Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 31,606,349 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 139,746 | $ 62,510 |
Investments | 20,312 | 30,053 |
Accounts receivable (less allowance for doubtful accounts of $4,711 and $4,805 at June 30, 2018 and December 31, 2017, respectively) | 202,150 | 180,725 |
Inventories | 48,574 | 48,346 |
Other current assets | 40,838 | 33,308 |
Total current assets | 451,620 | 354,942 |
Property and equipment, net | 85,048 | 81,075 |
Non-current assets | ||
Goodwill | 163,023 | 155,466 |
Intangibles, net | 134,233 | 137,991 |
Other non-current assets | 11,246 | 9,272 |
Total non-current assets | 308,502 | 302,729 |
Total assets | 845,170 | 738,746 |
Current liabilities | ||
Current maturities of long-term debt | 20,083 | 16,650 |
Current maturities of capital lease obligations | 5,143 | 5,666 |
Accounts payable | 87,299 | 87,425 |
Accrued compensation | 22,117 | 25,399 |
Other current liabilities | 26,802 | 24,666 |
Total current liabilities | 161,444 | 159,806 |
Long-term debt | 433,324 | 330,927 |
Capital lease obligations, less current maturities | 4,752 | 6,479 |
Deferred income taxes | 7,667 | 6,444 |
Other long-term liabilities | 22,920 | 24,562 |
Total liabilities | 630,107 | 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 June 30, 2018 and December 31, 2017, respectively | ||
Common Stock; $0.01 par value: 100,000,000 authorized, 32,723,972 and 32,524,934 issued and 31,606,349 and 31,862,146 shares outstanding at June 30, 2018 and December 31, 2017, respectively | 327 | 325 |
Additional paid in capital | 178,266 | 174,043 |
Retained earnings | 73,919 | 48,434 |
Treasury Stock; at cost: 1,117,623 and 662,788 shares at June 30, 2018 and December 31, 2017, respectively | (39,703) | (12,781) |
Accumulated other comprehensive income | 2,254 | 507 |
Total stockholders' equity | 215,063 | 210,528 |
Total liabilities and stockholders' equity | $ 845,170 | $ 738,746 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,711 | $ 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 | 32,723,972 | 32,524,934 |
Common stock, shares outstanding | 31,606,349 | 31,862,146 |
Treasury Stock | 1,117,623 | 662,788 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Net revenue | $ 332,584 | $ 282,196 | $ 634,312 | $ 537,865 |
Cost of sales | 236,941 | 197,268 | 458,693 | 380,765 |
Gross profit | 95,643 | 84,928 | 175,619 | 157,100 |
Operating expenses | ||||
Selling | 16,020 | 13,650 | 31,866 | 27,676 |
Administrative | 44,971 | 41,761 | 89,174 | 81,022 |
Amortization | 7,322 | 6,550 | 14,450 | 12,966 |
Operating income | 27,330 | 22,967 | 40,129 | 35,436 |
Other expense | ||||
Interest expense, net | 5,691 | 4,865 | 9,731 | 7,035 |
Other | 163 | 131 | 285 | 283 |
Income before income taxes | 21,476 | 17,971 | 30,113 | 28,118 |
Income tax provision | 5,161 | 5,998 | 7,404 | 9,781 |
Net income | 16,315 | 11,973 | 22,709 | 18,337 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain (loss) on cash flow hedge, net of tax (provision) benefit of ($159) and $50 for the three months ended June 30, 2018 and 2017, respectively, and ($545) and $50 for the six months ended June 30, 2018 and 2017, respectively | 475 | (77) | 1,635 | (77) |
Comprehensive income | $ 16,790 | $ 11,896 | $ 24,344 | $ 18,260 |
Basic and diluted net income per share | $ 0.52 | $ 0.38 | $ 0.72 | $ 0.58 |
Weighted average shares outstanding: | ||||
Basic | 31,345,390 | 31,646,460 | 31,447,067 | 31,618,624 |
Diluted | 31,452,583 | 31,709,554 | 31,612,581 | 31,698,460 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Unrealized gain (loss) on cash flow hedge, tax (provision) benefit | $ (159) | $ 50 | $ (545) | $ 50 |
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 | 18,337 | 18,337 | ||||
Issuance of Common Stock for Acquisition, Value | 10,859 | $ 3 | 10,856 | |||
Issuance of Common Stock for Acquisition, Shares | 282,577,000 | |||||
Issuance of Common Stock Awards to Employees, Value | $ 1 | (1) | ||||
Issuance of Common Stock Awards to Employees, Shares | 101,241 | |||||
Surrender of Common Stock Awards by Employees, Value | (550) | $ (550) | ||||
Surrender of Common Stock Awards by Employees, Shares | (11,587) | |||||
Share-Based Compensation Expense | 2,270 | 2,270 | ||||
Share-Based Compensation issued to Directors, Value | 300 | 300 | ||||
Share-Based Compensation issued to Directors, Shares | 5,940 | |||||
Other Comprehensive Income, Net of Tax | (77) | $ (77) | ||||
BALANCE at Jun. 30, 2017 | 185,116 | $ 325 | 172,006 | 25,631 | $ (12,769) | (77) |
BALANCE, Shares at Jun. 30, 2017 | 32,524,934 | |||||
BALANCE, Treasury Shares at Jun. 30, 2017 | (661,989) | |||||
BALANCE at Dec. 31, 2017 | $ 210,528 | $ 325 | 174,043 | 48,434 | $ (12,781) | 507 |
BALANCE, Shares at Dec. 31, 2017 | 32,524,934 | |||||
BALANCE, Treasury Shares at Dec. 31, 2017 | (662,788) | 32,524,934 | (662,788) | |||
Net income | $ 22,709 | 22,709 | ||||
Cumulative Effect of Accounting Changes, Net of Tax | 2,888 | 2,776 | 112 | |||
Issuance of Common Stock Awards to Employees, Value | $ 2 | (2) | ||||
Issuance of Common Stock Awards to Employees, Shares | 194,093 | |||||
Surrender of Common Stock Awards by Employees, Value | (2,282) | $ (2,282) | ||||
Surrender of Common Stock Awards by Employees, Shares | (42,118) | |||||
Share-Based Compensation Expense | 4,200 | 4,200 | ||||
Share-Based Compensation issued to Directors, Value | 25 | 25 | ||||
Share-Based Compensation issued to Directors, Shares | 4,945,000 | |||||
Common Stock Repurchase,Value | (24,640) | $ (24,640) | ||||
Common Stock Repurchase , Shares | (412,717) | |||||
Other Comprehensive Income, Net of Tax | 1,635 | 1,635 | ||||
BALANCE at Jun. 30, 2018 | $ 215,063 | $ 327 | $ 178,266 | $ 73,919 | $ (39,703) | $ 2,254 |
BALANCE, Shares at Jun. 30, 2018 | 32,723,972 | 32,723,972 | ||||
BALANCE, Treasury Shares at Jun. 30, 2018 | (1,117,623) | (1,117,623) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||
Net income | $ 22,709 | $ 18,337 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization of property and equipment | 16,231 | 13,482 |
Amortization of intangibles | 14,450 | 12,966 |
Amortization of deferred financing costs and debt discount | 601 | 424 |
Provision for doubtful accounts | 1,108 | 1,807 |
Write-off of debt issuance costs | 1,114 | 1,201 |
Gain on sale of property and equipment | (227) | (190) |
Noncash stock compensation | 4,196 | 2,570 |
Changes in assets and liabilities, excluding effects of acquisitions | ||
Accounts receivable | (20,192) | (17,421) |
Inventories | (3,995) | 342 |
Other assets | (3,739) | (1,263) |
Accounts payable | 304 | (2,043) |
Income taxes payable/receivable | 5,187 | (4,102) |
Other liabilities | (4,622) | 2,316 |
Net cash provided by operating activities | 33,125 | 28,426 |
Cash flows from investing activities | ||
Purchases of investments | (17,782) | (25,328) |
Maturities of short term investments | 27,500 | |
Purchases of property and equipment | (18,478) | (14,681) |
Acquisitions of businesses, net of cash acquired of $0 and $247, respectively | (18,626) | (116,883) |
Proceeds from sale of property and equipment | 557 | 451 |
Other | (1,540) | (1,532) |
Net cash used in investing activities | (28,369) | (157,973) |
Cash flows from financing activities | ||
Proceeds from term loan under credit agreement applicable to respective period (Note 6) | 100,000 | 300,000 |
Payments on term loan under credit agreement applicable to respective period (Note 6) | (750) | (96,250) |
Proceeds from delayed draw term loan under credit agreement applicable to respective period (Note 6) | 112,500 | |
Payments on delayed draw term loan under credit agreement applicable to respective period (Note 6) | (125,000) | |
Proceeds from vehicle and equipment notes payable | 14,271 | 9,317 |
Debt issuance costs | (1,933) | (7,940) |
Principal payments on long-term debt | (6,863) | (4,915) |
Principal payments on capital lease obligations | (3,028) | (3,738) |
Acquisition-related obligations | (2,295) | (1,669) |
Repurchase of common stock | (24,640) | |
Surrender of common stock awards by employees | (2,282) | (550) |
Net cash provided by financing activities | 72,480 | 181,755 |
Net change in cash and cash equivalents | 77,236 | 52,208 |
Cash and cash equivalents at beginning of period | 62,510 | 14,482 |
Cash and cash equivalents at end of period | 139,746 | 66,690 |
