Builders FirstSource (BLDR) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	BLDR
Entity Registrant Name	Builders FirstSource, Inc.
Entity Central Index Key	1,316,835
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		108,571,030

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Sales	$ 461,521	$ 426,543	$ 832,507	$ 772,452
Cost of sales	350,907	332,744	638,160	603,738
Gross margin	110,614	93,799	194,347	168,714
Selling, general and administrative expenses	94,543	76,417	177,381	145,735
Facility closure costs	131	28	385	191
Income from operations	15,940	17,354	16,581	22,788
Interest expense, net	12,573	6,504	20,180	15,332
Income (loss) from continuing operations before income taxes	3,367	10,850	(3,599)	7,456
Income tax expense (benefit)	(199)	230	(3)	148
Income (loss) from continuing operations	3,566	10,620	(3,596)	7,308
Income (loss) from discontinued operations (net of income tax expense of $0 in 2015 and $0 in 2014)	10	(11)	102	(83)
Net Income (loss)	3,576	10,609	(3,494)	7,225
Comprehensive Income (loss)	$ 3,576	$ 10,609	$ (3,494)	$ 7,225
Basic net income (loss) per share:
Income (loss) from continuing operations	$ 0.04	$ 0.11	$ (0.04)	$ 0.07
Income (loss) from discontinued operations	0	0	0	0
Net Income (loss)	0.04	0.11	(0.04)	0.07
Diluted net income (loss) per share:
Income (loss) from continuing operations	0.03	0.09	(0.04)	0.07
Income (loss) from discontinued operations	0	0	0	0
Net Income (loss)	$ 0.03	$ 0.09	$ (0.04)	$ 0.07
Weighted average common shares:
Basic	99,163	98,032	98,677	97,963
Diluted	102,978	100,759	98,677	100,766

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Income tax expense on Income (loss) from discontinued operations	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 40,151	$ 17,773
Accounts receivable, less allowance of $3,148 and $3,153 at June 30, 2015 and December 31, 2014, respectively	184,675	148,352
Inventories	146,227	138,156
Other current assets	26,752	27,259
Total current assets	397,805	331,540
Property, plant and equipment, net	86,830	75,679
Goodwill	141,090	139,774
Intangible assets, net	16,086	17,228
Other assets, net	20,561	18,844
Total assets	662,372	583,065
Current liabilities:
Accounts payable	110,538	75,868
Accrued liabilities	80,460	66,225
Current maturities of long-term debt	55,078	30,074
Total current liabilities	246,076	172,167
Long-term debt, net of current maturities	353,790	353,830
Other long-term liabilities	14,363	16,868
Total liabilities	$ 614,229	$ 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 June 30, 2015 and December 31, 2014, respectively
Common stock, $0.01 par value, 200,000 shares authorized; 99,326 and 98,226 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 993	$ 982
Additional paid-in capital	391,517	380,091
Accumulated deficit	(344,367)	(340,873)
Total stockholders' equity	48,143	40,200
Total liabilities and stockholders' equity	$ 662,372	$ 583,065

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 3,148	$ 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	99,326,000	98,226,000
Common stock, shares outstanding	99,326,000	98,226,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (3,494)	$ 7,225
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	6,782	4,022
Amortization of deferred loan costs	1,232	1,200
Fair value adjustment of stock warrants	4,563	19
Deferred income taxes	28	80
Bad debt expense	161	(336)
Stock compensation expense	3,369	1,908
Net gain on sale of assets	(114)	(15)
Changes in assets and liabilities:
Receivables	(36,129)	(21,823)
Inventories	(6,976)	(15,438)
Other current assets	1,876	1,728
Other assets and liabilities	1,046	(114)
Accounts payable	34,670	19,663
Accrued liabilities	10,543	2,573
Net cash provided by operating activities	17,557	692
Cash flows from investing activities:
Purchases of property, plant and equipment	(14,331)	(12,121)
Proceeds from sale of property, plant and equipment	180	16
Cash used for acquisitions, net	(5,797)	(8,726)
Net cash used in investing activities	(19,948)	(20,831)
Cash flows from financing activities:
Borrowings under revolving credit facility	25,000
Payments of long-term debt and other loans	(36)	(33)
Deferred loan costs		(34)
Payments of transaction costs	(326)
Exercise of stock options	1,117	1,355
Repurchase of common stock	(986)	(1,306)
Net cash provided by (used in) financing activities	24,769	(18)
Net change in cash and cash equivalents	22,378	(20,157)
Cash and cash equivalents at beginning of period	17,773	54,696
Cash and cash equivalents at end of period	$ 40,151	$ 34,539

