Builders FirstSource (BLDR) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		110,110,756

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Sales	$ 1,397,114	$ 370,986
Cost of sales	1,047,366	287,253
Gross margin	349,748	83,733
Selling, general and administrative expenses	326,969	83,000
Income from operations	22,779	733
Interest expense, net	35,224	7,607
Loss before income taxes	(12,445)	(6,874)
Income tax expense	4,535	196
Net Loss	(16,980)	(7,070)
Comprehensive Loss	$ (16,980)	$ (7,070)
Net loss per share:
Basic	$ (0.15)	$ (0.07)
Diluted	$ (0.15)	$ (0.07)
Weighted average common shares:
Basic	109,913	98,204
Diluted	109,913	98,624

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 3,728	$ 65,063
Accounts receivable, less allowance of $9,553 and $8,049 at March 31, 2016 and December 31, 2015, respectively	590,057	528,544
Other receivables	34,720	57,778
Inventories, net	536,922	513,045
Other current assets	24,199	29,899
Total current assets	1,189,626	1,194,329
Property, plant and equipment, net	708,838	734,329
Assets held for sale	5,443	5,585
Goodwill	739,625	739,625
Intangible assets, net	182,147	189,604
Other assets, net	23,412	18,566
Total assets	2,849,091	2,882,038
Current liabilities:
Checks outstanding	42,239	46,833
Accounts payable	432,050	365,347
Accrued liabilities	228,764	293,905
Current maturities of long-term debt and lease obligations	29,416	29,153
Total current liabilities	732,469	735,238
Long-term debt and lease obligations, net of current maturities, debt discount and deferred loan costs	1,897,713	1,922,518
Other long-term liabilities	84,975	75,087
Total liabilities	$ 2,715,157	$ 2,732,843
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
Common stock, $0.01 par value, 200,000 shares authorized; 110,114 and 109,726 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 1,101	$ 1,097
Additional paid-in capital	513,517	511,802
Accumulated deficit	(380,684)	(363,704)
Total stockholders' equity	133,934	149,195
Total liabilities and stockholders' equity	$ 2,849,091	$ 2,882,038

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 9,553	$ 8,049
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	110,114,000	109,726,000
Common stock, shares outstanding	110,114,000	109,726,000

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (16,980)	$ (7,070)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	30,791	3,152
Asset impairments	150
Amortization of deferred loan costs	1,944	616
Amortization of debt discount	180
Gain on extinguishment of debt	(7,731)
Accretion of lease finance obligation	456
Fair value adjustment of stock warrants		(167)
Deferred income taxes	4,342	267
Bad debt expense	368	(24)
Stock compensation expense	2,573	1,767
Net gain on sale of assets	(169)	(46)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	(43,893)	(9,884)
Inventories	(26,755)	(7,573)
Other current assets	5,700	4,555
Other assets and liabilities	1,378	185
Accounts payable and checks outstanding	64,987	15,048
Accrued liabilities	(60,637)	9,037
Net cash provided by (used in) operating activities	(43,296)	9,863
Cash flows from investing activities:
Purchases of property, plant and equipment	(8,978)	(9,124)
Proceeds from sale of property, plant and equipment	390	60
Cash used for acquisitions, net		(5,797)
Net cash used in investing activities	(8,588)	(14,861)
Cash flows from financing activities:
Borrowings under revolving credit facility	221,000	25,000
Repayments under revolving credit facility	(222,000)
Repayments of long-term debt and other loans	(3,174)	(18)
Payments of loan costs	(4,423)
Exercise of stock options	194	23
Repurchase of common stock	(1,048)	(943)
Net cash provided by (used in) financing activities	(9,451)	24,062
Net change in cash and cash equivalents	(61,335)	19,064
Cash and cash equivalents at beginning of period	65,063	17,773
Cash and cash equivalents at end of period	$ 3,728	$ 36,837

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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 of building materials, manufactured components and construction services to professional contractors, sub-contractors, and consumers. Following our acquisition of ProBuild Holdings, LLC (“ProBuild”) in July 2015, the company operates locations in 40 states across 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 (including ProBuild as of July 31, 2015), 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, 2015 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, 2015 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, 2015 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. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued an update to the existing guidance under the Compensation-Stock Compensation In February 2016, the FASB issued an update to the existing guidance under Leases Under the new guidance, lessees will be required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (1) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. This update requires a modified retrospective transition as of the beginning of the earliest comparative period presented in the financial statements. This update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2015 the FASB issued an update to the existing guidance under the Inventory 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

