☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock | IBP | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
1 | ||||
25 | ||||
37 | ||||
38 | ||||
38 | ||||
38 | ||||
38 | ||||
40 | ||||
40 | ||||
40 | ||||
40 | ||||
41 | ||||
42 |
September 30, | December 31, | March 31, | December 31, | |||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 234,950 | $ | 90,442 | $ | 187,187 | $ | 177,889 | ||||||||
Investments | 4,980 | 10,060 | 26,487 | 37,961 | ||||||||||||
Accounts receivable (less allowance for doubtful accounts of $6,712 and $5,085 at September 30, 2019 and December 31, 2018, respectively) | 242,065 | 214,121 | ||||||||||||||
Accounts receivable (less allowance for credit losses of $9,029 and $6,878 at March 31, 2020 and December 31, 2019, respectively) | 245,469 | 244,519 | ||||||||||||||
Inventories | 63,547 | 61,162 | 73,569 | 74,606 | ||||||||||||
Other current assets | 32,955 | 35,760 | 37,024 | 46,974 | ||||||||||||
Total current assets | 578,497 | 411,545 | 569,736 | 581,949 | ||||||||||||
Property and equipment, net | 102,148 | 90,117 | 106,262 | 106,410 | ||||||||||||
Operating lease right-of-use assets | 42,553 | — | 47,134 | 45,691 | ||||||||||||
Goodwill | 184,574 | 173,049 | 198,664 | 195,652 | ||||||||||||
Intangibles, net | 144,321 | 149,790 | 151,426 | 153,562 | ||||||||||||
Other non-current assets | 11,589 | 10,157 | 13,842 | 16,215 | ||||||||||||
Total assets | $ | 1,063,682 | $ | 834,658 | $ | 1,087,064 | $ | 1,099,479 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Current maturities of long-term debt | $ | 22,734 | $ | 22,642 | $ | 24,241 | $ | 24,164 | ||||||||
Current maturities of operating lease obligations | 15,032 | — | 15,889 | 15,459 | ||||||||||||
Current maturities of finance lease obligations | 3,133 | 4,806 | 2,438 | 2,747 | ||||||||||||
Accounts payable | 100,181 | 96,949 | 90,708 | 98,871 | ||||||||||||
Accrued compensation | 32,793 | 27,923 | 32,264 | 33,636 | ||||||||||||
Other current liabilities | 41,576 | 29,366 | 36,025 | 39,272 | ||||||||||||
Total current liabilitie s | 215,449 | 181,686 | ||||||||||||||
Total current liabilities | 201,565 | 214,149 | ||||||||||||||
Long-term debt | 542,510 | 432,182 | 545,552 | 545,031 | ||||||||||||
Operating lease obligations | 27,129 | — | 30,741 | 29,785 | ||||||||||||
Finance lease obligations | 3,682 | 3,824 | 3,412 | 3,597 | ||||||||||||
Deferred income taxes | 3,833 | 6,695 | 6,759 | 9,175 | ||||||||||||
Other long-term liabilities | 43,565 | 27,773 | 53,238 | 47,711 | ||||||||||||
Total liabilities | 836,168 | 652,160 | 841,267 | 849,448 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Commitments and contingencies (Note 15) | ||||||||||||||||
Stockholders’ equity | ||||||||||||||||
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | — | — | ||||||||||||||
Common stock; $0.01 par value: 100,000,000 authorized, 32,871,504 and 32,723,972 issued and 30,016,749 and 29,915,611 shares outstanding at September 30, 2019 and December 31, 2018, respectively | 329 | 327 | ||||||||||||||
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at March 31 2020 and December 31, 2019, respectively | — | — | ||||||||||||||
Common stock; $0.01 par value: 100,000,000 authorized, 32,961,777 and 32,871,504 issued and 29,662,312 and 30,016,340 shares outstanding at March 31, 2020 and December 31, 2019, respectively | 330 | 329 | ||||||||||||||
Additional paid in capital | 188,216 | 181,815 | 192,564 | 190,230 | ||||||||||||
Retained earnings | 154,177 | 105,212 | 188,169 | 173,371 | ||||||||||||
Treasury stock; at cost: 2,854,755 and 2,808,361 shares at September 30, 2019 and December 31, 2018, respectively | (106,756 | ) | (104,425 | ) | ||||||||||||
Treasury stock; at cost: 3,299,465 and 2,855,164 shares at March 31, 2020 and December 31, 2019, respectively | (122,515 | ) | (106,756 | ) | ||||||||||||
Accumulated other comprehensive loss | (8,452 | ) | (431 | ) | (12,751 | ) | (7,143 | ) | ||||||||
Total stockholders’ equity | 227,514 | 182,498 | 245,797 | 250,031 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,063,682 | $ | 834,658 | $ | 1,087,064 | $ | 1,099,479 | ||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Net revenue | $ | 396,449 | $ | 348,999 | $ | 1,110,398 | $ | 983,311 | $ | 397,331 | $ | 342,135 | ||||||||||||
Cost of sales | 278,362 | 251,665 | 795,616 | 710,358 | 281,071 | 252,697 | ||||||||||||||||||
Gross profit | 118,087 | 97,334 | 314,782 | 272,953 | 116,260 | 89,438 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Selling | 19,398 | 17,434 | 54,431 | 49,300 | 20,355 | 17,130 | ||||||||||||||||||
Administrative | 55,098 | 48,337 | 156,022 | 137,511 | 60,195 | 48,431 | ||||||||||||||||||
Amortization | 6,156 | 5,228 | 18,065 | 19,678 | 6,680 | 5,888 | ||||||||||||||||||
Operating income | 37,435 | 26,335 | 86,264 | 66,464 | 29,030 | 17,989 | ||||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net | 8,458 | 5,282 | 19,783 | 15,013 | 7,358 | 5,676 | ||||||||||||||||||
Other | 155 | 132 | 381 | 417 | — | 125 | ||||||||||||||||||
Income before income taxes | 28,822 | 20,921 | 66,100 | 51,034 | 21,672 | 12,188 | ||||||||||||||||||
Income tax provision | 7,610 | 5,358 | 17,135 | 12,762 | 5,684 | 3,354 | ||||||||||||||||||
Net income | $ | 21,212 | $ | 15,563 | $ | 48,965 | $ | 38,272 | $ | 15,988 | $ | 8,834 | ||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Unrealized (loss) gain on cash flow hedge, net of tax benefit (provision) of $575 and ($278) for the three months ended September 30, 2019 and 2018, respectively, and $2,676 and ($822) for the nine months ended September 30, 2019 and 2018, respectively | (1,726 | ) | 818 | (8,021 | ) | 2,453 | ||||||||||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||||||
Unrealized loss on cash flow hedge, net of tax benefit of $1,939 and $921 for the three months ended March 31, 2020 and 2019, respectively | (5,608 | ) | (2,749 | ) | ||||||||||||||||||||
Comprehensive income | $ | 19,486 | $ | 16,381 | $ | 40,944 | $ | 40,725 | $ | 10,380 | $ | 6,085 | ||||||||||||
Basic net income per share | $ | 0.71 | $ | 0.50 | $ | 1.65 | $ | 1.22 | $ | 0.54 | $ | 0.30 | ||||||||||||
Diluted net income per share | $ | 0.71 | $ | 0.50 | $ | 1.64 | $ | 1.21 | $ | 0.53 | $ | 0.30 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||
Basic | 29,785,548 | 31,229,086 | 29,741,555 | 31,373,871 | 29,722,444 | 29,679,884 | ||||||||||||||||||
Diluted | 29,877,056 | 31,312,756 | 29,839,873 | 31,512,104 | 29,930,954 | 29,806,653 |
Additional | Accumulated Other | |||||||||||||||||||||||||||||||
Common Stock | Paid In | Retained | Treasury Stock | Comprehensive | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Income | Equity | |||||||||||||||||||||||||
BALANCE - July 1, 2018 | 32,723,972 | $ | 327 | $ | 178,266 | $ | 73,919 | (1,117,623 | ) | $ | (39,703 | ) | $ | 2,254 | $ | 215,063 | ||||||||||||||||
Net income | 15,563 | 15,563 | ||||||||||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | (746 | ) | (746 | ) | ||||||||||||||||||||||||||||
