Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 20, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 29,915,611 | ||
Entity Public Float | $ 1,242,212,078 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 90,442 | $ 62,510 |
Investments | 10,060 | 30,053 |
Accounts receivable (less allowance for doubtful accounts of $5,085 and $4,805 at December 31, 2018 and 2017, respectively) | 214,121 | 180,725 |
Inventories | 61,162 | 48,346 |
Other current assets | 35,760 | 33,308 |
Total current assets | 411,545 | 354,942 |
Property and equipment, net | 90,117 | 81,075 |
Non-current assets | ||
Goodwill | 173,049 | 155,466 |
Intangibles, net | 149,790 | 137,991 |
Other non-current assets | 10,157 | 9,272 |
Total non-current assets | 332,996 | 302,729 |
Total assets | 834,658 | 738,746 |
Current liabilities | ||
Current maturities of long-term debt | 22,642 | 16,650 |
Current maturities of capital lease obligations | 4,806 | 5,666 |
Accounts payable | 96,949 | 87,425 |
Accrued compensation | 27,923 | 25,399 |
Other current liabilities | 29,366 | 24,666 |
Total current liabilities | 181,686 | 159,806 |
Long-term debt | 432,182 | 330,927 |
Capital lease obligations, less current maturities | 3,824 | 6,479 |
Deferred income taxes | 6,695 | 6,444 |
Other long-term liabilities | 27,773 | 24,562 |
Total liabilities | 652,160 | 528,218 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity | ||
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at December 31, 2018 and 2017, respectively | ||
Common stock; $0.01 par value: 100,000,000 authorized, 32,723,972 and 32,524,934 issued and 29,915,611 and 31,862,146 shares outstanding at December 31, 2018 and 2017, respectively | 327 | 325 |
Additional paid in capital | 181,815 | 174,043 |
Retained earnings | 105,212 | 48,434 |
Treasury stock; at cost: 2,808,361 and 662,788 shares at December 31, 2018 and 2017, respectively | (104,425) | (12,781) |
Accumulated other comprehensive (loss) income | (431) | 507 |
Total stockholders' equity | 182,498 | 210,528 |
Total liabilities and stockholders' equity | $ 834,658 | $ 738,746 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 5,085 | $ 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 | 29,915,611 | 31,862,146 |
Treasury Stock | 2,808,361 | 662,788 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net revenue | $ 1,336,432 | $ 1,132,927 | $ 862,980 |
Cost of sales | 964,841 | 808,901 | 610,532 |
Gross profit | 371,591 | 324,026 | 252,448 |
Operating expenses | |||
Selling | 67,105 | 58,450 | 49,667 |
Administrative | 185,850 | 164,453 | 125,472 |
Amortization | 25,419 | 26,857 | 11,259 |
Operating income | 93,217 | 74,266 | 66,050 |
Other expense | |||
Interest expense, net | 20,496 | 17,381 | 6,177 |
Other | 535 | 1,065 | 263 |
Income before income taxes | 72,186 | 55,820 | 59,610 |
Income tax provision | 17,438 | 14,680 | 21,174 |
Net income | 54,748 | 41,140 | 38,436 |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (loss) gain on cash flow hedge, net of tax benefit (provision) of $284, $(206) and $0 for the twelve months ended December 31, 2018, 2017 and 2016, respectively | (1,050) | 507 | |
Comprehensive income | $ 53,698 | $ 41,647 | $ 38,436 |
Basic net income per share | $ 1.76 | $ 1.30 | $ 1.23 |
Diluted net income per share | $ 1.75 | $ 1.30 | $ 1.23 |
Weighted average shares outstanding: | |||
Basic | 31,107,231 | 31,639,283 | 31,301,887 |
Diluted | 31,229,558 | 31,756,363 | 31,363,290 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Unrealized gain (loss) on cash flow hedge, tax (provision) benefit | $ 284 | $ (206) | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit / Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at Dec. 31, 2015 | $ 114,483 | $ 320 | $ 156,688 | $ (31,142) | ||
BALANCE, Shares at Dec. 31, 2015 | 31,982,888 | |||||
BALANCE, Treasury Stock, Value at Dec. 31, 2015 | $ (11,383) | |||||
BALANCE, Treasury Stock, Shares at Dec. 31, 2015 | (616,560) | |||||
Net income | 38,436 | 38,436 | ||||
Issuance of common stock awards to employees, value | $ 1 | (1) | ||||
Issuance of common stock awards to employees, shares | 143,528 | |||||
Surrender of common stock awards by employees, value | (836) | $ (836) | ||||
Surrender of common stock awards by employees, shares | (33,842) | |||||
Share-based compensation expense | 1,594 | 1,594 | ||||
Share-based compensation issued to directors, value | 300 | 300 | ||||
Share-based compensation issued to directors, shares | 8,760 | |||||
BALANCE at Dec. 31, 2016 | 153,977 | $ 321 | 158,581 | 7,294 | ||
BALANCE, Shares at Dec. 31, 2016 | 32,135,176 | |||||
BALANCE, Treasury Stock, Value at Dec. 31, 2016 | $ (12,219) | |||||
BALANCE, Treasury Stock, Shares at Dec. 31, 2016 | (650,402) | |||||
Net income | 41,140 | 41,140 | ||||
Purchase of remaining interest in subsidiary | (1,888) | (1,888) | ||||
Issuance of common stock for acquisition, value | 10,859 | $ 3 | 10,856 | |||
Issuance of common stock for acquisition, shares | 282,577 | |||||
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 | (562) | $ (562) | ||||
Surrender of common stock awards by employees, shares | (12,386) | |||||
Share-based compensation expense | 6,195 | 6,195 | ||||
Share-based compensation issued to directors, value | 300 | 300 | ||||
Share-based compensation issued to directors, shares | 5,940 | |||||
Other comprehensive income (loss), net of tax | 507 | $ 507 | ||||
BALANCE at Dec. 31, 2017 | $ 210,528 | $ 325 | 174,043 | 48,434 | 507 | |
BALANCE, Shares at Dec. 31, 2017 | 32,524,934 | 32,524,934 | ||||
BALANCE, Treasury Stock, Value at Dec. 31, 2017 | $ (12,781) | $ (12,781) | ||||
BALANCE, Treasury Stock, Shares at Dec. 31, 2017 | (662,788) | (662,788) | ||||
Net income | $ 54,748 | 54,748 | ||||
Cumulative effect of accounting changes, net of tax | 2,142 | 2,030 | 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 | (43,871) | |||||
Share-based compensation expense | 7,598 | 7,598 | ||||
Share-based compensation issued to directors, value | 176 | 176 | ||||
Share-based compensation issued to directors, shares | 4,945 | |||||
Common stock repurchase, value | (89,362) | $ (89,362) | ||||
Common stock repurchase, shares | (2,101,702) | |||||
Other comprehensive income (loss), net of tax | (1,050) | (1,050) | ||||
BALANCE at Dec. 31, 2018 | $ 182,498 | $ 327 | $ 181,815 | $ 105,212 | $ (431) | |
BALANCE, Shares at Dec. 31, 2018 | 32,723,972 | 32,723,972 | ||||
BALANCE, Treasury Stock, Value at Dec. 31, 2018 | $ (104,425) | $ (104,425) | ||||
BALANCE, Treasury Stock, Shares at Dec. 31, 2018 | (2,808,361) | (2,808,361) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net income | $ 54,748 | $ 41,140 | $ 38,436 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization of property and equipment | 33,306 | 28,285 | 23,571 |
Amortization of intangibles | 25,419 | 26,857 | 11,259 |
Amortization of deferred financing costs and debt discount | 1,164 | 1,093 | 383 |
Provision for doubtful accounts | 2,630 | 2,834 | 2,928 |
Write-off of debt issuance costs | 1,164 | 2,113 | 286 |
Gain on sale of property and equipment | (1,098) | (492) | (254) |
Noncash stock compensation | 7,839 | 6,592 | 1,894 |
Deferred income taxes | 470 | (6,160) | (605) |
Changes in assets and liabilities, excluding effects of acquisitions | |||
Accounts receivable | (30,166) | (19,955) | (18,760) |
Inventories | (15,717) | (3,667) | (8,677) |
Other assets | (4,552) | (4,602) | 2,803 |
Accounts payable | 8,146 | 6,303 | 12,400 |
Income taxes payable/receivable | 10,273 | (18,605) | 1,484 |
Other liabilities | 3,007 | 7,036 | 6,118 |
Net cash provided by operating activities | 96,633 | 68,772 | 73,266 |
Cash flows from investing activities | |||
Purchases of investments | (22,818) | (30,194) | |
Maturities of short-term investments | 42,782 | ||
Purchases of property and equipment | (35,232) | (31,668) | (27,013) |
Acquisitions of businesses, net of cash acquired of $0, $247 and $2,181 in 2018, 2017 and 2016, respectively | (57,740) | (137,120) | (53,312) |
Proceeds from sale of property and equipment | 1,958 | 959 | 691 |
Other | (3,019) | (2,420) | 37 |
Net cash used in investing activities | (74,069) | (200,443) | (79,597) |
Cash flows from financing activities | |||
Proceeds from revolving line of credit under credit agreement applicable to respective period (Note 7) | 37,975 | ||
Payments on revolving line of credit under credit agreement applicable to respective period (Note 7) | (37,975) | ||
Proceeds from term loan under credit agreement applicable to respective period (Note 7) | 100,000 | 300,000 | 100,000 |
Payments on term loan under credit agreement applicable to respective period (Note 7) | (2,750) | (97,750) | (51,875) |
Proceeds from delayed draw term loan under credit agreement applicable to respective period (Note 7) | 112,500 | 12,500 | |
Payments on delayed draw term loan under credit agreement applicable to respective period (Note 7) | (125,000) | (50,000) | |
Proceeds from vehicle and equipment notes payable | 25,443 | 22,460 | 22,948 |
Debt issuance costs | (1,992) | (8,281) | (1,238) |
Principal payments on long-term debt | (14,130) | (10,002) | (5,849) |
Principal payments on capital lease obligations | (5,604) | (7,314) | (8,598) |
Acquisition-related obligations | (3,954) | (4,464) | (3,057) |
Repurchase of common stock | (89,363) | ||
Surrender of common stock awards by employees | (2,282) | (562) | (836) |
Purchase of remaining interest in subsidiary | (1,888) | ||
Net cash provided by financing activities | 5,368 | 179,699 | 13,995 |
Net change in cash and cash equivalents | 27,932 | 48,028 | 7,664 |
Cash and cash equivalents at beginning of year | 62,510 | 14,482 | 6,818 |
Cash and cash equivalents at end of year | 90,442 | 62,510 | 14,482 |
Supplemental disclosures of cash flow information Net cash paid during the year for: | |||
Interest | 20,075 | 13,758 | 5,342 |
Income taxes, net of refunds | 4,950 | 38,887 | 18,929 |
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 | 2,208 | 4,440 | 3,737 |
Seller obligations in connection with acquisition of businesses | 7,540 | 5,128 | 4,459 |
Unpaid purchases of property and equipment included in accounts payable | $ 1,773 | $ 2,003 | $ 775 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | |||
Cash acquired, Net | $ 0 | $ 247 | $ 2,181 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | NOTE 1 – ORGANIZATION Installed Building Products (“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, window blinds, 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 175 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. For the years ended December 31, 2018, 2017 and 2016, residential new construction and repair and remodel was 84%, 83% and 88% of our net revenue and commercial construction was 16%, 17% and 12% of our net revenue, respectively. The following table sets forth the percentage of our net revenue by product category: Years ended December 31, 2018 2017 2016 Insulation 66 % 67 % 77 % Waterproofing 7 8 2 Shower doors, shelving and mirrors 7 7 5 Garage doors 6 5 6 Rain gutters 3 4 4 Blinds 2 2 1 Other building products 9 7 5 100 % 100 % 100 % |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the revenue, costs and reserves established under the percentage-of-completion Cash and Cash Equivalents We consider all highly-liquid investments purchased with original term to maturity of three months or less to be cash equivalents. We had $69.8 million and $55.6 million of cash equivalents as of December 31, 2018 and 2017, respectively. Substantially all cash is held in banks providing FDIC coverage of $0.25 million per depositor. Revenue and Cost Recognition 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. See Note 3, Revenue Recognition, for the detailed revenue recognition policy. Derivative Instruments and Hedging Activities We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. See Note 9, Derivatives and Hedging, for additional information on our accounting policy for derivative instruments and hedging activities. Investment Policy Marketable securities with original maturities longer than three months but less than one year from the settlement date are classified as investments within current assets. These investments consist of highly liquid investment grade instruments primarily including corporate bonds and commercial paper. Investments for which we have the ability and positive intent to hold to maturity are carried at amortized cost. The difference between the acquisition costs and face values of held-to-maturity held-to-maturity. Business Combinations The purchase price for business combinations is allocated to the estimated fair values of acquired tangible and intangible assets, including goodwill and assumed liabilities, where applicable. Additionally, we recognize customer relationships, trademarks and trade names, backlog and non-competition At times, the total purchase price for a business combination could be less than the estimated fair values of acquired tangible and intangible assets. In these cases, we record a gain on bargain purchase within other expenses in the Consolidated Statements of Operations and Comprehensive Income rather than goodwill in accordance with U.S. GAAP. Accounts Receivable We account for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. We do not accrue interest on any of our trade receivables. Retainage receivables represent the amount retained by our customers to ensure the quality of the installation and is received after satisfactory completion of each installation project. Management regularly reviews aging of retainage receivables and changes in payment trends and records an allowance when collection of amounts due are considered at risk. Amounts retained by project owners under construction contracts and included in accounts receivable were $28.0 million and $23.1 million as of December 31, 2018 and 2017, respectively. As of December 31, 2018, all but $0.6 million of retainage receivables, which are recorded in other long-term assets, were estimated to be contractually due within one year. