Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IBP | |
Entity Registrant Name | INSTALLED BUILDING PRODUCTS, INC. | |
Entity Central Index Key | 1,580,905 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,601,831 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 19,906 | $ 62,510 |
Investments | 28,798 | 30,053 |
Accounts receivable (less allowance for doubtful accounts of $4,900 and $4,805 at March 31, 2018 and December 31, 2017, respectively) | 188,651 | 180,725 |
Inventories | 46,160 | 48,346 |
Other current assets | 44,935 | 33,308 |
Total current assets | 328,450 | 354,942 |
Property and equipment, net | 84,531 | 81,075 |
Non-current assets | ||
Goodwill | 161,681 | 155,466 |
Intangibles, net | 136,885 | 137,991 |
Other non-current assets | 10,683 | 9,272 |
Total non-current assets | 309,249 | 302,729 |
Total assets | 722,230 | 738,746 |
Current liabilities | ||
Current maturities of long-term debt | 17,378 | 16,650 |
Current maturities of capital lease obligations | 5,287 | 5,666 |
Accounts payable | 87,273 | 87,425 |
Accrued compensation | 19,003 | 25,399 |
Other current liabilities | 25,277 | 24,666 |
Total current liabilities | 154,218 | 159,806 |
Long-term debt | 330,679 | 330,927 |
Capital lease obligations, less current maturities | 5,525 | 6,479 |
Deferred income taxes | 7,516 | 6,444 |
Other long-term liabilities | 25,711 | 24,562 |
Total liabilities | 523,649 | 528,218 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity | ||
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | ||
Common Stock; $0.01 par value: 100,000,000 authorized, 32,595,324 and 32,524,934 issued and 31,518,607 and 31,862,146 shares outstanding at March 31, 2018 and December 31, 2017, respectively | 326 | 325 |
Additional paid in capital | 176,349 | 174,043 |
Retained earnings | 57,604 | 48,434 |
Treasury Stock; at cost: 1,076,717 and 662,788 shares at March 31, 2018 and December 31, 2017, respectively | (37,477) | (12,781) |
Accumulated other comprehensive income | 1,779 | 507 |
Total stockholders' equity | 198,581 | 210,528 |
Total liabilities and stockholders' equity | $ 722,230 | $ 738,746 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,900 | $ 4,805 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,595,324 | 32,524,934 |
Common stock, shares outstanding | 31,518,607 | 31,862,146 |
Treasury Stock | 1,076,717 | 662,788 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net revenue | $ 301,728 | $ 255,669 |
Cost of sales | 221,752 | 183,497 |
Gross profit | 79,976 | 72,172 |
Operating expenses | ||
Selling | 15,846 | 14,026 |
Administrative | 44,203 | 39,261 |
Amortization | 7,128 | 6,416 |
Operating income | 12,799 | 12,469 |
Other expense | ||
Interest expense, net | 4,040 | 2,170 |
Other | 122 | 152 |
Income before income taxes | 8,637 | 10,147 |
Income tax provision | 2,243 | 3,783 |
Net income | 6,394 | 6,364 |
Other comprehensive income, net of tax: | ||
Unrealized gain on cash flow hedge, net of tax provision of $386 for the three months ended March 31, 2018 | 1,160 | |
Comprehensive income | $ 7,554 | $ 6,364 |
Basic and diluted net income per share | $ 0.20 | $ 0.20 |
Weighted average shares outstanding: | ||
Basic | 31,548,745 | 31,590,478 |
Diluted | 31,772,581 | 31,687,056 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Income Statement [Abstract] | |
Unrealized gain (loss) on cash flow hedge, tax (provision) benefit | $ 386 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] |
BALANCE at Dec. 31, 2016 | $ 153,977 | $ 321 | $ 158,581 | $ 7,294 | $ (12,219) | |
BALANCE, Shares at Dec. 31, 2016 | 32,135,176 | |||||
BALANCE, Treasury Shares at Dec. 31, 2016 | (650,402) | |||||
Net income | 6,364 | 6,364 | ||||
Issuance of Common Stock for Acquisition, Value | 10,859 | $ 3 | 10,856 | |||
Issuance of Common Stock for Acquisition, Shares | 282,577 | |||||
Surrender of Common Stock Awards by Employees, Value | (54) | $ (54) | ||||
Surrender of Common Stock Awards by Employees, Shares | (1,392) | |||||
Share-Based Compensation Expense | 480 | 480 | ||||
BALANCE at Mar. 31, 2017 | 171,626 | $ 324 | 169,917 | 13,658 | $ (12,273) | |
BALANCE, Shares at Mar. 31, 2017 | 32,417,753 | |||||
BALANCE, Treasury Shares at Mar. 31, 2017 | (651,794) | |||||
BALANCE at Dec. 31, 2017 | $ 210,528 | $ 325 | 174,043 | 48,434 | $ (12,781) | $ 507 |
BALANCE, Shares at Dec. 31, 2017 | 32,524,934 | 32,524,934 | ||||
BALANCE, Treasury Shares at Dec. 31, 2017 | (662,788) | (662,788) | ||||
Net income | $ 6,394 | 6,394 | ||||
Cumulative Effect of Accounting Changes, Net of Tax | 2,888 | 2,776 | 112 | |||
Issuance of Common Stock Awards to Employees, Value | $ 1 | (1) | ||||
Issuance of Common Stock Awards to Employees, Shares | 70,390 | |||||
Surrender of Common Stock Awards by Employees, Value | (56) | $ (56) | ||||
Surrender of Common Stock Awards by Employees, Shares | (1,212) | |||||
Share-Based Compensation Expense | 2,307 | 2,307 | ||||
Common Stock Repurchase,Value | (24,640) | $ (24,640) | ||||
Common Stock Repurchase , Shares | (412,717) | |||||
Other Comprehensive Income, Net of Tax | 1,160 | 1,160 | ||||
BALANCE at Mar. 31, 2018 | $ 198,581 | $ 326 | $ 176,349 | $ 57,604 | $ (37,477) | $ 1,779 |
BALANCE, Shares at Mar. 31, 2018 | 32,595,324 | 32,595,324 | ||||
BALANCE, Treasury Shares at Mar. 31, 2018 | (1,076,717) | (1,076,717) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 6,394 | $ 6,364 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization of property and equipment | 7,978 | 6,552 |
Amortization of intangibles | 7,128 | 6,416 |
Amortization of deferred financing costs and debt discount | 302 | 102 |
Provision for doubtful accounts | 896 | 1,231 |
Gain on sale of property and equipment | (185) | (107) |
Noncash stock compensation | 2,240 | 480 |
Changes in assets and liabilities, excluding effects of acquisitions | ||
Accounts receivable | (7,058) | (3,200) |
Inventories | (2,420) | (894) |
Other assets | (4,139) | (722) |
Accounts payable | (57) | (1,781) |
Income taxes payable/receivable | 1,303 | 3,106 |
Other liabilities | (6,297) | (1,873) |
Net cash provided by operating activities | 6,085 | 15,674 |
Cash flows from investing activities | ||
Purchases of investments | (17,782) | |
Maturities of short term investments | 19,000 | |
Purchases of property and equipment | (10,237) | (7,776) |
Acquisitions of businesses, net of cash acquired of $0 and $247, respectively | (11,505) | (106,873) |
Proceeds from sale of property and equipment | 283 | 203 |
Other | (1,050) | (550) |
Net cash used in investing activities | (21,291) | (114,996) |
Cash flows from financing activities | ||
Payments on term loan under credit agreement applicable to respective period (Note 6) | (750) | (1,250) |
Proceeds from delayed draw term loan under credit agreement applicable to respective period (Note 6) | 112,500 | |
Proceeds from vehicle and equipment notes payable | 4,510 | 4,331 |
Debt issuance costs | (1) | (833) |
Principal payments on long-term debt | (3,092) | (2,117) |
Principal payments on capital lease obligations | (1,629) | (1,882) |
Acquisition-related obligations | (1,740) | (1,248) |
Repurchase of common stock | (24,640) | |
Surrender of common stock awards by employees | (56) | (54) |
Net cash (used in) provided by financing activities | (27,398) | 109,447 |
Net change in cash and cash equivalents | (42,604) | 10,125 |
Cash and cash equivalents at beginning of period | 62,510 | 14,482 |
Cash and cash equivalents at end of period | 19,906 | 24,607 |
Supplemental disclosures of cash flow information Net cash paid during the period for: | ||
Interest | 3,914 | 2,044 |
Income taxes, net of refunds | 899 | 650 |
Supplemental disclosure of noncash investing and financing activities | ||
Common stock issued for acquisition of business | 10,859 | |
Vehicles capitalized under capital leases and related lease obligations | 312 | 816 |
Seller obligations in connection with acquisition of businesses | 3,093 | 2,302 |