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	2. Net Income (Loss) per Common Share Net income (loss) per common share (“EPS”) is calculated in accordance with the Earnings per Share 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 For the purpose of computing diluted EPS, weighted average shares outstanding have been adjusted for common shares underlying 6.2 million options and 1.5 million restricted stock units (“RSUs”) for the three months ended June 30, 2015. Incremental shares attributable to average warrants outstanding during the second quarter of 2015 were not included in the computation of diluted EPS for the three months ended June 30, 2015 as their effect was anti-dilutive. There were no outstanding warrants as of June 30, 2015 as all of the remaining stock warrants were exercised in April 2015. Options to purchase 6.2 million shares of common stock, 1.5 million RSUs, and the incremental shares attributable to average warrants outstanding during the first six months of 2015 were not included in the computation of diluted EPS for the six months ended June 30, 2015 because their effect was anti-dilutive. Weighted average shares outstanding have been adjusted for common shares underlying 6.4 million options, 1.8 million RSUs, and 0.7 million warrants for the three and six months ended June 30, 2014. In addition, $1.2 million and $0.0 million of expense due to fair value adjustments related to the warrants were excluded from net income in the computation of diluted EPS for the three and six months ended June 30, 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 Six Months Ended 2015 2014 2015 2014 Weighted average shares for basic EPS 99,163 98,032 98,677 97,963 Dilutive effect of options, warrants, and RSUs 3,815 2,727 — 2,803 Weighted average shares for diluted EPS 102,978 100,759 98,677 100,766

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	3. Debt Long-term debt consisted of the following (in thousands): June 30, December 31, 2021 notes $ 350,000 $ 350,000 2013 facility 55,000 30,000 Other long-term debt 3,868 3,904 408,868 383,904 Less: current portion of long-term debt 55,078 30,074 Long-term debt, net of current maturities $ 353,790 $ 353,830 2013 Facility Borrowings As of June 30, 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 used to fund working capital needs and potential future acquisitions. Fair Value The only financial instrument which was measured at fair value on a recurring basis was our warrants. However, on April 14, 2015 the remaining 0.7 million of outstanding, detachable warrants were exercised. The warrants were considered to be derivative financial instruments and were classified as liabilities. As a result of this exercise we recognized a non-cash, fair value adjustment of approximately $4.7 million during the three months ended June 30, 2015. This fair value adjustment was recorded as interest expense in the accompanying condensed consolidated statement of operations and comprehensive income (loss). The table below presents the effect of our derivative financial instrument on the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Derivative Amount of Gain (Loss) Location of Gain (Loss) Three Months Ended Six Months Ended Recognized in Income 2015 2014 2015 2014 Warrants Interest expense, net $ (4,730 ) $ 1,178 $ (4,563 ) $ (19 ) 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 Warrants (included in Other long-term liabilities) $ — $ — $ 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 June 30, 2015 was approximately $365.3 million and was determined using Level 2 inputs based on market prices.