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	2. Acquisitions On July 31, 2015, we acquired all of the operating affiliates of ProBuild through the purchase of all issued and outstanding equity interests of ProBuild for $1.63 billion in cash, subject to certain adjustments. The purchase price was funded by the net proceeds received from concurrent financing transactions. Previously headquartered in Denver, Colorado, ProBuild is one of the nation’s largest professional building materials suppliers. As a result of the ProBuild acquisition, the Company has a greater diversification of products and services and a significantly improved geographic footprint. The ProBuild 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. All final purchase accounting adjustments related to this acquisition, which primarily reflect the final purchase price allocations and other revisions to the methodology and assumptions associated with the intangible asset valuations, have been recorded as of December 31, 2015. The fair value of acquired intangible assets of $184.5 million, primarily related to tradenames, customer relationships and lease contract intangibles, was estimated by applying an income approach. That measure is based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, royalty rates, attrition rates and discount rates. We incurred $5.3 million in costs related to the acquisition during the three months ended March 31, 2015. These costs include due diligence costs and transaction costs to complete the acquisition, and were recognized in selling, general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2015. We did not incur any acquisition related costs during the three months ended March 31, 2016. The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed at the acquisition date for ProBuild, net of cash (in thousands): Accounts receivable $ 470,105 Other receivables 34,718 Inventory 411,160 Other current assets 12,101 Property, plant and equipment 658,540 Assets held for sale 10,911 Goodwill 602,690 Intangible assets 184,509 Other assets 2,016 Total assets acquired 2,386,750 Checks outstanding (32,378 ) Current maturities of long term debt and lease obligations (25,456 ) Accounts payable (339,673 ) Accrued liabilities (210,436 ) Other long-term liabilities (53,703 ) Long-term debt and lease obligations, net of current maturities (262,390 ) Total liabilities assumed (924,036 ) Total net assets acquired $ 1,462,714 All of the goodwill and intangible assets recognized from the ProBuild acquisitions are expected to be deductible for tax purposes, with the goodwill recognized from these acquisitions being amortized ratably over a 15 year period. The ProBuild acquisition was treated as an asset purchase for tax purposes. The operating results of this acquisition have been included in the consolidated statements of operations and comprehensive income (loss) from the acquisition date through March 31, 2016. Net sales and net income attributable to ProBuild were $982.7 million and $8.1 million, respectively, for the period of January 1, 2016 through March 31, 2016. Net income attributable to ProBuild does not include an allocation of the additional interest expense incurred by the Company as a result of the ProBuild acquisition financing transactions. The following table reflects the unaudited pro forma operating results for the Company for the three months ended March 31, 2015 which gives effect to the acquisition of ProBuild as if it had occurred on January 1, 2014. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of future results. The pro forma financial information includes the historical results of the Company and ProBuild adjusted for certain items, which are described below, and does not include the effects of any synergies or cost reduction initiatives related to the acquisition of ProBuild. Three Months Ended March 31, 2015 (Unaudited pro-forma) (in thousands, except per share amounts) Net sales $ 1,284,126 Net loss $ (47,695 ) Basic net loss per share $ (0.44 ) Diluted net loss per share $ (0.44 ) Pro forma net loss for the three months ended March 31, 2015 reflects adjustments primarily related to depreciation and amortization, the conversion from last-in, first-out to first-in, first out inventory valuation, and interest expense. Pro forma net loss was adjusted to exclude transaction-related expenses of $6.3 million ($5.3 million incurred by the Company and $1.0 million incurred by ProBuild) in the three months ended March 31, 2015, respectively.