Issuance of common stock awards to employees | — | |||||||||||||||||||||||||||||||
Surrender of common stock awards by employees | (681 | ) | — | |||||||||||||||||||||||||||||
Share-based compensation expense | 1,765 | 1,765 | ||||||||||||||||||||||||||||||
Share-based compensation issued to directors | 75 | 75 | ||||||||||||||||||||||||||||||
Common stock repurchase | (380,694 | ) | (18,187 | ) | (18,187 | ) | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | 818 | 818 | ||||||||||||||||||||||||||||||
BALANCE - September 30, 2018 | 32,723,972 | $ | 327 | $ | 180,106 | $ | 88,736 | (1,498,998 | ) | $ | (57,890 | ) | $ | 3,072 | $ | 214,351 | ||||||||||||||||
Additional | Accumulated Other | |||||||||||||||||||||||||||||||
Common Stock | Paid In | Retained | Treasury Stock | Comprehensive | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Loss | Equity | |||||||||||||||||||||||||
BALANCE - July 1, 2019 | 32,871,504 | $ | 329 | $ | 186,182 | $ | 132,965 | (2,854,496 | ) | $ | (106,748 | ) | $ | (6,726 | ) | $ | 206,002 | |||||||||||||||
Net income | 21,212 | 21,212 | ||||||||||||||||||||||||||||||
Issuance of common stock awards to employees | — | |||||||||||||||||||||||||||||||
Surrender of common stock awards by employees | (259 | ) | (8 | ) | (8 | ) | ||||||||||||||||||||||||||
Share-based compensation expense | 1,933 | 1,933 | ||||||||||||||||||||||||||||||
Share-based compensation issued to directors | 101 | 101 | ||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (1,726 | ) | (1,726 | ) | ||||||||||||||||||||||||||||
BALANCE - September 30, 2019 | 32,871,504 | $ | 329 | $ | 188,216 | $ | 154,177 | (2,854,755 | ) | $ | (106,756 | ) | $ | (8,452 | ) | $ | 227,514 | |||||||||||||||
Common Stock | Additional Paid In | Retained | Treasury Stock | Accumulated Other Comprehensive | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Loss | Equity | |||||||||||||||||||||||||
BALANCE - January 1, 2019 | 32,723,972 | $ | 327 | $ | 181,815 | $ | 105,212 | (2,808,361 | ) | $ | (104,425 | ) | $ | (431 | ) | $ | 182,498 | |||||||||||||||
Net income | 8,834 | 8,834 | ||||||||||||||||||||||||||||||
Issuance of common stock awards to employees | 56,995 | 1 | (1 | ) | — | |||||||||||||||||||||||||||
Surrender of common stock awards | (643 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||||||
Share-based compensation expense | 2,022 | 2,022 | ||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (2,749 | ) | (2,749 | ) | ||||||||||||||||||||||||||||
BALANCE - March 31, 2019 | 32,780,967 | $ | 328 | $ | 183,836 | $ | 114,046 | (2,809,004 | ) | $ | (104,429 | ) | $ | (3,180 | ) | $ | 190,601 | |||||||||||||||
Common Stock | Additional Paid In | Retained | Treasury Stock | Accumulated Other Comprehensive | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Loss | Equity | |||||||||||||||||||||||||
BALANCE - January 1, 2020 | 32,871,504 | $ | 329 | $ | 190,230 | $ | 173,371 | (2,855,164 | ) | $ | (106,756 | ) | $ | (7,143 | ) | $ | 250,031 | |||||||||||||||
Net income | 15,988 | 15,988 | ||||||||||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | (1,190 | ) | (1,190 | ) | ||||||||||||||||||||||||||||
Issuance of common stock awards to employees | 89,957 | 1 | (1 | ) | — | |||||||||||||||||||||||||||
Surrender of common stock awards | (1,759 | ) | — | — | ||||||||||||||||||||||||||||
Share-based compensation expense | 2,302 | 2,302 | ||||||||||||||||||||||||||||||
Share-based compensation issued to directors | 316 | 33 | 33 | |||||||||||||||||||||||||||||
Common stock repurchase | (442,542 | ) | (15,759 | ) | (15,759 | ) | ||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (5,608 | ) | (5,608 | ) | ||||||||||||||||||||||||||||
BALANCE - March 31, 2020 | 32,961,777 | $ | 330 | $ | 192,564 | $ | 188,169 | (3,299,465 | ) | $ | (122,515 | ) | $ | (12,751 | ) | $ | 245,797 | |||||||||||||||
Additional | Accumulated Other | |||||||||||||||||||||||||||||||
Common Stock | Paid In | Retained | Treasury Stock | Comprehensive | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Income | Equity | |||||||||||||||||||||||||
BALANCE - January 1, 2018 | 32,524,934 | $ | 325 | $ | 174,043 | $ | 48,434 | (662,788 | ) | $ | (12,781 | ) | $ | 507 | $ | 210,528 | ||||||||||||||||
Net income | 38,272 | 38,272 | ||||||||||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | 2,030 | 112 | 2,142 | |||||||||||||||||||||||||||||
Issuance of common stock awards to employees | 194,093 | 2 | (2 | ) | — | |||||||||||||||||||||||||||
Surrender of common stock awards by employees | (42,799 | ) | (2,282 | ) | (2,282 | ) | ||||||||||||||||||||||||||
Share-based compensation expense | 5,965 | 5,965 | ||||||||||||||||||||||||||||||
Share-based compensation issued to directors | 4,945 | 100 | 100 | |||||||||||||||||||||||||||||
Common stock repurchase | (793,411 | ) | (42,827 | ) | (42,827 | ) | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | 2,453 | 2,453 | ||||||||||||||||||||||||||||||
BALANCE - September 30, 2018 | 32,723,972 | $ | 327 | $ | 180,106 | $ | 88,736 | (1,498,998 | ) | $ | (57,890 | ) | $ | 3,072 | $ | 214,351 | ||||||||||||||||
Additional | Accumulated Other | |||||||||||||||||||||||||||||||
Common Stock | Paid In | Retained | Treasury Stock | Comprehensive | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Loss | Equity | |||||||||||||||||||||||||
BALANCE - January 1, 2019 | 32,723,972 | $ | 327 | $ | 181,815 | $ | 105,212 | (2,808,361 | ) | $ | (104,425 | ) | $ | (431 | ) | $ | 182,498 | |||||||||||||||
Net income | 48,965 | 48,965 | ||||||||||||||||||||||||||||||
Issuance of common stock awards to employees | 139,862 | 2 | (2 | ) | — | |||||||||||||||||||||||||||
Surrender of common stock awards by employees | (46,394 | ) | (2,331 | ) | (2,331 | ) | ||||||||||||||||||||||||||
Share-based compensation expense | 6,144 | 6,144 | ||||||||||||||||||||||||||||||
Share-based compensation issued to directors | 7,670 | 259 | 259 | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (8,021 | ) | (8,021 | ) | ||||||||||||||||||||||||||||
BALANCE - September 30, 2019 | 32,871,504 | $ | 329 | $ | 188,216 | $ | 154,177 | (2,854,755 | ) | $ | (106,756 | ) | $ | (8,452 | ) | $ | 227,514 | |||||||||||||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 15,988 | $ | 8,834 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization of property and equipment | 10,374 | 9,111 | ||||||
Amortization of operating lease right-of-use assets | 4,207 | 3,798 | ||||||
Amortization of intangibles | 6,680 | 5,888 | ||||||
Amortization of deferred financing costs and debt discount | 325 | 282 | ||||||
Provision for credit losses | 1,298 | 828 | ||||||
Gain on sale of property and equipment | (35 | ) | (19 | ) | ||||
Noncash stock compensation | 2,681 | 2,022 | ||||||
Changes in assets and liabilities, excluding effects of acquisitions | ||||||||
Accounts receivable | (1,000 | ) | (3,704 | ) | ||||
Inventories | 1,411 | 799 | ||||||
Other assets | 6,933 | (1,048 | ) | |||||
Accounts payable | (8,308 | ) | (7,807 | ) | ||||