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The allowance is determined by management based on our historical losses, specific customer circumstances and general economic conditions. We analyze aged accounts receivable and generally increase the allowance as receivables age. Management reviews accounts receivable and records an allowance for specific customers based on current circumstances and charges off the receivable against the allowance when all attempts to collect the receivable have failed. This analysis is performed regularly and the allowance is adjusted accordingly. The following table sets forth our allowance for doubtful accounts (in thousands): Allowance for doubtful accounts receivable January 1, 2016 $ 2,486 Charged to costs and expenses 2,928 Charged to other accounts (1) 435 Deductions (2) (2,452 ) December 31, 2016 $ 3,397 Charged to costs and expenses 2,834 Charged to other accounts (1) 699 Deductions (2) (2,125 ) December 31, 2017 $ 4,805 Charged to costs and expenses 2,630 Charged to other accounts (1) 675 Deductions (2) (3,025 ) December 31, 2018 $ 5,085 (1) Recovery of receivables previously written off as bad debt and other (2) Write-off Concentration of Credit Risk Credit risk is our risk of financial loss from the non-performance Inventories Inventories consist of insulation, waterproofing materials, garage doors, rain gutters, window blinds, shower doors, mirrors, closet shelving and other products. We value inventory at each balance sheet date to ensure that it is carried at the lower of cost or net realizable value with cost determined using the first-in, first-out Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. We provide for depreciation and amortization of property and equipment using the straight-line method over the expected useful lives of the assets. Expected useful lives of property and equipment vary but generally are the shorter of lease life or five years for vehicles and leasehold improvements, three to five years for furniture, fixtures and equipment and 30 years for buildings. Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recorded. Goodwill Goodwill results from business combinations and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Annually, on October 1, or if conditions indicate an earlier review is necessary, we either perform a quantitative test or assess qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying amount and if it is necessary to perform the quantitative two-step Impairment of Other Intangible and Long-Lived Assets Other intangible assets consist of customer relationships, backlog, non-competition non-competition We review long-lived assets and intangible assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. When impairment is identified, the carrying amount of the asset is reduced to its estimated fair value. Assets to be disposed of are recorded at the lower of net book value or fair net realizable value less cost to sell at the date management commits to a plan of disposal. There was no impairment loss for the years ended December 31, 2018, 2017 and 2016. Other Liabilities Our workers’ compensation insurance program, for a significant portion of our business, is considered a high deductible program whereby we are responsible for the cost of claims under approximately $0.8 million. Our general liability insurance program is considered a high retention program whereby we are responsible for the cost of claims up to approximately $2.0 million, subject to an aggregate cap of $8.0 million. Our vehicle liability insurance program is considered a high deductible program whereby we are responsible for the cost of claims under approximately $0.5 million. In each case, if we do not pay these claims, our insurance carriers are required to make these payments to the claimants on our behalf. The liabilities represent our best estimate of our costs, using generally accepted actuarial reserving methods, of the ultimate obligations for reported claims plus those incurred but not reported for all claims incurred through December 31, 2018 and 2017. We establish case reserves for reported claims using case-basis evaluation of the underlying claims data and we update as information becomes known. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals and adjust our recorded provisions. The assumptions underlying the ultimate costs of existing claim losses are subject to a high degree of unpredictability, which can affect the liability recorded for such claims. For example, variability in inflation rates of health care costs inherent in workers’ compensation claims can affect the ultimate costs. Similarly, changes in legal trends and interpretations, as well as a change in the nature and method of how claims are settled, can affect ultimate costs. Our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables and any changes could have a considerable effect on future claim costs and currently recorded liabilities. We carry insurance for a number of risks, including, but not limited to, workers’ compensation, general liability, vehicle liability, property and our obligation for employee-related health care benefits. Liabilities relating to claims associated with these risks are estimated by considering historical claims experience, including frequency, severity, demographic factors and other actuarial assumptions. In estimating our liability for such claims, we periodically analyze our historical trends, including loss development, and apply appropriate loss development factors to the incurred costs associated with the claims with the assistance of external actuarial consultants. While we do not expect the amounts ultimately paid to differ significantly from our estimates, our reserves and corresponding expenses could be affected if future claim experience differs significantly from historical trends and actuarial assumptions. Advertising Costs Advertising costs are generally expensed as incurred. Advertising expense was approximately $3.8 million, $3.2 million and $3.0 million for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in selling expense on the Consolidated Statements of Operations and Comprehensive Income. Deferred Financing Costs Deferred financing costs and debt issuance costs combined, totaling $6.4 million and $6.8 million, net of accumulated amortization as of December 31, 2018 and 2017, respectively, are amortized over the term of the related debt on a straight-line basis which approximates the effective interest method. The deferred financing costs are included in other non-current Share-Based Compensation Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. Restricted stock awards are periodically granted to certain employees, officers and non-employee Certain of our stock awards are deemed to be equity-based with a service condition and do not contain a market or performance condition with the exception of performance-based awards granted to certain officers and performance-based stock units. Fair value of the non-performance-based Compensation expense for performance-based stock units is recorded based on an assessment each reporting period of the probability that certain performance goals will be met during the contingent vesting period. If performance goals are not probable to occur, no compensation expense will be recognized. If performance goals that were previously deemed probable are not or are not expected to be met, the previously recognized compensation cost related to such performance goals will be reversed. Employees and officers are subject to tax at the vesting date based on the market price of the shares on that date, or on the grant date if an election is made. Income Taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable are accrued and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, the ability to produce future taxable income, prudent and feasible tax planning strategies and recent financial operations. In projecting future taxable income, we factor in historical results and changes in accounting policies and incorporate assumptions, including the amount of future federal and state pretax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we use to manage the underlying businesses. Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through operations in the period that includes the enactment date of the change. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. During the year end December 31, 2017, the Company recognized a $3.8 million tax benefit as a result of revaluing the ending net deferred tax liabilities from 35% to the newly enacted U.S. corporate income tax rate of 21%, and also recognized a $0.8 million benefit in 2018 due to timing provision to return adjustments which impacted deferred balances at the 35% rate that were then revalued at the lower corporate rate. See Note 12, Income Taxes, for additional information. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold to be recognized. We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Liabilities related to uncertain tax positions are recorded in other long-term liabilities on the Consolidated Balance Sheets. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which the new information becomes available. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense in the Consolidated Statements of Operations and Comprehensive Income. Accrued interest and penalties are recognized in other current liabilities on the Consolidated Balance Sheets. Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States, which includes numerous state and local jurisdictions. Significant judgments and estimates are required in determining the income tax expense, deferred tax assets and liabilities and the reserve for unrecognized tax benefits. Estimated Fair Value of Financial Instruments See Note 8, Fair Value Measurements, for related accounting policies. 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. ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use 350-40): ASU 2018-15 internal-use Recently Issued Accounting Pronouncements Not Yet Adopted We are currently evaluating the impact of certain ASUs on our Consolidated Financial Statements or Notes to Consolidated Financial Statements, which are described below: Standard Description Effective date Effect on the financial statements 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. This ASU requires substantially all leases, with the exception of leases with a term of one year or less, to be recorded on the balance sheet as a lease liability measured as the present value of the future lease payments with a corresponding right-of-use statements of cash flows is not expected to be material. 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. ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment To address concerns over the cost and complexity of the two-step one-step Annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. We are currently evaluating the provisions of this ASU and the impact it will have on our disclosures. ASU 2018-13, Fair Value Measurement (Topic 820):Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement This pronouncement amends Topic 820 to eliminate, add and modify certain disclosure requirements for fair value measurements. Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. We are currently evaluating the provisions of this ASU and the impact it will have on our disclosures. ASU 2018-16, Derivatives and Hedging (Topic 815)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This pronouncement permits the use of the Overnight Index Swap (“OIS”) Rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S. benchmark interest rate for hedge accounting purposes. For public business entities that already have adopted the amendments in ASU 2017-12, 2017-12 We do not expect this ASU to have a material impact on our financial statements until we transition from LIBOR to SOFR rates, which will likely not occur in 2019. We will reevaluate whether these changes will have a material impact at the time of transition. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 3 – REVENUE RECOGNITION Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On January 1, 2018, we adopted the new accounting standard ASC 606 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 $2.1 million cumulative effect adjustment as an increase to opening retained earnings, a $2.8 million increase to current assets and a $0.7 million increase to deferred income taxes, respectively, 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 10-Q 10-Q Impact of New Revenue Recognition Standard on Financial Statement Line Items The following table summarizes the impact of the new revenue standard on the Consolidated Balance Sheets as of December 31, 2018, including the cumulative effect of applying the new standard to all contracts upon adoption (in thousands): Impact of Change in Accounting Policy As reported Adjustments Without adoption Inventories $ 61,162 $ 5,801 $ 66,963 Other current assets 35,760 (8,607 ) 27,153 Total assets 834,658 (2,806 ) 831,852 Deferred income taxes 6,695 (534 ) 6,161 Retained earnings 105,212 (2,272 ) 102,940 Total liabilities and stockholders’ equity 834,658 (2,806 ) 831,852 The following table summarizes the impact of the new revenue standard on the Consolidated Statements of Operations and Comprehensive Income (in thousands): Year Ended December 31, 2018 As reported Adjustments Without adoption Net revenue $ 1,336,432 $ (751 ) $ 1,335,681 Cost of sales 964,841 (578 ) 964,263 Income before income taxes $ 72,186 $ (173 ) $ 72,013 Income tax provision 17,438 (43 ) 17,395 Net income $ 54,748 $ (130 ) $ 54,618 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 Sales terms typically do not exceed 30 days for short-term contracts and typically do not exceed 60 days for long-term contracts with customers. All contracts are billed either contractually or as work is performed. 