Supplemental disclosures of cash flow information Net cash paid during the period for: | ||
Interest | 8,349 | 5,634 |
Income taxes, net of refunds | 1,906 | 13,401 |
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 | 814 | 2,519 |
Seller obligations in connection with acquisition of businesses | 3,801 | 3,025 |
Unpaid purchases of property and equipment included in accounts payable | $ 1,027 | $ 658 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Cash Flows [Abstract] | ||
Cash acquired, Net | $ 0 | $ 247 |
Organization
Organization | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 audited 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 and six months ended June 30, 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 audited consolidated financial statements in our 2017 Form 10-K 2014-09, Recently Adopted Accounting Pronouncements Standard Adoption ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ASC 606 sets forth a new revenue recognition model that requires identifying the contract(s) with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations and recognizing the revenue upon satisfaction of performance obligations. We adopted the provisions of ASU 2014-09 ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to accounting for Hedging Activities ASU 2017-12 ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 In March 2018, the Financial Accounting Standards Board issued ASU 2018-05, 2018-05 2018-05. Recently Issued Accounting Pronouncements Not Yet Adopted We are currently evaluating the impact of certain ASUs on our Condensed Consolidated Financial Statements or Notes to Consolidated Financial Statements, which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (Topic 842) This pronouncement and related subsequently-issued amendments change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASC 842 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Annual periods beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. We are currently in the process of completing the design phase of our implementation of this standard and will begin implementation in the 3 rd ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) This pronouncement amends the accounting for credit losses on available-for-sale Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. We are currently evaluating whether this ASU will have a material impact on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 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 complementary 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 (in thousands): Three months ended June 30, Six months ended June 30, 2018 2017 (1) 2018 2017 (1) Residential new construction $ 257,904 77 % $ 216,866 77 % $ 487,546 77 % $ 409,388 76 % Repair and remodel 21,873 7 % 18,006 6 % 42,345 7 % 34,875 7 % Commercial 52,807 16 % 47,324 17 % 104,421 16 % 93,602 17 % Net revenues $ 332,584 100 % $ 282,196 100 % $ 634,312 100 % $ 537,865 100 % Three months ended June 30, Six months ended June 30, 2018 2017 (1) 2018 2017 (1) Insulation $ 218,493 66 % $ 189,967 67 % $ 420,768 67 % $ 365,590 68 % Waterproofing 24,892 7 % 22,119 8 % 47,498 7 % 43,124 8 % Shower doors, shelving and mirrors 22,773 7 % 18,373 6 % 43,032 7 % 31,258 6 % Garage doors 19,326 6 % 15,176 5 % 34,792 5 % 29,464 5 % Rain gutters 10,608 3 % 10,188 4 % 19,266 3 % 18,630 3 % Blinds 8,079 2 % 1,890 1 % 13,385 2 % 3,274 1 % Other building products 28,413 9 % 24,483 9 % 55,571 9 % 46,525 9 % Net revenues $ 332,584 100 % $ 282,196 100 % $ 634,312 100 % $ 537,865 100 % (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 (in thousands): June 30, December 31, 2018 2017 Contract assets $ 18,132 $ 6,182 Contract liabilities (6,900 ) (4,376 ) The increase in contract assets as of June 30, 2018 compared to December 31, 2017 is primarily a result of the adoption of ASC 606 on January 1, 2018, which increased the unbilled receivable balance included in other current assets. Uncompleted contracts were as follows (in thousands): June 30, Deember 31, 2018 2017 Costs incurred on uncompleted contracts $ 109,643 $ 79,235 Estimated earnings 57,995 44,035 Total 167,638 123,270 Less: Billings to date 153,687 121,464 Net under (over) billings $ 13,951 $ 1,806 Net under (over) billings were as follows (in thousands): June 30, December 31, Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 18,132 $ 6,182 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (4,181 ) (4,376 ) Net under (over) billings $ 13,951 $ 1,806 During the three and six months ended June 30, 2018, we recognized $0.6 and $6.9 million of revenue, respectively, 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 and six months ended June 30, 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 June 30, 2018, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $83.8 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 | 6 Months Ended |
Jun. 30, 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 $123.0 million and $55.6 million as of June 30, 2018 and December 31, 2017, respectively. As of June 30, 2018, approximately $100.0 million of the $123.0 million in investments in money market funds stems from an additional $100.0 million in loan proceeds received in connection with our term loan amendment that took place on June 19, 2018. See Note 6, Long-Term Debt, for additional information. All other investments are classified as held-to-maturity held-to-maturity |
Goodwill and Intangibles
Goodwill and Intangibles | 6 Months Ended |
Jun. 30, 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 7,086 — 7,086 Other 471 — 471 June 30, 2018 $ 233,027 $ (70,004 ) $ 163,023 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 six months ended June 30, 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 six month periods ended June 30, 2018 or 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 June 30, 2018 As of December 31, 2017 Gross Accumulated Net Gross Accumulated Net Amortized intangibles: Customer relationships $ 127,900 $ 45,211 $ 82,689 $ 121,015 $ 38,651 $ 82,364 Covenants not-to-compete 12,715 6,120 6,595 11,807 4,773 7,034 Trademarks and trade names 61,068 16,119 44,949 58,136 14,076 44,060 Backlog 13,600 13,600 — 13,600 9,067 4,533 $ 215,283 $ 81,050 $ 134,233 $ 204,558 $ 66,567 $ 137,991 The gross carrying amount of intangibles increased approximately $10.7 million during the six months ended June 30, 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 10,084 2019 19,685 2020 18,893 2021 17,850 2022 16,932 Thereafter 50,789 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 6 – LONG-TERM DEBT Long-term debt consisted of the following (in thousands): As of June 30, As of December 31, 2018 2017 Term loan, net of unamortized debt issuance costs of $5,213 and $5,146, respectively $ 392,537 $ 293,354 Vehicle and equipment notes, maturing June 2023; payable in various monthly installments, including interest rates ranging from 2.5% to 4.6% 57,603 50,357 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 5% 3,267 3,866 453,407 347,577 Less: current maturities (20,083 ) (16,650 ) Long-term debt, less current maturities $ 433,324 $ 330,927 On April 13, 2017, we entered into, and subsequently amended on November 30, 2017, a term loan credit agreement (the “Term Loan Agreement”) which provided 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 provided 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. On June 19, 2018, we entered into a second amendment to the Term Loan Agreement (the “Term Loan Second Amendment”) to (i) extend the maturity date from April 15, 2024 to April 15, 2025 and (ii) increase the aggregate principal amount of the facility from $297.8 million to $397.8 million. In conjunction with the Term Loan Second Amendment, we wrote off fees of $1.1 million. All other provisions of the Term Loan Agreement were unchanged. Also on June 19, 2018, we entered into a third amendment to the ABL Credit Agreement (the “ABL Third Amendment”) to (i) extend the maturity date from April 13, 2022 to June 19, 2023, (ii) increase the aggregate revolving loan commitments from $100.0 million to $150.0 million and (iii) provide enhanced borrowing availability against certain types of accounts receivable. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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, specifically other intangible and long-lived 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 June 30, 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 each of the three and six months ended June 30, 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 June 30, 2018 and December 31, 2017 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of our long-term debt, including the Term Loan and ABL Revolver as of June 30, 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 June 30, 2018 and December 31, 2017. 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. Derivative financial instruments are measured at fair value based on observable market information and appropriate valuation methods. Contingent consideration liabilities arise from future earnout payments to the sellers associated with certain acquisitions and are based on predetermined calculations of certain future results. These future payments are estimated by considering various factors including business risk and projections. The contingent consideration liabilities are measured at fair value by discounting estimated future payments to their net present value using the appropriate weighted average cost of capital (WACC). The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets are as follows (in thousands): As of June 30, 2018 As of December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 123,027 $ 123,027 $ — $ — $ 55,634 $ 55,634 $ — $ — Derivative financial instruments 3,003 — 3,003 — 618 — 618 — Total financial assets $ 126,030 $ 123,027 $ 3,003 $ — $ 56,252 $ 55,634 $ 618 $ — Financial liabilities: Contingent consideration $ 4,485 $ — $ — $ 4,485 $ 1,834 $ — $ — $ 1,834 The change in fair value of the contingent consideration was as follows (in thousands): Contingent consideration liability - January 1, 2018 $ 1,834 Preliminary purchase price 3,360 Fair value adjustments (544 ) Accretion in value 235 Amounts paid to sellers (400 ) Contingent consideration liability - June 30, 2018 $ 4,485 The accretion in value of contingent consideration liabilities is included within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income. 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 June 30, 2018 As of December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Investments $ 20,312 $ 20,294 $ 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 | 6 Months Ended |
Jun. 30, 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 six months 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 June 30, 2018 and December 31, 2017, we had 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. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and 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 six months ended June 30, 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 $0.5 million will be reclassified as a decrease 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 June 30, 2018, the Company has not posted any collateral related to these agreements. We elected to early adopt ASU 2017-12, |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 9 – STOCKHOLDERS’ EQUITY As of June 30, 2018, we had $2.3 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 six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 $4.3 million for the three months ended June 30, 2018 and 2017, respectively, and $8.8 million and $8.3 million for the six months ended June 30, 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 June 30, 2018 and December 31, 2017, respectively. Workers’ Compensation Workers’ compensation expense totaled $1.5 million and $2.6 million for the three months ended June 30, 2018 and 2017, respectively, and $5.3 million and $6.7 million for the six months ended June 30, 2018 and 2017, respectively. Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands): June 30, December 31, 2018 2017 Included in other current liabilities $ 6,066 $ 5,899 Included in other long-term liabilities 8,018 8,721 $ 14,084 $ 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): June 30, December 31, 2018 2017 Included in other non-current $ 1,894 $ 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 June 30, 2018 and 2017, we recognized 401(k) plan expenses of $0.5 million, and we recognized $0.9 million for each of the six months ended June 30, 2018 and 2017, respectively. These expenses are included in administrative expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. Share-Based Compensation Common Stock Awards During the six months ended June 30, 2018 and 2017, we granted approximately five thousand and six thousand shares of our common stock on June 1, respectively, under our 2014 Omnibus Incentive Plan to non-employee In addition, during the three and six months ended June 30, 2018 and 2017, we granted approximately 0.1 million shares of our common stock under our 2014 Omnibus Incentive Plan to our employees. The shares granted during the three and six months ended June 30, 2018 and 2017 vest in three equal installments (rounded to the nearest whole share) annually on April 20 through 2021. During the six months ended June 30, 2018 and 2017, our employees surrendered approximately forty-one non-performance-based As of June 30, 2018, we had $7.2 million of unrecognized compensation expense related to these nonvested common stock awards issued to the Board of Directors and our employees. 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 2.1 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 six months ended June 30, 2018, we granted under our 2014 Omnibus Incentive Plan approximately 0.1 million 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. In addition, during the six months ended June 30, 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. Share-based compensation expense associated with these performance-based awards was $0.6 million and $1.0 million for the three and six months ended June 30, 2018, respectively, and $0.3 million and $0.4 million for the three and six months ended June 30, 2017, respectively. As of June 30, 2018, we had $4.2 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 over the remaining weighted-average period of 2.0 years using the graded-vesting method. See the table below for changes in shares and related weighted average fair market value per share. Employees – Performance-Based Restricted Stock Units During the six months ended June 30, 2017, we established, and our Board of Directors approved, performance-based restricted stock units in connection with common stock awards which we issued to certain employees during the six months ended June 30, 2018. In addition, during the six months ended June 30, 2018, 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 2019 based upon achievement of a performance target. Share-based compensation expense associated with these performance-based awards was $0.3 million and $1.2 million for the three and six months ended June 30, 2018, respectively, and $0.8 million for both the three and six months ended June 30, 2017, respectively. All restricted stock units are accounted for as equity-based awards that are settled with a fixed number of common shares. As of June 30, 2018, we had $0.6 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 0.8 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 six months ended June 30, 2018 were as follows: Performance-Based Stock Performance-Based Restricted Common Stock Awards Awards Stock Units Weighted Weighted Weighted Average Fair Average Fair Average Fair Market Value Market Value Market Value Awards Per Share Awards Per Share Units Per Share Nonvested awards/units at December 31, 2017 202,331 $ 39.09 77,254 $ 41.00 72,000 $ 52.16 Granted 65,112 57.51 52,892 65.60 14,072 55.92 Vested (90,952 ) 36.10 — — (71,120 ) 52.15 Forfeited/Cancelled (1,329 ) 44.82 (14,448 ) 41.00 (1,464 ) 52.94 Nonvested awards/units at June 30, 2018 175,162 $ 47.45 115,698 $ 52.25 13,488 $ 56.05 During the three and six months ended June 30, 2018 and 2017, we recorded the following stock compensation expense, by income statement category (in thousands): Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Cost of sales $ 180 $ — $ 655 $ — Selling 89 — 372 — Administrative 1,687 2,090 3,169 2,570 $ 1,956 $ 2,090 $ 4,196 $ 2,570 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2018, our effective tax rate was 24.0% and 24.6%, respectively. 