Builders FirstSource (BLDR) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	7-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	Builders FirstSource, Inc.
Entity Central Index Key	1316835
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		99,258,338

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Sales	$370,986	$345,909
Cost of sales	287,253	270,994
Gross margin	83,733	74,915
Selling, general and administrative expenses	82,838	69,318
Facility closure costs	254	163
Income from operations	641	5,434
Interest expense, net	7,607	8,828
Loss from continuing operations before income taxes	-6,966	-3,394
Income tax expense (benefit)	196	-82
Loss from continuing operations	-7,162	-3,312
Income (loss) from discontinued operations (net of income tax expense of $0 in 2015 and 2014)	92	-72
Net Loss	-7,070	-3,384
Comprehensive Loss	($7,070)	($3,384)
Basic net loss per share:
Loss from continuing operations	($0.07)	($0.03)
Income (loss) from discontinued operations	$0	$0
Net Loss	($0.07)	($0.03)
Diluted loss per share:
Loss from continuing operations	($0.07)	($0.03)
Income (loss) from discontinued operations	$0	$0
Net Loss	($0.07)	($0.03)
Weighted average common shares:
Basic	98,204	97,617
Diluted	98,624	97,617

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Income tax expense on Income (loss) from discontinued operations	$0	$0

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$36,837	$17,773
Accounts receivable, less allowance of $2,962 and $3,153 at March 31, 2015 and December 31, 2014, respectively	157,221	148,352
Inventories	146,824	138,156
Other current assets	24,215	27,259
Total current assets	365,097	331,540
Property, plant and equipment, net	84,734	75,679
Goodwill	141,090	139,774
Intangible assets, net	16,657	17,228
Other assets, net	17,878	18,844
Total assets	625,456	583,065
Current liabilities:
Accounts payable	90,737	75,868
Accrued liabilities	74,083	66,225
Current maturities of long-term debt	55,076	30,074
Total current liabilities	219,896	172,167
Long-term debt, net of current maturities	353,810	353,830
Other long-term liabilities	17,774	16,868
Total liabilities	591,480	542,865
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively
Common stock, $0.01 par value, 200,000 shares authorized; 98,537 and 98,226 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	985	982
Additional paid-in capital	380,934	380,091
Accumulated deficit	-347,943	-340,873
Total stockholders’ equity	33,976	40,200
Total liabilities and stockholders’ equity	$625,456	$583,065

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$2,962	$3,153
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	98,537,000	98,226,000
Common stock, shares outstanding	98,537,000	98,226,000

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($7,070)	($3,384)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,152	1,982
Amortization of deferred loan costs	616	585
Fair value adjustment of stock warrants	-167	1,197
Deferred income taxes	267	-48
Bad debt expense	-24	-36
Stock compensation expense	1,767	982
Net gain on sale of assets	-46	-1
Changes in assets and liabilities:
Receivables	-8,490	-4,531
Inventories	-7,573	-12,977
Other current assets	3,161	806
Other assets and liabilities	183	183
Accounts payable	14,868	21,622
Accrued liabilities	9,219	7,380
Net cash provided by operating activities	9,863	13,760
Cash flows from investing activities:
Purchases of property, plant and equipment	-9,124	-5,304
Proceeds from sale of property, plant and equipment	60	2
Cash used for acquisitions, net	-5,797
Net cash used in investing activities	-14,861	-5,302
Cash flows from financing activities:
Borrowings under revolving credit facility	25,000
Payments of long-term debt and other loans	-18	-16
Exercise of stock options	23	904
Repurchase of common stock	-943	-1,276
Net cash provided by (used in) financing activities	24,062	-388
Net change in cash and cash equivalents	19,064	8,070
Cash and cash equivalents at beginning of period	17,773	54,696
Cash and cash equivalents at end of period	$36,837	$62,766

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1.  Basis of Presentation
	Builders FirstSource, Inc., a Delaware corporation formed in 1998, is a leading supplier and manufacturer of structural and related building products for residential new construction in the United States. In this quarterly report, references to the “Company,” “we,” “our,” “ours” or “us” refer to Builders FirstSource, Inc. and its consolidated subsidiaries, unless otherwise stated or the context otherwise requires.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. All significant intercompany accounts and transactions have been eliminated in consolidation.
	The condensed consolidated balance sheet as of December 31, 2014 is derived from the audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. This condensed consolidated balance sheet as of December 31, 2014 and the unaudited condensed consolidated financial statements included herein should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 31, 2014 included in our most recent annual report on Form 10-K. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K.