Unpaid purchases of property and equipment included in accounts payable | $ 1,485 | $ 609 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Cash acquired, Net | $ 0 | $ 247 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | NOTE 1 – ORGANIZATION Installed Building Products, Inc. (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly-owned subsidiaries (collectively referred to as the “Company” and “we,” “us” and “our”) primarily install insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company operates in over 125 locations and its corporate office is located in Columbus, Ohio. We have one operating segment and a single reportable segment. We offer our portfolio of services for new and existing single-family and multi-family residential and commercial building projects from our national network of branch locations. Each of our branches has the capacity to serve all of our end markets. See Note 3, Revenue Recognition, for information on our revenues by product and end market. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our consolidated financial statements and the notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K 10-K”), Our interim operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected in future operating quarters. 10-K Note 2 to the consolidated financial statements in our 2017 Form 10-K 2014-09, Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, 2014-09 In August 2017, the FASB issued ASU 2017-12, In March 2018, the Financial Accounting Standards Board issued ASU No 2018-05, 2018-05”), 2018-05 2018-05. Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 In June 2016, the FASB issued ASU 2016-13, available-for-sale |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 3 – REVENUE RECOGNITION Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On January 1, 2018, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. We recorded a $2.9 million increase to opening retained earnings, net of tax, on January 1, 2018 due to the impact of adopting Topic 606, with the impact primarily related to the change in accounting for certain of our short-term contracts that were previously accounted for on a completed contract basis, whereas, under ASC 606, we now recognize revenue associated with these contracts over time as service is performed and the transfer of control occurs, based on a percentage-of-completion cost-to-cost Revenue Recognition Our revenues are derived primarily through contracts with customers whereby we install insulation and other complimentary building products and are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We recognize revenue using the percentage-of-completion cost-to-cost point-in-time When the percentage-of-completion cost-to-cost cost-to-cost Our long-term contracts can be subject to modification to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up Billing on our long-term contracts occurs primarily on a monthly basis throughout the contract period whereby we submit invoices for customer payment based on actual or estimated costs incurred during the billing period. On certain of our long-term contracts the customer may withhold payment on an invoice equal to a percentage of the invoice amount, which will be subsequently paid after satisfactory completion of each installation project. This amount is referred to as retainage and is common practice in the construction industry, as it allows for customers to ensure the quality of the service performed prior to full payment. Retainage receivables are classified as current or long-term assets based on the expected time to project completion. We disaggregate our revenue from contracts with customers by end market and product, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following tables present our revenues disaggregated by end market and product for the three months ended March 31 (in thousands): 2018 2017 (1) Residential and multi-family $ 250,114 83 % $ 209,391 82 % Commercial 51,614 17 % 46,278 18 % Net revenues $ 301,728 100 % $ 255,669 100 % 2018 2017 (1) Insulation $ 202,275 67 % $ 175,623 69 % Waterproofing 22,606 7 % 21,005 8 % Shower doors, shelving and mirrors 20,260 7 % 12,885 5 % Garage doors 15,466 5 % 14,287 6 % Rain gutters 8,658 3 % 8,442 3 % Other building products 32,463 11 % 23,427 9 % Net revenues $ 301,728 100 % $ 255,669 100 % (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. Contract Assets and Liabilities Our contract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the cost-to-cost Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows as of March 31 and December 31 (in thousands): 2018 2017 Contract assets $ 18,101 $ 6,182 Contract liabilities (6,963 ) (4,376 ) Uncompleted contracts were as follows for the three months ended March 31 and December 31 (in thousands): 2018 2017 Costs incurred on uncompleted contracts $ 102,088 $ 79,235 Estimated earnings 55,882 44,035 Total 157,970 123,270 Less: Billings to date 144,506 121,464 Net under (over) billings $ 13,464 $ 1,806 Net under (over) billings were as follows as of March 31 and December 31 (in thousands): 2018 2017 Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 18,101 $ 6,182 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (4,637 ) (4,376 ) Net under (over) billings $ 13,464 $ 1,806 During the three months ended March 31, 2018, we recognized $6.3 million of revenue that was included in the contract liability balance at December 31, 2017. We did not recognize any impairment losses on our receivables and contract assets during the three months ended March 31, 2018. Remaining performance obligations represent the transaction price of contracts for which work has not been performed and excludes unexercised contract options and potential modifications. As of March 31, 2018, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $78.6 million. We expect to recognize revenue on substantially all of these uncompleted contracts over the next 18 months. Practical Expedients and Exemptions We generally expense sales commissions and other incremental costs of obtaining a contract when incurred because the amortization period is usually one year or less. Sales commissions are recorded within selling expenses within the Condensed Consolidated Statements of Operations and Comprehensive Income. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | NOTE 4 – INVESTMENTS Cash and cash equivalents includes investments in money market funds that are valued based on the net asset value of the funds. The cash equivalents consist primarily of money market funds that are Level 1 measurements. The investments in these funds were $17 thousand and $55.6 million as of March 31, 2018 and December 31, 2017, respectively. All other investments are classified as held-to-maturity held-to-maturity |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | NOTE 5 – GOODWILL AND INTANGIBLES Goodwill The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2018 $ 225,470 $ (70,004 ) $ 155,466 Business Combinations 5,783 — 5,783 Other 432 — 432 March 31, 2018 $ 231,685 $ (70,004 ) $ 161,681 Other changes included in the above table represent minor adjustments for the allocation of certain acquisitions still under measurement and one immaterial acquisition completed during the three months ended March 31, 2018. We test goodwill for impairment annually during the fourth quarter of our fiscal year or earlier if there is an impairment indicator. No impairment was recognized during either of the three month periods ended March 31, 2018 and 2017. Intangibles, net The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in thousands): As of March 31, 2018 As of December 31, 2017 Gross Accumulated Net Gross Accumulated Net Amortized intangibles: Customer relationships $ 124,860 $ 41,866 $ 82,994 $ 121,015 $ 38,651 $ 82,364 Covenants not-to-compete 12,112 5,423 6,689 11,807 4,773 7,034 Trademarks and trade names 60,024 15,089 44,935 58,136 14,076 44,060 Backlog 13,600 11,333 2,267 13,600 9,067 4,533 $ 210,596 $ 73,711 $ 136,885 $ 204,558 $ 66,567 $ 137,991 The gross carrying amount of intangibles increased approximately $6.0 million during the three months ended March 31, 2018 primarily due to business combinations. See Note 14, Business Combinations, for more information. Remaining estimated aggregate annual amortization expense is as follows (amounts, in thousands, are for the fiscal year ended): Remainder of 2018 $ 16,966 2019 19,054 2020 18,338 2021 17,320 2022 16,402 Thereafter 48,805 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 6 – LONG-TERM DEBT Long-term debt consisted of the following (in thousands): As of March 31, As of December 31, 2018 2017 Term loans, in effect, net of unamortized debt issuance costs of $4,940 and $5,146, respectively $ 292,810 $ 293,354 Vehicle and equipment notes, maturing March 2023; payable in various monthly installments, including interest rates ranging from 2% to 4.5% 51,556 50,357 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 5% 3,691 3,866 348,057 347,577 Less: current maturities (17,378 ) (16,650 ) Long-term debt, less current maturities $ 330,679 $ 330,927 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 7 – FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. Assets Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis as of March 31, 2018 and December 31, 2017 are categorized based on the lowest level of significant input to the valuation. The assets are measured at fair value when our impairment assessment indicates a carrying value for each of the assets in excess of the asset’s estimated fair value. Undiscounted cash flows, a Level 3 input, are utilized in determining estimated fair values. During the each of the three months ended March 31, 2018 and 2017, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis. Estimated Fair Value of Financial Instruments Accounts receivable, accounts payable and accrued liabilities as of March 31, 2018 and December 31, 2017 approximate fair value due to the short-term maturities of these financial instruments. On April 13, 2017, we entered into, and subsequently amended on November 30, 2017, a term loan credit agreement which provides for a