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 We have recognized the provisional tax impacts of the Tax Act in our consolidated financial statements for the year ended December 31, 2017 included within our 2017 Form 10-K. one-year |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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): Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Sales $ 3,209 $ 2,386 $ 6,102 $ 4,722 Purchases 472 308 835 599 Rent 291 289 572 585 As of June 30, 2018 and December 31, 2017, we had related party balances of approximately $2.3 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 $1.2 million and $1.0 million of these balances as of each of June 30, 2018 and December 31, 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2018 2017 Included in other current liabilities $ 2,105 $ 2,033 Included in other long-term liabilities 7,165 7,073 $ 9,270 $ 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 $61.6 million and $63.4 million as of June 30, 2018 and December 31, 2017, respectively, and a total of approximately $31.3 million and $26.8 million were fully depreciated as of June 30, 2018 and December 31, 2017, respectively. The net book value of assets under capital leases was approximately $10.8 million and $13.0 million as of June 30, 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 June 30, 2018 are as follows (in thousands): Remainder of 2018 $ 577 2019 1,228 2020 1,255 2021 1,131 2022 1,052 Thereafter 51 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. During the six months ended June 30, 2018, we entered into an agreement with one of our suppliers to purchase a portion of the insulation materials we utilize across our business. This agreement is effective January 1, 2019 through December 31, 2021 with a purchase obligation of $25.8 million for 2019, $20.8 million for 2020 and $14.6 million for 2021. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 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 five business combinations and one insignificant tuck-in tuck-in The largest of these acquisitions were Custom Overhead Door, LLC dba Custom Door & Gate (collectively, “CDG”) in March 2018, Trilok Industries, Inc., Alpha Insulation and Waterproofing Inc. and Alpha Insulation and Waterproofing Company (collectively, “Alpha”) in January 2017 and Columbia Shelving & Mirror, Inc. and Charleston Shelving & Mirror, Inc. (collectively, “Columbia”) in June 2017. The remaining acquisitions were individually insignificant, but material in the aggregate, and are included in “Other” within each table below. Net Income, as noted below, includes amortization, taxes and interest allocations when appropriate. For the three and six months ended June 30, 2018 (in thousands): Total Three months ended Six months ended Acquisition Seller Purchase June 30, 2018 June 30, 2018 2018 Acquisitions Date Type Cash Paid Obligations Price Revenue Net Income Revenue Net Income CDG 3/19/2018 Asset $ 9,440 $ 1,973 $ 11,413 $ 3,324 $ 80 $ 3,724 $ 65 Other Various Asset 9,186 1,826 11,012 4,508 315 5,779 381 Total $ 18,626 $ 3,799 $ 22,425 $ 7,832 $ 395 $ 9,503 $ 446 For the three and six months ended June 30, 2017 (in thousands): Fair Value of Total Three months ended Six months ended Acquisition Seller Common Purchase June 30, 2017 June 30, 2017 2017 Acquisitions Date Type Cash Paid Obligations Stock Price Revenue Net Income Revenue Net Income Alpha (1) 1/5/2017 Share $ 103,810 $ 2,002 $ 10,859 $ 116,671 $ 30,330 $ 157 $ 58,495 $ 461 Columbia 6/26/2017 Asset 8,768 225 — 8,993 216 7 216 7 Other Various Asset 5,502 400 — 5,902 4,654 261 5,172 282 Total $ 118,080 $ 2,627 $ 10,859 $ 131,566 $ 35,200 $ 425 $ 63,883 $ 750 (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 $0.7 million and $1.2 million for the three and six months ended June 30, 2018, respectively, and $0.7 million and $1.3 million for the three and six months ended June 30, 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 $7.5 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 June 30 (in thousands): 2018 2017 CDG Other Total Alpha Columbia Other Total Estimated fair values: Cash $ — $ — $ — $ 247 $ — $ — $ 247 Accounts receivable 1,731 662 2,393 29,851 989 1,087 31,927 Inventories 514 914 1,428 1,852 704 880 3,436 Other current assets 28 64 92 4,500 8 3 4,511 Property and equipment 933 1,252 2,185 1,528 659 686 2,873 Intangibles 3,711 6,160 9,871 57,200 4,760 3,321 65,281 Goodwill 4,912 2,174 7,086 38,511 2,209 1,014 41,734 Other non-current 36 — 36 383 36 133 552 Accounts payable and other current liabilities (452 ) (214 ) (666 ) (17,401 ) (372 ) (1,222 ) (18,995 ) Fair value of assets acquired and purchase price 11,413 11,012 22,425 116,671 8,993 5,902 131,566 Less fair value of common stock issued — — — 10,859 — — 10,859 Less seller obligations 1,973 1,826 3,799 2,002 225 400 2,627 Cash paid $ 9,440 $ 9,186 $ 18,626 $ 103,810 $ 8,768 $ 5,502 $ 118,080 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 six months ended June 30, 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 six months ended June 30, 2018 and 2017 due to 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 six months ended June 30 (dollars in thousands): 2018 2017 Weighted Weighted Average Average Estimated Estimated Estimated Useful Estimated Useful Acquired intangibles assets Fair Value Life (yrs.) Fair Value Life (yrs.) Customer relationships $ 6,481 8 $ 32,644 8 Trademarks and trade names 2,740 15 17,190 15 Non-competition 650 5 1,847 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 Unaudited pro forma for the six months ended June 30, months ended June 30, 2018 2017 2018 2017 Net revenue $ 333,207 $ 300,536 $ 641,177 $ 578,575 Net income 16,378 12,832 22,977 20,323 Basic net income per share 0.52 0.41 0.73 0.64 Diluted net income per share 0.52 0.40 0.73 0.64 Unaudited pro forma net income reflects additional intangible asset amortization expense of $16 thousand and $0.2 million for the three and six months ended June 30, 2018 and $0.7 million and $1.5 million for the three and six months ended June 30, 2017, respectively, as well as additional income tax expense of $17 thousand and $87 thousand for the three and six months ended June 30, 2018 and $0.4 million and $1.1 million for the three and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 was 107 thousand and 166 thousand shares for the three and six months ended June 30, 2018, respectively, and 63 thousand and 80 thousand shares for the three and six months ended June 30, 2017, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16 – SUBSEQUENT EVENTS On July 16, 2018, we entered into a seven-year interest rate swap (in addition to our two pre-existing |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 audited 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 and six months ended June 30, 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 audited consolidated financial statements in our 2017 Form 10-K 2014-09, |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Standard Adoption ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ASC 606 sets forth a new revenue recognition model that requires identifying the contract(s) with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations and recognizing the revenue upon satisfaction of performance obligations. We adopted the provisions of ASU 2014-09 ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to accounting for Hedging Activities ASU 2017-12 ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 In March 2018, the Financial Accounting Standards Board issued ASU 2018-05, 2018-05 2018-05. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted We are currently evaluating the impact of certain ASUs on our Condensed Consolidated Financial Statements or Notes to Consolidated Financial Statements, which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (Topic 842) This pronouncement and related subsequently-issued amendments change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASC 842 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Annual periods beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. We are currently in the process of completing the design phase of our implementation of this standard and will begin implementation in the 3 rd ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) This pronouncement amends the accounting for credit losses on available-for-sale Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. We are currently evaluating whether this ASU will have a material impact on our consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 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 (in thousands): Three months ended June 30, Six months ended June 30, 2018 2017 (1) 2018 2017 (1) Residential new construction $ 257,904 77 % $ 216,866 77 % $ 487,546 77 % $ 409,388 76 % Repair and remodel 21,873 7 % 18,006 6 % 42,345 7 % 34,875 7 % Commercial 52,807 16 % 47,324 17 % 104,421 16 % 93,602 17 % Net revenues $ 332,584 100 % $ 282,196 100 % $ 634,312 100 % $ 537,865 100 % Three months ended June 30, Six months ended June 30, 2018 2017 (1) 2018 2017 (1) Insulation $ 218,493 66 % $ 189,967 67 % $ 420,768 67 % $ 365,590 68 % Waterproofing 24,892 7 % 22,119 8 % 47,498 7 % 43,124 8 % Shower doors, shelving and mirrors 22,773 7 % 18,373 6 % 43,032 7 % 31,258 6 % Garage doors 19,326 6 % 15,176 5 % 34,792 5 % 29,464 5 % Rain gutters 10,608 3 % 10,188 4 % 19,266 3 % 18,630 3 % Blinds 8,079 2 % 1,890 1 % 13,385 2 % 3,274 1 % Other building products 28,413 9 % 24,483 9 % 55,571 9 % 46,525 9 % Net revenues $ 332,584 100 % $ 282,196 100 % $ 634,312 100 % $ 537,865 100 % (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 (in thousands): June 30, December 31, 2018 2017 Contract assets $ 18,132 $ 6,182 Contract liabilities (6,900 ) (4,376 ) |
Schedule of Cost and Estimated Earnings on Uncompleted Contracts | Uncompleted contracts were as follows (in thousands): June 30, Deember 31, 2018 2017 Costs incurred on uncompleted contracts $ 109,643 $ 79,235 Estimated earnings 57,995 44,035 Total 167,638 123,270 Less: Billings to date 153,687 121,464 Net under (over) billings $ 13,951 $ 1,806 |
Schedule of Net Under (Over) Billings | Net under (over) billings were as follows (in thousands): June 30, December 31, Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 18,132 $ 6,182 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (4,181 ) (4,376 ) Net under (over) billings $ 13,951 $ 1,806 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 6 Months Ended |
Jun. 30, 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 7,086 — 7,086 Other 471 — 471 June 30, 2018 $ 233,027 $ (70,004 ) $ 163,023 |
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 June 30, 2018 As of December 31, 2017 Gross Accumulated Net Gross Accumulated Net Amortized intangibles: Customer relationships $ 127,900 $ 45,211 $ 82,689 $ 121,015 $ 38,651 $ 82,364 Covenants not-to-compete 12,715 6,120 6,595 11,807 4,773 7,034 Trademarks and trade names 61,068 16,119 44,949 58,136 14,076 44,060 Backlog 13,600 13,600 — 13,600 9,067 4,533 $ 215,283 $ 81,050 $ 134,233 $ 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 10,084 2019 19,685 2020 18,893 2021 17,850 2022 16,932 Thereafter 50,789 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Debt | Long-term debt consisted of the following (in thousands): As of June 30, As of December 31, 2018 2017 Term loan, net of unamortized debt issuance costs of $5,213 and $5,146, respectively $ 392,537 $ 293,354 Vehicle and equipment notes, maturing June 2023; payable in various monthly installments, including interest rates ranging from 2.5% to 4.6% 57,603 50,357 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 5% 3,267 3,866 453,407 347,577 Less: current maturities (20,083 ) (16,650 ) Long-term debt, less current maturities $ 433,324 $ 330,927 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 are as follows (in thousands): As of June 30, 2018 As of December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 123,027 $ 123,027 $ — $ — $ 55,634 $ 55,634 $ — $ — Derivative financial instruments 3,003 — 3,003 — 618 — 618 — Total financial assets $ 126,030 $ 123,027 $ 3,003 $ — $ 56,252 $ 55,634 $ 618 $ — Financial liabilities: Contingent consideration $ 4,485 $ — $ — $ 4,485 $ 1,834 $ — $ — $ 1,834 |
Summary of Change in Fair Value of Contingent Consideration | The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands): Contingent consideration liability - January 1, 2018 $ 1,834 Preliminary purchase price 3,360 Fair value adjustments (544 ) Accretion in value 235 Amounts paid to sellers (400 ) Contingent consideration liability - June 30, 2018 $ 4,485 |
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 June 30, 2018 As of December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Investments $ 20,312 $ 20,294 $ 30,053 $ 30,038 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2018 2017 Included in other current liabilities $ 6,066 $ 5,899 Included in other long-term liabilities 8,018 8,721 $ 14,084 $ 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): June 30, December 31, 2018 2017 Included in other non-current $ 1,894 $ 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 six months ended June 30, 2018 were as follows: Performance-Based Stock Performance-Based Restricted Common Stock Awards Awards Stock Units Weighted Weighted Weighted Average Fair Average Fair Average Fair Market Value Market Value Market Value Awards Per Share Awards Per Share Units Per Share Nonvested awards/units at December 31, 2017 202,331 $ 39.09 77,254 $ 41.00 72,000 $ 52.16 Granted 65,112 57.51 52,892 65.60 14,072 55.92 Vested (90,952 ) 36.10 — — (71,120 ) 52.15 Forfeited/Cancelled (1,329 ) 44.82 (14,448 ) 41.00 (1,464 ) 52.94 Nonvested awards/units at June 30, 2018 175,162 $ 47.45 115,698 $ 52.25 13,488 $ 56.05 |
Summary of Stock Compensation Expenses | During the three and six months ended June 30, 2018 and 2017, we recorded the following stock compensation expense, by income statement category (in thousands): Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Cost of sales $ 180 $ — $ 655 $ — Selling 89 — 372 — Administrative 1,687 2,090 3,169 2,570 $ 1,956 $ 2,090 $ 4,196 $ 2,570 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Common or Related Party Transactions | For the three and six months ended June 30, 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): Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Sales $ 3,209 $ 2,386 $ 6,102 $ 4,722 Purchases 472 308 835 599 Rent 291 289 572 585 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2018 2017 Included in other current liabilities $ 2,105 $ 2,033 Included in other long-term liabilities 7,165 7,073 $ 9,270 $ 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 June 30, 2018 are as follows (in thousands): Remainder of 2018 $ 577 2019 1,228 2020 1,255 2021 1,131 2022 1,052 Thereafter 51 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 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 five business combinations and one insignificant tuck-in tuck-in The largest of these acquisitions were Custom Overhead Door, LLC dba Custom Door & Gate (collectively, “CDG”) in March 2018, Trilok Industries, Inc., Alpha Insulation and Waterproofing Inc. and Alpha Insulation and Waterproofing Company (collectively, “Alpha”) in January 2017 and Columbia Shelving & Mirror, Inc. and Charleston Shelving & Mirror, Inc. (collectively, “Columbia”) in June 2017. The remaining acquisitions were individually insignificant, but material in the aggregate, and are included in “Other” within each table below. Net Income, as noted below, includes amortization, taxes and interest allocations when appropriate. For the three and six months ended June 30, 2018 (in thousands): Total Three months ended Six months ended Acquisition Seller Purchase June 30, 2018 June 30, 2018 2018 Acquisitions Date Type Cash Paid Obligations Price Revenue Net Income Revenue Net Income CDG 3/19/2018 Asset $ 9,440 $ 1,973 $ 11,413 $ 3,324 $ 80 $ 3,724 $ 65 Other Various Asset 9,186 1,826 11,012 4,508 315 5,779 381 Total $ 18,626 $ 3,799 $ 22,425 $ 7,832 $ 395 $ 9,503 $ 446 For the three and six months ended June 30, 2017 (in thousands): Fair Value of Total Three months ended Six months ended Acquisition Seller Common Purchase June 30, 2017 June 30, 2017 2017 Acquisitions Date Type Cash Paid Obligations Stock Price Revenue Net Income Revenue Net Income Alpha (1) 1/5/2017 Share $ 103,810 $ 2,002 $ 10,859 $ 116,671 $ 30,330 $ 157 $ 58,495 $ 461 Columbia 6/26/2017 Asset 8,768 225 — 8,993 216 7 216 7 Other Various Asset 5,502 400 — 5,902 4,654 261 5,172 282 Total $ 118,080 $ 2,627 $ 10,859 $ 131,566 $ 35,200 $ 425 $ 63,883 $ 750 (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 June 30 (in thousands): 2018 2017 CDG Other Total Alpha Columbia Other Total Estimated fair values: Cash $ — $ — $ — $ 247 $ — $ — $ 247 Accounts