Net_Loss_per_Common_Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Loss per Common Share	2. Net Loss per Common Share
	Net loss per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.
	Our restricted stock shares include rights to receive dividends that are not subject to the risk of forfeiture even if the underlying restricted stock shares on which the dividends were paid do not vest. In accordance with the Earnings per Share topic of the Codification, unvested share-based payment awards that contain non-forfeitable rights to dividends are deemed participating securities and should be considered in the calculation of basic EPS. Since the restricted stock shares do not include an obligation to share in losses, they will be included in our basic EPS calculation in periods of net income and excluded from our basic EPS calculation in periods of net loss. Accordingly, there were 27,000 and 82,000 restricted stock shares excluded from the computation of basic EPS for the three months ended March 31, 2015 and 2014, respectively, because we generated a net loss.
	For the purpose of computing diluted EPS, weighted average shares outstanding have been adjusted for common shares underlying 0.7 million warrants for the three months ended March 31, 2015. In addition, $0.2 million of income due to fair value adjustments related to the warrants was excluded from our net loss in the computation of diluted EPS for the three months ended March 31, 2015. Warrants to purchase 0.7 million shares of common stock were not included in the computation of diluted EPS for the three months ended March 31, 2014, because their effect was anti-dilutive. Options to purchase 6.4 million and 6.5 million shares of common stock were not included in the computation of diluted EPS for the three months ended March 31, 2015 and 2014, respectively, because their effect was anti-dilutive. 1.5 million restricted stock units (“RSUs”) were not included in the computation of diluted EPS for the three months ended March 31, 2015 because their effect was anti-dilutive. There were no outstanding RSUs during the three months ending March 31, 2014.
	The table below presents a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Weighted average shares for basic EPS		98,204		97,617
	Dilutive effect of warrants		420		−
	Weighted average shares for diluted EPS		98,624		97,617

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	3. Debt
	Long-term debt consisted of the following (in thousands):
		March 31,			December 31,
		2015			2014
	2021 notes	$	350,000		$	350,000
	2013 facility		55,000			30,000
	Other long-term debt		3,886			3,904
			408,886			383,904
	Less: current portion of long-term debt		55,076			30,074
	Long-term debt, net of current maturities	$	353,810		$	353,830
	2013 Facility Borrowings
	As of March 31, 2015, we have $55.0 million in borrowings outstanding under our $175.0 million senior secured revolving credit facility (“2013 facility”) at a weighted average interest rate of 2.0%. Amounts borrowed under our 2013 facility have been and will continue to be used to fund working capital needs and potential future acquisitions.
	Fair Value
	The only financial instrument measured at fair value on a recurring basis was our outstanding warrants.
	The table below presents the effect of our derivative financial instrument on the condensed consolidated statements of operations and comprehensive loss (in thousands):
	Derivative Not Designated		Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss)
	as Hedging Instrument			Recognized in Income
				Three Months Ended March 31,
				2015			2014
	Warrants		Interest expense, net	$	167		$	(1,197	)
	We use the income approach to value our warrants by using the Black-Scholes option-pricing model. Using this model, the risk-free interest rate is based on the U.S. Treasury yield curve in effect on the valuation date. The expected life is based on the period of time until the expiration of the warrants. Expected volatility is based on the historical volatility of our common stock over the most recent period equal to the expected life of the warrants. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future.
	These techniques incorporate Level 1 and Level 2 inputs. Significant inputs to the derivative valuation for the warrants are observable in the active markets and are classified as Level 2 in the hierarchy.
	The following fair value hierarchy table presents information about our financial instrument measured at fair value on a recurring basis using significant other observable inputs (Level 2) (in thousands):
		Carrying Value			Fair Value			Carrying Value		Fair Value
		As of			Measurement as of			As of		Measurement as of
		March  31,			March  31, 2015			December 31,		December 31, 2014
		2015						2014
	Warrants (included in Other long-term liabilities)	$	3,207		$	3,207		$	3,375	$	3,375
	We have elected to report the value of our 2021 Notes at amortized cost. The fair value of the 2021 Notes at March 31, 2015 was approximately $360.3 million and was determined using Level 2 inputs based on market prices.