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Loss per Common Share	3. Net Loss per Common Share Net 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, options to purchase 5.0 million shares of common stock and 2.2 million restricted stock units (“RSUs’) were not included in the computations of diluted EPS for the three months ended March 31, 2016 because their effect was anti-dilutive. There were no outstanding warrants as of March 31, 2016 as all of the remaining stock warrants were exercised in the second quarter of 2015. 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. Options to purchase 6.4 million shares of common stock and 1.5 million RSUs were not included in the computation of diluted EPS for the three months ended March 31, 2015 because their effect was anti-dilutive. 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 2016 2015 Weighted average shares for basic EPS 109,913 98,204 Dilutive effect of warrants ─ 420 Weighted average shares for diluted EPS 109,913 98,624

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	4. Debt Long-term debt and lease obligations consisted of the following (in thousands): March 31, 2016 December 31, 2015 2021 notes $ 617,596 $ 350,000 2023 notes 417,608 700,000 2015 facility 59,000 60,000 2015 term loan 597,250 598,625 Lease finance obligations 270,539 280,909 Capital lease obligations 7,662 8,159 1,969,655 1,997,693 Unamortized debt discount and debt issuance costs (42,526 ) (46,022 ) 1,927,129 1,951,671 Less: current maturities of long-term debt and lease obligations 29,416 29,153 Long-term debt and lease obligations, net of current maturities $ 1,897,713 $ 1,922,518 Note Exchange Transactions On February 12, 2016, we completed separate privately negotiated note exchange transactions in which $218.6 million in aggregate principal amount of our 10.75% senior unsecured notes due 2023 (“2023 notes”) was exchanged for $207.6 million in aggregate principal amount of our 7.625% senior secured notes due 2021 (“2021 notes”). On February 29, 2016, we completed additional separate privately negotiated note exchange transactions in which $63.8 million in aggregate principal amount of our 2023 notes was exchanged for $60.0 million in aggregate principal amount of our 2021 notes. The 2021 notes were issued under the existing indenture dated as of May 29, 2013. Following these transactions, $617.6 million in aggregate principal amount of our 2021 notes and $417.6 million in aggregate principal amount of our 2023 notes remain outstanding. The note exchange transactions were considered to be debt extinguishments. As such, we recognized a net gain of $7.8 million which was recorded as an offset to interest expense in the condensed consolidated statements of operations and comprehensive income (loss) in first quarter of 2016. Of this $7.8 million gain, $14.8 million was attributable to the reduction in outstanding principal which was partially offset by the write-off of $7.0 million of unamortized debt issuance costs associated with the 2023 notes which were extinguished in the exchange transactions. In connection with issuance of the 2021 notes in the exchange transactions, we incurred $4.9 million of various third-party fees and expenses. These costs have been recorded as a reduction to long-term debt and are being amortized over the remaining term of the 2021 notes using the effective interest method. 2015 Facility Borrowings As of March 31, 2016, we have $59.0 million in borrowings outstanding under our $800.0 million senior secured revolving credit facility (“2015 facility”). During the first quarter of 2016, we borrowed $221.0 million and repaid $222.0 million at a weighted average interest rate of 2.9%. Fair Value The only financial instrument which was measured at fair value on a recurring basis was our warrants. However, in April 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. 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 Not Designated as Hedging Instrument Location of Gain Recognized in Income Amount of Gain Three Months Ended March 31, 2016 2015 Warrants Interest expense, net $ — $ 167 We used the income approach to value our warrants by using the Black-Scholes option-pricing model. Using this model, the risk-free interest rate was based on the U.S. Treasury yield curve in effect on the valuation date. The expected life was based on the period of time until the expiration of the warrants. Expected volatility was 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 was based on our history of not paying regular dividends in the past. These techniques incorporated Level 1 and Level 2 inputs. Significant inputs to the derivative valuation for the warrants were observable in the active markets and are classified as Level 2 in the hierarchy. We have elected to report the value of our 2021 notes, 2023 notes, and the $600.0 million term loan credit agreement (“2015 term loan”) at amortized cost. The fair values of the 2021 notes, the 2023 notes and the 2015 term loan at March 31, 2016 were approximately $644.6 million, $422.8 million and $594.3 million, respectively, and were determined using Level 2 inputs based on market prices.