receivable 1,731 662 2,393 29,851 989 1,087 31,927 Inventories 514 914 1,428 1,852 704 880 3,436 Other current assets 28 64 92 4,500 8 3 4,511 Property and equipment 933 1,252 2,185 1,528 659 686 2,873 Intangibles 3,711 6,160 9,871 57,200 4,760 3,321 65,281 Goodwill 4,912 2,174 7,086 38,511 2,209 1,014 41,734 Other non-current 36 — 36 383 36 133 552 Accounts payable and other current liabilities (452 ) (214 ) (666 ) (17,401 ) (372 ) (1,222 ) (18,995 ) Fair value of assets acquired and purchase price 11,413 11,012 22,425 116,671 8,993 5,902 131,566 Less fair value of common stock issued — — — 10,859 — — 10,859 Less seller obligations 1,973 1,826 3,799 2,002 225 400 2,627 Cash paid $ 9,440 $ 9,186 $ 18,626 $ 103,810 $ 8,768 $ 5,502 $ 118,080 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows for the six months ended June 30 (dollars in thousands): 2018 2017 Weighted Weighted Average Average Estimated Estimated Estimated Useful Estimated Useful Acquired intangibles assets Fair Value Life (yrs.) Fair Value Life (yrs.) Customer relationships $ 6,481 8 $ 32,644 8 Trademarks and trade names 2,740 15 17,190 15 Non-competition 650 5 1,847 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 Unaudited pro forma for the six months ended June 30, months ended June 30, 2018 2017 2018 2017 Net revenue $ 333,207 $ 300,536 $ 641,177 $ 578,575 Net income 16,378 12,832 22,977 20,323 Basic net income per share 0.52 0.41 0.73 0.64 Diluted net income per share 0.52 0.40 0.73 0.64 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 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 | Jun. 30, 2018 | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 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 | $ 600 | 6,900 | ||
Transaction price allocated to uncompleted contracts | $ 83,800 | $ 83,800 | $ 83,800 | |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 332,584 | $ 282,196 | $ 634,312 | $ 537,865 |
Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Insulation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 218,493 | $ 189,967 | $ 420,768 | $ 365,590 |
Insulation [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 66.00% | 67.00% | 67.00% | 68.00% |
Waterproofing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 24,892 | $ 22,119 | $ 47,498 | $ 43,124 |
Waterproofing [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 7.00% | 8.00% | 7.00% | 8.00% |
Shower Doors, Shelving and Mirrors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 22,773 | $ 18,373 | $ 43,032 | $ 31,258 |
Shower Doors, Shelving and Mirrors [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 7.00% | 6.00% | 7.00% | 6.00% |
Garage Doors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 19,326 | $ 15,176 | $ 34,792 | $ 29,464 |
Garage Doors [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 6.00% | 5.00% | 5.00% | 5.00% |
Rain Gutters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 10,608 | $ 10,188 | $ 19,266 | $ 18,630 |
Rain Gutters [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 3.00% | 4.00% | 3.00% | 3.00% |
Blinds [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 8,079 | $ 1,890 | $ 13,385 | $ 3,274 |
Blinds [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 2.00% | 1.00% | 2.00% | 1.00% |
Other Building Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 28,413 | $ 24,483 | $ 55,571 | $ 46,525 |
Other Building Products [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 9.00% | 9.00% | 9.00% | 9.00% |
Residential New Construction [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 257,904 | $ 216,866 | $ 487,546 | $ 409,388 |
Residential New Construction [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 77.00% | 77.00% | 77.00% | 76.00% |
Repair and Remodel[Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 21,873 | $ 18,006 | $ 42,345 | $ 34,875 |
Repair and Remodel[Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 7.00% | 6.00% | 7.00% | 7.00% |
Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 52,807 | $ 47,324 | $ 104,421 | $ 93,602 |
Commercial [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net revenues | 16.00% | 17.00% | 16.00% | 17.00% |
Revenue Recognition - Summary38
Revenue Recognition - Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Contract with Customer, Asset and Liability [Abstract] | ||
Contract assets | $ 18,132 | $ 6,182 |
Contract liabilities | $ (6,900) | $ (4,376) |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 109,643 | $ 79,235 |
Estimated earnings | 57,995 | 44,035 |
Total | 167,638 | 123,270 |
Less: Billings to date | 153,687 | 121,464 |
Net under (over) billings | $ 13,951 | $ 1,806 |
Revenue Recognition - Schedul40
Revenue Recognition - Schedule of Net Under (Over) Billings (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Contractors [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ 18,132 | $ 6,182 |
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (4,181) | (4,376) |
Net under (over) billings | $ 13,951 | $ 1,806 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Cash and cash equivalents | $ 139,746 | $ 62,510 | |
Proceeds received in connection with term loan amendment | 100,000 | $ 300,000 | |
Investments | 20,312 | 30,053 | |
Held-to-Maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investments | $ 20,300 | 30,100 | |
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 | $ 123,000 | $ 55,600 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill (Gross), beginning balance | $ 225,470 |
Business Combinations | 7,086 |
Other | 471 |
Goodwill (Gross), ending balance | 233,027 |
Accumulated Impairment Losses, beginning balance | (70,004) |
Accumulated Impairment Losses, ending balance | (70,004) |
Goodwill (Net), beginning balance | 155,466 |
Business Combinations | 7,086 |
Other | 471 |
Goodwill (Net), ending balance | $ 163,023 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2018USD ($)Acquisition | Jun. 30, 2017USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of immaterial acquisitions | Acquisition | 1 | |
Goodwill impairment | $ 0 | $ 0 |
Increase in gross carrying amount of intangibles | $ 10,700,000 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 215,283 | $ 204,558 |
Accumulated Amortization | 81,050 | 66,567 |
Net Book Value | 134,233 | 137,991 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 127,900 | 121,015 |
Accumulated Amortization | 45,211 | 38,651 |
Net Book Value | 82,689 | 82,364 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,715 | 11,807 |
Accumulated Amortization | 6,120 | 4,773 |
Net Book Value | 6,595 | 7,034 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 61,068 | 58,136 |
Accumulated Amortization | 16,119 | 14,076 |
Net Book Value | 44,949 | 44,060 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,600 | 13,600 |
Accumulated Amortization | $ 13,600 | 9,067 |
Net Book Value | $ 4,533 |
Goodwill and Intangibles - Sc45
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
Remainder of 2018 | $ 10,084 |
2,019 | 19,685 |
2,020 | 18,893 |
2,021 | 17,850 |
2,022 | 16,932 |
Thereafter | $ 50,789 |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Term loan, net of unamortized debt issuance costs of $5,213 and $5,146, respectively | $ 392,537 | $ 293,354 |
Vehicle and equipment notes, maturing June 2023; payable in various monthly installments, including interest rates ranging from 2.5% to 4.6% | 57,603 | 50,357 |
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 5% | 3,267 | 3,866 |
Total long term debt | 453,407 | 347,577 |
Total long term debt | 453,407 | 347,577 |
Less: current maturities | (20,083) | (16,650) |
Long-term debt, less current maturities | $ 433,324 | $ 330,927 |
Long-term Debt - Schedule of 47
Long-term Debt - Schedule of Maturities of Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 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 | $ 5,213 | $ 5,146 |
Vehicle and Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity date | 2023-06 | |
Vehicle and Equipment [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 2.50% | |
Vehicle and Equipment [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 4.60% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Jun. 19, 2018 | Apr. 13, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Nov. 30, 2017 |
Debt Disclosure [Line Items] | |||||
Debt instrument, wrote off fees | $ 1,114,000 | $ 1,201,000 | |||