Income taxes receivable/payable | 5,649 | 2,746 | ||||||
Other liabilities | (10,291 | ) | (5,841 | ) | ||||
Net cash provided by operating activities | 35,912 | 15,889 | ||||||
Cash flows from investing activities | ||||||||
Purchases of investments | (776 | ) | (7,482 | ) | ||||
Maturities of short term investments | 12,275 | 7,530 | ||||||
Purchases of property and equipment | (9,919 | ) | (8,658 | ) | ||||
Acquisitions of businesses | (8,501 | ) | (5,125 | ) | ||||
Proceeds from sale of property and equipment | 162 | 196 | ||||||
Other | (1,340 | ) | (420 | ) | ||||
Net cash used in investing activities | (8,099 | ) | (13,959 | ) | ||||
Cash flows from financing activities | ||||||||
Payments on term loan | — | (1,000 | ) | |||||
Proceeds from vehicle and equipment notes payable | 7,094 | 4,908 | ||||||
Debt issuance costs | (22 | ) | — | |||||
Principal payments on long-term debt | (6,711 | ) | (3,946 | ) | ||||
Principal payments on finance lease obligations | (738 | ) | (1,366 | ) | ||||
Acquisition-related obligations | (2,378 | ) | (2,818 | ) | ||||
Repurchase of common stock | (15,759 | ) | — | |||||
Surrender of common stock awards by employees | — | (4 | ) | |||||
Net cash used in financing activities | (18,514 | ) | (4,226 | ) | ||||
Net change in cash and cash equivalents | 9,299 | (2,296 | ) | |||||
Cash and cash equivalents at beginning of period | 177,889 | 90,442 | ||||||
Cash and cash equivalents at end of period | $ | 187,188 | $ | 88,146 | ||||
Supplemental disclosures of cash flow information | ||||||||
Net cash paid during the period for: | ||||||||
Interest | $ | 9,798 | $ | 5,816 | ||||
Income taxes, net of refunds | 37 | 737 | ||||||
Supplemental disclosure of noncash activities | ||||||||
Right-of-use assets obtained in exchange for operating lease obligations | 5,612 | 3,851 | ||||||
Property and equipment obtained in exchange for finance lease obligations | 343 | 1,108 | ||||||
Seller obligations in connection with acquisition of businesses | 2,570 | 1,380 | ||||||
Unpaid purchases of property and equipment included in accounts payable | 1,346 | 1,503 |
Nine months ended September 30, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 48,965 | $ | 38,272 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization of property and equipment | 28,575 | 24,567 | ||||||
Amortization of operating lease right-of-use assets | 11,597 | — | ||||||
Amortization of intangibles | 18,065 | 19,678 | ||||||
Amortization of deferred financing costs and debt discount | 845 | 883 | ||||||
Provision for doubtful accounts | 3,173 | 2,219 | ||||||
Write-off of debt issuance costs | 2,774 | 1,164 | ||||||
Gain on sale of property and equipment | (69 | ) | (551 | ) | ||||
Noncash stock compensation | 6,442 | 6,089 | ||||||
Changes in assets and liabilities, excluding effects of acquisitions | ||||||||
Accounts receivable | (29,144 | ) | (35,953 | ) | ||||
Inventories | (852 | ) | (6,799 | ) | ||||
Other assets | (4,845 | ) | (801 | ) | ||||
Accounts payable | 2,535 | 7,523 | ||||||
Income taxes receivable/payable | 13,487 | 10,542 | ||||||
Other liabilities | 4,969 | 2,016 | ||||||
Net cash provided by operating activities | 106,517 | 68,849 | ||||||
Cash flows from investing activities | ||||||||
Purchases of investments | (17,352 | ) | (22,818 | ) | ||||
Maturities of short term investments | 22,560 | 37,500 | ||||||
Purchases of property and equipment | (37,267 | ) | (27,051 | ) | ||||
Acquisitions of businesses | (24,740 | ) | (34,682 | ) | ||||
Proceeds from sale of property and equipment | 563 | 1,106 | ||||||
Other | (1,795 | ) | (1,590 | ) | ||||
Net cash used in investing activities | (58,031 | ) | (47,535 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from senior notes (Note 6) | 300,000 | — | ||||||
Proceeds from term loan (Note 6) | — | 100,000 | ||||||
Payments on term loan (Note 6) | (195,750 | ) | (750 | ) | ||||
Proceeds from vehicle and equipment notes payable | 23,767 | 20,657 | ||||||
Debt issuance costs | (5,191 | ) | (1,992 | ) | ||||
Principal payments on long-term debt | (15,278 | ) | (10,324 | ) | ||||
Principal payments on finance lease obligations | (3,398 | ) | (4,316 | ) | ||||
Acquisition-related obligations | (5,797 | ) | (2,901 | ) | ||||
Repurchase of common stock | — | (42,827 | ) | |||||
Surrender of common stock awards by employees | (2,331 | ) | (2,282 | ) | ||||
Net cash provided by financing activities | 96,022 | 55,265 | ||||||
Net change in cash and cash equivalents | 144,508 | 76,579 | ||||||
Cash and cash equivalents at beginning of period | 90,442 | 62,510 | ||||||
Cash and cash equivalents at end of period | $ | 234,950 | $ | 139,089 | ||||
Supplemental disclosures of cash flow information | ||||||||
Net cash paid during the period for: | ||||||||
Interest | $ | 17,746 | $ | 14,110 | ||||
Income taxes, net of refunds | 3,790 | 1,902 | ||||||
Supplemental disclosure of noncash activities | ||||||||
Right-of-use assets obtained in exchange for operating lease obligations | 11,593 | — | ||||||
Termination of operating lease obligations and right-of-use assets | (2,814 | ) | — | |||||
Property and equipment obtained in exchange for finance lease obligations | 2,175 | 1,034 | ||||||
Seller obligations in connection with acquisition of businesses | 4,322 | 5,420 | ||||||
Unpaid purchases of property and equipment included in accounts payable | 1,527 | 615 |
Standard | ||||
2016-13, Financial Instruments—Credit Losses (Topic 326) | January 1, 2020 | other significant matters | ||||
This pronouncement and subsequently-issued amendments change the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In addition, these amendments require the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. |
ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment | January 1, 2020 | This ASU addresses concerns over the cost and complexity of the two-step goodwill impairment test one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. | ||||||
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement | January 1, 2020 | This pronouncement amends Topic 820 to eliminate, add and modify certain disclosure requirements for fair value measurements. The adoption of this standard did not impact our financial statements or have a material effect on our disclosures. | ||||||
ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) | Effective upon issuance | This pronouncement contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The provisions of ASC 848 must be applied at a Topic, Subtopic or Industry Subtopic for all transactions other than derivatives, which may be applied at a hedging relationship level. The relief granted in ASC 848 is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. We elected the practical expedient to continue to assert probability of hedged interest under our interest rate swap agreements, regardless of any expected future modification in terms related to reference rate reform. |
Standard | Description | Effective Date | Effect on the financial statements or other significant matters | |||
ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes | This pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and improves the consistent application of GAAP by clarifying and amending existing guidance. | Annual periods beginning after December 15, | We are currently |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
Residential new construction | $ | 297,003 | 75 | % | $ | 268,254 | 77 | % | $ | 840,806 | 76 | % | $ | 755,800 | 77 | % | $ | 298,340 | 75 | % | $ | 261,310 | 77 | % | ||||||||||||||||||||||||
Repair and remodel | 25,029 | 6 | % | 23,107 | 7 | % | 71,254 | 6 | % | 65,453 | 7 | % | 24,043 | 6 | % | 21,521 | 6 | % | ||||||||||||||||||||||||||||||
Commercial | 74,417 | 19 | % | 57,638 | 16 | % | 198,338 | 18 | % | 162,058 | 16 | % | 74,948 | 19 | % | 59,304 | 17 | % | ||||||||||||||||||||||||||||||
Net revenues | $ | 396,449 | 100 | % | $ | 348,999 | 100 | % | $ | 1,110,398 | 100 | % | $ | 983,311 | 100 | % | $ | 397,331 | 100 | % | $ | 342,135 | 100 | % | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||
Insulation | $ | 253,311 | 64 | % | $ | 225,503 | 65 | % | $ | 710,005 | 64 | % | $ | 646,270 | 66 | % | ||||||||||||||||
Waterproofing | 32,781 | 8 | % | 25,980 | 7 | % | 84,024 | 8 | % | 73,477 | 7 | % | ||||||||||||||||||||
Shower doors, shelving and mirrors | 27,011 | 7 | % | 23,190 | 7 | % | 77,828 | 7 | % | 66,222 | 7 | % | ||||||||||||||||||||
Garage doors | 22,336 | 6 | % | 21,781 | 6 | % | 65,790 | 6 | % | 56,574 | 6 | % | ||||||||||||||||||||
Rain gutters | 13,366 | 3 | % | 12,163 | 4 | % | 37,561 | 3 | % | 31,429 | 3 | % | ||||||||||||||||||||
Window blinds | 10,615 | 3 | % | 7,811 | 2 | % | 30,780 | 3 | % | 21,196 | 2 | % | ||||||||||||||||||||
Other building products | 37,029 | 9 | % | 32,571 | 9 | % | 104,410 | 9 | % | 88,143 | 9 | % | ||||||||||||||||||||
Net revenues | $ | 396,449 | 100 | % | $ | 348,999 | 100 | % | $ | 1,110,398 | 100 | % | $ | 983,311 | 100 | % | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Insulation | $ | 259,701 | 65 | % | $ | 221,223 | 65 | % | ||||||||
Waterproofing | 28,505 | 7 | % | 22,385 | 7 | % | ||||||||||
Shower doors, shelving and mirrors | 27,015 | 7 | % | 23,917 | 7 | % | ||||||||||
Garage doors | 22,987 | 6 | % | 21,672 | 6 | % | ||||||||||
Rain gutters | 11,576 | 3 | % | 11,199 | 3 | % | ||||||||||
Window blinds | 10,931 | 3 | % | 9,384 | 3 | % | ||||||||||
Other building products | 36,616 | 9 | % | 32,355 | 9 | % | ||||||||||
Net revenues | $ | 397,331 | 100 | % | $ | 342,135 | 100 | % | ||||||||
September 30, | December 31, | |||||||||||||||
2019 | 2018 | March 31, 2020 | December 31, 2019 | |||||||||||||
Contract assets | $ | 22,278 | $ | 15,092 | $ | 22,954 | $ | 22,138 | ||||||||
Contract liabilities | (8,729 | ) | (7,468 | ) | (9,107 | ) | (8,888 | ) |
September 30, | December 31, | |||||||||||||||
2019 | 2018 | March 31, 2020 | December 31, 2019 | |||||||||||||
Costs incurred on uncompleted contracts | $ | 120,905 | $ | 114,826 | $ | 118,460 | $ | 110,818 | ||||||||
Estimated earnings | 64,436 | 58,952 | 64,714 | 61,185 | ||||||||||||
Total | 185,341 | 173,778 | 183,174 | 172,003 | ||||||||||||
Less: Billings to date | 168,587 | 163,112 | 166,092 | 155,599 | ||||||||||||
Net under billings | $ | 16,754 | $ | 10,666 | $ | 17,082 | $ | 16,404 | ||||||||
September 30, | December 31, | |||||||
2019 | 2018 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ | 22,278 | $ | 15,092 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (5,524 | ) | (4,426 | ) | ||||
Net under billings | $ | 16,754 | $ | 10,666 | ||||
March 31, 2020 | December 31, 2019 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ | 22,954 | $ | 22,138 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (5,872 | ) | (5,734 | ) | ||||
Net under billings | $ | 17,082 | $ | 16,404 | ||||
Balance as of January 1, 2020 | $ | 6,878 | ||
Cumulative effect of change in accounting principle | 1,600 | |||
Current period provision | 1,298 | |||
Recoveries collected and other | 204 | |||
Amounts written off | (951 | ) | ||
Balance as of March 31, 2020 | $ | 9,029 | ||
Goodwill (Gross) | Accumulated Impairment Losses | Goodwill (Net) | ||||||||||
January 1, 2020 | $ | 265,656 | $ | (70,004 | ) | $ | 195,652 | |||||
Business Combinations | 3,192 | — | 3,192 | �� | ||||||||
Other | (180 | ) | — | (180 | ) | |||||||
March 31, 2020 | $ | 268,668 | $ | (70,004 | ) | $ | 198,664 | |||||
Goodwill (Gross) | Accumulated Impairment Losses | Goodwill (Net) | ||||||||||
January 1, 2019 | $ | 243,053 | $ | (70,004 | ) | $ | 173,049 | |||||
Business Combinations | 11,332 | — | 11,332 | |||||||||
Other | 193 | — | 193 | |||||||||
September 30, 2019 | $ | 254,578 | $ | (70,004 | ) | $ | 184,574 | |||||
As of September 30, 2019 | As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | As of March 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||
Carrying | Accumulated | Book | Carrying | Accumulated | Book | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||||||||||||||||
Amortized intangibles: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 157,242 | $ | 64,884 | $ | 92,358 | $ | 148,635 | $ | 52,514 | $ | 96,121 | $ | 171,945 | $ | 74,061 | $ | 97,884 | $ | 169,334 | $ | 69,388 | $ | 99,946 | ||||||||||||||||||||||||
Covenants not-to-compete | 16,035 | 9,857 | 6,178 | 14,682 | 7,572 | 7,110 | 17,189 | 11,391 | 5,798 | 16,959 | 10,617 | 6,342 | ||||||||||||||||||||||||||||||||||||
Trademarks and trade names | 67,048 | 21,489 | 45,559 | 64,432 | 18,256 | 46,176 | ||||||||||||||||||||||||||||||||||||||||||
Trademarks and tradenames | 70,891 | 23,752 | 47,139 | 69,718 | 22,609 | 47,109 | ||||||||||||||||||||||||||||||||||||||||||
Backlog | 14,080 | 13,854 | 226 | 14,060 | 13,677 | 383 | 14,610 | 14,005 | 605 | 14,080 | 13,915 | 165 | ||||||||||||||||||||||||||||||||||||
$ | 254,405 | $ | 110,084 | $ | 144,321 | $ | 241,809 | $ | 92,019 | $ | $ | 274,635 | $ | 123,209 | $ | 151,426 | $ | 270,091 | $ | 116,529 | $ | 153,562 | ||||||||||||||||||||||||||
Remainder of 2019 | $ | 6,147 | ||
2020 | 23,867 | |||
2021 | 22,525 | |||
2022 | 21,604 | |||
2023 | 18,693 | |||
Thereafter | 51,485 |
Remainder of 2020 | $ | 19,737 | ||
2021 | 25,086 | |||
2022 | 23,930 | |||
2023 | 21,019 | |||
2024 | 17,504 | |||
Thereafter | 44,150 |
As of September 30, | As of December 31, | As of March 31, | As of December 31, | |||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Senior Notes due 2028, net of unamortized debt issuance costs of $4,989 and $0, respectively | $ | 295,011 | $ | — | ||||||||||||
Term loan, net of unamortized debt issuance costs of $2,164 and $4,834, respectively | 197,836 | 390,916 | ||||||||||||||
Vehicle and equipment notes, maturing through September 2024; payable in various monthly installments, including interest rates ranging from 2.5% to 4.8% | 69,430 | 60,391 | ||||||||||||||
Senior Notes due 2028, net of unamortized debt issuance costs of $4,678 and $4,823, respectively | $ | 295,322 | $ | 295,177 | ||||||||||||