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): Year ended December 31, Residential new construction $ 1,026,473 77 % Repair and remodel 89,977 7 % Commercial 219,982 16 % Net revenues $ 1,336,432 100 % Year ended December 31, 2018 Insulation $ 876,118 66 % Waterproofing 97,683 7 % Shower doors, shelving and mirrors 90,352 7 % Garage doors 79,539 6 % Rain gutters 44,203 3 % Blinds 28,981 2 % Other building products 119,556 9 % Net revenues $ 1,336,432 100 % Contract Assets and Liabilities Our contract assets consist of unbilled amounts typically resulting from sales under contracts when the cost-to-cost Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in thousands): As of December 31, 2018 2017 Contract assets $ 15,092 $ 14,476 Contract liabilities (7,468 ) (7,519 ) Uncompleted contracts were as follows (in thousands): As of December 31, 2018 2017 Costs incurred on uncompleted contracts $ 114,826 $ 84,563 Estimated earnings 58,952 47,000 Total 173,778 131,563 Less: Billings to date 163,112 122,144 Net under (over) billings $ 10,666 $ 9,419 Net under (over) billings were as follows (in thousands): As of December 31, 2018 2017 Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 15,092 $ 14,476 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (4,426 ) (5,057 ) Net under (over) billings $ 10,666 $ 9,419 The difference between contract assets and contract liabilities as of December 31, 2018 compared to December 31, 2017 is primarily the result of timing differences between our performance of obligations under contracts and customer payments. During the year ended December 31, 2018, we recognized $7.0 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 years ended December 31, 2018 and 2017. 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 December 31, 2018, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $88.0 million. We expect to satisfy remaining performance obligations and 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 on the Consolidated Statements of Operations and Comprehensive Income. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | NOTE 4 – INVESTMENTS Cash and cash equivalents includes investments in money market funds that are valued based on the net asset value of the funds. The investments in these funds were $69.8 million and $55.6 million as of December 31, 2018 and 2017, respectively. All other investments are classified as held-to-maturity held-to-maturity |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in thousands): As of December 31, 2018 2017 Land $ — $ 66 Buildings — 218 Leasehold improvements 6,717 6,152 Furniture, fixtures and equipment 38,369 30,863 Vehicles and equipment 177,969 153,744 223,055 191,043 Less: accumulated depreciation and amortization (132,938 ) (109,968 ) $ 90,117 $ 81,075 During the twelve months ended December 31, 2018 and 2017 we recorded the following depreciation and amortization expense on our property and equipment, by income statement category (in thousands): As of December 31, 2018 2017 2016 Cost of sales $ 31,526 $ 26,731 $ 22,294 Administrative 1,779 1,554 1,276 Property and equipment as of December 31, 2018 and 2017 of $59.9 million and $49.7 million, respectively, were fully depreciated but still being utilized in our business. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | NOTE 6 – GOODWILL AND INTANGIBLES Goodwill The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2017 $ 177,090 $ (70,004 ) $ 107,086 Business combinations 47,727 — 47,727 Other 653 — 653 December 31, 2017 225,470 (70,004 ) 155,466 Business combinations 17,023 — 17,023 Other 560 — 560 December 31, 2018 $ 243,053 $ (70,004 ) $ 173,049 Other changes included in the above table for the years ended December 31, 2018 and 2017 include minor adjustments for the allocation of certain acquisitions still under measurement as well as several immaterial tuck-in At October 1, 2018, our measurement date, we performed a qualitative analysis that weighed all evidence of potential impairment, whether positive or negative, and determined that no factors existed that indicated an impairment of goodwill more likely than not existed. As such, no impairment of goodwill was recognized for the year ended December 31, 2018. In addition, no impairment of goodwill was recognized for the years ended December 31, 2017 or 2016. 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 December 31, 2018 2017 Gross Net Gross Net Carrying Accumulated Book Carrying Accumulated Book Amount Amortization Value Amount Amortization Value Amortized intangibles: Customer relationships $ 148,635 $ 52,514 $ 96,121 $ 121,015 $ 38,651 $ 82,364 Covenants not-to-compete 14,682 7,572 7,110 11,807 4,773 7,034 Trademarks and tradenames 64,432 18,256 46,176 58,136 14,076 44,060 Backlog 14,060 13,677 383 13,600 9,067 4,533 $ 241,809 $ 92,019 $ 149,790 $ 204,558 $ 66,567 $ 137,991 There was no intangible asset impairment loss for the years ended December 31, 2018, 2017 and 2016. The gross carrying amount of intangibles increased approximately $37.3 million and $77.7 million during the years ended December 31, 2018 and 2017, respectively. Intangibles associated with business combinations accounted for approximately $36.1 million and $76.8 million of the increases during the years ended December 31, 2018 and 2017, respectively, with the remaining changes due to other factors. For more information, see Note 15, Business Combinations. Amortization expense on intangible assets totaled approximately $25.4 million, $26.9 million and $11.3 million during the years ended December 31, 2018, 2017 and 2016, respectively. Remaining estimated aggregate annual amortization expense is as follows (in thousands): 2019 $ 23,250 2020 22,318 2021 21,012 2022 20,094 2023 17,183 Thereafter 45,933 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 7 – LONG-TERM DEBT Long-term debt consisted of the following (in thousands): As of December 31, 2018 2017 Term loans, in effect, net of unamortized debt issuance costs of $4,834 and $5,146, respectively $ 390,916 $ 293,354 Vehicle and equipment notes, maturing through December 2023; payable in various monthly installments, including interest rates ranging from 2.5% to 4.9% 60,391 50,357 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% 3,517 3,866 454,824 347,577 Less: current maturities (22,642 ) (16,650 ) Long-term debt, less current maturities $ 432,182 $ 330,927 Senior Secured Credit Facilities In April 2017, we entered into a term loan credit agreement (the “Term Loan Agreement”) which provides for a seven-year $300.0 million term loan facility (the “Term Loan”). In April 2017, we also entered into an asset-based lending credit agreement (the “ABL Credit Agreement” and together with the Term Loan Agreement, the “Senior Secured Credit Agreements”) which provides for a revolving credit facility up to approximately $100.0 million and up to $50.0 million for the issuance of letters of credit (the “ABL Revolver” and together with the Term Loan, the “Senior Secured Credit Facilities”). A portion of the proceeds from the Senior Secured Credit Facilities were used to repay, in full, all amounts outstanding under the previous credit and security agreement. The Term Loan Agreement was amended on November 30, 2017 to refinance the total principal amount of the Term Loan outstanding immediately prior to the effective date of the amendment on substantially the same terms as the initial Term Loan, except for (i) a decrease in the margins applicable to the base rate and Eurodollar rate loans, (ii) an increase in the cap on permitted indebtedness related to capital expenditures other than capital lease obligations and (iii) the inclusion of a mechanism to establish an alternative Eurodollar rate if certain circumstances have arisen such that the London Interbank Offered Rate may no longer be used. The ABL Credit Agreement was amended in December 2017 to revise the formula for maximum indebtedness incurred by the Company while subject to the terms of such agreement. On June 19, 2018, we entered into a second amendment to the Term Loan Agreement 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. All other provisions of the Term Loan Agreement were unchanged. On June 19, 2018, we also entered into a third amendment to the agreement for the ABL Credit Agreement 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. Our Senior Secured Credit Facilities bear interest at either the Eurodollar rate (“LIBOR”) or the base rate (which approximated the prime rate), at our election, plus a margin based on the type of rate applied and leverage ratio. The margin in respect of loans under (i) the Term Loan will be (A) 2.50% in the case of Eurodollar rate loans and (B) 1.50% in the case of base rate loans, and (ii) the ABL Revolver will be (A) 1.25%, 1.50% or 1.75% in the case of Eurodollar rate loans (based on a measure of availability under the agreement) and (B) 0.25%, 0.50% or 0.75% in the case of base rate loans (based on a measure of availability under the agreement). The borrowing base for the ABL Revolver, which determines availability under the facility, is based on a percentage of the value of certain assets securing the obligations of the Company and the subsidiary guarantors under the agreement. All obligations under the Senior Secured Credit Agreements, and the guarantees of those obligations, are secured by substantially all of the assets of the Company and the guarantors subject to certain exceptions and permitted liens. Vehicle and Equipment Notes We are party to a Master Loan and Security Agreement (“Master Loan and Security Agreement”), a Master Equipment Lease Agreement (“Master Equipment Agreement”) and one or more Master Loan Agreements (“Master Loan Agreements” and together with the Master Loan and Security Agreement and Master Equipment Agreement the “Master Loan Equipment Agreements”) with various lenders to provide financing for the purpose of purchasing or leasing vehicles and equipment used in the normal course of business. Each financing arrangement under these agreements constitutes a separate note and obligation. Vehicles and equipment purchased or leased under each financing arrangement serve as collateral for the note applicable to such financing arrangement. Regular payments are due under each note for a period of typically 60 consecutive months after the incurrence of the obligation. The specific terms of each note are based on specific criteria, including the type of vehicle or equipment and the market interest rates at the time. No termination date applies to these agreements. As of December 31, 2018, approximately $71.7 million of the various loan agreements was available for purchases of equipment. Total gross assets relating to our Master Loan and Equipment Agreements were $98.7 million and $74.5 million as of December 31, 2018 and 2017, respectively, none of which were fully depreciated as of December 31, 2018 or 2017, respectively. The net book value of assets under these agreements was $58.2 million and $51.4 million as of December 31, 2018 and 2017, respectively. Depreciation of assets held under these agreements is included within cost of sales on the Consolidated Statements of Operations and Comprehensive Income. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 8 – FAIR VALUE MEASUREMENTS Fair Values Fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820, “Fair Value Measurement,” establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. 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 December 31, 2018 and 2017 are categorized based on the lowest level of significant input to the valuation. Undiscounted cash flows, a Level 3 input, are utilized in determining estimated fair values. 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. During each of the years ended December 31, 2018, 2017 and 2016, 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 December 31, 2018 and 2017 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of our long-term debt, including the Senior Secured Credit Facilities as of December 31, 2018 and 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 December 31, 2018 and 2017. All debt classifications represent Level 2 fair value measurements. 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 Consolidated Balance Sheets and not described above were as follows (in thousands): As of December 31, 2018 As of December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 69,807 $ 69,807 $ — $ — $ 55,634 $ 55,634 $ — $ — Derivative financial instruments 1,765 — 1,765 — 618 — 618 — Total financial assets $ 71,572 $ 69,807 $ 1,765 $ — $ 56,252 $ 55,634 $ 618 $ — Financial liabilities: Derivative financial instruments $ 2,275 $ — $ 2,275 $ — $ — $ — $ — $ — Contingent consideration 5,098 — — 5,098 1,834 — — 1,834 Total financial liabilities $ 7,373 $ — $ 2,275 $ 5,098 $ 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 3,683 Fair value adjustments (586 ) Accretion in value 569 Amounts paid to sellers (402 ) Contingent consideration liability—December 31, 2018 $ 5,098 The accretion in value of contingent consideration liabilities is included within administrative expenses on the 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 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 December 31, 2018 As of December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Investments $ 10,060 $ 10,053 $ 30,053 $ 30,038 See Note 4, Investments, for more information on cash equivalents and investments included in the table above. Also see Note 9, Derivatives and Hedging Activities, for more information on derivative financial instruments. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 9 – DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. We manage exposure to a wide variety of business and operational risks through our core business activities. We manage economic risks, including interest rate, liquidity and credit risk primarily by overseeing the amount, sources and duration of debt funding and the use of derivative financial instruments. Specifically, we have entered into derivative financial instruments to manage exposure to interest rate movements that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash receipts and known or expected cash payments principally related to our investments and borrowings. 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. 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 December 31, 2018, we had two interest rate swaps, each with an associated floor, with a beginning notional of $200.0 million, one that amortizes quarterly to $95.3 million at a maturity date of May 31, 2022 and one that amortizes quarterly to $93.3 million at a maturity date of April 15, 2025. We also had a forward interest rate swap with an associated floor beginning May 31, 2022 with a beginning notional of $100.0 million that amortizes quarterly to $97.0 million at a maturity date of April 15, 2025. Combined, these three swaps serve to hedge $200.0 million of the variable cash flows on our Term Loan until maturity. As of December 31, 2017, we had one interest rate swap with an associated floor with a beginning notional of $100.0 million that amortizes 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. No cash flow hedges were settled and reclassified into earnings during the years ended December 31, 2018, 2017 or 2016. 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 $0.3 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 December 31, 2018, the Company has not posted any collateral related to these agreements. We elected to early adopt ASU 2017-12, |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | NOTE 10 – STOCKHOLDERS’ EQUITY As of December 31, 2018 and 2017, we had a loss of $0.4 million and a gain of $0.5 million, respectively, in accumulated other comprehensive income on our Consolidated Balance Sheets, which represents the effective portion of the unrealized (loss) gain on our derivative instruments. For additional information, see Note 9, Derivatives and Hedging Activities. On February 28, 2018, our board of directors authorized a $50 million stock repurchase program effective March 2, 2018 and on October 31, 2018, our board of directors approved an additional stock repurchase program, effective November 5, 2018, pursuant to which we may purchase up to an additional $100 million of our outstanding common stock. The program will remain in effect until February 28, 2020, unless extended by the board of directors. During the twelve months ended December 31, 2018, we repurchased 2.1 million shares of our outstanding common stock for $89.4 million, leaving $60.6 million available for future purchases under our stock repurchase program. 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 | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | NOTE 11 – EMPLOYEE BENEFITS Healthcare We participate in multiple healthcare plans, of which our primary plan is partially self-funded with an insurance company paying benefits in excess of stop loss limits per individual. Our healthcare benefit expense (net of employee contributions) was approximately $17.8 million, $17.4 million and $15.2 million for the years ended December 31, 2018, 2017 and 2016, respectively, for all plans. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Consolidated Balance Sheets and was $2.3 million and $1.8 million as of December 31, 2018 and 2017, respectively. Workers’ Compensation We participate in multiple workers’ compensation plans. Under these plans, for a significant portion of our business, we use a high deductible program to cover losses above the deductible amount on a per claim basis. We accrue for the estimated losses occurring from both asserted and unasserted claims. Workers’ compensation liability for premiums is included in other current liabilities on the Consolidated Balance Sheets. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of IBNR claims. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including IBNR. We believe the use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals. Workers’ compensation expense totaled $12.8 million, $13.5 million and $12.1 million for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in cost of sales on the Consolidated Statements of Operations and Comprehensive Income. Workers’ compensation known claims and IBNR reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2018 2017 Included in other current liabilities $ 5,795 $ 5,899 Included in other long-term liabilities 9,447 8,721 $ 15,242 $ 14,620 We also had an insurance receivable for claims that exceeded the stop loss limit included on the Consolidated Balance Sheets. This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands): As of December 31, 2018 2017 Included in other non-current $ 1,888 $ 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 the years ended December 31, 2018, 2017 and 2016, we recognized 401(k) plan expenses of $1.7 million, $1.6 million and $1.3 million, respectively, which is included in administrative expenses on the accompanying Consolidated Statements of Operations and Comprehensive Income. Share-Based Compensation Common Stock Awards During the years ended December 31, 2018, 2017 and 2016, we granted approximately five thousand, six thousand and nine thousand shares of restricted stock, respectively, at a price of $60.65, $50.50 and $34.23 per share, respectively, which represents market price on the grant dates to non-employee In addition, during the years ended December 31, 2018, 2017 and 2016, we granted approximately 0.1 million shares of our common stock under our 2014 Omnibus Incentive Plan to our employees. The shares granted during each year ended December 31, 2018, 2017 and 2016 vest in three equal installments (rounded to the nearest whole share) annually on April 20 th During the years ended December 31, 2018, 2017 and 2016, our employees surrendered approximately 41 thousand, 11 thousand, and 32 thousand shares, respectively, of our common stock to satisfy tax withholding obligations arising in connection with the vesting of common stock awards issued under our 2014 Omnibus Incentive Plan. We recorded share-based compensation expense associated with these non-performance-based non-employee Performance-Based Stock Awards During the year ended December 31, 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 year ended December 31, 2018, we established, and our board of directors approved, performance-based targets in connection with common stock awards to be issued to certain officers in 2019 contingent upon achievement of these targets. Share-based compensation expense associated with these performance-based awards was $2.0 million and $1.0 million for the years ended December 31 2018 and 2017, respectively. As of December 31, 2018, there was $2.7 million of unrecognized compensation expense related to nonvested performance-based common stock awards. This expense is subject to future adjustments for forfeitures and is expected to be recognized over the remaining weighted-average period of 1.6 years using the graded-vesting method. See the table below for changes in shares and related weighted average fair market value per share. Performance-Based Stock Units During the year ended December 31, 2017, we established, and our board of directors approved, performance-based stock units in connection with common stock awards which we issued to certain employees during the year ended December 31, 2018. In addition, during the year ended December 31, 2018, we established, and our board of directors approved, performance-based stock units in connection with common stock awards to be issued to certain employees in 2019 contingent upon achievement of a performance target, which was met in 2018, as well as a one-year As of December 31, 2018, there was $0.2 million of unrecognized compensation expense related to nonvested performance-based 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 0.3 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, 2018 and changes during the year ended December 31, 2018 were as follows: Common Stock Performance-Based Performance-Based Awards Weighted Awards Weighted Units Weighted Nonvested awards/units at December 31, 2017 202,331 $ 39.09 77,254 $ 41.00 72,000 $ 52.16 Granted 65,112 57.51 52,892 65.60 14,072 55.92 Vested (91,291 ) 36.14 — — (71,120 ) 52.15 Forfeited/Cancelled (2,963 ) 49.65 (14,448 ) 41.00 (1,704 ) 53.38 Nonvested awards/units at December 31, 2018 173,189 $ 47.40 115,698 $ 52.25 13,248 $ 56.05 During the years ended December 31, 2018, 2017 and 2016, we recorded the following stock compensation expense, by income statement category (in thousands): 2018 2017 2016 Cost of sales $ 846 $ 965 $ — Selling 451 571 — Administrative 6,549 5,055 1,894 $ 7,846 $ 6,591 $ 1,894 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. As of December 31, 2018, approximately 2.4 million of the 3.0 million shares of common stock authorized for issuance were available for issuance under the 2014 Omnibus Incentive Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES The provision for income taxes is comprised of (in thousands): Years ended December 31, 2018 2017 2016 Current: Federal $ 13,486 $ 17,557 $ 18,307 State 3,641 3,302 3,472 17,127 20,859 21,779 Deferred: Federal 221 (5,895 ) (338 ) State 90 (284 ) (267 ) 311 (6,179 ) (605 ) Total tax expense $ 17,438 $ 14,680 $ 21,174 The reconciliation between our effective tax rate on net income and the federal statutory rate is as follows (dollars in thousands): Years ended December 31, 2018 2017 2016 Income tax at federal statutory rate $ 15,159 21.0 % $ 19,537 35.0 % $ 20,864 35.0 % Stock compensation (436 ) (0.6 %) (581 ) (1.0 %) (227 ) (0.4 %) Qualified Production Activity Deduction — 0.0 % (1,715 ) (3.1 %) (1,776 ) (3.0 %) Other permanent items (667 ) (0.8 %) 197 0.4 % (92 ) (0.1 %) Change in valuation allowance 312 0.4 % 285 0.5 % 442 0.7 % Change in uncertain tax positions 969 1.3 % (1,807 ) (3.2 %) 66 0.1 % State income taxes, net of federal benefit 2,911 4.0 % 2,150 3.8 % 1,897 3.2 % Rate impact of the Tax Act (810 ) (1.1 %) (3,386 ) (6.1 %) — — % Total tax expense $ 17,438 24.2 % $ 14,680 26.3 % $ 21,174 35.5 % Components of the net deferred tax asset or liability are as follows (in thousands): As of December 31, 2018 2017 Deferred Tax Assets Long-term Accrued reserves and allowances $ 4,245 $ 3,916 Allowance for doubtful accounts 500 426 Inventories 335 213 Intangibles 4,937 3,279 Net operating loss carryforwards 1,446 2,623 Other 4 10 Long-term deferred tax assets 11,467 10,467 Less: Valuation allowance (1,255 ) (1,746 ) Net deferred tax assets 10,212 8,721 Deferred Tax Liabilities Long-term Accrued reserves and allowances (365 ) (308 ) Property and equipment (2,091 ) (1,453 ) Intangibles (3,850 ) (3,543 ) Investment in partnership (10,266 ) (9,189 ) Other (242 ) (208 ) Long-term deferred tax liabilities (16,814 ) (14,701 ) Net deferred tax liabilities $ (6,602 ) $ (5,980 ) As of December 31, 2018, we have recorded a deferred tax asset of $1.4 million reflecting the benefit of $5.9 million in federal and state income tax net operating loss (NOL) carryforwards, the earliest of which expires in 2030. Valuation Allowance We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets on a jurisdiction and by tax filing entity basis. A significant piece of objective negative evidence evaluated is cumulative losses incurred over the most recent three-year period. Such objective evidence limits our ability to consider other subjective positive evidence such as our projections for future growth. Based on this evaluation, a valuation allowance has been recorded as of December 31, 2018 and 2017 for the net deferred tax assets recorded on certain of our wholly owned subsidiaries. Such deferred tax assets relate primarily to net operating losses that are not more likely than not realizable. However, the amount of the deferred tax asset considered realizable could be adjusted if our estimate of future taxable income during the carryforward period changes, or if objective negative evidence in the form of cumulative losses is no longer present. Additional weight may be given to subjective evidence such as our projections for growth in this situation. Uncertain Tax Positions We are subject to taxation in the United States and various state jurisdictions. As of December 31, 2018, our tax years for 2015 through 2017 are subject to examination by the tax authorities. A rollforward of the gross unrecognized tax benefits is as follows (in thousands): Unrecognized tax benefit, January 1, 2016 $ 3,586 Increase as a result of tax positions taken during the period 2,354 Decrease as a result of tax positions taken during the period (1,356 ) Decrease as a result of expiring statutes (487 ) Unrecognized tax benefit, December 31, 2016 $ 4,097 Increase as a result of tax positions taken during the period 4,353 Decrease as a result of tax positions taken during the period (2,311 ) Decrease as a result of expiring