Employee_StockBased_Compensati

Employee Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Stock-Based Compensation	4. Employee Stock-Based Compensation
	Stock Option Grant
	On February 11, 2015, our board of directors granted 142,000 stock options to employees under our 2014 Incentive Plan. All the awards vest at 25% per year at each anniversary of the grant date over four years. The exercise price for the options was $6.35 per share, which was the closing stock price on the grant date. The weighted average grant date fair value of the options was $4.20 and was determined using the Black-Scholes option-pricing model with the following weighted average assumptions:
	Expected life	6.0 years
	Expected volatility	75.20%
	Expected dividend yield	0.00%
	Risk-free rate	1.75%
	The expected life represents the period of time the options are expected to be outstanding. We used the simplified method for determining the expected life assumption due to limited historical exercise experience on our stock options. The expected volatility is based on the historical volatility of our common stock over the most recent period equal to the expected life of the option. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the expected life of the options.
	Restricted Stock Units Grant
	On February 11, 2015, our board of directors granted 142,000 RSUs to employees under our 2014 Incentive Plan. All of the awards vest at 25% per year at each anniversary of the grant date over the next four years. The grant date fair value for the restricted stock units was $6.35 per share, which was the closing stock price on the grant date.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes
	We have $391.8 million of state operating loss carry-forwards, which includes $2.6 million of state tax credit carry-forwards expiring at various dates through 2032. We also have $263.5 million of federal net operating loss carry-forwards that will expire at various dates through 2033. The federal and state operating loss carry-forwards exclude approximately $6.7 million of gross windfall tax benefits from stock option exercises that have not been recorded as of March 31, 2015. These deferred tax assets will be recorded as an increase to additional paid in capital when the related tax benefits are realized. To the extent we generate sufficient taxable income in the future to fully utilize the tax benefits of the net deferred tax assets on which a valuation allowance was recorded, our effective tax rate may decrease as the valuation allowance is reversed.
	Utilization of deferred tax assets could be limited by Section 382 of the Internal Revenue Code which imposes annual limitations on the utilization of net operating loss (“NOL”) carryforwards, other tax carryforwards, and certain built-in losses upon an ownership change as defined under that section. In general terms, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company’s stock by more than 50 percentage points over a three year testing period (“Section 382 Ownership Change”). If the Company were to experience a Section 382 Ownership Change, an annual limitation would be imposed on certain of the Company’s tax attributes, including NOL and capital loss carryforwards, and certain other losses, credits, deductions or tax basis.
	We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with the Income Taxes topic of the Codification we assess whether it is more likely than not that some or all of our deferred tax assets will not be realized. Significant judgment is required in estimating valuation allowances for deferred tax assets. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the applicable carryback or carryforward periods. We consider nature, frequency, and severity of current and cumulative losses, among other matters, the reversal of existing deferred tax liabilities, historical and forecasted taxable income, and tax planning strategies in our assessment. Changes in our estimates of future taxable income and tax planning strategies will affect our estimate of the realization of the tax benefits of these tax carryforwards.
	Poor housing market conditions have contributed to our cumulative loss position for the past several years. While we generated income in 2014, we reported a net loss for the three month period ended March 31, 2015 and have a cumulative loss for the three year period ending March 31, 2015. We believe this, as well as uncertainty around the extent and timing of the housing market recovery, represents significant negative evidence in considering whether our deferred tax assets are realizable. Further, we do not believe that relying on projections of future taxable income to support the recovery of deferred tax assets is sufficient.  Based on an evaluation of positive and negative evidence, we concluded that the negative evidence regarding our ability to realize our deferred tax assets outweighed the positive evidence as of March 31, 2015.
	We recorded increases to the valuation allowance of $3.1 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively, against the net deferred tax assets generated from the net operating loss during the period related to our continuing operations.
	Without continued improvement in housing activity, we could be required to establish additional valuation allowances. However, we had positive earnings before taxes in 2014. To the extent we continue to generate sufficient taxable income in the same jurisdictions in the future to utilize the tax benefits of the related net deferred tax assets, we may reverse some or all of the valuation allowance. We currently estimate that we will likely transition into a three year cumulative income position on a rolling three year period at some time during the year ending December 31, 2015. However, there continues to be uncertainty around housing market projections. Simply coming out of a cumulative loss is not viewed as a bright line and may not be considered sufficient positive evidence to reverse some or all of the valuation allowance if there are other offsetting negative factors. In upcoming quarters, we will closely monitor the positive and negative evidence surrounding our ability to realize our deferred tax assets. On April 13, 2015 we entered into a Securities Purchase Agreement to acquire all of the operating subsidiaries of ProBuild Holdings LLC. This valuation allowance analysis does not consider the ProBuild acquisition since it has not closed. For more information related to the ProBuild acquisition see Note 10.
	We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses.
	Accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on our consolidated results of operations or financial position.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies
	We are a party to various legal proceedings in the ordinary course of business. Although the ultimate disposition of these proceedings cannot be predicted with certainty, management believes the outcome of any claim that is pending or threatened, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future costs related to legal proceedings would not be material to our results of operations or liquidity for a particular period.