Employee Stock-Based Compensati

Employee Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Stock-Based Compensation	5. Employee Stock-Based Compensation Time Based Restricted Stock Unit Grants In the first quarter of 2016, our board of directors granted 625,000 RSUs to employees and eligible directors under our 2007 and 2014 Incentive Plans for which vesting is based on continuous employment over the requisite service period. 530,000 of the RSUs vest at 33% per year at each anniversary of the grant date over the next three years, 63,000 RSUs vest at 25% per year at each anniversary of the grant date over the next four years and 32,000 RSUs vest 100% at the first anniversary of the grant date. The weighted average grant date fair value for these RSUs was $10.52 per share, which was based on the closing stock price on the grant dates. Performance and Service Condition Based Restricted Stock Unit Grants In the first quarter of 2016, our board of directors granted 265,000 RSUs to employees under our 2014 Incentive Plan which vest if the compound annual growth rate of the Company’s total sales in 2018 over 2015 exceeds a composite annual growth rate based on single-family housing starts, multi-family housing starts, and growth in repair and remodeling sales over the same period. Upon continued employment and if the performance vesting condition is achieved, these awards will cliff vest on the third anniversary of the grant date. The weighted average grant date fair value for these RSUs was $10.96 per share, which was based on the closing stock price on the grant dates. Market and Service Condition Based Restricted Stock Unit Grants In the first quarter of 2016, our board of directors granted 265,000 RSUs to employees under our 2014 Incentive Plan for which vesting is contingent upon the Company’s total shareholder return exceeding that of the Company’s peer group over a three year measurement period. Upon continued employment and if the market vesting condition is met, these awards will cliff vest on the third anniversary of the grant date. The weighted average grant date fair value for these RSUs was $7.58 per share, which was determined using the Monte Carlo simulation model using the following weighted average assumptions: Expected volatility (company) 53.6% Expected volatility (peer group median) 17.3% Correlation between the company and peer group median 0.47 Expected dividend yield 0.00% Risk-free rate 1.29% The expected volatilities are based on the historical volatilities of our common stock and the common stocks of the constituents of the Company’s peer group over the most recent period equal to the measurement period. 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 measurement period. Stock Option Grant In the first quarter of 2016, our board of directors granted 63,000 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 $6.59 per share, which was the closing stock price on the grant date. The weighted average grant date fair value of the options was $3.71 and was determined using the Black-Scholes option-pricing model with the following weighted average assumptions: Expected life 6.0 years Expected volatility 60.88% Expected dividend yield 0.00% Risk-free rate 1.41% 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with the Income Taxes Historically weak housing market conditions have contributed to our cumulative loss position for the past several years. We have a cumulative unadjusted loss for the three year period ending March 31, 2016. Further, taking into consideration the historical ProBuild results on a proforma basis, including debt, also results in a cumulative loss for the three year period ending March 31, 2016. We believe the cumulative loss position, 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 solely 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, 2016. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth. We currently estimate that we will likely transition into a three year cumulative income position, including an evaluation of ProBuild’s historical results, on a rolling three year period at some time during the year ending December 31, 2016. However, there continues to be uncertainty around housing market projections and without continued improvement in housing activity, we may not reverse our cumulative loss position. Simply coming out of a cumulative loss position is not necessarily considered sufficient positive evidence to reverse some or all of the valuation allowance if there is other negative evidence. In upcoming quarters, we will closely monitor the positive and negative evidence surrounding our ability to realize our deferred tax assets. As of December 31, 2015 we had $414.6 million of state operating loss carry-forwards, which included $2.6 million of state tax credit carry-forwards expiring at various dates through 2035. In addition, at December 31, 2015 we also had $281.2 million of federal net operating loss carry-forwards that will expire at various dates through 2035. We recorded increases to the valuation allowance of $5.1 million and $3.1 million for the three months ended March 31, 2016 and 2015, respectively against our net deferred tax assets as we generated net operating losses during those periods. Our effective tax rate was (36.4%) and (2.9%) for the three months ended March 31, 2016 and 2015, respectively. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. We have used a discrete effective tax rate method to calculate income tax expense for the three months ended March 31, 2016 as we determined that due to higher tax expense in 2016, primarily relating to deferred tax expense arising from amortization of goodwill, that even a small level of volatility in projections would result in significant fluctuations in the estimated annualized effective tax rate. Section 382 of the Internal Revenue Code 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 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, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. 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	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment and Product Information	8. 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. These product and service offerings are distributed across approximately 396 locations operating in 40 states across the United States, which have been reorganized into nine geographical regions following the ProBuild acquisition. Centralized financial and operational oversight, including resource allocation and assessment of performance on an income (loss) before income taxes basis, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”). As a result of the reorganization following the ProBuild acquisition, the Company has nine operating segments aligned with its nine geographical regions (Regions 1 through 9). While all of our operating segments have products, distribution methods and customers of a similar nature, certain of our operating segments have been aggregated due to also containing similar economic characteristics, resulting in the following composition of reportable segments: · Regions 1 and 2 have been aggregated to form the “Northeast” reportable segment · Regions 3 and 5 have been aggregated to form the “Southeast” reportable segment · Regions 4 and 6 have been aggregated to form the “South” reportable segment · Region 7, 8 and 9 have been aggregated to form the “West” reportable segment, which was acquired entirely through the ProBuild acquisition. In addition to our reportable segments, our consolidated results include corporate overhead, other various operating activities that are not internally allocated to a geographical region nor separately reported to the CODM, and certain reconciling items primarily related to allocations of corporate overhead and rent expense, which have collectively been presented as “All Other”. The accounting policies of the segments are consistent with those referenced in Note 1, except for noted reconciling items. The following tables present Net sales, income (loss) before income taxes and certain other measures for the reportable segments, reconciled to consolidated total continuing operations, for the periods indicated (in thousands): Three months ended March 31, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 258,020 $ 5,483 $ 4,150 $ 2,569 Southeast 311,119 3,234 4,415 5,833 South 409,329 6,208 5,254 14,999 West 386,409 9,772 6,175 (1,871 ) Total reportable segments 1,364,877 24,697 19,994 21,530 All other 32,237 6,094 15,230 (33,975 ) Total consolidated $ 1,397,114 $ 30,791 $ 35,224 $ (12,445 ) Three months ended March 31, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 43,485 $ 243 $ 852 $ (651 ) Southeast 147,469 685 2,990 (1,696 ) South 152,731 1,454 2,373 2,654 West ─ ─ ─ ─ Total reportable segments 343,685 2,382 6,215 307 All other 27,301 770 1,392 (7,181 ) Total consolidated $ 370,986 $ 3,152 $ 7,607 $ (6,874 ) Asset information by segment is not reported internally or otherwise reviewed by the CODM nor does the Company earn revenues or have long-lived assets located in foreign countries. The Company’s net sales by product category for the periods indicated were as follows (in thousands): Three Months Ended March 31, 2016 2015 Lumber & lumber sheet goods $ 465,752 $ 122,427 Windows, doors & millwork 311,918 121,597 Manufactured products 236,698 79,805 Gypsum, roofing & insulation 111,701 10,555 Siding, metal & concrete products 119,023 9,800 Other building products & services 152,022 26,802 Net sales $ 1,397,114 $ 370,986