Employee Stock-Based Compensati

Employee Stock-Based Compensation	6 Months Ended
	Jun. 30, 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 75.2% 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	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes We have $399.0 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 $256.6 million of federal net operating loss carry-forwards that will expire at various dates through 2033. 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 Poor housing market conditions have contributed to our cumulative loss position for the past several years. While we generated income in 2014 and during the three months ended June 30, 2015, we reported a net loss for the six months ended June 30, 2015 and have a cumulative loss for the three year period ending June 30, 2015. We believe this, as well as uncertainty around the extent and timing of the continued 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 June 30, 2015. We recorded a net reduction to the valuation allowance of $1.3 million for the three months ended June 30, 2015 against the net deferred tax assets as we generated net income during the period. We recorded an increase to the valuation allowance of $1.8 million for the six months ended June 30, 2015 against the net deferred tax assets generated from the net operating loss during the period related to our continuing operations. During the three and six months ended June 30, 2014, we recorded net reductions to the valuation allowance of $4.1 million and $3.0 million against our net deferred tax assets as we generated net income during these periods. 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. Excluding the impact of the ProBuild acquisition, 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. There is also uncertainty as to the impact of the ProBuild acquisition to our earnings in the current year. 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. 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	6 Months Ended
	Jun. 30, 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 Information

Segment and Product Information	6 Months Ended
	Jun. 30, 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 and six month periods ended June 30, 2015 and 2014 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Prefabricated components $ 102,639 $ 91,022 $ 181,481 $ 161,512 Windows & doors 100,550 90,843 185,505 167,118 Lumber & lumber sheet goods 140,302 143,925 254,608 259,440 Millwork 48,661 40,075 88,188 73,543 Other building products & services 69,369 60,678 122,725 110,839 Sales $ 461,521 $ 426,543 $ 832,507 $ 772,452

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 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 $0.0 million and $0.1 million in costs related to this acquisition during the three and six months ended June 30, 2015, respectively. 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 income (loss) for the three months and six months ended June 30, 2015.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	9. Recent Accounting Pronouncements In July 2015 the FASB issued an update to the existing guidance under the Inventory In April 2015 the FASB issued an update to the existing guidance under the Interest In January 2015 the FASB issued an update to the existing guidance under the Income Statement In August 2014, the FASB issued an update to the existing guidance under the Presentation of Financial Statements In May 2014, the FASB issued an update to the existing guidance under the Revenue Recognition

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	10. Subsequent Event ProBuild Acquisition On July 31, 2015, we acquired all of the operating affiliates of ProBuild Holdings LLC (“ProBuild”) through the purchase of all issued and outstanding equity interests of ProBuild for $1.63 billion in cash, subject to certain adjustments. Headquartered in Denver, Colorado, ProBuild is one of the nation’s largest professional building materials suppliers. The ProBuild acquisition will lead to greater diversification and scale, an improved geographic footprint, and significant potential cost savings. In addition, we bring to ProBuild significant sales expertise in value-added products, which we believe, when combined with ProBuild’s attractive customer mix, will result in enhanced sales growth of higher margin products for the combined company. The purchase price was funded with the net cash proceeds from (i) the issuance of $700.0 million in aggregate principal amount of 10.75% senior unsecured notes due 2023 (“2023 notes”), (ii) the entry into a new $600.0 million senior secured term loan facility (“term loan facility”), (iii) a $295.0 million draw on an amended and restated $800.0 million senior secured asset-backed loan facility (“2015 facility”) and (iv) a public offering of 9.2 million new shares of our common stock at an offering price of $12.80 per share, subject, in each case, to applicable discounts, commissions, fees, and expenses. This transaction will be accounted for by the acquisition method, and accordingly the results of operations will be included in the Company’s consolidated financial statements from the acquisition date. The purchase price will be 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. The accounting for this acquisition has not been completed at the date of this filing given the proximity to the acquisition date . We incurred $9.9 million and $15.2 million in acquisition and financing related costs for the three and six months ended June 30, 2015, respectively. Of these costs $6.3 million and $11.6 million were recognized as selling, general, and administrative expense in the accompanying condensed consolidated statement of operations and comprehensive income (loss) for the three and six months ended June 30, 2015. The remaining $3.6 million relates to debt and equity issuance costs and were recognized as other assets in the accompanying condensed consolidated balance sheet as of June 30, 2015. The debt issuance costs will be amortized over the respective terms of the various debt facilities. The equity issuance costs will be recorded as a reduction to additional paid-in capital in the third quarter of 2015.