seven-year $300.0 million term loan facility (the “Term Loan”) and an asset-based lending credit agreement (the “ABL Credit Agreement”) which provides for up to approximately $100.0 million with a sublimit up to $50.0 million for the issuance of letters of credit (the “ABL Revolver”), which may be reduced or increased pursuant to the ABL Credit Agreement. The carrying amounts of our long-term debt, including the Term Loan and ABL Revolver as of March 31, 2018 and December 31, 2017, approximate fair value due to the variable rate nature of the agreements. The carrying amounts of the obligations associated with our capital leases and vehicle and equipment notes approximate fair value as of March 31, 2018 and December 31, 2017 because we have incurred the obligations within recent fiscal years when the interest rate markets have been relatively low and stable. All debt classifications represent Level 2 fair value measurements. Market risk associated with our long-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in thousands): As of March 31, 2018 As of December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 17 $ 17 $ — $ — $ 55,634 $ 55,634 $ — $ — Derivative financial instruments 2,370 2,370 618 618 Total financial assets $ 2,387 $ 17 $ 2,370 $ — $ 56,252 $ 55,634 $ 618 $ — The carrying values and associated fair values of financial assets and liabilities that are not recorded at fair value in the Condensed Consolidated Balance Sheets and not described above include investments which represent a Level 2 fair value measurement and are as follows (in thousands): As of March 31, 2018 As of December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Investments $ 28,798 $ 28,735 $ 30,053 $ 30,038 See Note 4, Investments, for more information on cash equivalents and investments included in the table above. Also see Note 8, Derivatives and Hedging Activities, for more information on derivative financial instruments. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 8 – DERIVATIVES AND HEDGING ACTIVITIES Cash Flow Hedges of Interest Rate Risk Our purpose for using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. During the first quarter of 2018, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of March 31, 2018, we have two interest rate swaps with a beginning notional of $100.0 million that amortize quarterly to $95.3 million at a maturity date of May 31, 2022. We had no such interest rate swaps or other derivatives as of March 31, 2017. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffectiveness arising during the period, as a result of a change to the hedge or the item(s) being hedged, is recognized directly in earnings. We had no such changes during the three months ended March 31, 2018. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense, net as interest payments are made on our variable-rate debt. Over the next twelve months, we estimate that an additional $0.2 million will be reclassified as an increase to interest expense, net. Additionally, we do not use derivatives for trading or speculative purposes and we currently do not have any derivatives that are not designated as hedges. As of March 31, 2018 the Company has not posted any collateral related to these agreements. We elected to early adopt ASU 2017-12, |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 9 – STOCKHOLDERS’ EQUITY As of March 31, 2018, we had $1.8 million in accumulated other comprehensive income on our Condensed Consolidated Balance Sheet, which represents the effective portion of the unrealized gain on our derivative instruments. For additional information, see Note 8, Derivatives and Hedging Activities. On February 28, 2018, we announced that our Board of Directors authorized a $50 million stock repurchase program effective March 2, 2018 through February 28, 2019, unless extended by the Board of Directors. During the three months ended March 31, 2018, we repurchased approximately 413 thousand shares of our common stock for an aggregate purchase price of approximately $24.6 million or $59.70 average price per share as part of our 2018 stock repurchase plan. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | NOTE 10 – EMPLOYEE BENEFITS Healthcare Our healthcare benefit expense (net of employee contributions) for all plans was approximately $4.4 million and $4.0 million for the three months ended March 31, 2018 and 2017, respectively. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $2.1 million and $1.8 million as of March 31, 2018 and December 31, 2017, respectively. Workers’ Compensation Workers’ compensation expense totaled $3.8 million and $4.1 million for the three months ended March 31, 2018 and 2017, respectively. Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands): March 31, December 31, Included in other current liabilities $ 5,228 $ 5,899 Included in other long-term liabilities 10,021 8,721 $ 15,249 $ 14,620 We also had an insurance receivable for claims that exceeded the stop loss limit included on the Condensed Consolidated Balance Sheets. This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands): March 31, December 31, Included in other non-current $ 1,827 $ 1,826 Retirement Plans We participate in multiple 401(k) plans, whereby we provide a matching contribution of wages deferred by employees and can also make discretionary contributions to each plan. Certain plans allow for discretionary employer contributions only. These plans cover substantially all our eligible employees. During each of the three months ended March 31, 2018 and 2017, we recognized 401(k) plan expenses of $0.4 million, which is included in administrative expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. Share-Based Compensation Employees – Common Stock Awards During the three months ended March 31, 2018, our employees surrendered approximately one thousand shares of our common stock to satisfy tax withholding obligations arising in connection with the vesting of common stock awards issued under our 2014 Omnibus Incentive Plan. Share-based compensation expense associated with non-performance-based As of March 31, 2018, there was $5.1 million of unrecognized compensation expense related to these nonvested common stock awards. This expense is subject to future adjustments for forfeitures and is expected to be recognized on a straight-line basis over the remaining weighted-average period of 1.99 years. Shares forfeited are returned as treasury shares and available for future issuances. See the table below for changes in shares and related weighted average fair market value per share. Employees – Performance-Based Stock Awards During the three months ended March 31, 2018, we granted under our 2014 Omnibus Incentive Plan approximately sixty-three thousand shares of our common stock to certain officers, which vest in two equal installments on each of April 20, 2019 and April 20, 2020. These shares were issued in connection with the performance-based targets established in 2017. Share-based compensation expense associated with these performance-based awards was $0.4 million and $0.1 million for the three months ended March 31, 2018 and 2017, respectively. In addition, during the three months ended March 31, 2018, we established, and our Board of Directors approved, performance-based targets in connection with common stock awards to be issued to certain officers in 2019 contingent upon achievement of these 2018 targets. Employees – Performance-Based Restricted Stock Units During 2017, we established, and our Board of Directors approved, performance-based restricted stock units in connection with common stock awards to be issued to certain employees in 2018 contingent upon achievement of a performance target. These units will be accounted for as equity-based awards that will be settled with a fixed number of common shares. We recorded $0.9 million in compensation expense associated with these performance-based units during the three months ended March 31, 2018. As of March 31, 2018, there was $0.2 million of unrecognized compensation expense related to nonvested performance-based common stock units. This expense is subject to future adjustments for forfeitures and is expected to be recognized on a straight-line basis over the remaining weighted-average period of .05 years. See the table below for changes in shares and related weighted average fair market value per share. Share-Based Compensation Summary Amounts for each category of equity-based award for employees as of December 31, 2017 and changes during the three months ended March 31, 2018 were as follows: Common Stock Awards Performance-Based Stock Performance-Based Restricted Awards Weighted Awards Weighted Units Weighted Nonvested awards/units at December 31, 2017 202,331 $ 39.09 77,254 $ 41.00 72,000 $ 52.16 Granted 7,584 65.60 52,892 65.60 584 52.80 Vested (9,560 ) 52.00 — — — — Forfeited/Cancelled (287 ) 21.79 (14,448 ) 41.00 (1,464 ) 52.94 Nonvested awards/units at March 31, 2018 200,068 $ 40.91 115,698 $ 52.25 71,120 $ 52.15 During the three months ended March 31, 