statutes (1,689 ) Unrecognized tax benefit, December 31, 2017 $ 4,450 Increase as a result of tax positions taken during the period 3,846 Decrease as a result of tax positions taken during the period (2,850 ) Decrease as a result of expiring statutes (97 ) Unrecognized tax benefit, December 31, 2018 $ 5,349 Unrecognized tax benefits of $2.7 million at December 31, 2018 would affect the effective tax rate. Interest expense and penalties accrued related to uncertain tax positions as of December 31, 2018 are $0.3 million. We expect a decrease to the amount of unrecognized tax benefits (exclusive of penalties and interest) within the next twelve months of zero to $1.5 million. Determining uncertain tax positions and the related estimated amounts requires judgment and carry estimation risk. If future tax law changes or interpretations should come to light, or additional information should become known, our conclusions regarding unrecognized tax benefits may change. Impacts of the Tax Act The Tax Act was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%, which had a positive impact on our 2018 and 2017 effective tax rates due to the revaluation of our ending net deferred tax liabilities. Under the guidance in the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin No. 118 (“SAB 118”), we recorded provisional amounts for the impact of the Tax Act as of December 31, 2017, representing a $3.8 million tax benefit related to the revaluation of the ending net deferred tax liabilities from 35% to the newly enacted U.S. corporate income tax rate of 21%, which was partially offset by tax expense of $0.4 million net amount for the revaluation of the uncertain tax positions and the valuation allowance. Under the transitional provisions of SAB 118, we had a one-year |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 13 – 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 related ownership. For additional information, see Note 14, Commitments and Contingencies. For the years ended December 31, 2018, 2017 and 2016, the amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in thousands): Years ended December 31, 2018 2017 2016 Sales $ 12,636 $ 10,250 $ 7,914 Purchases 1,587 1,294 579 Rent 1,099 1,154 635 At December 31, 2018 and 2017, we had related party balances of approximately $2.3 million and $2.0 million, respectively, included in accounts receivable on our 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 December 31, 2018 and 2017, respectively. On November 5, 2018, as part of our stock repurchase program, we entered into a share repurchase agreement with PJAM IBP Holdings, Inc. (“PJAM”) for the purchase of 150 thousand shares of our common stock for a purchase price of approximately $5.1 million, or $34.11 per share, which represented a 3.0% discount to the last reported price of our common stock on November 2, 2018. Jeff Edwards, our Chief Executive Officer, is the President of PJAM and, in such role, has sole voting and dispositive power over the shares held by PJAM and is deemed the beneficial owner of the shares of our common stock held by PJAM. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 14 – COMMITMENTS AND CONTINGENCIES Accrued General Liability Accrued general insurance reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2018 2017 Included in other current liabilities $ 1,848 $ 2,033 Included in other long-term liabilities 6,608 7,073 $ 8,456 $ 9,106 We also had insurance receivables and an indemnification asset included on the Consolidated Balance Sheets that, in aggregate, offset an equal liability included within the reserve amounts noted above. The amounts were as follows (in thousands): As of December 31, 2018 2017 Insurance receivable and indemnification asset for claims under a fully insured policy $ 2,484 $ 2,773 Insurance receivable for claims that exceeded the stop loss limit 53 2 Total insurance receivables included in other non-current $ 2,537 $ 2,775 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 assets relating to capital leases were approximately $58.7 million and $63.4 million as of December 31, 2018 and 2017, respectively, and a total of approximately $32.0 million and $26.8 million were fully depreciated as of December 31, 2018 and 2017, respectively. The net book value of assets under capital leases was approximately $9.5 million and $13.0 million as of December 31, 2018 and 2017, respectively. Amortization of assets held under capital leases is included within cost of sales on the 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) and future minimum capital lease payments as of December 31, 2018 are as follows (in thousands): Capital Leases Operating Leases Related Party Other Total Operating 2019 $ 5,207 $ 1,159 $ 14,418 $ 15,577 2020 2,253 1,184 11,293 12,477 2021 1,339 1,058 7,014 8,072 2022 452 972 4,335 5,307 2023 93 51 2,613 2,664 Thereafter — — 4,695 4,695 9,344 $ 4,424 $ 44,368 $ 48,792 Less: Amounts representing executory costs (255 ) Less: Amounts representing interest (459 ) Total obligation under capital leases 8,630 Less: Current portion of capital leases (4,806 ) Long term capital lease obligation $ 3,824 Total rent expense under these operating leases, which is included in the Consolidated Statements of Operations and Comprehensive Income, was as follows (in thousands): Years ended December 31, 2018 2017 2016 Cost of Sales $ 546 $ 813 $ 848 Administrative 16,693 14,310 10,732 Total $ 17,239 $ 15,123 $ 11,580 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 year ended December 31, 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 $16.4 million for 2019, $21.4 million for 2020 and $15.0 million for 2021. Additionally, we entered into an agreement with a chemical supplier with a purchase obligation of $0.6 million in 2019. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 15 – BUSINESS COMBINATIONS As part of our ongoing strategy to expand geographically and increase market share in certain markets, we completed ten, ten and nine business combinations during the years ended December 31, 2018, 2017 and 2016, respectively, as well as several insignificant tuck-in The largest of our 2018 acquisitions was Custom Overhead Door, LLC dba Custom Door & Gate (collectively, “CDG”) and Advanced Fiber Technology, Inc. (collectively, “AFT”). The remaining acquisitions were individually insignificant but material in the aggregate, as follows. Net income (loss), as noted below, includes amortization, taxes and interest allocations when appropriate. Below is a summary of each significant acquisition by year, including revenue and net income (loss) since date of acquisition, shown for the year of acquisition. For the year ended December 31, 2018 (in thousands): Name Date Acquisition Cash Paid Seller Total Revenue Net Income CDG 3/19/2018 Asset $ 9,440 $ 1,973 $ 11,413 $ 11,466 $ 531 AFT 10/31/2018 Asset 19,707 1,510 21,217 3,530 (13 ) Other Various Shares/Asset 28,593 4,057 32,650 24,329 639 Total $ 57,740 $ 7,540 $ 65,280 $ 39,325 $ 1,157 For the year ended December 31, 2017 (in thousands): Name Date Acquisition Cash Paid Seller Fair Value of Total Revenue Net (Loss) Alpha (1) 1/5/2017 Share $ 103,810 $ 2,002 $ 10,859 $ 116,671 $ 116,070 $ (1,148 ) Columbia 6/26/2017 Asset 8,768 225 — 8,993 6,046 86 Astro 9/18/2017 Asset 9,144 482 — 9,626 1,829 11 Other Various Asset 15,645 2,419 — 18,064 20,457 573 Total $ 137,367 $ 5,128 $ 10,859 $ 153,354 $ 144,402 $ (478 ) (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. For the year ended December 31, 2016 (in thousands): Name Date Acquisition Cash Paid Seller Total Revenue Net Income Alpine Insulation Co., Inc. 4/12/2016 Asset $ 21,151 $ 1,560 $ 22,711 $ 21,359 $ 1,370 East Coast 10/17/2016 Asset 15,589 600 16,189 4,701 21 Other Various Asset 18,753 2,299 21,052 19,974 (592 ) Total $ 55,493 $ 4,459 $ 59,952 $ 46,034 $ 799 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 (in thousands): 2018 CDG AFT Other Total Estimated fair values: Cash $ — $ — $ — $ — Accounts receivable 1,731 — 4,181 5,912 Inventories 514 565 1,136 2,215 Other current assets 28 — 918 946 Property and equipment 933 2,882 2,169 5,984 Intangibles 3,711 13,470 18,904 36,085 Goodwill 4,898 4,415 7,711 17,024 Other non-current 36 13 82 131 Accounts payable and other current liabilities (438 ) (128 ) (2,451 ) (3,017 ) Fair value of assets acquired and purchase price 11,413 21,217 32,650 65,280 Less fair value of common stock issued — — — — Less seller obligations 1,973 1,510 4,057 7,540 Cash paid $ 9,440 $ 19,707 $ 28,593 $ 57,740 2017 Alpha Columbia Astro Other Total Estimated fair values: Cash $ 247 $ — $ — $ — $ 247 Accounts receivable 29,851 989 924 3,157 34,921 Inventories 1,852 704 296 1,544 4,396 Other current assets 4,500 8 36 96 4,640 Property and equipment 1,528 659 640 1,820 4,647 Intangibles 57,200 4,760 5,168 9,688 76,816 Goodwill 38,511 2,209 2,932 4,190 47,842 Other non-current 383 36 — 219 638 Accounts payable and other current liabilities (17,401 ) (372 ) (370 ) (2,650 ) (20,793 ) Fair value of assets acquired 116,671 8,993 9,626 18,064 153,354 Less fair value of common stock issued 10,859 — — — 10,859 Less seller obligations 2,002 225 482 2,419 5,128 Cash paid $ 103,810 $ 8,768 $ 9,144 $ 15,645 $ 137,367 2016 Alpine East Coast Other Total Estimated fair values: Cash $ — $ 2,181 $ — $ 2,181 Accounts receivable 3,959 3,093 2,502 9,554 Inventories 700 332 1,183 2,215 Other current assets — 1 24 25 Property and equipment 656 666 1,616 2,938 Intangibles 12,800 6,400 11,067 30,267 Goodwill 6,642 4,346 5,933 16,921 Other non-current — 116 345 461 Accounts payable and other current liabilities (2,046 ) (946 ) (1,618 ) (4,610 ) Fair value of assets acquired 22,711 16,189 21,052 59,952 Less seller obligations 1,560 600 2,299 4,459 Cash paid $ 21,151 $ 15,589 $ 18,753 $ 55,493 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 earnouts based on performance that are recorded at fair value at the time of acquisition, and/or non-compete Further adjustments to the allocation for each acquisition still under its measurement period are expected as third-party or internal valuations are finalized, certain tax aspects of the transaction are completed, contingent consideration is settled, 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 6, Goodwill and Intangibles, during the years ended December 31, 2018, 2017 and 2016 due to minor adjustments to goodwill for the allocation of certain acquisitions still under measurement, an immaterial goodwill reclassification in the year ended December 31, 2017 related to the prior period, as well as other immaterial intangible assets added during the ordinary course of business. In addition, goodwill and intangibles increased during the years ended December 31, 2018, 2017 and 2016 due to various small acquisitions merged into existing operations that do not appear in the above tables. Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands): 2018 2017 2016 Acquired intangibles assets Estimated Weighted Estimated Weighted Estimated Weighted Customer relationships $ 27,149 8 $ 39,922 8 $ 18,511 9 Trademarks and trade names 6,075 15 20,667 15 8,983 15 Non-competition 2,401 5 2,628 5 2,773 5 Backlog 460 2 13,600 1.5 — — Pro Forma Information (unaudited) The unaudited pro forma information has been prepared as if the 2018 acquisitions had taken place on January 1, 2017, the 2017 acquisitions had taken place on January 1, 2016 and the 2016 acquisitions had taken place on January 1, 2015. 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, 2016 and 2015 and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except for per share data). Unaudited Pro Forma for the years ended 2018 2017 2016 Net revenue $ 1,381,711 $ 1,246,017 $ 1,058,707 Net income 58,217 48,016 43,891 Basic net income per share 1.87 1.52 1.39 Diluted net income per share 1.86 1.51 1.39 Unaudited pro forma net income reflects additional intangible asset amortization expense of $2.8 million, $5.9 million and $17.5 million for the years ended December 31, 2018, 2017 and 2016, respectively, as well as additional income tax expense of $1.2 million, $2.5 million and $3.0 million for the years ended December 31, 2018, 2017 and 2016, respectively, and additional interest expense of $1.8 million for the year ended December 31, 2016 that would have been recorded had the 2018 acquisitions taken place on January 1, 2017, the 2017 acquisitions taken place on January 1, 2016 and the 2016 acquisitions taken place on January 1, 2015. |
Income Per Common Share
Income Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | NOTE 16 – INCOME PER COMMON SHARE Basic net income per common share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per common share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income per common share calculation when dilutive. The dilutive effect of outstanding restricted stock awards after application of the treasury stock method as of December 31, 2018, 2017 and 2016, was 122 thousand, 117 thousand and 61 thousand shares, respectively. Approximately 30 thousand shares of potential common stock was not included in the calculation of diluted net income per common share for the year ended December 31, 2018 because the effect would have been anti-dilutive. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 – SUBSEQUENT EVENTS None |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | NOTE 18 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Summarized unaudited quarterly financial results for 2018 and 2017 is as follows (in thousands, except per share data): 2018 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 301,728 $ 332,584 $ 348,999 $ 353,121 $ 1,336,432 Gross profit 79,976 95,643 97,334 98,638 371,591 Net income 6,394 16,315 15,563 16,476 54,748 Comprehensive income 7,554 16,790 16,381 12,973 53,698 Basic net income per share 0.20 0.52 0.50 0.54 1.76 Diluted net income per share 0.20 0.52 0.50 0.53 1.75 2017 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 255,669 $ 282,196 $ 295,193 $ 299,869 $ 1,132,927 Gross profit 72,172 84,928 85,581 81,345 324,026 Net income 6,364 11,973 12,010 10,793 41,140 Comprehensive income 6,364 11,896 12,042 11,345 41,647 Basic and diluted net income per share 0.20 0.38 0.38 0.34 1.30 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the revenue, costs and reserves established under the percentage-of-completion |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly-liquid investments purchased with original term to maturity of three months or less to be cash equivalents. We had $69.8 million and $55.6 million of cash equivalents as of December 31, 2018 and 2017, respectively. Substantially all cash is held in banks providing FDIC coverage of $0.25 million per depositor. |