Term loan, net of unamortized debt issuance costs of $1,592 and $1,662, respectively | 198,408 | 198,338 | ||||||||||||||
Vehicle and equipment notes, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 2.5% to 4.8% | 73,097 | 72,714 | ||||||||||||||
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% | 2,967 | 3,517 | 2,966 | 2,966 | ||||||||||||
565,244 | 454,824 | 569,793 | 569,195 | |||||||||||||
Less: current maturities | (22,734 | ) | (22,642 | ) | (24,241 | ) | (24,164 | ) | ||||||||
Long-term debt, less current maturities | $ | 542,510 | $ | 432,182 | $ | 545,552 | $ | 545,031 | ||||||||
Remainder of 2020 | $ | 18,719 | ||
2021 | 20,516 | |||
2022 | 16,714 | |||
2023 | 11,432 | |||
2024 | 5,645 | |||
Thereafter | 503,037 |
(in thousands) | Classification | As of September 30, 2019 | ||||
Assets | ||||||
Non-Current | ||||||
Operating | Operating lease right-of-use assets | $ | 42,553 | |||
Finance | Property and equipment, net | 7,691 | ||||
Total lease assets | $ | 50,244 | ||||
Liabilities | ||||||
Current | ||||||
Operating | Current maturities of operating lease obligations | $ | 15,032 | |||
Financing | Current maturities of finance lease obligations | 3,133 | ||||
Non-Current | ||||||
Operating | Operating lease obligations | 27,129 | ||||
Financing | Finance lease obligations | 3,682 | ||||
Total lease liabilities | $ | 48,976 | ||||
(in thousands) | Classification | As of March 31, 2020 | As of December 31, 2019 | |||||||
Assets | ||||||||||
Non-Current | ||||||||||
Operating | Operating lease right-of-use assets | $ | 47,134 | $ | 45,691 | |||||
Finance | Property and equipment, net | 6,602 | 7,148 | |||||||
Total lease assets | $ | 53,736 | $ | 52,839 | ||||||
Liabilities | ||||||||||
Current | ||||||||||
Operating | Current maturities of operating lease obligations | $ | 15,889 | $ | 15,459 | |||||
Financing | Current maturities of finance lease obligations | 2,438 | 2,747 | |||||||
Non-Current | ||||||||||
Operating | Operating lease obligations | 30,741 | 29,785 | |||||||
Financing | Finance lease obligations | 3,412 | 3,597 | |||||||
Total lease liabilities | $ | 52,480 | $ | 51,588 | ||||||
Weighted-average remaining lease | ||||||||
Operating leases | ||||||||
Finance leases | ||||||||
Weighted-average discount rate | ||||||||
Operating leases | % | |||||||
Finance leases | % |
Three months ended March 31, | ||||||||||||
(in thousands) | Classification | 2020 | 2019 | |||||||||
Operating lease cost (1) | Administrative | $ | 5,572 | $ | 4,987 | |||||||
Finance lease cost | ||||||||||||
Amortization of leased assets (2) | Cost of sales | 965 | 1,478 | |||||||||
Interest on finance lease obligations | Interest expense, net | 73 | 94 | |||||||||
Total lease costs | $ | 6,610 | $ | 6,559 | ||||||||
(in thousands) | Classification | Three months ended September 30, 2019 | Nine months ended September 30, 2019 | |||||||
Operating lease cost (1) | Administrative | $ | 5,225 | $ | 15,266 | |||||
Finance lease cost | ||||||||||
Amortization of leased assets (2) | Cost of sales | 1,144 | 3,955 | |||||||
Interest on finance lease obligations | Interest expense, net | 84 | 268 | |||||||
Total lease costs | $ | 6,453 | $ | 19,489 | ||||||
(1) | Includes variable lease costs of $0.6 million and $0.5 million, respectively, and short-term lease costs of $0.2 million for each of the three months ended March 31, 2020 and 2019 . |
(2) | Includes variable lease costs of $0.2 million and |
Three months ended March 31, | ||||||||||||||||
Three months ended September 30, 2019 | Nine months ended September 30, 2019 | 2020 | 2019 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||
Operating cash flows for operating leases | $ | 4,488 | $ | 13,009 | $ | 4,746 | $ | 4,233 | ||||||||
Operating cash flows for finance leases | 84 | 268 | 73 | 94 | ||||||||||||
Financing cash flows for finance leases | 917 | 3,398 | 738 | 1,366 |
Finance Leases | Operating Leases | Finance Leases | Operating Leases | |||||||||||||||||||||||||||||
Related Party | Other | Total Operating | Related Party | Other | Total Operating | |||||||||||||||||||||||||||
Remainder of 2019 | $ | 1,233 | $ | 260 | $ | 4,213 | $ | 4,473 | ||||||||||||||||||||||||
2020 | 2,854 | 1,055 | 14,490 | 15,545 | ||||||||||||||||||||||||||||
Remainder of 2020 | $ | 2,229 | $ | 819 | $ | 12,733 | $ | 13,552 | ||||||||||||||||||||||||
2021 | 1,845 | 910 | 9,947 | 10,857 | 2,048 | 946 | 13,089 | 14,035 | ||||||||||||||||||||||||
2022 | 911 | 836 | 5,708 | 6,544 | 1,113 | 869 | 7,968 | 8,837 | ||||||||||||||||||||||||
2023 | 532 | 415 | 3,386 | 3,801 | 748 | 415 | 4,561 | 4,976 | ||||||||||||||||||||||||
2024 | 334 | 425 | 2,815 | 3,240 | ||||||||||||||||||||||||||||
Thereafter | 131 | 823 | 4,304 | 5,127 | 11 | 398 | 6,617 | 7,015 | ||||||||||||||||||||||||
Total minimum lease payments | 7,506 | $ | 4,299 | $ | 42,048 | 46,347 | 6,483 | $ | 3,872 | $ | 47,783 | 51,655 | ||||||||||||||||||||
Less: Amounts representing executory costs | (195 | ) | — | (144 | ) | — | ||||||||||||||||||||||||||
Less: Amounts representing interest | (496 | ) | (4,186 | ) | (489 | ) | (5,025 | ) | ||||||||||||||||||||||||
Present value of future minimum lease payments | 6,815 | 42,161 | 5,850 | 46,630 | ||||||||||||||||||||||||||||
Less: Current obligation under leases | (3,133 | ) | (15,032 | ) | (2,438 | ) | (15,889 | ) | ||||||||||||||||||||||||
Long-term lease obligations | $ | 3,682 | $ | 27,129 | $ | 3,412 | $ | 30,741 | ||||||||||||||||||||||||
Capital Leases | Operating Leases | |||||||||||||||
Related Party | Other | Total Operating | ||||||||||||||
2019 | $ | 5,207 | $ | 1,159 | $ | 14,418 | $ | 15,577 | ||||||||
2020 | 2,253 | 1,184 | 11,293 | 12,477 | ||||||||||||
2021 | 1,339 | 1,058 | 7,014 | 8,072 | ||||||||||||
2022 | 452 | 972 | 4,335 | 5,307 | ||||||||||||
2023 | 93 | 51 | 2,613 | 2,664 | ||||||||||||
Thereafter | — | — | 4,695 | 4,695 | ||||||||||||
9,344 | $ | 4,424 | $ | 44,368 | $ | 48,792 | ||||||||||
Less: Amounts representing executory costs | (255 | ) | ||||||||||||||
Less: Amounts representing interest | (459 | ) | ||||||||||||||
Total obligation under capital leases | 8,630 | |||||||||||||||
Less: Current portion of capital leases | (4,806 | ) | ||||||||||||||
Long term capital lease obligation | $ | 3,824 | ||||||||||||||
As of September 30, 2019 | As of December 31, 2018 | As of March 31, 2020 | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 107,535 | $ | 107,535 | $ | — | $ | — | $ | 69,807 | $ | 69,807 | $ | — | $ | — | $ | 104,594 | $ | 104,594 | $ | — | $ | — | $ | 99,242 | $ | 99,242 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Derivative financial instruments | — | — | — | — | 1,765 | — | 1,765 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | $ | 107,535 | $ | 107,535 | $ | — | $ | — | $ | 71,572 | $ | 69,807 | $ | 1,765 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | $ | 11,207 | $ | — | $ | 11,207 | $ | — | $ | 2,275 | $ | — | $ | 2,275 | $ | — | $ | 16,993 | $ | — | $ | 16,993 | $ | — | $ | 9,446 | $ | — | $ | 9,446 | $ | — | ||||||||||||||||||||||||||||||||