Segment_and_Product_Informatio

Segment and Product Information	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segment and Product Information	7. Segment and Product Information
	We offer an integrated solution to our customers providing manufacturing, supply, and installation of a full range of structural and related building products. We provide a wide variety of building products and services directly to homebuilder customers. We manufacture floor trusses, roof trusses, wall panels, stairs, millwork, windows, and doors. We also provide a full range of construction services. We group our building products and services into five product categories: prefabricated components, windows & doors, lumber & lumber sheet goods, millwork, and other building products & services. We have one operating segment with centralized financial and operational oversight.
	Sales by product category for the three month periods ended March 31, 2015 and 2014 were as follows (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Prefabricated components	$	78,842	$	70,490
	Windows & doors		84,955		76,275
	Lumber & lumber sheet goods		114,306		115,515
	Millwork		39,527		33,468
	Other building products & services		53,356		50,161
	Sales	$	370,986	$	345,909

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Acquisitions	8. Acquisitions
	On February 9, 2015 the Company acquired certain assets and the operations of Timber Tech Texas, Inc. and its affiliates (“Timber Tech”) for $5.8 million in cash (including certain adjustments). Of this amount, $4.5 million was allocated to tangible assets acquired and $1.3 million was allocated to goodwill. These are preliminary allocations and are subject to adjustment.
	Timber Tech is based in Cibolo, Texas, which is approximately 25 miles northeast of downtown San Antonio. Timber Tech is a manufacturer of roof trusses, floor trusses, wall panels and sub-components, as well as a supplier of glue laminated timber and veneer lumber beams.
	The acquisition was accounted for by the acquisition method, and accordingly the results of operations were included in the Company’s consolidated financial statements from the acquisition date. The purchase price was allocated to the assets acquired based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. Pro forma results of operations are not presented as this acquisition is not material.
	We incurred $0.1 million in costs related to this acquisition during the three months ended March 31, 2015. These costs include due diligence costs and transaction costs to complete the acquisition, and have been recognized in selling, general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2015.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	9. Recent Accounting Pronouncements
	In April 2015 the FASB issued an update to the existing guidance under the Interest topic of the Codification. This update requires debt issuance costs to be presented on the balance sheet as a direct reduction from the carrying amount of the related debt liability instead of a deferred charge. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. This guidance requires retrospective application. Early adoption is permitted for financial statements that have not been previously issued. We are currently evaluating the impact of this guidance on our financial statements.
	In January 2015 the FASB issued an update to the existing guidance under the Income Statement topic of the Codification.  This update eliminates the concept of extraordinary items and the requirement to assess whether an event or transaction is both unusual in nature and infrequent in occurrence and to separately present any such items on the statement of operations after income from continuing operations. Under the updated guidance such items will either be presented as a separate component of income from continuing operations or disclosed in the notes to the financial statements. This guidance is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption, but not required. The guidance allows either prospective or retrospective methods of adoption. We do not currently expect that the adoption of this update will have an impact on our financial statements.
	In August 2014, the FASB issued an update to the existing guidance under the Presentation of Financial Statements topic of the Codification. This update requires management to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. This new guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted, but not required. We are currently evaluating the impact of this guidance on our financial statements.
	In May 2014, the FASB issued an update to the existing guidance under the Revenue Recognition topic of the Codification which is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  This new guidance is effective for annual reporting periods beginning after December 15, 2016. Accordingly, we will adopt this guidance beginning January 1, 2017.  Early adoption of this guidance is not permitted.  This guidance allows either full retrospective or modified retrospective methods of adoption. We are currently evaluating the impact of this guidance on our financial statements.