Revenue Recognition | Revenue and Cost Recognition 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. See Note 3, Revenue Recognition, for the detailed revenue recognition policy. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. See Note 9, Derivatives and Hedging, for additional information on our accounting policy for derivative instruments and hedging activities. |
Investment Policy | Investment Policy Marketable securities with original maturities longer than three months but less than one year from the settlement date are classified as investments within current assets. These investments consist of highly liquid investment grade instruments primarily including corporate bonds and commercial paper. Investments for which we have the ability and positive intent to hold to maturity are carried at amortized cost. The difference between the acquisition costs and face values of held-to-maturity held-to-maturity. |
Business Combinations | Business Combinations The purchase price for business combinations is allocated to the estimated fair values of acquired tangible and intangible assets, including goodwill and assumed liabilities, where applicable. Additionally, we recognize customer relationships, trademarks and trade names, backlog and non-competition At times, the total purchase price for a business combination could be less than the estimated fair values of acquired tangible and intangible assets. In these cases, we record a gain on bargain purchase within other expenses in the Consolidated Statements of Operations and Comprehensive Income rather than goodwill in accordance with U.S. GAAP. |
Accounts Receivable | Accounts Receivable We account for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. We do not accrue interest on any of our trade receivables. Retainage receivables represent the amount retained by our customers to ensure the quality of the installation and is received after satisfactory completion of each installation project. Management regularly reviews aging of retainage receivables and changes in payment trends and records an allowance when collection of amounts due are considered at risk. Amounts retained by project owners under construction contracts and included in accounts receivable were $28.0 million and $23.1 million as of December 31, 2018 and 2017, respectively. As of December 31, 2018, all but $0.6 million of retainage receivables, which are recorded in other long-term assets, were estimated to be contractually due within one year. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The allowance is determined by management based on our historical losses, specific customer circumstances and general economic conditions. We analyze aged accounts receivable and generally increase the allowance as receivables age. Management reviews accounts receivable and records an allowance for specific customers based on current circumstances and charges off the receivable against the allowance when all attempts to collect the receivable have failed. This analysis is performed regularly and the allowance is adjusted accordingly. The following table sets forth our allowance for doubtful accounts (in thousands): Allowance for doubtful accounts receivable January 1, 2016 $ 2,486 Charged to costs and expenses 2,928 Charged to other accounts (1) 435 Deductions (2) (2,452 ) December 31, 2016 $ 3,397 Charged to costs and expenses 2,834 Charged to other accounts (1) 699 Deductions (2) (2,125 ) December 31, 2017 $ 4,805 Charged to costs and expenses 2,630 Charged to other accounts (1) 675 Deductions (2) (3,025 ) December 31, 2018 $ 5,085 (1) Recovery of receivables previously written off as bad debt and other (2) Write-off |
Concentration of Credit Risk | Concentration of Credit Risk Credit risk is our risk of financial loss from the non-performance |
Inventories | Inventories Inventories consist of insulation, waterproofing materials, garage doors, rain gutters, window blinds, shower doors, mirrors, closet shelving and other products. We value inventory at each balance sheet date to ensure that it is carried at the lower of cost or net realizable value with cost determined using the first-in, first-out |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. We provide for depreciation and amortization of property and equipment using the straight-line method over the expected useful lives of the assets. Expected useful lives of property and equipment vary but generally are the shorter of lease life or five years for vehicles and leasehold improvements, three to five years for furniture, fixtures and equipment and 30 years for buildings. Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recorded. |
Goodwill | Goodwill Goodwill results from business combinations and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Annually, on October 1, or if conditions indicate an earlier review is necessary, we either perform a quantitative test or assess qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying amount and if it is necessary to perform the quantitative two-step |
Impairment of Other Intangible and Long-Lived Assets | Impairment of Other Intangible and Long-Lived Assets Other intangible assets consist of customer relationships, backlog, non-competition non-competition We review long-lived assets and intangible assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. When impairment is identified, the carrying amount of the asset is reduced to its estimated fair value. Assets to be disposed of are recorded at the lower of net book value or fair net realizable value less cost to sell at the date management commits to a plan of disposal. There was no impairment loss for the years ended December 31, 2018, 2017 and 2016. |
Other Liabilities | Other Liabilities Our workers’ compensation insurance program, for a significant portion of our business, is considered a high deductible program whereby we are responsible for the cost of claims under approximately $0.8 million. Our general liability insurance program is considered a high retention program whereby we are responsible for the cost of claims up to approximately $2.0 million, subject to an aggregate cap of $8.0 million. Our vehicle liability insurance program is considered a high deductible program whereby we are responsible for the cost of claims under approximately $0.5 million. In each case, if we do not pay these claims, our insurance carriers are required to make these payments to the claimants on our behalf. The liabilities represent our best estimate of our costs, using generally accepted actuarial reserving methods, of the ultimate obligations for reported claims plus those incurred but not reported for all claims incurred through December 31, 2018 and 2017. We establish case reserves for reported claims using case-basis evaluation of the underlying claims data and we update as information becomes known. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals and adjust our recorded provisions. The assumptions underlying the ultimate costs of existing claim losses are subject to a high degree of unpredictability, which can affect the liability recorded for such claims. For example, variability in inflation rates of health care costs inherent in workers’ compensation claims can affect the ultimate costs. Similarly, changes in legal trends and interpretations, as well as a change in the nature and method of how claims are settled, can affect ultimate costs. Our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables and any changes could have a considerable effect on future claim costs and currently recorded liabilities. We carry insurance for a number of risks, including, but not limited to, workers’ compensation, general liability, vehicle liability, property and our obligation for employee-related health care benefits. Liabilities relating to claims associated with these risks are estimated by considering historical claims experience, including frequency, severity, demographic factors and other actuarial assumptions. In estimating our liability for such claims, we periodically analyze our historical trends, including loss development, and apply appropriate loss development factors to the incurred costs associated with the claims with the assistance of external actuarial consultants. While we do not expect the amounts ultimately paid to differ significantly from our estimates, our reserves and corresponding expenses could be affected if future claim experience differs significantly from historical trends and actuarial assumptions. |
Advertising Costs | Advertising Costs Advertising costs are generally expensed as incurred. Advertising expense was approximately $3.8 million, $3.2 million and $3.0 million for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in selling expense on the Consolidated Statements of Operations and Comprehensive Income. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs and debt issuance costs combined, totaling $6.4 million and $6.8 million, net of accumulated amortization as of December 31, 2018 and 2017, respectively, are amortized over the term of the related debt on a straight-line basis which approximates the effective interest method. The deferred financing costs are included in other non-current |
Share-Based Compensation | Share-Based Compensation Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. Restricted stock awards are periodically granted to certain employees, officers and non-employee Certain of our stock awards are deemed to be equity-based with a service condition and do not contain a market or performance condition with the exception of performance-based awards granted to certain officers and performance-based stock units. Fair value of the non-performance-based Compensation expense for performance-based stock units is recorded based on an assessment each reporting period of the probability that certain performance goals will be met during the contingent vesting period. If performance goals are not probable to occur, no compensation expense will be recognized. If performance goals that were previously deemed probable are not or are not expected to be met, the previously recognized compensation cost related to such performance goals will be reversed. Employees and officers are subject to tax at the vesting date based on the market price of the shares on that date, or on the grant date if an election is made. |
Income Taxes | Income Taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable are accrued and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, the ability to produce future taxable income, prudent and feasible tax planning strategies and recent financial operations. In projecting future taxable income, we factor in historical results and changes in accounting policies and incorporate assumptions, including the amount of future federal and state pretax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we use to manage the underlying businesses. Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through operations in the period that includes the enactment date of the change. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. During the year end December 31, 2017, the Company recognized a $3.8 million tax benefit as a result of revaluing the ending net deferred tax liabilities from 35% to the newly enacted U.S. corporate income tax rate of 21%, and also recognized a $0.8 million benefit in 2018 due to timing provision to return adjustments which impacted deferred balances at the 35% rate that were then revalued at the lower corporate rate. See Note 12, Income Taxes, for additional information. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold to be recognized. We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Liabilities related to uncertain tax positions are recorded in other long-term liabilities on the Consolidated Balance Sheets. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which the new information becomes available. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense in the Consolidated Statements of Operations and Comprehensive Income. Accrued interest and penalties are recognized in other current liabilities on the Consolidated Balance Sheets. Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States, which includes numerous state and local jurisdictions. Significant judgments and estimates are required in determining the income tax expense, deferred tax assets and liabilities and the reserve for unrecognized tax benefits. |
Estimated Fair Value of Financial Instruments | Estimated Fair Value of Financial Instruments See Note 8, Fair Value Measurements, for related accounting policies. |
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. ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use 350-40): ASU 2018-15 internal-use |