2018 and 2017, we recorded the following stock compensation expense, by income statement category (in thousands): 2018 2017 Cost of sales $ 475 $ — Selling 283 — Administrative 1,482 480 $ 2,240 $ 480 Administrative stock compensation expense includes all stock compensation earned by our administrative personnel, while cost of sales and selling stock compensation represents all stock compensation earned by our installation and sales employees, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 – INCOME TAXES Our provision for income taxes as a percentage of pretax earnings is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. During the three months ended March 31, 2018, our effective tax rate was 26.0%. This rate was favorably impacted primarily by the enactment of Pub.L. 115–97, an Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (the “Tax Act”). The Tax Act reduced the U.S federal corporate tax rate from 35% to 21% effective January 1, 2018, among other changes. ASC Topic 740, Accounting for Income Taxes 2018-05 10-K. one-year |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 12 – RELATED PARTY TRANSACTIONS We sell installation services to other companies related to us through common or affiliated ownership and/or Board of Directors and/or management relationships. We also purchase services and materials and pay rent to companies with common or affiliated ownership. We lease our headquarters and certain other facilities from related parties. See Note 13, Commitments and Contingencies, for future minimum lease payments to be paid to these related parties. For the three months ended March 31, 2018 and 2017, the amount of sales to related parties as well as the purchases from and rent expense paid to related parties were as follows (in thousands): 2018 2017 Sales $ 2,893 $ 2,336 Purchases 363 291 Rent 281 296 As of March 31, 2018 and December 31, 2017, we had related party balances of approximately $2.2 million and $2.0 million, respectively, included in accounts receivable on our Condensed Consolidated Balance Sheets. These balances primarily represent trade accounts receivable arising during the normal course of business with various related parties. M/I Homes, Inc., a customer whose Chairman, President and Chief Executive Officer is a member of our Board of Directors, accounted for $1.0 million of these balances as of each of March 31, 2018 and December 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 13 – COMMITMENTS AND CONTINGENCIES Accrued General Liability Accrued general insurance reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands): March 31, December 31, Included in other current liabilities $ 1,956 $ 2,033 Included in other long-term liabilities 7,825 7,073 $ 9,781 $ 9,106 We also had insurance receivables and an indemnification asset, totaling $2.8 million, included in other non-current Leases We are obligated under capital leases covering vehicles and certain equipment. The vehicle and equipment leases generally have initial terms ranging from four to six years. Total gross assets relating to capital leases were approximately $62.8 million and $63.4 million as of March 31, 2018 and December 31, 2017, respectively, and a total of approximately $24.8 million and $26.8 million were fully depreciated as of March 31, 2018 and December 31, 2017, respectively. The net book value of assets under capital leases was approximately $11.7 million and $13.0 million as of March 31, 2018 and December 31, 2017, respectively. Amortization of assets held under capital leases is included within cost of sales on the Condensed Consolidated Statements of Operations and Comprehensive Income. We also have several noncancellable operating leases, primarily for buildings, improvements, equipment and certain vehicles. These leases generally contain renewal options for periods ranging from one to five years and require us to pay all executory costs such as property taxes, maintenance and insurance. Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) with related parties as of March 31, 2018 are as follows (in thousands): Remainder of 2018 $ 664 2019 837 2020 574 2021 591 2022 609 Thereafter — Other Commitments and Contingencies From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. As litigation is subject to inherent uncertainties, we cannot be certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 14 – BUSINESS COMBINATIONS As part of our ongoing strategy to expand geographically and increase market share in certain markets, we completed two business combinations and one insignificant tuck-in The largest of these acquisitions were Custom Overhead Door, LLC dba Custom Door & Gate (collectively, “CDG”) in March 2018 and Trilok Industries, Inc., Alpha Insulation and Waterproofing Inc. and Alpha Insulation and Waterproofing Company (collectively, “Alpha”) in January 2017. The remaining acquisitions were individually insignificant as follows. Net (Loss) Income, as noted below, includes amortization, taxes and interest allocations when appropriate. For the three months ended March 31, 2018 (in thousands): Total Three months ended 2018 Acquisitions Date Acquisition Cash Paid Seller Purchase Revenue Net (Loss) CDG 3/19/2018 Asset $ 9,440 $ 1,973 $ 11,413 $ 400 $ (15 ) Other 1/15/2018 Asset 2,065 1,120 3,185 1,271 66 Total $ 11,505 $ 3,093 $ 14,598 $ 1,671 $ 51 For the three months ended March 31, 2017 (in thousands): Fair Value of Total Three months ended 2017 Acquisitions Date Acquisition Cash Paid Seller Common Purchase Revenue Net Income Alpha (1) 1/5/2017 Share $ 103,810 $ 2,002 $ 10,859 $ 116,671 $ 28,166 $ 900 Other 3/20/2017 Asset 3,402 300 — 3,702 518 21 Total $ 107,212 $ 2,302 $ 10,859 $ 120,373 $ 28,684 $ 921 (1) The cash paid included $21.7 million in contingent consideration to satisfy purchase price adjustments related to cash and net working capital requirements, earnout consideration based on Alpha’s change in EBITDA from 2015 and a customary holdback. These payments were based on fair value of each contingent payment at the time of acquisition and subsequently adjusted during the measurement period. We issued 282,577 shares of our common stock with a fair value of $10.9 million. Acquisition-related costs recorded within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income amounted to $0.5 million and $0.6 million for the three months ended March 31, 2018 and 2017, respectively. The goodwill recognized in conjunction with these business combinations represents the excess cost of the acquired entity over the net amount assigned to assets acquired and liabilities assumed. We expect to deduct approximately $6.1 million of goodwill for tax purposes as a result of 2018 acquisitions. Purchase Price Allocations The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following as of March 31 (in thousands): 2018 2017 CDG Other Total Alpha Other Total Estimated fair values: Cash $ — $ — $ — $ 247 $ — $ 247 Accounts receivable 1,819 — 1,819 29,851 1,087 30,938 Inventories 514 75 589 1,852 746 2,598 Other current assets 13 12 25 4,500 3 4,503 Property and equipment 933 517 1,450 1,528 457 1,985 Intangibles 3,710 1,675 5,385 57,200 1,904 59,104 Goodwill 4,852 931 5,783 38,511 586 39,097 Other non-current 36 — 36 383 119 502 Accounts payable and other current liabilities (464 ) (25 ) (489 ) (17,401 ) (1,200 ) (18,601 ) Fair value of assets acquired and purchase price 11,413 3,185 14,598 116,671 3,702 120,373 Less fair value of common stock issued — — — 10,859 — 10,859 Less seller obligations 1,973 1,120 3,093 2,002 300 2,302 Cash paid $ 9,440 $ 2,065 $ 11,505 $ 103,810 $ 3,402 $ 107,212 Contingent consideration is included as “seller obligations” in the above table or within “fair value of assets acquired” if subsequently paid during the period presented. These contingent payments consist primarily of amounts based on working capital calculations, earnouts based on performance, and non-compete Further adjustments to the allocation for each acquisition still under its measurement period are expected as third-party and internal valuations are finalized, certain tax aspects of the transaction are completed and customary post-closing reviews are concluded during the measurement period attributable to each individual business combination. As a result, insignificant adjustments to the fair value of assets acquired, and in some cases total purchase price, have been made to certain business combinations since the date of acquisition and future adjustments may be made through the end of each measurement period. Goodwill and intangibles per the above table do not agree to the total gross increases of these assets as shown in Note 5, Goodwill and Intangibles, during each of the three months ended March 31, 2018 and 2017 due to minor adjustments to goodwill for the allocation of certain acquisitions still under measurement. In addition, goodwill and intangibles increased during each of the three months ended March 31, 2018 and 2017 due to an immaterial tuck-in The provisional amounts for Alpha originally reported in our Condensed Consolidated Balance Sheets included in our Quarterly Report on Form 10-Q Estimates of acquired intangible assets related to the acquisitions are as follows for the three months ended March 31 (dollars in thousands): 2018 2017 Acquired intangibles assets Estimated Weighted Estimated Weighted Customer relationships $ 3,440 8 $ 28,401 8 Trademarks and trade names 1,695 15 15,496 15 Non-competition 250 5 1,607 5 Backlog — — 13,600 1.5 Pro Forma Information The unaudited pro forma information for the combined results of the Company has been prepared as if the 2018 acquisitions had taken place on January 1, 2017 and the 2017 acquisitions had taken place on January 1, 2016. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2017 and 2016, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except per share data): Unaudited pro forma for the three 2018 2017 Net revenue $ 304,790 $ 275,530 Net income 6,457 7,436 Basic net income per share 0.20 0.24 Diluted net income per share 0.20 0.23 Unaudited pro forma net income reflects additional intangible asset amortization expense of $67 thousand and $0.7 million for the three months ended March 31, 2018 and 2017, respectively, as well as additional income tax expense of $23 thousand and $0.6 million for the three months ended March 31, 2018 and 2017, respectively, that would have been recorded had the 2018 acquisitions taken place on January 1, 2017 and the 2017 acquisitions taken place on January 1, 2016. |
Income Per Common Share
Income Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | NOTE 15 –INCOME PER COMMON SHARE Basic net income per common share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per common share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income per common share calculation when dilutive. The dilutive effect of outstanding restricted stock awards after application of the treasury stock method as of March 31, 2018 and 2017 was 224 thousand and 97 thousand shares, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16 – SUBSEQUENT EVENTS On April 9, 2018, we acquired substantially all of the assets of H2H Blinds, LLC for total consideration of approximately $4.6 million, subject to a working capital adjustment. The initial accounting for the business combination was not complete at the time the financial statements were issued due to the timing of the acquisition and the filing of this Quarterly Report on Form 10-Q. 805-10-50, |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our consolidated financial statements and the notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K 10-K”), Our interim operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected in future operating quarters. See Item 1A, Risk Factors, in our 2017 Form 10-K Note 2 to the consolidated financial statements in our 2017 Form 10-K 2014-09, |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, 2014-09 In August 2017, the FASB issued ASU 2017-12, In March 2018, the Financial Accounting Standards Board issued ASU No 2018-05, 2018-05”), 2018-05 2018-05. Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 In June 2016, the FASB issued ASU 2016-13, available-for-sale |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated by End Market and Product | The following tables present our revenues disaggregated by end market and product for the three months ended March 31 (in thousands): 2018 2017 (1) Residential and multi-family $ 250,114 83 % $ 209,391 82 % Commercial 51,614 17 % 46,278 18 % Net revenues $ 301,728 100 % $ 255,669 100 % 2018 2017 (1) Insulation $ 202,275 67 % $ 175,623 69 % Waterproofing 22,606 7 % 21,005 8 % Shower doors, shelving and mirrors 20,260 7 % 12,885 5 % Garage doors 15,466 5 % 14,287 6 % Rain gutters 8,658 3 % 8,442 3 % Other building products 32,463 11 % 23,427 9 % Net revenues $ 301,728 100 % $ 255,669 100 % (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. |
Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits | Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows as of March 31 and December 31 (in thousands): 2018 2017 Contract assets $ 18,101 $ 6,182 Contract liabilities (6,963 ) (4,376 ) |
Schedule of Cost and Estimated Earnings on Uncompleted Contracts | Uncompleted contracts were as follows for the three months ended March 31 and December 31 (in thousands): 2018 2017 Costs incurred on uncompleted contracts $ 102,088 $ 79,235 Estimated earnings 55,882 44,035 Total 157,970 123,270 Less: Billings to date 144,506 121,464 Net under (over) billings $ 13,464 $ 1,806 |
Schedule of Net Under (Over) Billings | Net under (over) billings were as follows as of March 31 and December 31 (in thousands): 2018 2017 Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 18,101 $ 6,182 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (4,637 ) (4,376 ) Net under (over) billings $ 13,464 $ 1,806 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Amount of Goodwill | The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2018 $ 225,470 $ (70,004 ) $ 155,466 Business Combinations 5,783 — 5,783 Other 432 — 432 March 31, 2018 $ 231,685 $ (70,004 ) $ 161,681 |
Schedule of Gross Carrying Amount, Accumulated Amortization and Net Book Value | The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in thousands): As of March 31, 2018 As of December 31, 2017 Gross Accumulated Net Gross Accumulated Net Amortized intangibles: Customer relationships $ 124,860 $ 41,866 $ 82,994 $ 121,015 $ 38,651 $ 82,364 Covenants not-to-compete 12,112 5,423 6,689 11,807 4,773 7,034 Trademarks and trade names 60,024 15,089 44,935 58,136 14,076 44,060 Backlog 13,600 11,333 2,267 13,600 9,067 4,533 $ 210,596 $ 73,711 $ 136,885 $ 204,558 $ 66,567 $ 137,991 |
Schedule of Estimated Aggregate Annual Amortization | Remaining estimated aggregate annual amortization expense is as follows (amounts, in thousands, are for the fiscal year ended): Remainder of 2018 $ 16,966 2019 19,054 2020 18,338 2021 17,320 2022 16,402 Thereafter 48,805 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Debt | Long-term debt consisted of the following (in thousands): As of March 31, As of December 31, 2018 2017 Term loans, in effect, net of unamortized debt issuance costs of $4,940 and $5,146, respectively $ 292,810 $ 293,354 Vehicle and equipment notes, maturing March 2023; payable in various monthly installments, including interest rates ranging from 2% to 4.5% 51,556 50,357 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 5% 3,691 3,866 348,057 347,577 Less: current maturities (17,378 ) (16,650 ) Long-term debt, less current maturities $ 330,679 $ 330,927 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Assets and Liabilities | The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in thousands): As of March 31, 2018 As of December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 17 $ 17 $ — $ — $ 55,634 $ 55,634 $ — $ — Derivative financial instruments 2,370 2,370 618 618 Total financial assets $ 2,387 $ 17 $ 2,370 $ — $ 56,252 $ 55,634 $ 618 $ — |
Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities | The carrying values and associated fair values of financial assets and liabilities that are not recorded at fair value in the Condensed Consolidated Balance Sheets and not described above include investments which represent a Level 2 fair value measurement and are as follows (in thousands): As of March 31, 2018 As of December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Investments $ 28,798 $ 28,735 $ 30,053 $ 30,038 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Summary of Workers' Compensation Known Claims and IBNR Reserves | Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands): March 31, December 31, Included in other current liabilities $ 5,228 $ 5,899 Included in other long-term liabilities 10,021 8,721 $ 15,249 $ 14,620 |
Schedule of Insurance Receivable for Claims | This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands): March 31, December 31, Included in other non-current $ 1,827 $ 1,826 |
Summary of Equity-based Awards for Employees | Amounts for each category of equity-based award for employees as of December 31, 2017 and changes during the three months ended March 31, 2018 were as follows: Common Stock Awards Performance-Based Stock Performance-Based Restricted Awards Weighted Awards Weighted Units Weighted Nonvested awards/units at December 31, 2017 202,331 $ 39.09 77,254 $ 41.00 72,000 $ 52.16 Granted 7,584 65.60 52,892 65.60 584 52.80 Vested (9,560 ) 52.00 — — — — Forfeited/Cancelled (287 ) 21.79 (14,448 ) 41.00 (1,464 ) 52.94 Nonvested awards/units at March 31, 2018 200,068 $ 40.91 115,698 $ 52.25 71,120 $ 52.15 |