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Dates	The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed at the acquisition date for ProBuild, net of cash (in thousands): Accounts receivable $ 470,105 Other receivables 34,718 Inventory 411,160 Other current assets 12,101 Property, plant and equipment 658,540 Assets held for sale 10,911 Goodwill 602,690 Intangible assets 184,509 Other assets 2,016 Total assets acquired 2,386,750 Checks outstanding (32,378 ) Current maturities of long term debt and lease obligations (25,456 ) Accounts payable (339,673 ) Accrued liabilities (210,436 ) Other long-term liabilities (53,703 ) Long-term debt and lease obligations, net of current maturities (262,390 ) Total liabilities assumed (924,036 ) Total net assets acquired $ 1,462,714
Schedule of Unaudited Pro Forma Operating Results	The following table reflects the unaudited pro forma operating results for the Company for the three months ended March 31, 2015 which gives effect to the acquisition of ProBuild as if it had occurred on January 1, 2014. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of future results. The pro forma financial information includes the historical results of the Company and ProBuild adjusted for certain items, which are described below, and does not include the effects of any synergies or cost reduction initiatives related to the acquisition of ProBuild. Three Months Ended March 31, 2015 (Unaudited pro-forma) (in thousands, except per share amounts) Net sales $ 1,284,126 Net loss $ (47,695 ) Basic net loss per share $ (0.44 ) Diluted net loss per share $ (0.44 )