Subsequent_Event

Subsequent Event	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Event	10. Subsequent Event
	Warrant Exercise
	On April 14, 2015 the remaining 0.7 million of outstanding, detachable warrants were exercised. The outstanding warrants are considered to be derivative financial instruments and are classified as liabilities. The warrants are recorded as other long-term liabilities in the accompanying condensed consolidated balance sheets.  As a result of this exercise we will recognize a non-cash, fair value adjustment of approximately $4.7 million.  This fair value adjustment will be recorded as interest expense in the second quarter of 2015.
	ProBuild Acquisition
	On April 13, 2015, we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with ProBuild Holdings LLC, a Delaware limited liability company (“ProBuild”), and the holders of securities of ProBuild named as parties thereto (collectively, the “Sellers”). Headquartered in Denver, Colorado, ProBuild is one of the nation’s largest professional building materials suppliers. Pursuant to the Securities Purchase Agreement, we will acquire all of the operating affiliates of ProBuild through the purchase of all of the issued and outstanding equity interests of ProBuild for approximately $1.63 billion, subject to certain adjustments (the “ProBuild Acquisition”).
	The Securities Purchase Agreement contains representations and warranties customary for transactions of this type. The representations and warranties contained in the Securities Purchase Agreement have been made for the purposes of allocating contractual risk between us, ProBuild and the Sellers instead of establishing these matters as facts, and may or may not have been accurate as of any specific date and do not purport to be accurate as of the date of the filing of the Securities Purchase Agreement by us with the SEC. ProBuild has agreed to various customary covenants and agreements, including, among others, to use commercially reasonable efforts to conduct its business in the ordinary course during the interim period between the execution of the Securities Purchase Agreement and the closing of the ProBuild Acquisition and not to engage in certain types of significant transactions during this period. The parties have also agreed to use their reasonable best efforts to obtain approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). In addition, the Securities Purchase Agreement provides that ProBuild will indemnify us with respect to breaches of certain representations, warranties and covenants by ProBuild and the Sellers, as well as for other specified matters, subject to the limitations in the Securities Purchase Agreement.
	Consummation of the ProBuild Acquisition is subject to certain customary conditions, including, among others: (i) the absence of a material adverse effect with respect to inaccuracy of the representations and warranties of the parties to the Securities Purchase Agreement; (ii) the performance in all material respects of all covenants by such parties; (iii) the absence of a material adverse effect with respect to the business of ProBuild; (iv) the absence of certain legal injunctions or impediments prohibiting the transaction; (v) expiration or termination of all applicable waiting periods under the HSR Act; and (vi) ProBuild’s obtaining certain third-party consents. On April 20, 2015 we submitted a filing under the HSR Act with respect to the ProBuild Acquisition. We are currently in a waiting period under the HSR Act.
	The Securities Purchase Agreement also contains certain termination provisions by us, ProBuild and the Sellers, including if the ProBuild Acquisition has not been consummated by November 13, 2015, subject to extension (the “Outside Date”), unless the terminating party’s material breach of the Securities Purchase Agreement has been the principal cause of or resulted in the failure of the closing of the ProBuild Acquisition to occur by such date. A termination of the Securities Purchase Agreement by us, ProBuild, or the Sellers under certain specified circumstances, including a failure to obtain regulatory approval by the Outside Date or a failure of our debt financing to be funded, in each case, if all of the other conditions to our obligation to close the ProBuild Acquisition have been satisfied (other than those conditions that, by their nature, are to be satisfied at the closing of the ProBuild Acquisition), will entitle ProBuild to receive from us a reverse termination fee equal to $81.3 million.