Summary of Stock Compensation Expenses | During the three months ended March 31, 2018 and 2017, we recorded the following stock compensation expense, by income statement category (in thousands): 2018 2017 Cost of sales $ 475 $ — Selling 283 — Administrative 1,482 480 $ 2,240 $ 480 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Common or Related Party Transactions | For the three months ended March 31, 2018 and 2017, the amount of sales to related parties as well as the purchases from and rent expense paid to related parties were as follows (in thousands): 2018 2017 Sales $ 2,893 $ 2,336 Purchases 363 291 Rent 281 296 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrued General Insurance Reserves | Accrued general insurance reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands): March 31, December 31, Included in other current liabilities $ 1,956 $ 2,033 Included in other long-term liabilities 7,825 7,073 $ 9,781 $ 9,106 |
Future Minimum Lease Payments Under Noncancellable Operating Leases | Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) with related parties as of March 31, 2018 are as follows (in thousands): Remainder of 2018 $ 664 2019 837 2020 574 2021 591 2022 609 Thereafter — |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Combinations | As part of our ongoing strategy to expand geographically and increase market share in certain markets, we completed two business combinations and one insignificant tuck-in The largest of these acquisitions were Custom Overhead Door, LLC dba Custom Door & Gate (collectively, “CDG”) in March 2018 and Trilok Industries, Inc., Alpha Insulation and Waterproofing Inc. and Alpha Insulation and Waterproofing Company (collectively, “Alpha”) in January 2017. The remaining acquisitions were individually insignificant as follows. Net (Loss) Income, as noted below, includes amortization, taxes and interest allocations when appropriate. For the three months ended March 31, 2018 (in thousands): Total Three months ended 2018 Acquisitions Date Acquisition Cash Paid Seller Purchase Revenue Net (Loss) CDG 3/19/2018 Asset $ 9,440 $ 1,973 $ 11,413 $ 400 $ (15 ) Other 1/15/2018 Asset 2,065 1,120 3,185 1,271 66 Total $ 11,505 $ 3,093 $ 14,598 $ 1,671 $ 51 For the three months ended March 31, 2017 (in thousands): Fair Value of Total Three months ended 2017 Acquisitions Date Acquisition Cash Paid Seller Common Purchase Revenue Net Income Alpha (1) 1/5/2017 Share $ 103,810 $ 2,002 $ 10,859 $ 116,671 $ 28,166 $ 900 Other 3/20/2017 Asset 3,402 300 — 3,702 518 21 Total $ 107,212 $ 2,302 $ 10,859 $ 120,373 $ 28,684 $ 921 (1) The cash paid included $21.7 million in contingent consideration to satisfy purchase price adjustments related to cash and net working capital requirements, earnout consideration based on Alpha’s change in EBITDA from 2015 and a customary holdback. These payments were based on fair value of each contingent payment at the time of acquisition and subsequently adjusted during the measurement period. We issued 282,577 shares of our common stock with a fair value of $10.9 million. |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following as of March 31 (in thousands): 2018 2017 CDG Other Total Alpha Other Total Estimated fair values: Cash $ — $ — $ — $ 247 $ — $ 247 Accounts receivable 1,819 — 1,819 29,851 1,087 30,938 Inventories 514 75 589 1,852 746 2,598 Other current assets 13 12 25 4,500 3 4,503 Property and equipment 933 517 1,450 1,528 457 1,985 Intangibles 3,710 1,675 5,385 57,200 1,904 59,104 Goodwill 4,852 931 5,783 38,511 586 39,097 Other non-current 36 — 36 383 119 502 Accounts payable and other current liabilities (464 ) (25 ) (489 ) (17,401 ) (1,200 ) (18,601 ) Fair value of assets acquired and purchase price 11,413 3,185 14,598 116,671 3,702 120,373 Less fair value of common stock issued — — — 10,859 — 10,859 Less seller obligations 1,973 1,120 3,093 2,002 300 2,302 Cash paid $ 9,440 $ 2,065 $ 11,505 $ 103,810 $ 3,402 $ 107,212 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows for the three months ended March 31 (dollars in thousands): 2018 2017 Acquired intangibles assets Estimated Weighted Estimated Weighted Customer relationships $ 3,440 8 $ 28,401 8 Trademarks and trade names 1,695 15 15,496 15 Non-competition 250 5 1,607 5 Backlog — — 13,600 1.5 |
Pro Forma Results of Operations | The unaudited pro forma information for the combined results of the Company has been prepared as if the 2018 acquisitions had taken place on January 1, 2017 and the 2017 acquisitions had taken place on January 1, 2016. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2017 and 2016, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except per share data): Unaudited pro forma for the three 2018 2017 Net revenue $ 304,790 $ 275,530 Net income 6,457 7,436 Basic net income per share 0.20 0.24 Diluted net income per share 0.20 0.23 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018LocationSegment | |
Basis Of Presentation And Organization [Line Items] | |
Number of operating segment | Segment | 1 |
United States [Member] | |
Basis Of Presentation And Organization [Line Items] | |
Number of locations the company operates | Location | 125 |
Significant Accounting Polici35
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 |
Accounting Policies and General Information [Line Items] | ||
Cumulative effect, net of tax | $ 2,888 | |
Accounting Standards Update 2014-09 [Member] | ||
Accounting Policies and General Information [Line Items] | ||
Cumulative effect, net of tax | $ 2,900 | |
Accounting Standards Update 2017-12 [Member] | ||
Accounting Policies and General Information [Line Items] | ||
Adjustment to retained earnings and accumulated other comprehensive income to reclassify cash flow hedge | $ 100 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Mar. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase to opening retained earnings, net of tax | $ 2,888 | ||
Contract liability revenue recognized | 6,300 | ||
Transaction price allocated to uncompleted contracts | $ 78,600 | $ 78,600 | |
Expected time of revenue recognition | Over the next 18 months | ||
Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase to opening retained earnings, net of tax | $ 2,900 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated by End Market and Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 301,728 | $ 255,669 |
Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 100.00% | 100.00% |
Insulation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 202,275 | $ 175,623 |
Insulation [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 67.00% | 69.00% |
Waterproofing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 22,606 | $ 21,005 |
Waterproofing [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 7.00% | 8.00% |
Shower Doors, Shelving and Mirrors [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 20,260 | $ 12,885 |
Shower Doors, Shelving and Mirrors [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 7.00% | 5.00% |
Garage Doors [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 15,466 | $ 14,287 |
Garage Doors [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 5.00% | 6.00% |
Rain Gutters [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 8,658 | $ 8,442 |
Rain Gutters [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 3.00% | 3.00% |
Other Building Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 32,463 | $ 23,427 |
Other Building Products [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 11.00% | 9.00% |
Residential and Multi-family [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 250,114 | $ 209,391 |
Residential and Multi-family [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 83.00% | 82.00% |
Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 51,614 | $ 46,278 |
Commercial [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Net revenues | 17.00% | 18.00% |
Revenue Recognition - Summary38
Revenue Recognition - Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Contract with Customer, Asset and Liability [Abstract] | ||
Contract assets | $ 18,101 | $ 6,182 |
Contract liabilities | $ (6,963) | $ (4,376) |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 102,088 | $ 79,235 |
Estimated earnings | 55,882 | 44,035 |
Total | 157,970 | 123,270 |
Less: Billings to date | 144,506 | 121,464 |
Net under (over) billings | $ 13,464 | $ 1,806 |
Revenue Recognition - Schedul40
Revenue Recognition - Schedule of Net Under (Over) Billings (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Contractors [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ 18,101 | $ 6,182 |
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (4,637) | (4,376) |
Net under (over) billings | $ 13,464 | $ 1,806 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents | $ 19,906,000 | $ 62,510,000 | $ 24,607,000 | $ 14,482,000 |
Investments | 28,798,000 | 30,053,000 | ||
Held-to-Maturity Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investments | $ 28,800,000 | 30,100,000 | ||
Investment maturity | One year or less | |||
Money Market Funds [Member] | Level 1 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents | $ 17,000 | $ 55,600,000 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill (Gross), beginning balance | $ 225,470 |
Business Combinations | 5,783 |
Other | 432 |
Goodwill (Gross), ending balance | 231,685 |
Accumulated Impairment Losses, beginning balance | (70,004) |
Accumulated Impairment Losses, ending balance | (70,004) |