Contingent consideration | 3,724 | — | — | 3,724 | 5,098 | — | — | 5,098 | 2,642 | — | — | 2,642 | 3,854 | — | — | 3,854 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | 14,931 | $ | — | $ | 11,207 | $ | 3,724 | $ | 7,373 | $ | — | $ | 2,275 | $ | 5,098 | $ | 19,635 | $ | — | $ | 16,993 | $ | 2,642 | $ | 13,300 | $ | — | $ | 9,446 | $ | 3,854 | ||||||||||||||||||||||||||||||||
Contingent consideration liability - January 1, 2019 | $ | 5,098 | ||||||
Contingent consideration liability - January 1, 2020 | $ | 3,854 | ||||||
Preliminary purchase price | 2,275 | 1,000 | ||||||
Fair value adjustments | (410 | ) | (200 | ) | ||||
Accretion in value | 434 | 121 | ||||||
Amounts paid to sellers | (371 | ) | (2,133 | ) | ||||
Amounts cancelled | (3,302 | ) | ||||||
Contingent consideration liability - September 30, 2019 | $ | 3,724 | ||||||
Contingent consideration liability - March 31, 2020 | $ | 2,642 | ||||||
As of September 30, 2019 | As of December 31, 2018 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Investments | $ | 4,980 | $ | 4,983 | $ | 10,060 | $ | 10,053 | ||||||||
Senior Notes (1) | 300,000 | 309,000 | — | — |
As of March 31, 2020 | As of December 31, 2019 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Investments | $ | 26,487 | $ | 26,431 | $ | 37,961 | $ | 37,958 | ||||||||
Senior Notes (1) | 300,000 | 286,866 | 300,000 | 321,114 |
(1) | Excludes the impact of unamortized debt issuance costs. |
March 31, 2020 | December 31, 2019 | |||||||
Included in other current liabilities | $ | 6,063 | $ | 6,777 | ||||
Included in other long-term liabilities | 12,165 | 10,874 | ||||||
$ | 18,228 | $ | 17,651 | |||||
September 30, 2019 | December 31, 2018 | |||||||
Included in other current liabilities | $ | 5,768 | $ | 5,795 | ||||
Included in other long-term liabilities | 11,813 | 9,447 | ||||||
$ | 17,581 | $ | 15,242 | |||||
September 30, 2019 | December 31, 2018 | |||||||
Included in other non-current assets | $ | 1,819 | $ | 1,888 |
March 31, 2020 | December 31, 2019 | |||||||
Included in other non-current assets | $ | 1,955 | $ | 2,098 |
Common Stock Awards | Performance-Based Stock Awards | Performance-Based RestrictedStock Units | ||||||||||||||||||||||
Awards | Weighted Average Grant Dat Faire Value Share | Awards | Weighted Average Grant Dat Faire Value Share | Units | Weighted Average Grant Dat Faire Value Share | |||||||||||||||||||
Nonvested awards/units at December 31, 2018 | 173,189 | $ | 47.40 | 115,698 | $ | 52.25 | 13,248 | $ | 56.05 | |||||||||||||||
Granted | 88,529 | 50.94 | 82,692 | 45.65 | 13,933 | 51.62 | ||||||||||||||||||
Vested | (106,347 | ) | 42.27 | (31,404 | ) | 41.00 | (12,808 | ) | 56.05 | |||||||||||||||
Forfeited/Cancelled | (1,767 | ) | 52.25 | (6,697 | ) | 65.60 | (840 | ) | 53.94 | |||||||||||||||
Nonvested awards/units at September 30, 2019 | 153,604 | $ | 52.93 | 160,289 | $ | 50.49 | 13,533 | $ | 51.62 | |||||||||||||||
Common Stock Awards | Performance-Based Stock Awards | Performance-Based Restricted StockUnits | ||||||||||||||||||||||
Awards | Weighted Average Grant Date Fair Value Per Share | Awards | Weighted Average Grant Date Fair Value Per Share | Units | Weighted Average Grant Date Fair Value Per Share | |||||||||||||||||||
Nonvested awards/units at December 31, 2019 | 152,882 | $ | 52.93 | 160,289 | $ | 50.49 | 13,186 | $ | 51.62 | |||||||||||||||
Granted | 7,420 | 75.88 | 57,450 | 77.28 | — | — | ||||||||||||||||||
Vested | (568 | ) | 52.63 | — | — | — | — | |||||||||||||||||
Forfeited/Cancelled | (1,759 | ) | 52.25 | — | — | (92 | ) | 51.62 | ||||||||||||||||
Nonvested awards/units at March 31, 2020 | 157,975 | $ | 54.02 | 217,739 | $ | 57.53 | 13,094 | $ | 51.62 | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Cost of sales | $ | 97 | $ | 94 | $ | 280 | $ | 749 | $ | 96 | $ | 78 | ||||||||||||
Selling | 48 | 30 | 149 | 402 | 49 | 44 | ||||||||||||||||||
Administrative | 1,954 | 1,769 | 6,012 | 4,938 | 2,536 | 1,816 | ||||||||||||||||||
$ | 2,099 | $ | 1,893 | $ | 6,441 | $ | 6,089 | $ | 2,681 | $ | 1,938 | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Sales | $ | 3,736 | $ | 3,259 | $ | 9,658 | $ | 9,361 | $ | 3,282 | $ | 2,661 | ||||||||||||
Purchases | 469 | 372 | 1,327 | 1,207 | 607 | 388 | ||||||||||||||||||
Rent | 256 | 257 | 773 | 829 | 272 | 260 |
September 30, 2019 | December 31, 2018 | March 31, 2020 | December 31, 2019 | |||||||||||||
Included in other current liabilities | $ | 2,514 | $ | 1,848 | $ | 3,404 | $ | 3,538 | ||||||||
Included in other long-term liabilities | 12,511 | 6,608 | 16,912 | 18,184 | ||||||||||||
$ | 15,025 | $ | 8,456 | $ | 20,316 | $ | 21,722 | |||||||||
September 30, 2019 | December 31, 2018 | |||||||
Insurance receivable and indemnification asset for claims under a fully insured policy | $ | 2,484 | $ | 2,484 | ||||
Insurance receivable for claims that exceeded the stop loss limit | 2,738 | 53 | ||||||
non-current assets | $ | 5,222 | $ | 2,537 | ||||
March 31, 2020 | December 31, 2019 | |||||||
Insurance receivables and indemnification assets for claims under fully insured policies | $ | 6,910 | $ | 7,491 | ||||
Insurance receivables for claims that exceeded the stop loss limit | 297 | 2,321 | ||||||
Total insurance receivables and indemnification assets included in other non-current assets | $ | 7,207 | $ | 9,812 | ||||
Total Purchase Price | Three months ended September 30, 2019 | Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
2019 Acquisitions | Date | Acquisition Type | Cash Paid | Seller Obligations | Revenue | Net Income | Revenue | Net Income | ||||||||||||||||||||||||||||
1st State Insulation | 3/18/2019 | Asset | $ | 5,125 | $ | 1,355 | $ | 6,480 | $ | 3,156 | $ | 174 | $ | 6,586 | $ | 374 | ||||||||||||||||||||
Expert Insulation | 6/24/2019 | Asset | 16,165 | 1,993 | 18,158 | 3,147 | 193 | 3,339 | 160 | |||||||||||||||||||||||||||
Other | Various | Asset | 3,450 | 974 | 4,424 | 7,262 | 591 | 7,262 | 591 | |||||||||||||||||||||||||||
Total | $ | 24,740 | $ | 4,322 | $ | 29,062 | $ | 13,565 | $ | 958 | $ | 17,187 | $ | 1,125 | ||||||||||||||||||||||
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||
2020 Acquisitions | Date | Acquisition Type | Cash Paid | Seller Obligations | Total Purchase Price | Revenue | Net Loss | |||||||||||||||||||||
Royals | 2/29/2020 | Asset | $ | 7,590 | $ | 2,500 | $ | 10,090 | $ | 784 | $ | (87 | ) | |||||||||||||||
Other | 1/13/2020 | Asset | 911 | 70 | 981 | 226 | (21 | ) | ||||||||||||||||||||
$ | 8,501 | $ | 2,570 | $ | 11,071 | $ | 1,010 | $ | (108 | ) | ||||||||||||||||||
Total Purchase Price | Three months ended September 30, 2018 | Nine months ended September 30, 2018 | ||||||||||||||||||||||||||||||||||
2018 Acquisitions | Date | Acquisition Type | Cash Paid | Seller Obligations | Revenue | Net Income | Revenue | Net Income | ||||||||||||||||||||||||||||
CDG | 3/19/2018 | Asset | $ | 9,440 | $ | 1,973 | $ | 11,413 | $ | 3,848 | $ | 164 | $ | 7,572 | $ | 229 | ||||||||||||||||||||
Other | Various | Shares/Asset | 25,242 | 3,447 | 28,689 | 7,003 | 42 | 12,782 | 423 | |||||||||||||||||||||||||||