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 Consolidated Financial Statements or Notes to Consolidated Financial Statements, which are described below: Standard Description Effective date Effect on the financial statements 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. This ASU requires substantially all leases, with the exception of leases with a term of one year or less, to be recorded on the balance sheet as a lease liability measured as the present value of the future lease payments with a corresponding right-of-use statements of cash flows is not expected to be material. 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. ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment To address concerns over the cost and complexity of the two-step one-step Annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. We are currently evaluating the provisions of this ASU and the impact it will have on our disclosures. ASU 2018-13, Fair Value Measurement (Topic 820):Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement This pronouncement amends Topic 820 to eliminate, add and modify certain disclosure requirements for fair value measurements. Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. We are currently evaluating the provisions of this ASU and the impact it will have on our disclosures. ASU 2018-16, Derivatives and Hedging (Topic 815)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This pronouncement permits the use of the Overnight Index Swap (“OIS”) Rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S. benchmark interest rate for hedge accounting purposes. For public business entities that already have adopted the amendments in ASU 2017-12, 2017-12 We do not expect this ASU to have a material impact on our financial statements until we transition from LIBOR to SOFR rates, which will likely not occur in 2019. We will reevaluate whether these changes will have a material impact at the time of transition. |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Percentage of Net Revenue by Product Category | The following table sets forth the percentage of our net revenue by product category: Years ended December 31, 2018 2017 2016 Insulation 66 % 67 % 77 % Waterproofing 7 8 2 Shower doors, shelving and mirrors 7 7 5 Garage doors 6 5 6 Rain gutters 3 4 4 Blinds 2 2 1 Other building products 9 7 5 100 % 100 % 100 % |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts | The following table sets forth our allowance for doubtful accounts (in thousands): Allowance for doubtful accounts receivable January 1, 2016 $ 2,486 Charged to costs and expenses 2,928 Charged to other accounts (1) 435 Deductions (2) (2,452 ) December 31, 2016 $ 3,397 Charged to costs and expenses 2,834 Charged to other accounts (1) 699 Deductions (2) (2,125 ) December 31, 2017 $ 4,805 Charged to costs and expenses 2,630 Charged to other accounts (1) 675 Deductions (2) (3,025 ) December 31, 2018 $ 5,085 (1) Recovery of receivables previously written off as bad debt and other (2) Write-off |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Impact of Adopting Topic 606 on Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income | The following table summarizes the impact of the new revenue standard on the Consolidated Balance Sheets as of December 31, 2018, including the cumulative effect of applying the new standard to all contracts upon adoption (in thousands): Impact of Change in Accounting Policy As reported Adjustments Without adoption Inventories $ 61,162 $ 5,801 $ 66,963 Other current assets 35,760 (8,607 ) 27,153 Total assets 834,658 (2,806 ) 831,852 Deferred income taxes 6,695 (534 ) 6,161 Retained earnings 105,212 (2,272 ) 102,940 Total liabilities and stockholders’ equity 834,658 (2,806 ) 831,852 The following table summarizes the impact of the new revenue standard on the Consolidated Statements of Operations and Comprehensive Income (in thousands): Year Ended December 31, 2018 As reported Adjustments Without adoption Net revenue $ 1,336,432 $ (751 ) $ 1,335,681 Cost of sales 964,841 (578 ) 964,263 Income before income taxes $ 72,186 $ (173 ) $ 72,013 Income tax provision 17,438 (43 ) 17,395 Net income $ 54,748 $ (130 ) $ 54,618 |
Summary of Revenues Disaggregated by End Market and Product | The following tables present our revenues disaggregated by end market and product (in thousands): Year ended December 31, Residential new construction $ 1,026,473 77 % Repair and remodel 89,977 7 % Commercial 219,982 16 % Net revenues $ 1,336,432 100 % Year ended December 31, 2018 Insulation $ 876,118 66 % Waterproofing 97,683 7 % Shower doors, shelving and mirrors 90,352 7 % Garage doors 79,539 6 % Rain gutters 44,203 3 % Blinds 28,981 2 % Other building products 119,556 9 % Net revenues $ 1,336,432 100 % |
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): As of December 31, 2018 2017 Contract assets $ 15,092 $ 14,476 Contract liabilities (7,468 ) (7,519 ) |
Schedule of Cost and Estimated Earnings on Uncompleted Contracts | Uncompleted contracts were as follows (in thousands): As of December 31, 2018 2017 Costs incurred on uncompleted contracts $ 114,826 $ 84,563 Estimated earnings 58,952 47,000 Total 173,778 131,563 Less: Billings to date 163,112 122,144 Net under (over) billings $ 10,666 $ 9,419 |
Schedule of Net Under (Over) Billings | Net under (over) billings were as follows (in thousands): As of December 31, 2018 2017 Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 15,092 $ 14,476 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (4,426 ) (5,057 ) Net under (over) billings $ 10,666 $ 9,419 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): As of December 31, 2018 2017 Land $ — $ 66 Buildings — 218 Leasehold improvements 6,717 6,152 Furniture, fixtures and equipment 38,369 30,863 Vehicles and equipment 177,969 153,744 223,055 191,043 Less: accumulated depreciation and amortization (132,938 ) (109,968 ) $ 90,117 $ 81,075 |
Schedule of Depreciation and Amortization Expense on Property and Equipment, by Income Statement Category | During the twelve months ended December 31, 2018 and 2017 we recorded the following depreciation and amortization expense on our property and equipment, by income statement category (in thousands): As of December 31, 2018 2017 2016 Cost of sales $ 31,526 $ 26,731 $ 22,294 Administrative 1,779 1,554 1,276 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Amount of Goodwill | The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2017 $ 177,090 $ (70,004 ) $ 107,086 Business combinations 47,727 — 47,727 Other 653 — 653 December 31, 2017 225,470 (70,004 ) 155,466 Business combinations 17,023 — 17,023 Other 560 — 560 December 31, 2018 $ 243,053 $ (70,004 ) $ 173,049 |
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 December 31, 2018 2017 Gross Net Gross Net Carrying Accumulated Book Carrying Accumulated Book Amount Amortization Value Amount Amortization Value Amortized intangibles: Customer relationships $ 148,635 $ 52,514 $ 96,121 $ 121,015 $ 38,651 $ 82,364 Covenants not-to-compete 14,682 7,572 7,110 11,807 4,773 7,034 Trademarks and tradenames 64,432 18,256 46,176 58,136 14,076 44,060 Backlog 14,060 13,677 383 13,600 9,067 4,533 $ 241,809 $ 92,019 $ 149,790 $ 204,558 $ 66,567 $ 137,991 |
Schedule of Estimated Aggregate Annual Amortization | Remaining estimated aggregate annual amortization expense is as follows (in thousands): 2019 $ 23,250 2020 22,318 2021 21,012 2022 20,094 2023 17,183 Thereafter 45,933 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consisted of the following (in thousands): As of December 31, 2018 2017 Term loans, in effect, net of unamortized debt issuance costs of $4,834 and $5,146, respectively $ 390,916 $ 293,354 Vehicle and equipment notes, maturing through December 2023; payable in various monthly installments, including interest rates ranging from 2.5% to 4.9% 60,391 50,357 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% 3,517 3,866 454,824 347,577 Less: current maturities (22,642 ) (16,650 ) Long-term debt, less current maturities $ 432,182 $ 330,927 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Assets and Liabilities | The fair values of financial assets and liabilities that are recorded at fair value in the Consolidated Balance Sheets and not described above were as follows (in thousands): As of December 31, 2018 As of December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 69,807 $ 69,807 $ — $ — $ 55,634 $ 55,634 $ — $ — Derivative financial instruments 1,765 — 1,765 — 618 — 618 — Total financial assets $ 71,572 $ 69,807 $ 1,765 $ — $ 56,252 $ 55,634 $ 618 $ — Financial liabilities: Derivative financial instruments $ 2,275 $ — $ 2,275 $ — $ — $ — $ — $ — Contingent consideration 5,098 — — 5,098 1,834 — — 1,834 Total financial liabilities $ 7,373 $ — $ 2,275 $ 5,098 $ 1,834 $ — $ — $ 1,834 |
Summary of Change in Fair Value of Contingent Consideration | 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 3,683 Fair value adjustments (586 ) Accretion in value 569 Amounts paid to sellers (402 ) Contingent consideration liability—December 31, 2018 $ 5,098 |
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 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 December 31, 2018 As of December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Investments $ 10,060 $ 10,053 $ 30,053 $ 30,038 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Summary of Workers' Compensation Known Claims and IBNR Reserves | Workers’ compensation known claims and IBNR reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2018 2017 Included in other current liabilities $ 5,795 $ 5,899 Included in other long-term liabilities 9,447 8,721 $ 15,242 $ 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): As of December 31, 2018 2017 Included in other non-current $ 1,888 $ 1,826 |
Summary of Equity-based Awards for Employees | Amounts for each category of equity-based award for employees as of December 31, 2018 and changes during the year ended December 31, 2018 were as follows: Common Stock Performance-Based Performance-Based Awards Weighted Awards Weighted Units Weighted Nonvested awards/units at December 31, 2017 202,331 $ 39.09 77,254 $ 41.00 72,000 $ 52.16 Granted 65,112 57.51 52,892 65.60 14,072 55.92 Vested (91,291 ) 36.14 — — (71,120 ) 52.15 Forfeited/Cancelled (2,963 ) 49.65 (14,448 ) 41.00 (1,704 ) 53.38 Nonvested awards/units at December 31, 2018 173,189 $ 47.40 115,698 $ 52.25 13,248 $ 56.05 |
Summary of Stock Compensation Expenses | During the years ended December 31, 2018, 2017 and 2016, we recorded the following stock compensation expense, by income statement category (in thousands): 2018 2017 2016 Cost of sales $ 846 $ 965 $ — Selling 451 571 — Administrative 6,549 5,055 1,894 $ 7,846 $ 6,591 $ 1,894 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes is comprised of (in thousands): Years ended December 31, 2018 2017 2016 Current: Federal $ 13,486 $ 17,557 $ 18,307 State 3,641 3,302 3,472 17,127 20,859 21,779 Deferred: Federal 221 (5,895 ) (338 ) State 90 (284 ) (267 ) 311 (6,179 ) (605 ) Total tax expense $ 17,438 $ 14,680 $ 21,174 |
Reconciliation Between Effective Tax Rate on Net Income (Loss) and Federal Statutory Tax Rate | The reconciliation between our effective tax rate on net income and the federal statutory rate is as follows (dollars in thousands): Years ended December 31, 2018 2017 2016 Income tax at federal statutory rate $ 15,159 21.0 % $ 19,537 35.0 % $ 20,864 35.0 % Stock compensation (436 ) (0.6 %) (581 ) (1.0 %) (227 ) (0.4 %) Qualified Production Activity Deduction — 0.0 % (1,715 ) (3.1 %) (1,776 ) (3.0 %) Other permanent items (667 ) (0.8 %) 197 0.4 % (92 ) (0.1 %) Change in valuation allowance 312 0.4 % 285 0.5 % 442 0.7 % Change in uncertain tax positions 969 1.3 % (1,807 ) (3.2 %) 66 0.1 % State income taxes, net of federal benefit 2,911 4.0 % 2,150 3.8 % 1,897 3.2 % Rate impact of the Tax Act (810 ) (1.1 %) (3,386 ) (6.1 %) — — % Total tax expense $ 17,438 24.2 % $ 14,680 26.3 % $ 21,174 35.5 % |
Net Deferred Tax Asset or Liability | Components of the net deferred tax asset or liability are as follows (in thousands): As of December 31, 2018 2017 Deferred Tax Assets Long-term Accrued reserves and allowances $ 4,245 $ 3,916 Allowance for doubtful accounts 500 426 Inventories 335 213 Intangibles 4,937 3,279 Net operating loss carryforwards 1,446 2,623 Other 4 10 Long-term deferred tax assets 11,467 10,467 Less: Valuation allowance (1,255 ) (1,746 ) Net deferred tax assets 10,212 8,721 Deferred Tax Liabilities Long-term Accrued reserves and allowances (365 ) (308 ) Property and equipment (2,091 ) (1,453 ) Intangibles (3,850 ) (3,543 ) Investment in partnership (10,266 ) (9,189 ) Other (242 ) (208 ) Long-term deferred tax liabilities (16,814 ) (14,701 ) Net deferred tax liabilities $ (6,602 ) $ (5,980 ) |
Rollforward of Gross Unrecognized Tax Benefits | A rollforward of the gross unrecognized tax benefits is as follows (in thousands): Unrecognized tax benefit, January 1, 2016 $ 3,586 Increase as a result of tax positions taken during the period 2,354 Decrease as a result of tax positions taken during the period (1,356 ) Decrease as a result of expiring statutes (487 ) Unrecognized tax benefit, December 31, 2016 $ 4,097 Increase as a result of tax positions taken during the period 4,353 Decrease as a result of tax positions taken during the period (2,311 ) Decrease as a result of expiring statutes (1,689 ) Unrecognized tax benefit, December 31, 2017 $ 4,450 Increase as a result of tax positions taken during the period 3,846 Decrease as a result of tax positions taken during the period (2,850 ) Decrease as a result of expiring statutes (97 ) Unrecognized tax benefit, December 31, 2018 $ 5,349 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Common or Related Party Transactions | For the years ended December 31, 2018, 2017 and 2016, the amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in thousands): Years ended December 31, 2018 2017 2016 Sales $ 12,636 $ 10,250 $ 7,914 Purchases 1,587 1,294 579 Rent 1,099 1,154 635 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrued General Insurance Reserves | Accrued general insurance reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2018 2017 Included in other current liabilities $ 1,848 $ 2,033 Included in other long-term liabilities 6,608 7,073 $ 8,456 $ 9,106 |