Goodwill (Net), beginning balance | 155,466 |
Business Combinations | 5,783 |
Other | 432 |
Goodwill (Net), ending balance | $ 161,681 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2018USD ($)Acquisition | Mar. 31, 2017USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of immaterial acquisitions | Acquisition | 1 | |
Goodwill impairment | $ 0 | $ 0 |
Increase in gross carrying amount of intangibles | $ 6,000,000 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 210,596 | $ 204,558 |
Accumulated Amortization | 73,711 | 66,567 |
Net Book Value | 136,885 | 137,991 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 124,860 | 121,015 |
Accumulated Amortization | 41,866 | 38,651 |
Net Book Value | 82,994 | 82,364 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,112 | 11,807 |
Accumulated Amortization | 5,423 | 4,773 |
Net Book Value | 6,689 | 7,034 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 60,024 | 58,136 |
Accumulated Amortization | 15,089 | 14,076 |
Net Book Value | 44,935 | 44,060 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,600 | 13,600 |
Accumulated Amortization | 11,333 | 9,067 |
Net Book Value | $ 2,267 | $ 4,533 |
Goodwill and Intangibles - Sc45
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
Remainder of 2018 | $ 16,966 |
2,019 | 19,054 |
2,020 | 18,338 |
2,021 | 17,320 |
2,022 | 16,402 |
Thereafter | $ 48,805 |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Term loans, in effect, net of unamortized debt issuance costs of $4,940 and $5,146, respectively | $ 292,810 | $ 293,354 |
Vehicle and equipment notes, maturing March 2023; payable in various monthly installments, including interest rates ranging from 2% to 4.5% | 51,556 | 50,357 |
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 5% | 3,691 | 3,866 |
Total long term debt | 348,057 | 347,577 |
Total long term debt | 348,057 | 347,577 |
Less: current maturities | (17,378) | (16,650) |
Long-term debt, less current maturities | $ 330,679 | $ 330,927 |
Long-term Debt - Schedule of 47
Long-term Debt - Schedule of Maturities of Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Notes payable maturity date | 2025-03 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 4.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 5.00% | |
Term Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 4,940 | $ 5,146 |
Vehicle and Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity date | 2023-03 | |
Vehicle and Equipment [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 2.00% | |
Vehicle and Equipment [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 4.50% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Apr. 13, 2017USD ($) |
Term Loan Agreement [Member] | Term Loan [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Debt instrument, face amount | $ 300,000,000 |
Term loan facility maturity period | 7 years |
ABL Credit Agreement [Member] | Revolving Credit Facility [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Line of credit maximum borrowing capacity | $ 100,000,000 |
ABL Credit Agreement [Member] | Letter of Credit [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Line of credit maximum borrowing capacity | $ 50,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Cash equivalents | $ 17 | $ 55,634 |
Derivative financial instruments | 2,370 | 618 |
Total financial assets | 2,387 | 56,252 |
Level 1 [Member] | ||
Financial assets: | ||
Cash equivalents | 17 | 55,634 |
Total financial assets | 17 | 55,634 |
Level 2 [Member] | ||
Financial assets: | ||
Derivative financial instruments | 2,370 | 618 |
Total financial assets | $ 2,370 | $ 618 |
Fair Value measurements - Summa
Fair Value measurements - Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Carrying Value [Member] | ||
Financial assets: | ||
Investments | $ 28,798 | $ 30,053 |
Level 2 [Member] | ||
Financial assets: | ||
Investments | $ 28,735 | $ 30,038 |
Derivative and Hedging Activiti
Derivative and Hedging Activities - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2018USD ($)Instruments | Jan. 01, 2018USD ($) | |
Accounting Standards Update 2017-12 [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Adjustment to retained earnings and accumulated other comprehensive income to reclassify cash flow hedge | $ 100,000 | |
Interest Expense [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Reclassification from accumulated other comprehensive income to interest expense | $ 200,000 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount of derivative instruments | $ 100,000,000 | |
Derivatives, number of instruments held | Instruments | 2 | |
Notional amount amortized | $ 95,300,000 | |
Notional amount maturity date | May 31, 2022 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | Mar. 31, 2018 | Mar. 02, 2018 | Mar. 31, 2018 |
Statement Of Shareholders Equity [Line Items] | |||
Effective portion of unrealized gain on derivative instruments | $ 1,800,000 | $ 1,160,000 | |
Share repurchase, amount | $ 24,640,000 | ||
2018 Stock Repurchase Plan [Member] | |||
Statement Of Shareholders Equity [Line Items] | |||
Common Stock Repurchase, Shares | 50 | 413 | |
Stock repurchase program, authorized | $ 50,000,000 | ||
Share repurchase, amount | $ 24,600,000 | ||
Share repurchase, price per share | $ 59.70 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Thousands | Mar. 31, 2018USD ($) | Mar. 31, 2018USD ($)shares | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Healthcare benefit expense, net of employee contributions | $ 4,400 | $ 4,000 | ||
Accrued compensation | $ 19,003 | 19,003 | $ 25,399 | |
Administration expense related to employee contribution plan | 400 | 400 | ||
Share-based compensation expense | 2,240 | 480 | ||
Unrecognized compensation expense | $ 5,100 | 5,100 | ||
Compensation cost not yet recognized, period for recognition | 1 year 11 months 26 days | |||
Cost of Sales [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Workers' compensation expense | 3,800 | 4,100 | ||
Share-based compensation expense | 475 | |||
Administrative [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Share-based compensation expense | 1,482 | 480 | ||
Performance Based Restricted Stock Units [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Share-based compensation expense | 900 | |||
Unrecognized compensation expense | $ 200 | $ 200 | ||
Compensation cost not yet recognized, period for recognition | 18 days | |||
Number of shares granted | shares | 584 | |||
2014 Omnibus Incentive Plan [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Number of shares surrendered to satisfy tax withholding obligations | shares | 1,000 | |||
Share based compensation, recognized tax benefits | $ 100 | 100 | ||
2014 Omnibus Incentive Plan [Member] | Non-Performance-Based Awards [Member] | Administrative [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Share-based compensation expense | 900 | 400 | ||
2014 Omnibus Incentive Plan [Member] | Officer [Member] | Performance Shares [Member] | Common Stock [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Share-based compensation expense | $ 400 | $ 100 | ||
Number of shares granted | shares | 2 | |||
Number of equal installments for common stock | 63,000 | |||
Medical IBNR Included in Accrued Compensation [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Accrued compensation | $ 2,100 | $ 2,100 | $ 1,800 |
Employee Benefits - Summary of
Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Employee-related Liabilities [Abstract] | ||
Included in other current liabilities | $ 5,228 | $ 5,899 |
Included in other long-term liabilities | 10,021 | 8,721 |
Workers' Compensation Liability | $ 15,249 | $ 14,620 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Insurance Receivable for Claims (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Workers' Compensation [Member] | ||
Malpractice Insurance [Line Items] | ||
Included in other non-current assets | $ 1,827 | $ 1,826 |
Employee Benefits - Summary o56
Employee Benefits - Summary of Equity-Based Awards for Employees (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Common Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested common stock awards, Beginning balance | shares | 202,331 |
Granted | shares | 7,584 |
Vested | shares | (9,560) |
Forfeited/Cancelled | shares | (287) |
Nonvested common stock awards, Ending balance | shares | 200,068 |
Nonvested performance-based stock awards, Beginning balance | $ / shares | $ 39.09 |
Granted | $ / shares | 65.60 |
Vested | $ / shares | 52 |
Forfeited/Cancelled | $ / shares | 21.79 |
Nonvested performance-based stock awards, Ending balance | $ / shares | $ 40.91 |
Performance Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested performance-based stock awards/units, Beginning balance | shares | 77,254 |
Granted | shares | 52,892 |
Vested | shares | 0 |
Forfeited/Cancelled | shares | (14,448) |
Nonvested performance-based stock awards/units, Ending balance | shares | 115,698 |
Nonvested performance-based stock awards/units, Beginning balance | $ / shares | $ 41 |