	The Sellers have agreed to use reasonable best efforts to provide us with all cooperation reasonably requested by us to assist us in arranging financing in connection with the ProBuild Acquisition, including furnishing us with certain necessary financial information regarding ProBuild and taking other corporate and other actions reasonably requested by us to consummate such  financing. Upon request, we will promptly reimburse ProBuild for any documented and reasonable out-of-pocket costs and expenses incurred in connection with the Sellers’ cooperation with obtaining the financing.
	We have received a debt commitment letter from certain financial institutions pursuant to which they have committed to provide us with an $800 million senior secured credit facility, a $550 million senior secured first lien term loan facility and a $750 million senior unsecured bridge facility (or up to $750 million in unsecured notes in lieu of all or a portion thereof). Additionally, the amount of the first lien term loan facility may be increased to repay, redeem or defease our existing senior notes in an amount equal to $350 million plus any applicable make-whole payments (the “Quantum Increase”) required in connection with any such repayment, redemption, or defeasance. Under certain circumstances, the Quantum Increase may take the form of secured debt securities or unsecured debt securities instead of additional first lien term loans. The proceeds of these borrowings will be used on the closing date of the ProBuild Acquisition to pay a portion of the aggregate acquisition consideration and related fees and expenses.
	We have also received an equity commitment letter (the “Equity Commitment Letter”) from JLL Partners Fund V, L.P. (“JLL Fund V”) and Warburg Pincus Private Equity IX, L.P. (“Warburg Pincus”). Pursuant to the Equity Commitment Letter, and subject to the terms and conditions thereof, JLL Fund V and Warburg Pincus have agreed that, in the event we are unable to consummate a public offering of shares of our common stock, which provides proceeds of no less than $100 million to the Company, then at the closing of the ProBuild Acquisition, JLL Fund V will purchase $40 million of our common stock and Warburg Pincus will purchase $60 million of our common stock.
	The issuance of shares of our common stock to JLL Fund V and Warburg Pincus pursuant to the Equity Commitment Letter would be accomplished in a private placement exempt from registration under the Securities Act of 1933, as amended.
	ProBuild Holdings, Inc., an affiliate of ProBuild Holdings LLC, was created in 2005 by Devonshire Investors, the private investment firm affiliated with FMR LLC, the parent company of Fidelity Investments. ProBuild currently operates more than 350 facilities in 40 U.S. states, including lumber yards, truss and panel facilities, millwork shops, gypsum yards, retail stores and administrative offices. ProBuild has an extensive geographic footprint, which includes a presence in 71 of the top 100 metropolitan statistical areas (as ranked by housing permits) and a large number of secondary markets. ProBuild sells a broad selection of building materials including lumber and plywood, engineered wood, gypsum wallboard and other drywall products, millwork, trusses, roofing, siding products, tools, insulation materials and metal and hardware specialties. ProBuild employs approximately 10,000 employees.
	For more information related to this transaction please refer to our Form 8-K filed with the SEC on April 13, 2015, as well as our Form S-3 and Form 8-K filed on May 4, 2015.

Net_Loss_per_Common_Share_Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS	The table below presents a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Weighted average shares for basic EPS		98,204		97,617
	Dilutive effect of warrants		420		−
	Weighted average shares for diluted EPS		98,624		97,617

