodwill and Intangibles to be recast to conform to the current year presentation.
Recently Issued Accounting Pronouncements Not Yet Adopted
We are currently evaluating the impact of the following Accounting Standards Update ("ASU") on our Condensed Consolidated Financial Statements or Notes to Condensed Consolidated Financial Statements:
Standard  Description  Effective Date  Effect on the financial statements or other significant matters
ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
  This pronouncement amends Topic 805 to require an acquirer to account for revenue contracts in a business combination in accordance with Topic 606 as if the acquirer had originated the contracts.  Annual periods beginning after December 15, 2022, including interim periods therein. Early adoption is permitted.  We are currently assessing the impact of adoption on our consolidated financial statements.
NOTE 3 - REVENUE RECOGNITION
Revenues for our Installation operating segment are derived primarily through contracts with customers whereby we install insulation and other complementary building products and are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We offer assurance-type warranties on certain of our installed products and services that do not represent a separate performance obligation and, as such, do not impact the timing or extent of revenue recognition.
For contracts that are not complete at the reporting date, we recognize revenue over time utilizing a cost-to-cost input method as we believe this represents the best measure of when goods and services are transferred to the customer. When this method is used, we estimate the costs to complete individual contracts and record as revenue that portion of the total contract price that is considered complete based on the relationship of costs incurred to date to total anticipated costs. Under the cost-to-cost method, the use of estimated costs to complete each contract is a significant variable in the process of determining recognized revenue, requires judgment and can change throughout the duration of a contract due to contract modifications and other factors impacting job completion. The costs of earned revenue include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools and repairs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.
Our long-term contracts can be subject to modification to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.
Payment terms typically do not exceed 30 days for short-term contracts and typically do not exceed 60 days for long-term contracts with customers. All contracts are billed either contractually or as work is performed. Billing on our long-term contracts occurs primarily on a monthly basis throughout the contract period whereby we submit invoices for customer payment based on actual or estimated costs incurred during the billing period. On certain of our long-term contracts the customer may withhold payment on an invoice equal to a percentage of the invoice amount, which will be subsequently paid after satisfactory completion of each installation project. This amount is referred to as retainage and is common practice in the construction industry, as it allows for customers to ensure the quality of the service performed prior to full payment. Retainage receivables are classified as current or long-term assets based on the expected time to project completion.

7

INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Revenues for our Distribution and Manufacturing operating segments included in the Other category are accounted for on a point-in-time basis when the sale occurs, adjusted accordingly for any return provisions. Sales taxes are not included in revenue as we act as a conduit for collecting and remitting sales taxes to the appropriate government authorities. The point-in-time recognition is when we transfer the promised products to the customer and the customer obtains control of the products depending upon the agreed upon terms in the contract.
We disaggregate our revenue from contracts with customers for our Installation segment by end market and product, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenues for the Other category are presented net of intercompany sales in the tables below. The following tables present our net revenues disaggregated by end market and product (in thousands):
Three months ended September 30,Nine months ended September 30,
2022
2021
20222021
Installation:
Residential new construction$532,299 74 %$385,401 76 %$1,480,214 75 %$1,082,379 75 %
Repair and remodel39,139 6 %31,276 6 %109,745 5 %89,810 7 %
Commercial101,478 14 %87,484 17 %282,585 14 %247,113 17 %
Net revenue, Installation$672,916 94 %$504,161 99 %$1,872,544 94 %$1,419,302 99 %
Other (1)
46,198 6 %5,602 1 %110,811 6 %15,625 1 %
Net revenue, as reported$719,114 100 %$509,763 100 %$1,983,355 100 %$1,434,927 100 %
 Three months ended September 30,Nine months ended September 30,
2022202120222021
Installation:
Insulation$429,091 60 %$318,753 63 %$1,203,635 61 %$905,553 63 %
Shower doors, shelving and mirrors46,735 7 %35,411 7 %124,339 6 %101,830 7 %
Garage doors45,224 6 %26,951 5 %123,715 6 %77,434 5 %
Waterproofing31,088 4 %34,514 7 %95,306 5 %98,726 7 %
Rain gutters31,065 4 %21,807 4 %83,334 4 %62,270 4 %
Fireproofing/firestopping17,159 3 %17,684 3 %49,247 3 %43,155 3 %
Window blinds16,585 2 %13,197 3 %45,058 2 %37,398 3 %
Other building products55,969 8 %35,844 7 %147,910 7 %92,936 7 %
Net revenue, Installation$672,916 94 %$504,161 99 %$1,872,544 94 %$1,419,302 99 %
Other (1)
46,198 6 %5,602 1 %110,811 6 %15,625 1 %
Net revenue, as reported$719,114 100 %$509,763 100 %$1,983,355 100 %$1,434,927 100 %
(1) Net revenue for manufacturing operations are included in the Other category for all periods presented to conform with our change in composition of operating segments.
Contract Assets and Liabilities
Our contract assets consist of unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized, based on costs incurred, exceeds the amount billed to the customer. Our contract assets are recorded in other current assets in our Condensed Consolidated Balance Sheets. Our contract liabilities consist of customer deposits and billings in excess of revenue recognized, based on costs incurred and are included in other current liabilities in our Condensed Consolidated Balance Sheets.
Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in thousands):
 September 30, 2022December 31, 2021
Contract assets$37,956 $32,679 
Contract liabilities(18,364)(14,153)

8

INSTALLED BUILDING PRODUCTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Uncompleted contracts were as follows (in thousands):
 September 30, 2022December 31, 2021
Costs incurred on uncompleted contracts$246,867 $206,050 
Estimated earnings108,241 106,163 
Total355,108 312,213 
Less: Billings to date324,130 285,978 
Net under billings$30,978 $26,235 
Net under billings were as follows (in thousands):
 September 30, 2022December 31, 2021
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$37,956 $32,679 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(6,978)