Total | $ | 34,682 | $ | 5,420 | $ | 40,102 | $ | 10,851 | $ | 206 | $ | 20,354 | $ | 652 | ||||||||||||||||||||||
Three months ended March 31, 2019 | ||||||||||||||||||||||||||||
2019 Acquisitions | Date | Acquisition Type | Cash Paid | Seller Obligations | Total Purchase Price | Revenue | Net Income | |||||||||||||||||||||
1st State Insulation | 3/18/2019 | Asset | $ | 5,125 | $ | 1,355 | $ | 6,480 | $ | 488 | $ | 23 | ||||||||||||||||
As of September 30, 2019 | As of September 30, 2018 | |||||||||||||||||||||||||||
1st State | Expert | Other | Total | CDG | Other | Total | ||||||||||||||||||||||
Estimated fair values: | ||||||||||||||||||||||||||||
Accounts receivable | $ | — | $ | 1,796 | $ | 254 | $ | 2,050 | $ | 1,731 | $ | 3,229 | $ | 4,960 | ||||||||||||||
Inventories | 291 | 723 | 338 | 1,352 | 514 | 1,027 | 1,541 | |||||||||||||||||||||
Other current assets | — | — | 3 | 3 | 28 | 879 | 907 | |||||||||||||||||||||
Property and equipment | 989 | 235 | 667 | 1,891 | 933 | 1,893 | 2,826 | |||||||||||||||||||||
Intangibles | 3,382 | 6,740 | 2,242 | 12,364 | 3,711 | 16,681 | 20,392 | |||||||||||||||||||||
Goodwill | 1,857 | 8,545 | 930 | 11,332 | 4,898 | 7,007 | 11,905 | |||||||||||||||||||||
Other non-current assets | — | 161 | 13 | 174 | 36 | 19 | 55 | |||||||||||||||||||||
Accounts payable and other current liabilities | (39 | ) | (42 | ) | (23 | ) | (104 | ) | (438 | ) | (2,046 | ) | (2,484 | ) | ||||||||||||||
Fair value of assets acquired and purchase price | 6,480 | 18,158 | 4,424 | 29,062 | 11,413 | 28,689 | 40,102 | |||||||||||||||||||||
Less seller obligations | 1,355 | 1,993 | 974 | 4,322 | 1,973 | 3,447 | 5,420 | |||||||||||||||||||||
Cash paid | $ | 5,125 | $ | 16,165 | $ | 3,450 | $ | 24,740 | $ | 9,440 | $ | 25,242 | $ | 34,682 | ||||||||||||||
As of March 31, 2020 | As of March 31, 2019 | |||||||||||||||
Royals | Other | Total | 1st State | |||||||||||||
Estimated fair values: | ||||||||||||||||
Accounts receivable | $ | 2,848 | $ | — | $ | 2,848 | $ | — | ||||||||
Inventories | 305 | 70 | 375 | 291 | ||||||||||||
Other current assets | 430 | 11 | 441 | — | ||||||||||||
Property and equipment | 627 | 119 | 746 | 989 | ||||||||||||
Intangibles | 3,930 | 582 | 4,512 | 3,382 | ||||||||||||
Goodwill | 2,986 | 206 | 3,192 | 1,857 | ||||||||||||
Other non-current assets | 58 | 8 | 66 | — | ||||||||||||
Accounts payable and other current liabilities | (1,059 | ) | (15 | ) | (1,074 | ) | (39 | ) | ||||||||
Deferred income tax liabilities | (35 | ) | — | (35 | ) | — | ||||||||||
Fair value of assets acquired and purchase price | 10,090 | 981 | 11,071 | 6,480 | ||||||||||||
Less seller obligations | 2,500 | 70 | 2,570 | 1,355 | ||||||||||||
Cash paid | $ | 7,590 | $ | 911 | $ | 8,501 | $ | 5,125 | ||||||||
For the nine months ended September 30, | For the three months ended March 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||
Acquired intangibles assets | Estimated Fair Value | Weighted Average Estimated Useful Life | Estimated Fair Value | Weighted Average Estimated Useful Life | Estimated Fair Value | Weighted Average Estimated Useful Life (yrs.) | Estimated Fair Value | Weighted Average Estimated Useful Life (yrs.) | ||||||||||||||||||||||||
Customer relationships | $ | 8,566 | 8 | $ | 14,480 | 8 | $ | 2,611 | 8 | $ | 2,100 | 8 | ||||||||||||||||||||
Trademarks and trade names | 2,615 | 15 | 3,920 | 14 | 1,145 | 15 | 999 | 15 | ||||||||||||||||||||||||
Non-competition agreements | 1,183 | 5 | 1,530 | 5 | 227 | 5 | 283 | 5 | ||||||||||||||||||||||||
Backlog | 460 | 2 | 529 | 2 | — | — |
Unaudited pro forma for the three months ended September 30, | Unaudited pro forma for the nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net revenue | $ | 397,839 | $ | 367,600 | $ | 1,123,820 | $ | 1,046,717 | ||||||||
Net income | 21,240 | 16,856 | 49,154 | 41,997 | ||||||||||||
Basic net income per share | 0.71 | 0.54 | 1.65 | 1.34 | ||||||||||||
Diluted net income per share | 0.71 | 0.54 | 1.65 | 1.33 |
Unaudited pro forma for the three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Net revenue | $ | 399,120 | $ | 359,209 | ||||
Net income | 16,125 | 9,578 | ||||||
Basic and diluted net income per share | 0.54 | 0.32 |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Period-over-period Growth | ||||||||
Sales Growth | 16.1 | % | 13.4 | % | ||||
Same Branch Sales Growth (1) | 12.1 | % | 7.4 | % | ||||
Single-Family Sales Growth (2) | 11.0 | % | 14.4 | % | ||||
Single-Family Same Branch Sales Growth (1)(2) | 5.9 | % | 6.5 | % | ||||
Residential Sales Growth (3) | 14.2 | % | 13.8 | % | ||||
Residential Same Branch Sales Growth (1)(3) | 9.7 | % | 7.0 | % | ||||
Same Branch Sales Growth | ||||||||
Volume Growth (1)(4) | -0.2 | % | 3.4 | % | ||||
Price/Mix Growth (1)(5) | 12.1 | % | 4.1 | % | ||||
Large Commercial Sales Growth (1) | 14.1 | % | 6.6 | % | ||||
U.S. Housing Market (6) | ||||||||
Total Completions Growth | -2.2 | % | 5.7 | % | ||||
Single-Family Completions Growth (2) | 2.4 | % | 4.2 | % |
(1) | Same-branch basis represents period-over-period growth for branch locations owned greater than 12 months as of each financial statement date. |
(2) | Calculated based on period-over-period growth in the single-family subset of the residential new construction end market. |
(3) | Calculated based on period-over-period growth in the residential new construction end market. |
(4) | Excludes the large commercial end market; calculated as period-over-period change in the number of completed same-branch residential new construction and repair and remodel jobs. |
(5) | Excludes the large commercial end market; defined as change in the mix of products sold and related pricing changes and calculated as the change in period-over-period average selling price per same-branch residential new construction and repair and remodel jobs multiplied by total current year jobs. The mix of end customer and product would have an impact on the year-over-year price per job. |
(6) | U.S. Census Bureau data, as revised. |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||||||||||||||
2019 | Change | 2018 | 2019 | Change | 2018 | 2020 | Change | 2019 | ||||||||||||||||||||||||||||
Net revenues | $ | 396,449 | 13.6 | % | $ | 348,999 | $ | 1,110,398 | 12.9 | % | $ | 983,311 | ||||||||||||||||||||||||
Net revenue | $ | 397,331 | 16.1 | % | $ | 342,135 | ||||||||||||||||||||||||||||||
Cost of sales | 278,362 | 10.6 | % | 251,665 | 795,616 | 12.0 | % | 710,358 | 281,071 | 11.2 | % | 252,697 | ||||||||||||||||||||||||
Gross profit | $ | 118,087 | 21.3 | % | $ | 97,334 | $ | 314,782 | 15.3 | % | $ | 272,953 | $ | 116,260 | 30.0 | % | $ | 89,438 | ||||||||||||||||||
Gross profit percentage | 29.8 | % | 27.9 | % | 28.3 | % | 27.8 | % | 29.3 | % | 26.1 | % |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||||||||||||||
2019 | Change | 2018 | 2019 | Change | 2018 | 2020 | Change | 2019 | ||||||||||||||||||||||||||||
Selling | $ | 19,398 | 11.3 | % | $ | 17,434 | $ | 54,431 | 10.4 | % | $ | 49,300 | $ | 20,355 | 18.8 | % | $ | 17,130 | ||||||||||||||||||