Granted | $ / shares | 65.60 |
Vested | $ / shares | 0 |
Forfeited/Cancelled | $ / shares | 41 |
Nonvested performance-based stock awards/units, Ending balance | $ / shares | $ 52.25 |
Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested performance-based stock awards/units, Beginning balance | shares | 72,000 |
Granted | shares | 584 |
Vested | shares | 0 |
Forfeited/Cancelled | shares | (1,464) |
Nonvested performance-based stock awards/units, Ending balance | shares | 71,120 |
Nonvested performance-based stock awards/units, Beginning balance | $ / shares | $ 52.16 |
Granted | $ / shares | 52.80 |
Vested | $ / shares | 0 |
Forfeited/Cancelled | $ / shares | 52.94 |
Nonvested performance-based stock awards/units, Ending balance | $ / shares | $ 52.15 |
Employee Benefits - Summary o57
Employee Benefits - Summary of Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 2,240 | $ 480 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 475 | |
Selling [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 283 | |
Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 1,482 | $ 480 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal corporate tax rate | 21.00% | 35.00% |
Effective tax rate | 26.00% | |
Adjustment to provisional tax | $ 0 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - Affiliated Entity [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Sales | $ 2,893 | $ 2,336 |
Purchases | 363 | 291 |
Rent | $ 281 | $ 296 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties | $ 2.2 | $ 2 |
M/I Homes Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties | $ 1 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Accrued General Insurance Reserves (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Included in other current liabilities | $ 1,956 | $ 2,033 |
Included in other long-term liabilities | 7,825 | 7,073 |
Total | $ 9,781 | $ 9,106 |
Commitments and Contingencies62
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Line Items] | ||
Capital lease assets | $ 62.8 | $ 63.4 |
Assets fully depreciated | 24.8 | 26.8 |
Capital leased assets, net book value | 11.7 | 13 |
Other Non-Current Assets [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Insurance receivable and indemnification asset | $ 2.8 | $ 2.8 |
Minimum [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Estimated life of capital lease | 4 years | |
Noncancellable operating leases, renewal period | 1 year | |
Maximum [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Estimated life of capital lease | 6 years | |
Noncancellable operating leases, renewal period | 5 years |
Commitments and Contingencies63
Commitments and Contingencies - Future Minimum Lease Payments Under Noncancellable Operating Leases (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2018 | $ 664 |
2,019 | 837 |
2,020 | 574 |
2,021 | 591 |
2,022 | 609 |
Thereafter | $ 0 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Percentage of voting equity interests acquired | 100.00% | |
Goodwill acquired expected to be tax deductible | $ 6,100,000 | |
Amortization of intangibles | 7,128,000 | $ 6,416,000 |
Income tax expense (benefit) | 2,243,000 | 3,783,000 |
Administrative [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition-related costs | 500,000 | 600,000 |
Alpha [Member] | ||
Business Acquisition [Line Items] | ||
Increase in goodwill | 2,100,000 | |
Combined Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Amortization of intangibles | 67,000 | 700,000 |
Income tax expense (benefit) | $ 23,000 | $ 600,000 |
Business Combinations - Summary
Business Combinations - Summary of Business Acquisitions (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Cash paid | $ 11,505 | $ 107,212 |
Seller Obligations | 3,093 | 2,302 |
Fair Value of Common Stock Issued | 10,859 | |
Total Purchase Price | 14,598 | 120,373 |
Revenue | 301,728 | 255,669 |
Net Income (Loss) | $ 6,394 | $ 6,364 |
CDG Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Date | Mar. 19, 2018 | |
Acquisition Type | Asset | |
Cash paid | $ 9,440 | |
Seller Obligations | 1,973 | |
Total Purchase Price | 11,413 | |
Revenue | 400 | |
Net Income (Loss) | $ (15) | |
Other Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Date | Jan. 15, 2018 | Mar. 20, 2017 |
Acquisition Type | Asset | Asset |
Cash paid | $ 2,065 | $ 3,402 |
Seller Obligations | 1,120 | 300 |
Total Purchase Price | 3,185 | 3,702 |
Revenue | 1,271 | 518 |
Net Income (Loss) | 66 | $ 21 |
2018 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 1,671 | |
Net Income (Loss) | 51 | |
Alpha [Member] | ||
Business Acquisition [Line Items] | ||
Date | Jan. 5, 2017 | |
Acquisition Type | Share | |
Cash paid | $ 103,810 | |
Seller Obligations | 2,002 | |
Fair Value of Common Stock Issued | $ 10,900 | 10,859 |
Total Purchase Price | 116,671 | |
Revenue | 28,166 | |
Net Income (Loss) | 900 | |
2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 28,684 | |
Net Income (Loss) | $ 921 |
Business Combinations - Summa66
Business Combinations - Summary of Business Acquisitions (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Purchase consideration, value of shares issued | $ 10,859 | |
Alpha [Member] | ||
Business Acquisition [Line Items] | ||
Business combination contingencies amount recognized | $ 21,700 | |
Purchase consideration, number of shares issued | 282,577 | |
Purchase consideration, value of shares issued | $ 10,900 | $ 10,859 |
Business Combinations - Summa67
Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 161,681 | $ 155,466 | |
Less seller obligations | 3,093 | $ 2,302 | |
Cash paid | 11,505 | 107,212 | |
CDG Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 1,819 | ||
Inventories | 514 | ||
Other current assets | 13 | ||
Property and equipment | 933 | ||
Intangibles | 3,710 | ||
Goodwill | 4,852 | ||
Other non-current assets | 36 | ||
Accounts payable and other current liabilities | (464) | ||
Fair value of assets acquired and purchase price | 11,413 | ||
Less seller obligations | 1,973 | ||
Cash paid | 9,440 | ||
Other Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 1,087 | ||
Inventories | 75 | 746 | |
Other current assets | 12 | 3 | |
Property and equipment | 517 | 457 | |
Intangibles | 1,675 | 1,904 | |
Goodwill | 931 | 586 | |
Other non-current assets | 119 | ||
Accounts payable and other current liabilities | (25) | (1,200) | |
Fair value of assets acquired and purchase price | 3,185 | 3,702 | |
Less seller obligations | 1,120 | 300 | |
Cash paid | 2,065 | 3,402 | |
Combined Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 247 | ||
Accounts receivable | 1,819 | 30,938 | |
Inventories | 589 | 2,598 | |
Other current assets | 25 | 4,503 | |
Property and equipment | 1,450 | 1,985 | |
Intangibles | 5,385 | 59,104 | |
Goodwill | 5,783 | 39,097 | |
Other non-current assets | 36 | 502 | |
Accounts payable and other current liabilities | (489) | (18,601) | |
Fair value of assets acquired and purchase price | 14,598 | 120,373 | |
Less fair value of common stock issued | 10,859 | ||
Less seller obligations | 3,093 | 2,302 | |
Cash paid | $ 11,505 | 107,212 | |
Alpha [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 247 | ||
Accounts receivable | 29,851 | ||
Inventories | 1,852 | ||
Other current assets | 4,500 | ||
Property and equipment | 1,528 | ||
Intangibles | 57,200 | ||
Goodwill | 38,511 | ||
Other non-current assets | 383 | ||
Accounts payable and other current liabilities | (17,401) | ||
Fair value of assets acquired and purchase price | 116,671 | ||
Less fair value of common stock issued | 10,859 | ||
Less seller obligations | 2,002 | ||
Cash paid | $ 103,810 |
Business Combinations - Estimat
Business Combinations - Estimates of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 3,440 | $ 28,401 |
Weighted Average Estimated Useful Life (yrs) | 8 years | 8 years |
Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 1,695 | $ 15,496 |
Weighted Average Estimated Useful Life (yrs) | 15 years | 15 years |
Covenants Not-to-Compete [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 250 | $ 1,607 |
Weighted Average Estimated Useful Life (yrs) | 5 years | 5 years |
Backlog [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 13,600 | |
Weighted Average Estimated Useful Life (yrs) | 1 year 6 months |
Business Combinations - Pro For
Business Combinations - Pro Forma Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | ||
Net revenue | $ 304,790 | $ 275,530 |
Net income | $ 6,457 | $ 7,436 |
Basic net income per share | $ 0.20 | $ 0.24 |
Diluted net income per share | $ 0.20 | $ 0.23 |
Income Per Common Share - Addit
Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method | 224,000 | 97,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 09, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Subsequent Event [Line Items] | |||
Cash consideration paid for acquisition | $ 11,505 | $ 107,212 | |
Subsequent Event [Member] | H2H Blinds LLC [Member] | |||
Subsequent Event [Line Items] | |||
Cash consideration paid for acquisition | $ 4,600 | ||
Business acquisition date | Jan. 16, 2018 |