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following (in thousands):
		March 31,			December 31,
		2015			2014
	2021 notes	$	350,000		$	350,000
	2013 facility		55,000			30,000
	Other long-term debt		3,886			3,904
			408,886			383,904
	Less: current portion of long-term debt		55,076			30,074
	Long-term debt, net of current maturities	$	353,810		$	353,830
Effect of Derivative Financial Instrument on Condensed Consolidated Statements of Operations and Comprehensive Loss	The table below presents the effect of our derivative financial instrument on the condensed consolidated statements of operations and comprehensive loss (in thousands):
	Derivative Not Designated		Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss)
	as Hedging Instrument			Recognized in Income
				Three Months Ended March 31,
				2015			2014
	Warrants		Interest expense, net	$	167		$	(1,197	)
Fair Value Hierarchy Table on Recurring Basis (Level 2)	The following fair value hierarchy table presents information about our financial instrument measured at fair value on a recurring basis using significant other observable inputs (Level 2) (in thousands):
		Carrying Value			Fair Value			Carrying Value		Fair Value
		As of			Measurement as of			As of		Measurement as of
		March  31,			March  31, 2015			December 31,		December 31, 2014
		2015						2014
	Warrants (included in Other long-term liabilities)	$	3,207		$	3,207		$	3,375	$	3,375

Employee_StockBased_Compensati1

Employee Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The weighted average grant date fair value of the options was $4.20 and was determined using the Black-Scholes option-pricing model with the following weighted average assumptions:
	Expected life	6.0 years
	Expected volatility	75.20%
	Expected dividend yield	0.00%
	Risk-free rate	1.75%

Segment_and_Product_Informatio1

Segment and Product Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Product Category	Sales by product category for the three month periods ended March 31, 2015 and 2014 were as follows (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Prefabricated components	$	78,842	$	70,490
	Windows & doors		84,955		76,275
	Lumber & lumber sheet goods		114,306		115,515
	Millwork		39,527		33,468
	Other building products & services		53,356		50,161
	Sales	$	370,986	$	345,909

Basis_of_Presentation_Addition

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity formed, year	1998

Net_Loss_per_Common_Share_Addi

Net Loss per Common Share - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Warrant
Earnings Per Share [Line Items]
Shares excluded from computation of EPS		700,000
Income excluded from net loss in the computation of diluted EPS	$200
Securities included in the computation of diluted EPS	700,000
Restricted Stock
Earnings Per Share [Line Items]
Shares excluded from computation of EPS	27,000	82,000
Stock Options
Earnings Per Share [Line Items]
Shares excluded from computation of EPS	6,400,000	6,500,000
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from computation of EPS	1,500,000	0

Net_Loss_per_Common_Share_Reco

Net Loss per Common Share - Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reconciliation of weighted average common shares used in calculation of basic and diluted EPS
Weighted average shares for basic EPS	98,204	97,617
Dilutive effect of warrants	420
Weighted average shares for diluted EPS	98,624	97,617

Debt_LongTerm_Debt_Detail

Debt - Long-Term Debt (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Long-term debt	$408,886	$383,904
Current maturities of long-term debt	55,076	30,074
Long-term debt, net of current maturities	353,810	353,830
2021 notes
Debt Instrument [Line Items]
Long-term debt	350,000	350,000
2013 facility
Debt Instrument [Line Items]
Long-term debt	55,000	30,000
Other long-term debt
Debt Instrument [Line Items]
Long-term debt	$3,886	$3,904

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)	Mar. 31, 2015
2021 notes | Level 2
Debt Instrument [Line Items]
Fair value of the notes	$360,300,000
2013 facility
Debt Instrument [Line Items]
Line of credit facility outstanding	55,000,000
Line of credit facility maximum borrowing capacity	$175,000,000
Weighted average interest rate of debt outstanding	2.00%

Debt_Effect_of_Derivative_Fina

Debt - Effect of Derivative Financial Instrument on Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) (Warrant, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income	$200
Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income	$167	($1,197)

Debt_Fair_Value_Hierarchy_Tabl

Debt - Fair Value Hierarchy Table on Recurring Basis (Level 2) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other long-term liabilities	$17,774	$16,868
Carrying Value | Warrant | Fair Value Measurements Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other long-term liabilities	3,207	3,375
Fair Value Measurement | Warrant | Level 2 | Fair Value Measurements Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other long-term liabilities	$3,207	$3,375