Net Income (Loss) per Common 17

Net Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2015 2014 2015 2014 Weighted average shares for basic EPS 99,163 98,032 98,677 97,963 Dilutive effect of options, warrants, and RSUs 3,815 2,727 — 2,803 Weighted average shares for diluted EPS 102,978 100,759 98,677 100,766

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following (in thousands): June 30, December 31, 2021 notes $ 350,000 $ 350,000 2013 facility 55,000 30,000 Other long-term debt 3,868 3,904 408,868 383,904 Less: current portion of long-term debt 55,078 30,074 Long-term debt, net of current maturities $ 353,790 $ 353,830
Effect of Derivative Financial Instrument on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	The table below presents the effect of our derivative financial instrument on the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Derivative Amount of Gain (Loss) Location of Gain (Loss) Three Months Ended Six Months Ended Recognized in Income 2015 2014 2015 2014 Warrants Interest expense, net $ (4,730 ) $ 1,178 $ (4,563 ) $ (19 )
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 Warrants (included in Other long-term liabilities) $ — $ — $ 3,375 $ 3,375

Employee Stock-Based Compensa19

Employee Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 75.2% Expected dividend yield 0.00% Risk-free rate 1.75%

Segment and Product Informati20

Segment and Product Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Product Category	Sales by product category for the three and six month periods ended June 30, 2015 and 2014 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Prefabricated components $ 102,639 $ 91,022 $ 181,481 $ 161,512 Windows & doors 100,550 90,843 185,505 167,118 Lumber & lumber sheet goods 140,302 143,925 254,608 259,440 Millwork 48,661 40,075 88,188 73,543 Other building products & services 69,369 60,678 122,725 110,839 Sales $ 461,521 $ 426,543 $ 832,507 $ 772,452

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity formed, year	1,998

Net Income (Loss) per Common 22

Net Income (Loss) per Common Share - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Warrant
Earnings Per Share [Line Items]
Securities included in the computation of diluted EPS		700,000		700,000
Income expense due to fair value adjustments related to warrants excluded from the computations of EPS		$ 1.2		$ 0
Restricted Stock
Earnings Per Share [Line Items]
Securities included in the computation of basic EPS	13,000	68,000		68,000
Shares excluded from computation of EPS			13,000
Stock Options
Earnings Per Share [Line Items]
Shares excluded from computation of EPS			6,200,000
Securities included in the computation of diluted EPS	6,200,000	6,400,000		6,400,000
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from computation of EPS			1,500,000
Securities included in the computation of diluted EPS	1,500,000	1,800,000		1,800,000
Warrants outstanding	0		0

Net Income (Loss) per Common 23

Net Income (Loss) per Common Share - Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of weighted average common shares used in calculation of basic and diluted EPS
Weighted average shares for basic EPS	99,163	98,032	98,677	97,963
Dilutive effect of options, warrants, and RSUs	3,815	2,727		2,803
Weighted average shares for diluted EPS	102,978	100,759	98,677	100,766

Debt - Long-Term Debt (Detail)

Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 408,868	$ 383,904
Current maturities of long-term debt	55,078	30,074
Long-term debt, net of current maturities	353,790	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	$ 3,868	$ 3,904

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) shares in Millions	Apr. 14, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Exercise of detachable warrants	0.7
2021 notes | Level 2
Debt Instrument [Line Items]
Fair value of the notes		$ 365,300,000		$ 365,300,000
Warrant
Debt Instrument [Line Items]
Non cash fair value adjustment on detachable warrants exercise			$ 1,200,000		$ 0
Interest Expense | Warrant
Debt Instrument [Line Items]
Non cash fair value adjustment on detachable warrants exercise		(4,730,000)	$ 1,178,000	(4,563,000)	$ (19,000)
2013 facility
Debt Instrument [Line Items]
Line of credit facility outstanding		55,000,000		55,000,000
Line of credit facility maximum borrowing capacity		$ 175,000,000		$ 175,000,000
Weighted average interest rate of debt outstanding		2.00%		2.00%