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 2016 2015 Weighted average shares for basic EPS 109,913 98,204 Dilutive effect of warrants ─ 420 Weighted average shares for diluted EPS 109,913 98,624

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt and Lease Obligation	Long-term debt and lease obligations consisted of the following (in thousands): March 31, 2016 December 31, 2015 2021 notes $ 617,596 $ 350,000 2023 notes 417,608 700,000 2015 facility 59,000 60,000 2015 term loan 597,250 598,625 Lease finance obligations 270,539 280,909 Capital lease obligations 7,662 8,159 1,969,655 1,997,693 Unamortized debt discount and debt issuance costs (42,526 ) (46,022 ) 1,927,129 1,951,671 Less: current maturities of long-term debt and lease obligations 29,416 29,153 Long-term debt and lease obligations, net of current maturities $ 1,897,713 $ 1,922,518
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 Not Designated as Hedging Instrument Location of Gain Recognized in Income Amount of Gain Three Months Ended March 31, 2016 2015 Warrants Interest expense, net $ — $ 167

Employee Stock-Based Compensa17

Employee Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Market and Service Condition Based Restricted Stock Unit Grants
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions	The weighted average grant date fair value for these RSUs was $7.58 per share, which was determined using the Monte Carlo simulation model using the following weighted average assumptions: Expected volatility (company) 53.6% Expected volatility (peer group median) 17.3% Correlation between the company and peer group median 0.47 Expected dividend yield 0.00% Risk-free rate 1.29%
Stock Options
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The weighted average grant date fair value of the options was $3.71 and was determined using the Black-Scholes option-pricing model with the following weighted average assumptions: Expected life 6.0 years Expected volatility 60.88% Expected dividend yield 0.00% Risk-free rate 1.41%

Segment and Product Informati18

Segment and Product Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Reconciling Information by Reportable Segments	The following tables present Net sales, income (loss) before income taxes and certain other measures for the reportable segments, reconciled to consolidated total continuing operations, for the periods indicated (in thousands): Three months ended March 31, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 258,020 $ 5,483 $ 4,150 $ 2,569 Southeast 311,119 3,234 4,415 5,833 South 409,329 6,208 5,254 14,999 West 386,409 9,772 6,175 (1,871 ) Total reportable segments 1,364,877 24,697 19,994 21,530 All other 32,237 6,094 15,230 (33,975 ) Total consolidated $ 1,397,114 $ 30,791 $ 35,224 $ (12,445 ) Three months ended March 31, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 43,485 $ 243 $ 852 $ (651 ) Southeast 147,469 685 2,990 (1,696 ) South 152,731 1,454 2,373 2,654 West ─ ─ ─ ─ Total reportable segments 343,685 2,382 6,215 307 All other 27,301 770 1,392 (7,181 ) Total consolidated $ 370,986 $ 3,152 $ 7,607 $ (6,874 )
Schedule of Segment Reporting Information by Product Category	The Company’s net sales by product category for the periods indicated were as follows (in thousands): Three Months Ended March 31, 2016 2015 Lumber & lumber sheet goods $ 465,752 $ 122,427 Windows, doors & millwork 311,918 121,597 Manufactured products 236,698 79,805 Gypsum, roofing & insulation 111,701 10,555 Siding, metal & concrete products 119,023 9,800 Other building products & services 152,022 26,802 Net sales $ 1,397,114 $ 370,986

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016States
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity formed, year	1,998
Number of states	40

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	Jul. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Amortization period of acquired goodwill for tax purpose		15 years
Net sales		$ 1,397,114,000	$ 370,986,000
Net income (loss)		(16,980,000)	(7,070,000)
Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related costs		$ 0	5,300,000
ProBuild Holdings LLC
Business Acquisition [Line Items]
Cash consideration for certain assets acquired	$ 1,630,000,000
Date of acquisition		Jul. 31, 2015
Fair value of acquired intangible assets	$ 184,509,000	$ 184,500,000
Net sales		982,700,000
Net income (loss)		$ 8,100,000
Transaction Costs Incurred by the Acquirer and the Acquiree
Business Acquisition [Line Items]
Acquisition related costs			6,300,000
Transaction Costs Incurred by the Acquiree
Business Acquisition [Line Items]
Acquisition related costs			1,000,000
Transaction Costs Incurred by the Acquirer
Business Acquisition [Line Items]
Acquisition related costs			$ 5,300,000