Employee_StockBased_Compensati2

Employee Stock-Based Compensation - Additional Information (Detail) (USD $)	0 Months Ended
	Feb. 11, 2015
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock award granted vested period	4 years
Exercise Price for the options on the grant date	$6.35
Fair Value for the options on the grant date	$4.20
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock award granted vested period	4 years
Grant date fair value for restricted stock units	$6.35
2014 Incentive Plan | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Granted	142,000
2014 Incentive Plan | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	142,000

Employee_StockBased_Compensati3

Employee Stock-Based Compensation - Stock Option Valuation (Detail) (Stock Options)	3 Months Ended
	Mar. 31, 2015
Stock Options
Disclosure - Employee Stock-Based Compensation - Stock Option Valuation (Detail) [Line Items]
Expected life	6 years
Expected volatility	75.20%
Expected dividend yield	0.00%
Risk-free rate	1.75%

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Line Items]
Tax benefit for stock option exercised	$6.70
Ownership change percentage criteria under Section 382 of the Internal Revenue Code	50.00%
Testing period	3 years
Valuation allowance related to net deferred tax	3.1	1
State
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards	391.8
State Tax credit carry-forwards	2.6
State and Federal Operating loss carry-forwards expiration year	2032
Federal
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards	$263.50
State and Federal Operating loss carry-forwards expiration year	2033

Segment_and_Product_Informatio2

Segment and Product Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
	Segment
	Category
Segment Reporting [Abstract]
Building products and services categories	5
Number of operating segment	1

Segment_and_Product_Informatio3

Segment and Product Information - Segment Reporting Information by Product Category (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Entity Wide Information Revenue From External Customer [Line Items]
Sales	$370,986	$345,909
Prefabricated Components
Entity Wide Information Revenue From External Customer [Line Items]
Sales	78,842	70,490
Windows And Doors
Entity Wide Information Revenue From External Customer [Line Items]
Sales	84,955	76,275
Lumber And Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Sales	114,306	115,515
Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Sales	39,527	33,468
Other Building Products And Services
Entity Wide Information Revenue From External Customer [Line Items]
Sales	$53,356	$50,161

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Feb. 09, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Business combination goodwill acquired	$141,090,000		$139,774,000
Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related costs	100,000
Timber Tech Texas, Inc. and its affiliates
Business Acquisition [Line Items]
Date of acquisition	9-Feb-15
Cash consideration for certain assets acquired		5,800,000
Business combination tangible assets acquired		4,500,000
Business combination goodwill acquired		$1,300,000

Subsequent_Event_Additional_In

Subsequent Event - Additional Information (Detail) (USD $)	0 Months Ended
Share data in Millions, unless otherwise specified	Nov. 13, 2015	Apr. 14, 2015	Apr. 13, 2015
ProBuild Holdings LLC | Scenario Forecast
Subsequent Event [Line Items]
Reverse termination fee	$81,300,000
Subsequent Event
Subsequent Event [Line Items]
Number of warrants outstanding		0.7
Fair value adjustment of stock warrants		4,700,000
Subsequent Event | JLL Fund V
Subsequent Event [Line Items]
Proceeds from issuance of common stock			40,000,000
Subsequent Event | Warburg Pincus
Subsequent Event [Line Items]
Proceeds from issuance of common stock			60,000,000
Subsequent Event | Minimum
Subsequent Event [Line Items]
Proceeds from issuance of common stock			100,000,000
Subsequent Event | Senior Secured Credit Facility
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity			800,000,000
Subsequent Event | Senior Secured First Lien Term Loan Facility
Subsequent Event [Line Items]
Term loan amount			550,000,000
Subsequent Event | Senior Unsecured Bridge Facility
Subsequent Event [Line Items]
Term loan amount			750,000,000
Subsequent Event | Senior Secured First Lien Term Loan Facility Quantum Increase
Subsequent Event [Line Items]
Term loan amount			350,000,000
Subsequent Event | ProBuild Holdings LLC
Subsequent Event [Line Items]
Cash consideration for business acquisition			$1,630,000,000
Number of operating facilities			350
Number of states in which entity operates			40
Number of geographic locations among the top 100 metropolitan statistical areas in which entity operates			71
Number of metropolitan statistical areas.			100
Entity number of employees			10,000