Percentage of total net revenue | 4.9 | % | 5.0 | % | 4.9 | % | 5.0 | % | 5.1 | % | 5.0 | % | ||||||||||||||||||||||||
Administrative | $ | 55,098 | 14.0 | % | $ | 48,337 | $ | 156,022 | 13.5 | % | $ | 137,511 | $ | 60,195 | 24.3 | % | $ | 48,431 | ||||||||||||||||||
Percentage of total net revenue | 13.9 | % | 13.9 | % | 14.1 | % | 14.0 | % | 15.1 | % | 14.2 | % | ||||||||||||||||||||||||
Amortization | $ | 6,156 | 17.8 | % | $ | 5,228 | $ | 18,065 | -8.2 | % | $ | 19,678 | $ | 6,680 | 13.5 | % | $ | 5,888 | ||||||||||||||||||
Percentage of total net revenue | 1.6 | % | 1.5 | % | 1.6 | % | 2.0 | % | 1.7 | % | 1.7 | % |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||||||||||||||
2019 | Change | 2018 | 2019 | Change | 2018 | 2020 | Change | 2019 | ||||||||||||||||||||||||||||
Interest expense, net | $ | 8,458 | 60.1 | % | $ | 5,282 | $ | 19,783 | 31.8 | % | $ | 15,013 | $ | 7,358 | 29.6 | % | $ | 5,676 | ||||||||||||||||||
Other | 155 | 17.4 | % | 132 | 381 | -8.6 | % | 417 | — | -100.0 | % | 125 | ||||||||||||||||||||||||
Total other expense | $ | 8,613 | 59.1 | % | $ | 5,414 | $ | 20,164 | 30.7 | % | $ | 15,430 | ||||||||||||||||||||||||
Total other expense, net | $ | 7,358 | 26.8 | % | $ | 5,801 | ||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Income tax provision | $ | 7,610 | $ | 5,358 | $ | 17,135 | $ | 12,762 | $ | 5,684 | $ | 3,354 | ||||||||||||
Effective tax rate | 26.4 | % | 25.6 | % | 25.9 | % | 25.0 | % | 26.2 | % | 27.5 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Unrealized (loss) gain on cash flow hedge, net of taxes | $ | (1,726 | ) | $ | 818 | $ | (8,021 | ) | $ | 2,453 |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Unrealized loss on cash flow hedge, net of taxes | $ | (5,608 | ) | $ | (2,749 | ) |
As of March 31, 2020 | As of December 31, 2019 | |||||||
Cash and cash equivalents | $ | 187,187 | $ | 177,889 | ||||
Short-term investments | 26,487 | 37,961 | ||||||
ABL Revolver | 200,000 | 200,000 | ||||||
Less: outstanding letters of credit and cash collateral | (38,672 | ) | (38,672 | ) | ||||
Total liquidity (1) | $ | 375,002 | $ | 377,178 | ||||
(1) | Total liquidity reflects full borrowing base capacity under our asset-based lending credit facility (as defined below) and may be limited by certain cash collateral limitations depending upon the status of our borrowing base availability. These potential deductions would lower our available cash and cash equivalents balance shown in the table above. As of March 31, 2020, total liquidity would be reduced by $25.1 million due to these cash collateral limitations. In addition, total liquidity is further reduced by $10.0 million within cash and cash equivalents above which was deposited into a trust to serve as additional collateral for our workers’ compensation and general liability policies. This amount can be converted to a letter of credit at our discretion and would reduce the availability on our asset-based lending credit facility (as defined below) included in the table above. |
As of September 30, 2019 | As of March 31, 2020 | |||||||
Performance bonds | $ | 52,264 | $ | 56,218 | ||||
Insurance letters of credit and cash-collateral (1) | 44,498 | |||||||
Insurance letters of credit and cash collateral | 49,712 | |||||||
Permit and license bonds | 6,964 | 7,460 | ||||||
Total bonds and letters of credit | $ | 103,726 | $ | 113,390 | ||||
As of September 30, 2019 | As of December 31, 2018 | |||||||
Cash and cash equivalents | $ | 234,950 | $ | 90,442 | ||||
Short-term investments | 4,980 | 10,060 | ||||||
ABL Revolver | 200,000 | 150,000 | ||||||
Less: outstanding letters of credit and cash-collateral (1) | (34,498 | ) | (28,887 | ) | ||||
Total liquidity (2) | $ | 405,432 | $ | 221,615 | ||||
Payments due by period | ||||||||||||||||||||||||||||
(in thousands) | Total | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||||||||||
Long-term debt obligations (1) | $ | 768,482 | $ | 9,821 | $ | 51,118 | $ | 45,329 | $ | 40,759 | $ | 34,864 | $ | 586,591 |
Standard | Adoption | |
ASU Financial Instruments—Credit Losses (Topic | This pronouncement and subsequently-issued amendments change the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In addition, these amendments require the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. See Note 4, Credit Losses, for further information. | |
ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment | This ASU two-step goodwill impairment test; this pronouncement removes the second step of the goodwill impairment test. Going forward, an entity will apply aone-step quantitative test and record the amount of | |
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement | This pronouncement amends Topic 820 to eliminate, add and modify certain disclosure requirements for fair value measurements. The adoption of this standard did not impact our financial statements or have a material effect on our disclosures. |
ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) | This pronouncement contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The provisions of ASC 848 must be applied at a Topic, Subtopic or Industry Subtopic for all transactions other than derivatives, which may be applied at a hedging relationship level. The relief granted in ASC 848 is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. We elected the practical expedient to continue to assert probability of hedged interest under our interest rate swap agreements, regardless of any expected future |
Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs (2) | |||||||||||||
July 1 - 31, 2019 | 124 | $ | 59.22 | — | — | |||||||||||
August 1 - 31, 2019 | — | — | — | — | ||||||||||||
September 1 - 30, 2019 | — | — | — | — | ||||||||||||
124 | $ | 59.22 | — | $ | 60.6 million | |||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs (1) | |||||||||||||
January 1 - 31, 2020 | — | $ | — | — | — | |||||||||||
February 1 - 29, 2020 | — | — | — | — | ||||||||||||
March 1 - 31, 2020 | 442,542 | 35.59 | 442,542 | $ | 44.9 million | |||||||||||
442,542 | $ | 35.59 | 442,542 | $ | 44.9 million | |||||||||||
(1) |
On February |
Exhibit Number | Description | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS** | Inline XBRL Instance Document | |||||||
101.SCH** | Inline XBRL Taxonomy Extension Schema Document | |||||||
101. CAL** | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101. LAB** | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101. PRE** | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101. DEF** | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104** | Cover Page Interactive Data File (formatted in Inline |
* | Filed herewith. |
** | Submitted electronically with the report. |
INSTALLED BUILDING PRODUCTS, INC. | ||
By: | /s/ Jeffrey W. Edwards | |
Jeffrey W. Edwards | ||
President and Chief Executive Officer | ||
By: | /s/ Michael T. Miller | |
Michael T. Miller | ||
Executive Vice President and Chief Financial Officer |