Acquisitions - Fair Values of A

Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Dates (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Jul. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 739,625	$ 739,625
ProBuild Holdings LLC
Business Acquisition [Line Items]
Accounts receivable			$ 470,105
Other receivables			34,718
Inventory			411,160
Other current assets			12,101
Property, plant and equipment			658,540
Assets held for sale			10,911
Goodwill			602,690
Intangible assets	$ 184,500		184,509
Other assets			2,016
Total assets acquired			2,386,750
Checks outstanding			(32,378)
Current maturities of long term debt and lease obligations			(25,456)
Accounts payable			(339,673)
Accrued liabilities			(210,436)
Other long-term liabilities			(53,703)
Long-term debt and lease obligations, net of current maturities			(262,390)
Total liabilities assumed			(924,036)
Total net assets acquired			$ 1,462,714

Acquisition - Schedule of Unaud

Acquisition - Schedule of Unaudited Pro Forma Operating Results (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)$ / shares
Business Combinations [Abstract]
Net sales | $	$ 1,284,126
Net loss | $	$ (47,695)
Basic net loss per share | $ / shares	$ (0.44)
Diluted net loss per share | $ / shares	$ (0.44)

Net Loss per Common Share - Add

Net Loss per Common Share - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Line Items]
Warrants outstanding	0
Warrant
Earnings Per Share [Line Items]
Securities included in the computation of diluted EPS		700,000
Income expense due to fair value adjustments related to warrants excluded from the computations of EPS		$ 0.2
Restricted Stock
Earnings Per Share [Line Items]
Shares excluded from computation of EPS	13,000	27,000
Stock Options
Earnings Per Share [Line Items]
Shares excluded from computation of EPS	5,000,000	6,400,000
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from computation of EPS	2,200,000	1,500,000

Net Loss per Common Share - Rec

Net 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
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of weighted average common shares used in calculation of basic and diluted EPS
Weighted average shares for basic EPS	109,913	98,204
Dilutive effect of warrants		420
Weighted average shares for diluted EPS	109,913	98,624

Debt - Long-Term Debt and Lease

Debt - Long-Term Debt and Lease Obligation (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Lease finance obligations	$ 270,539	$ 280,909
Capital lease obligations	7,662	8,159
Long term debt and lease obligations gross	1,969,655	1,997,693
Unamortized debt discount and debt issuance costs	(42,526)	(46,022)
Long-term debt and lease obligation	1,927,129	1,951,671
Current maturities of long-term debt and lease obligations	29,416	29,153
Long-term debt and lease obligations, net of current maturities	1,897,713	1,922,518
2021 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	617,596	350,000
2023 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	417,608	700,000
2015 term loan
Debt Instrument [Line Items]
Debt instrument carrying amount	597,250	598,625
2015 facility
Debt Instrument [Line Items]
Line of credit facility outstanding	$ 59,000	$ 60,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) shares in Millions	Feb. 29, 2016	Feb. 12, 2016	Apr. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Gain on extinguishment of debt				$ 7,731,000
Debt issuance cost				4,900,000
Borrowings under revolving credit facility				221,000,000	$ 25,000,000
Payments under revolving credit facility				222,000,000
Class of warrant or right outstanding exercised.			0.7
2015 facility
Debt Instrument [Line Items]
Line of credit facility outstanding				59,000,000		$ 60,000,000
Line of credit facility maximum borrowing capacity				800,000,000
Borrowings under revolving credit facility				221,000,000
Payments under revolving credit facility				$ 222,000,000
Weighted average interest rate of debt outstanding				2.90%
2023 notes
Debt Instrument [Line Items]
Amount of debt extinguishment	$ 63,800,000	$ 218,600,000
Private offered aggregate principal amount rate		10.75%
Debt instrument carrying amount				$ 417,608,000		700,000,000
Write off of unamortized deferred issuance cost				7,000,000
Reduction in Principal from Debt Extinguishment				14,800,000
2021 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate		7.625%
Aggregate principal amount	$ 60,000,000	$ 207,600,000
Debt instrument carrying amount				617,596,000		350,000,000
2021 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt				644,600,000
2015 term loan
Debt Instrument [Line Items]
Aggregate principal amount				600,000,000
Debt instrument carrying amount				597,250,000		$ 598,625,000
2023 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt				422,800,000
Term Loan Due On 2015 | Level 2
Debt Instrument [Line Items]
Fair value of long term debt				$ 594,300,000