Debt - Effect of Derivative Fin

Debt - Effect of Derivative Financial Instrument on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - Warrant - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments Gain Loss [Line Items]
Non cash fair value adjustment on detachable warrants exercise		$ 1,200		$ 0
Interest Expense
Derivative Instruments Gain Loss [Line Items]
Non cash fair value adjustment on detachable warrants exercise	$ (4,730)	$ 1,178	$ (4,563)	$ (19)

Debt - Fair Value Hierarchy Tab

Debt - Fair Value Hierarchy Table on Recurring Basis (Level 2) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other long-term liabilities	$ 14,363	$ 16,868
Carrying Value | Warrant | Fair Value Measurements Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other long-term liabilities		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		$ 3,375

Employee Stock-Based Compensa28

Employee Stock-Based Compensation - Additional Information (Detail) - Feb. 11, 2015 - $ / shares	Total
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 Stock-Based Compensa29

Employee Stock-Based Compensation - Stock Option Valuation (Detail) - 6 months ended Jun. 30, 2015 - Stock Options	Total
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	6 years
Expected volatility	75.20%
Expected dividend yield	0.00%
Risk-free rate	1.75%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Line Items]
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	$ (1.3)	$ (4.1)	$ 1.8	$ (3)
State
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards	399		399
State Tax credit carry-forwards	2.6		$ 2.6
State and Federal Operating loss carry-forwards expiration year			2,032
Federal
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards	$ 256.6		$ 256.6
State and Federal Operating loss carry-forwards expiration year			2,033

Segment and Product Informati31

Segment and Product Information - Additional Information (Detail) - 6 months ended Jun. 30, 2015	CategorySegment
Segment Reporting [Abstract]
Building products and services categories | Category	5
Number of operating segment	1

Segment and Product Informati32

Segment and Product Information - Segment Reporting Information by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Entity Wide Information Revenue From External Customer [Line Items]
Sales	$ 461,521	$ 426,543	$ 832,507	$ 772,452
Prefabricated Components
Entity Wide Information Revenue From External Customer [Line Items]
Sales	102,639	91,022	181,481	161,512
Windows And Doors
Entity Wide Information Revenue From External Customer [Line Items]
Sales	100,550	90,843	185,505	167,118
Lumber And Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Sales	140,302	143,925	254,608	259,440
Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Sales	48,661	40,075	88,188	73,543
Other Building Products And Services
Entity Wide Information Revenue From External Customer [Line Items]
Sales	$ 69,369	$ 60,678	$ 122,725	$ 110,839

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 09, 2015	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Business combination goodwill acquired		$ 141,090	$ 141,090	$ 139,774
Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related costs		6,300	$ 11,600
Timber Tech Texas, Inc. and its affiliates
Business Acquisition [Line Items]
Date of acquisition			Feb. 9, 2015
Cash consideration for certain assets acquired	$ 5,800
Business combination tangible assets acquired	4,500
Business combination goodwill acquired	$ 1,300
Timber Tech Texas, Inc. and its affiliates | Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related costs		$ 0	$ 100

Recent Accounting Pronounceme34

Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions	Jun. 30, 2015USD ($)
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Debt issuance costs	$ 8.3

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions	Jul. 31, 2015	Jun. 30, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Acquisition and financing related costs		$ 9,900,000	$ 15,200,000
Debt and equity issuance costs		3,600,000	3,600,000
Selling, General and Administrative Expense
Subsequent Event [Line Items]
Acquisition and financing related costs		$ 6,300,000	$ 11,600,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, new shares issued	9.2
Common stock, new price per share	$ 12.80
Subsequent Event | Senior Unsecured Notes Due 2023
Subsequent Event [Line Items]
Debt instrument face amount	$ 700,000,000
Debt instrument interest rate stated percentage	10.75%
Subsequent Event | Senior Secured First Lien Term Loan Facility
Subsequent Event [Line Items]
Debt instrument face amount	$ 600,000,000
Subsequent Event | Senior Secured Asset-Backed Loan Facility
Subsequent Event [Line Items]
Asset-backed loan facility	295,000,000
Line of credit facility maximum borrowing capacity	800,000,000
Subsequent Event | ProBuild Holdings LLC
Subsequent Event [Line Items]
Cash consideration for business acquisition	$ 1,630,000,000