Term Loan [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt instrument, face amount | $ 100,000,000 | ||||
Term Loan Agreement [Member] | Term Loan [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | ||||
Term loan facility maturity period | 7 years | ||||
ABL Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Line of credit maximum borrowing capacity | $ 100,000,000 | ||||
ABL Credit Agreement [Member] | Letter of Credit [Member] | |||||
Debt Disclosure [Line Items] | |||||
Line of credit maximum borrowing capacity | $ 50,000,000 | ||||
Term Loan Second Amendment [Member] | Term Loan [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt instrument, face amount | $ 397,800,000 | ||||
Debt instrument, extended maturity date range, start | Apr. 15, 2024 | ||||
Debt instrument, extended maturity date range, end | Apr. 15, 2025 | ||||
Debt instrument, wrote off fees | $ 1,100,000 | ||||
Amended Term Loan Agreement [Member] | Term Loan [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt instrument, face amount | $ 297,800,000 | ||||
ABL Third Amendment [Member] | Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Line of credit maximum borrowing capacity | $ 150,000,000 | ||||
Debt instrument, extended maturity date range, start | Apr. 13, 2022 | ||||
Debt instrument, extended maturity date range, end | Jun. 19, 2023 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Cash equivalents | $ 123,027 | $ 55,634 |
Derivative financial instruments | 3,003 | 618 |
Total financial assets | 126,030 | 56,252 |
Financial liabilities: | ||
Contingent consideration | 4,485 | 1,834 |
Level 1 [Member] | ||
Financial assets: | ||
Cash equivalents | 123,027 | 55,634 |
Total financial assets | 123,027 | 55,634 |
Level 2 [Member] | ||
Financial assets: | ||
Derivative financial instruments | 3,003 | 618 |
Total financial assets | 3,003 | 618 |
Level 3 [Member] | ||
Financial liabilities: | ||
Contingent consideration | $ 4,485 | $ 1,834 |
Fair value measurements - Summa
Fair value measurements - Summary of Change in Fair Value of Contingent Consideration (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | |
Beginning Balance | $ 1,834 |
Preliminary purchase price | 3,360 |
Fair value adjustments | (544) |
Accretion in value | 235 |
Amounts paid to sellers | (400) |
Ending Balance | $ 4,485 |
Fair Value measurements - Sum51
Fair Value measurements - Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying Value [Member] | ||
Financial assets: | ||
Investments | $ 20,312 | $ 30,053 |
Level 2 [Member] | ||
Financial assets: | ||
Investments | $ 20,294 | $ 30,038 |
Derivative and Hedging Activiti
Derivative and Hedging Activities - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 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 | $ 500,000 | |
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 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 02, 2018 |
Statement Of Shareholders Equity [Line Items] | ||||||
Effective portion of unrealized gain on derivative instruments | $ 2,300,000 | $ 475,000 | $ (77,000) | $ 1,635,000 | $ (77,000) | |
Share repurchase, amount | $ 24,640,000 | |||||
2018 Stock Repurchase Plan [Member] | ||||||
Statement Of Shareholders Equity [Line Items] | ||||||
Common Stock Repurchase, Shares | 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) pure in Millions | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($)Installmentsshares | Jun. 30, 2017USD ($)Installments | Jun. 30, 2018USD ($)Installmentsshares | Jun. 30, 2017USD ($)Installmentsshares | Dec. 31, 2017USD ($) |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Healthcare benefit expense, net of employee contributions | $ 4,400,000 | $ 4,300,000 | $ 8,800,000 | $ 8,300,000 | ||
Accrued compensation | $ 22,117,000 | 22,117,000 | 22,117,000 | $ 25,399,000 | ||
Administration expense related to employee contribution plan | 500,000 | 500,000 | 900,000 | 900,000 | ||
Share-based compensation expense | 1,956,000 | 2,090,000 | 4,196,000 | 2,570,000 | ||
Unrecognized compensation expense | $ 7,200,000 | 7,200,000 | 7,200,000 | |||
Compensation cost not yet recognized, period for recognition | 2 years 1 month 6 days | |||||
Cost of Sales [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Workers' compensation expense | 1,500,000 | 2,600,000 | 5,300,000 | 6,700,000 | ||
Share-based compensation expense | 180,000 | 655,000 | ||||
Administrative [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Share-based compensation expense | 1,687,000 | 2,090,000 | $ 3,169,000 | 2,570,000 | ||
Performance Based Restricted Stock Units [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Number of shares granted | shares | 14,072 | |||||
Share-based compensation expense | 300,000 | $ 800,000 | $ 1,200,000 | $ 800,000 | ||
Unrecognized compensation expense | $ 600,000 | $ 600,000 | $ 600,000 | |||
Compensation cost not yet recognized, period for recognition | 9 months 18 days | |||||
2014 Omnibus Incentive Plan [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Number of shares granted | shares | 100,000 | 100,000 | ||||
Number of equal installments for common stock | Installments | 3 | 3 | 3 | 3 | ||
Number of shares surrendered to satisfy tax withholding obligations | shares | 41,000 | 10,000 | ||||
Share based compensation, recognized tax benefits | $ 1,000,000 | $ 700,000 | $ 1,900,000 | $ 1,100,000 | ||
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 | 400,000 | 500,000 | $ 500,000 | 600,000 | ||
2014 Omnibus Incentive Plan [Member] | Officer [Member] | Performance Shares [Member] | Common Stock [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Number of shares granted | shares | 2 | |||||
Share-based compensation expense | 600,000 | 300,000 | $ 1,000,000 | $ 400,000 | ||
Number of equal installments for common stock | 0.1 | |||||
2014 Omnibus Incentive Plan [Member] | Officer [Member] | Performance Based Restricted Stock Units [Member] | Common Stock [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Unrecognized compensation expense | $ 4,200,000 | 4,200,000 | $ 4,200,000 | |||
Compensation cost not yet recognized, period for recognition | 2 years | |||||
2014 Omnibus Incentive Plan [Member] | Directors [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Number of shares granted | shares | 5,000 | 6,000 | ||||
Common stock vesting period | 1 year | |||||
Share-based compensation expense | 25,000 | $ 0.3 | $ 25,000 | $ 0.3 | ||
Medical IBNR Included in Accrued Compensation [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Accrued compensation | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | $ 1,800,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Employee-related Liabilities [Abstract] | ||
Included in other current liabilities | $ 6,066 | $ 5,899 |
Included in other long-term liabilities | 8,018 | 8,721 |
Workers' Compensation Liability | $ 14,084 | $ 14,620 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Insurance Receivable for Claims (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Workers' Compensation [Member] | ||
Malpractice Insurance [Line Items] | ||
Included in other non-current assets | $ 1,894 | $ 1,826 |
Employee Benefits - Summary o57
Employee Benefits - Summary of Equity-Based Awards for Employees (Detail) | 6 Months Ended |
Jun. 30, 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 | 65,112 |
Vested | shares | (90,952) |
Forfeited/Cancelled | shares | (1,329) |
Nonvested common stock awards, Ending balance | shares | 175,162 |
Nonvested performance-based stock awards, Beginning balance | $ / shares | $ 39.09 |
Granted | $ / shares | 57.51 |
Vested | $ / shares | 36.10 |
Forfeited/Cancelled | $ / shares | 44.82 |
Nonvested performance-based stock awards, Ending balance | $ / shares | $ 47.45 |
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 |
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 |
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 | 14,072 |
Vested | shares | (71,120) |
Forfeited/Cancelled | shares | (1,464) |
Nonvested performance-based stock awards/units, Ending balance | shares | 13,488 |
Nonvested performance-based stock awards/units, Beginning balance | $ / shares | $ 52.16 |
Granted | $ / shares | 55.92 |
Vested | $ / shares | 52.15 |
Forfeited/Cancelled | $ / shares | 52.94 |
Nonvested performance-based stock awards/units, Ending balance | $ / shares | $ 56.05 |
Employee Benefits - Summary o58