Debt - Effect of Derivative Fin

Debt - Effect of Derivative Financial Instrument on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - Warrant $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
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

Employee Stock-Based Compensa28

Employee Stock-Based Compensation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Time Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 10.52
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	625,000
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	530,000
Stock award granted vesting period	3 years
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	33.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One | Share Based Compensation Award Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	33.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One | Share Based Compensation Award Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	33.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	63,000
Stock award granted vesting period	4 years
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	32,000
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Three | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	100.00%
Performance and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	265,000
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 10.96
Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	265,000
Stock award granted vesting period	3 years
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 7.58
Stock Options | 2014 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award granted vesting period	4 years
Options, Granted	63,000
Exercise Price for the options on the grant date | $ / shares	$ 6.59
Weighted average grant date fair value of option | $ / shares	$ 3.71
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%

Employee Stock-Based Compensa29

Employee Stock-Based Compensation - Stock Option Valuation (Detail) - Stock Options	3 Months Ended
	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	6 years
Expected volatility	60.88%
Expected dividend yield	0.00%
Risk-free rate	1.41%

Employee Stock-Based Compensa30

Employee Stock-Based Compensation - Restricted Stock Unit Valuation (Detail) - Market and Service Condition Based Restricted Stock Unit Grants	3 Months Ended
	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	53.60%
Expected volatility (peer group median)	17.30%
Correlation between the company and peer group median	0.47
Expected dividend yield	0.00%
Risk-free rate	1.29%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Taxes [Line Items]
Valuation allowance related to net deferred tax	$ 5.1	$ 3.1
Effective tax rate	(36.40%)	(2.90%)
Ownership change percentage criteria under Section 382 of the Internal Revenue Code	50.00%
State
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards			$ 414.6
State Tax credit carry-forwards			$ 2.6
State and Federal Operating loss carry-forwards expiration year			2,035
Federal
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards			$ 281.2
State and Federal Operating loss carry-forwards expiration year			2,035

Segment and Product Informati32

Segment and Product Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016StatesStoreRegionSegment
Segment Reporting [Abstract]
Number of Locations | Store	396
Number of states | States	40
Number of geographic regions | Region	9
Number of operating segments | Segment	9

Segment and Product Informati33

Segment and Product Information - Schedule of Reconciling Information by Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,397,114	$ 370,986
Depreciation & Amortization	30,791	3,152
Interest	35,224	7,607
Income (loss) before income taxes	(12,445)	(6,874)
Operating Segments
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,364,877	343,685
Depreciation & Amortization	24,697	2,382
Interest	19,994	6,215
Income (loss) before income taxes	21,530	307
Operating Segments | Northeast
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	258,020	43,485
Depreciation & Amortization	5,483	243
Interest	4,150	852
Income (loss) before income taxes	2,569	(651)
Operating Segments | Southeast
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	311,119	147,469
Depreciation & Amortization	3,234	685
Interest	4,415	2,990
Income (loss) before income taxes	5,833	(1,696)
Operating Segments | South
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	409,329	152,731
Depreciation & Amortization	6,208	1,454
Interest	5,254	2,373
Income (loss) before income taxes	14,999	2,654
Operating Segments | West
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	386,409
Depreciation & Amortization	9,772
Interest	6,175
Income (loss) before income taxes	(1,871)
All other
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	32,237	27,301
Depreciation & Amortization	6,094	770
Interest	15,230	1,392
Income (loss) before income taxes	$ (33,975)	$ (7,181)

Segment and Product Informati34

Segment and Product Information - Segment Reporting Information by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,397,114	$ 370,986
Lumber And Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	465,752	122,427
Windows, Doors And Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	311,918	121,597
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	236,698	79,805
Gypsum Roofing And Insulation
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	111,701	10,555
Siding, Metal And Concrete Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	119,023	9,800
Other Building Products And Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 152,022	$ 26,802