Employee Benefits - Summary of Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 1,956 | $ 2,090 | $ 4,196 | $ 2,570 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | 180 | 655 | ||
Selling [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | 89 | 372 | ||
Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 1,687 | $ 2,090 | $ 3,169 | $ 2,570 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal corporate tax rate | 21.00% | 35.00% | |
Effective tax rate | 24.00% | 24.60% | |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Sales | $ 3,209 | $ 2,386 | $ 6,102 | $ 4,722 |
Purchases | 472 | 308 | 835 | 599 |
Rent | $ 291 | $ 289 | $ 572 | $ 585 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties | $ 2.3 | $ 2 |
M/I Homes Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties | $ 1.2 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Accrued General Insurance Reserves (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Included in other current liabilities | $ 2,105 | $ 2,033 |
Included in other long-term liabilities | 7,165 | 7,073 |
Total | $ 9,270 | $ 9,106 |
Commitments and Contingencies63
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Line Items] | ||
Capital lease assets | $ 61.6 | $ 63.4 |
Assets fully depreciated | 31.3 | 26.8 |
Capital leased assets, net book value | 10.8 | 13 |
Purchase obligation, 2019 | 25.8 | |
Purchase obligation, 2020 | 20.8 | |
Purchase obligation, 2021 | 14.6 | |
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 Contingencies64
Commitments and Contingencies - Future Minimum Lease Payments Under Noncancellable Operating Leases (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2018 | $ 577 |
2,019 | 1,228 |
2,020 | 1,255 |
2,021 | 1,131 |
2,022 | 1,052 |
Thereafter | $ 51 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Business Acquisition [Line Items] | ||||
Number of businesses acquired | 5 | 4 | ||
Percentage of voting equity interests acquired | 100.00% | 100.00% | 100.00% | 100.00% |
Goodwill acquired expected to be tax deductible | $ 7,500 | $ 7,500 | ||
Amortization of intangibles | 7,322 | $ 6,550 | 14,450 | $ 12,966 |
Income tax expense (benefit) | 5,161 | 5,998 | 7,404 | 9,781 |
Administrative [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | 700 | 700 | 1,200 | 1,300 |
Alpha [Member] | ||||
Business Acquisition [Line Items] | ||||
Increase in goodwill | 2,100 | |||
Combined Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization of intangibles | 16 | 700 | 200 | 1,500 |
Income tax expense (benefit) | $ 17 | $ 400 | $ 87 | $ 1,100 |
Business Combinations - Summary
Business Combinations - Summary of Business Acquisitions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Cash paid | $ 18,626 | $ 118,080 | ||
Seller Obligations | $ 3,799 | $ 2,627 | 3,799 | 2,627 |
Fair Value of Common Stock Issued | 10,859 | 10,859 | ||
Total Purchase Price | 22,425 | 131,566 | ||
Revenue | 332,584 | 282,196 | 634,312 | 537,865 |
Net income | 16,315 | 11,973 | $ 22,709 | $ 18,337 |
CDG Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Date | Mar. 19, 2018 | |||
Acquisition Type | Asset | |||
Cash paid | $ 9,440 | |||
Seller Obligations | 1,973 | 1,973 | ||
Total Purchase Price | 11,413 | |||
Revenue | 3,324 | 3,724 | ||
Net income | 80 | $ 65 | ||
Other Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Date | Jan. 15, 2018 | |||
Acquisition Type | Asset | Asset | ||
Cash paid | $ 9,186 | $ 5,502 | ||
Seller Obligations | 1,826 | 400 | 1,826 | 400 |
Total Purchase Price | 11,012 | 5,902 | ||
Revenue | 4,508 | 4,654 | 5,779 | 5,172 |
Net income | 315 | 261 | 381 | $ 282 |
2018 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | 7,832 | 9,503 | ||
Net income | 395 | 446 | ||
Alpha [Member] | ||||
Business Acquisition [Line Items] | ||||
Date | Jan. 5, 2017 | |||
Acquisition Type | Share | |||
Cash paid | $ 103,810 | |||
Seller Obligations | 2,002 | 2,002 | ||
Fair Value of Common Stock Issued | $ 10,900 | 10,859 | $ 10,900 | 10,859 |
Total Purchase Price | 116,671 | |||
Revenue | 30,330 | 58,495 | ||
Net income | 157 | 461 | ||
2017 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | 35,200 | 63,883 | ||
Net income | 425 | $ 750 | ||
Columbia [Member] | ||||
Business Acquisition [Line Items] | ||||
Date | Jun. 26, 2017 | |||
Acquisition Type | Asset | |||
Cash paid | $ 8,768 | |||
Seller Obligations | 225 | 225 | ||
Total Purchase Price | 8,993 | |||
Revenue | 216 | 216 | ||
Net income | $ 7 | $ 7 |
Business Combinations - Summa67
Business Combinations - Summary of Business Acquisitions (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 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 - Summa68
Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 163,023 | $ 155,466 | |
Less seller obligations | 3,801 | $ 3,025 | |
Cash paid | 18,626 | 118,080 | |
CDG Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 1,731 | ||
Inventories | 514 | ||
Other current assets | 28 | ||
Property and equipment | 933 | ||
Intangibles | 3,711 | ||
Goodwill | 4,912 | ||
Other non-current assets | 36 | ||
Accounts payable and other current liabilities | (452) | ||
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 | 662 | 1,087 | |
Inventories | 914 | 880 | |
Other current assets | 64 | 3 | |
Property and equipment | 1,252 | 686 | |
Intangibles | 6,160 | 3,321 | |
Goodwill | 2,174 | 1,014 | |
Other non-current assets | 133 | ||
Accounts payable and other current liabilities | (214) | (1,222) | |
Fair value of assets acquired and purchase price | 11,012 | 5,902 | |
Less seller obligations | 1,826 | 400 | |
Cash paid | 9,186 | 5,502 | |
Combined Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 247 | ||
Accounts receivable | 2,393 | 31,927 | |
Inventories | 1,428 | 3,436 | |
Other current assets | 92 | 4,511 | |
Property and equipment | 2,185 | 2,873 | |
Intangibles | 9,871 | 65,281 | |
Goodwill | 7,086 | 41,734 | |
Other non-current assets | 36 | 552 | |
Accounts payable and other current liabilities | (666) | (18,995) | |
Fair value of assets acquired and purchase price | 22,425 | 131,566 | |
Less fair value of common stock issued | 10,859 | ||
Less seller obligations | 3,799 | 2,627 | |
Cash paid | $ 18,626 | 118,080 | |
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 | ||
Columbia [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 989 | ||
Inventories | 704 | ||
Other current assets | 8 | ||
Property and equipment | 659 | ||
Intangibles | 4,760 | ||
Goodwill | 2,209 | ||
Other non-current assets | 36 | ||
Accounts payable and other current liabilities | (372) | ||
Fair value of assets acquired and purchase price | 8,993 | ||
Less seller obligations | 225 | ||
Cash paid | $ 8,768 |
Business Combinations - Estimat
Business Combinations - Estimates of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 6,481 | $ 32,644 |
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 | $ 2,740 | $ 17,190 |
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 | $ 650 | $ 1,847 |
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) | 0 years | 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | ||||
Net revenue | $ 333,207 | $ 300,536 | $ 641,177 | $ 578,575 |
Net income | $ 16,378 | $ 12,832 | $ 22,977 | $ 20,323 |
Basic net income per share | $ 0.52 | $ 0.41 | $ 0.73 | $ 0.64 |
Diluted net income per share | $ 0.52 | $ 0.40 | $ 0.73 | $ 0.64 |
Income Per Common Share - Addit
Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method | 107,000 | 63,000 | 166,000 | 80,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jul. 16, 2018USD ($) | Jun. 30, 2018USD ($) |
Term Loan [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, face amount | $ 100,000,000 | |
Term Loan extension period | 1 year | |
Number of swaps | 4 | |
Term Loan [Member] | Designated as Hedging Instrument [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, face amount | $ 200,000,000 | |
Seven Year Interest Rate Swap [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Notional amount beginning date | Jul. 6, 2018 | |
Notional amount of derivative instruments | $ 100,000,000 | |
Notional amount amortized | $ 93,300,000 | |
Notional amount maturity date | Apr. 15, 2025 | |
Forward Interest Rate Swaps [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Notional amount beginning date | May 31, 2022 | |
Notional amount of derivative instruments | $ 100,000,000 | |
Notional amount amortized | $ 97 | |
Notional amount maturity date | Apr. 15, 2025 |