Schedule of Insurance Receivable for Claims | We also had insurance receivables and an indemnification asset included on the Consolidated Balance Sheets that, in aggregate, offset an equal liability included within the reserve amounts noted above. The amounts were as follows (in thousands): As of December 31, 2018 2017 Insurance receivable and indemnification asset for claims under a fully insured policy $ 2,484 $ 2,773 Insurance receivable for claims that exceeded the stop loss limit 53 2 Total insurance receivables included in other non-current $ 2,537 $ 2,775 |
Future Minimum Capital Lease Payment | Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2018 are as follows (in thousands): Capital Leases Operating Leases Related Party Other Total Operating 2019 $ 5,207 $ 1,159 $ 14,418 $ 15,577 2020 2,253 1,184 11,293 12,477 2021 1,339 1,058 7,014 8,072 2022 452 972 4,335 5,307 2023 93 51 2,613 2,664 Thereafter — — 4,695 4,695 9,344 $ 4,424 $ 44,368 $ 48,792 Less: Amounts representing executory costs (255 ) Less: Amounts representing interest (459 ) Total obligation under capital leases 8,630 Less: Current portion of capital leases (4,806 ) Long term capital lease obligation $ 3,824 |
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) and future minimum capital lease payments as of December 31, 2018 are as follows (in thousands): Capital Leases Operating Leases Related Party Other Total Operating 2019 $ 5,207 $ 1,159 $ 14,418 $ 15,577 2020 2,253 1,184 11,293 12,477 2021 1,339 1,058 7,014 8,072 2022 452 972 4,335 5,307 2023 93 51 2,613 2,664 Thereafter — — 4,695 4,695 9,344 $ 4,424 $ 44,368 $ 48,792 Less: Amounts representing executory costs (255 ) Less: Amounts representing interest (459 ) Total obligation under capital leases 8,630 Less: Current portion of capital leases (4,806 ) Long term capital lease obligation $ 3,824 |
Total Rent Expense under Operating Leases | Total rent expense under these operating leases, which is included in the Consolidated Statements of Operations and Comprehensive Income, was as follows (in thousands): Years ended December 31, 2018 2017 2016 Cost of Sales $ 546 $ 813 $ 848 Administrative 16,693 14,310 10,732 Total $ 17,239 $ 15,123 $ 11,580 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Combinations | As part of our ongoing strategy to expand geographically and increase market share in certain markets, we completed ten, ten and nine business combinations during the years ended December 31, 2018, 2017 and 2016, respectively, as well as several insignificant tuck-in The largest of our 2018 acquisitions was Custom Overhead Door, LLC dba Custom Door & Gate (collectively, “CDG”) and Advanced Fiber Technology, Inc. (collectively, “AFT”). The remaining acquisitions were individually insignificant but material in the aggregate, as follows. Net income (loss), as noted below, includes amortization, taxes and interest allocations when appropriate. Below is a summary of each significant acquisition by year, including revenue and net income (loss) since date of acquisition, shown for the year of acquisition. For the year ended December 31, 2018 (in thousands): Name Date Acquisition Cash Paid Seller Total Revenue Net Income CDG 3/19/2018 Asset $ 9,440 $ 1,973 $ 11,413 $ 11,466 $ 531 AFT 10/31/2018 Asset 19,707 1,510 21,217 3,530 (13 ) Other Various Shares/Asset 28,593 4,057 32,650 24,329 639 Total $ 57,740 $ 7,540 $ 65,280 $ 39,325 $ 1,157 For the year ended December 31, 2017 (in thousands): Name Date Acquisition Cash Paid Seller Fair Value of Total Revenue Net (Loss) Alpha (1) 1/5/2017 Share $ 103,810 $ 2,002 $ 10,859 $ 116,671 $ 116,070 $ (1,148 ) Columbia 6/26/2017 Asset 8,768 225 — 8,993 6,046 86 Astro 9/18/2017 Asset 9,144 482 — 9,626 1,829 11 Other Various Asset 15,645 2,419 — 18,064 20,457 573 Total $ 137,367 $ 5,128 $ 10,859 $ 153,354 $ 144,402 $ (478 ) (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. For the year ended December 31, 2016 (in thousands): Name Date Acquisition Cash Paid Seller Total Revenue Net Income Alpine Insulation Co., Inc. 4/12/2016 Asset $ 21,151 $ 1,560 $ 22,711 $ 21,359 $ 1,370 East Coast 10/17/2016 Asset 15,589 600 16,189 4,701 21 Other Various Asset 18,753 2,299 21,052 19,974 (592 ) Total $ 55,493 $ 4,459 $ 59,952 $ 46,034 $ 799 |
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 (in thousands): 2018 CDG AFT Other Total Estimated fair values: Cash $ — $ — $ — $ — Accounts receivable 1,731 — 4,181 5,912 Inventories 514 565 1,136 2,215 Other current assets 28 — 918 946 Property and equipment 933 2,882 2,169 5,984 Intangibles 3,711 13,470 18,904 36,085 Goodwill 4,898 4,415 7,711 17,024 Other non-current 36 13 82 131 Accounts payable and other current liabilities (438 ) (128 ) (2,451 ) (3,017 ) Fair value of assets acquired and purchase price 11,413 21,217 32,650 65,280 Less fair value of common stock issued — — — — Less seller obligations 1,973 1,510 4,057 7,540 Cash paid $ 9,440 $ 19,707 $ 28,593 $ 57,740 2017 Alpha Columbia Astro Other Total Estimated fair values: Cash $ 247 $ — $ — $ — $ 247 Accounts receivable 29,851 989 924 3,157 34,921 Inventories 1,852 704 296 1,544 4,396 Other current assets 4,500 8 36 96 4,640 Property and equipment 1,528 659 640 1,820 4,647 Intangibles 57,200 4,760 5,168 9,688 76,816 Goodwill 38,511 2,209 2,932 4,190 47,842 Other non-current 383 36 — 219 638 Accounts payable and other current liabilities (17,401 ) (372 ) (370 ) (2,650 ) (20,793 ) Fair value of assets acquired 116,671 8,993 9,626 18,064 153,354 Less fair value of common stock issued 10,859 — — — 10,859 Less seller obligations 2,002 225 482 2,419 5,128 Cash paid $ 103,810 $ 8,768 $ 9,144 $ 15,645 $ 137,367 2016 Alpine East Coast Other Total Estimated fair values: Cash $ — $ 2,181 $ — $ 2,181 Accounts receivable 3,959 3,093 2,502 9,554 Inventories 700 332 1,183 2,215 Other current assets — 1 24 25 Property and equipment 656 666 1,616 2,938 Intangibles 12,800 6,400 11,067 30,267 Goodwill 6,642 4,346 5,933 16,921 Other non-current — 116 345 461 Accounts payable and other current liabilities (2,046 ) (946 ) (1,618 ) (4,610 ) Fair value of assets acquired 22,711 16,189 21,052 59,952 Less seller obligations 1,560 600 2,299 4,459 Cash paid $ 21,151 $ 15,589 $ 18,753 $ 55,493 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands): 2018 2017 2016 Acquired intangibles assets Estimated Weighted Estimated Weighted Estimated Weighted Customer relationships $ 27,149 8 $ 39,922 8 $ 18,511 9 Trademarks and trade names 6,075 15 20,667 15 8,983 15 Non-competition 2,401 5 2,628 5 2,773 5 Backlog 460 2 13,600 1.5 — — |
Pro Forma Results of Operations | The unaudited pro forma information has been prepared as if the 2018 acquisitions had taken place on January 1, 2017, the 2017 acquisitions had taken place on January 1, 2016 and the 2016 acquisitions had taken place on January 1, 2015. 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, 2016 and 2015 and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except for per share data). Unaudited Pro Forma for the years ended 2018 2017 2016 Net revenue $ 1,381,711 $ 1,246,017 $ 1,058,707 Net income 58,217 48,016 43,891 Basic net income per share 1.87 1.52 1.39 Diluted net income per share 1.86 1.51 1.39 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Summarized unaudited quarterly financial results for 2018 and 2017 is as follows (in thousands, except per share data): 2018 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 301,728 $ 332,584 $ 348,999 $ 353,121 $ 1,336,432 Gross profit 79,976 95,643 97,334 98,638 371,591 Net income 6,394 16,315 15,563 16,476 54,748 Comprehensive income 7,554 16,790 16,381 12,973 53,698 Basic net income per share 0.20 0.52 0.50 0.54 1.76 Diluted net income per share 0.20 0.52 0.50 0.53 1.75 2017 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 255,669 $ 282,196 $ 295,193 $ 299,869 $ 1,132,927 Gross profit 72,172 84,928 85,581 81,345 324,026 Net income 6,364 11,973 12,010 10,793 41,140 Comprehensive income 6,364 11,896 12,042 11,345 41,647 Basic and diluted net income per share 0.20 0.38 0.38 0.34 1.30 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018LocationSegment | Dec. 31, 2017 | Dec. 31, 2016 | |
Basis Of Presentation And Organization [Line Items] | |||
Number of operating segment | Segment | 1 | ||
Revenue [Member] | Customer Concentration Risk [Member] | |||
Basis Of Presentation And Organization [Line Items] | |||
Net revenues percentage | 100.00% | 100.00% | 100.00% |
Revenue [Member] | Customer Concentration Risk [Member] | Residential New Construction and Repair and Remodel [Member] | |||
Basis Of Presentation And Organization [Line Items] | |||
Net revenues percentage | 84.00% | 83.00% | 88.00% |
Revenue [Member] | Customer Concentration Risk [Member] | Commercial New Construction and Repair and Remodel [Member] | |||
Basis Of Presentation And Organization [Line Items] | |||
Net revenues percentage | 16.00% | 17.00% | 12.00% |
United States [Member] | |||
Basis Of Presentation And Organization [Line Items] | |||
Number of locations the company operates | Location | 175 |
Organization - Summary of Annua
Organization - Summary of Annual Percentage of Installation Net Revenue by Product Category (Detail) - Customer Concentration Risk [Member] - Revenue [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||
Net revenues percentage | 100.00% | 100.00% | 100.00% |
Insulation [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 66.00% | 67.00% | 77.00% |
Waterproofing [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 7.00% | 8.00% | 2.00% |
Shower Doors, Shelving and Mirrors [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 7.00% | 7.00% | 5.00% |
Garage Doors [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 6.00% | 5.00% | 6.00% |
Rain Gutters [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 3.00% | 4.00% | 4.00% |
Blinds [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 2.00% | 2.00% | 1.00% |
Other Building Products [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 9.00% | 7.00% | 5.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2019 | Jan. 01, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies and General Information [Line Items] | ||||||
Amount insured by FDIC | $ 250,000 | |||||
Cash equivalents | 69,800,000 | $ 55,600,000 | ||||
Impairment of long-lived assets | 0 | 0 | $ 0 | |||
Insurance cost of claims | 15,242,000 | 14,620,000 | ||||
Advertising expenses | 3,800,000 | 3,200,000 | 3,000,000 | |||
Amortization expense related to financing costs | 1,200,000 | 1,100,000 | 400,000 | |||
Deferred financing costs | 6,400,000 | 6,800,000 | ||||
Write-off of debt issuance costs, included in interest expense | $ 1,164,000 | $ 2,113,000 | $ 286,000 | |||
Federal corporate tax rate | 21.00% | 35.00% | 35.00% | |||
Tax benefit recognized, due to tax rate change | $ 800,000 | $ 3,800,000 | ||||
Cumulative effect, net of tax | 2,142,000 | |||||
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 | $ 100,000 | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Cumulative effect, net of tax | $ 2,100,000 | $ (800,000) | ||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Result of ASU implementation | $ 43,000,000 | |||||
Other Non-Current Assets [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Retainage receivables, expected to be collected | $ 600,000 | |||||
Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 6 years | |||||
Minimum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 4 years | |||||
Customer Relationships [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 15 years | |||||
Customer Relationships [Member] | Minimum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 8 years | |||||
Covenants Not-to-Compete [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Covenants Not-to-Compete [Member] | Minimum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 1 year | |||||
Trademarks and Trade Names [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 15 years | |||||
Trademarks and Trade Names [Member] | Minimum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 2 years | |||||
Vehicles [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life, description | The shorter of lease life or five years | |||||
Furniture, Fixtures and Equipment[Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Furniture, Fixtures and Equipment[Member] | Minimum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Equipment [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Equipment [Member] | Minimum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Leasehold Improvements [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life, description | The shorter of lease life or five years | |||||
Building [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Estimated useful life | 30 years | |||||
Revenue [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Customer concentration risk, percentage | 100.00% | 100.00% | 100.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Customer concentration risk, percentage | 4.00% | 4.00% | 4.00% | |||
Accounts Receivable [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Retainage receivables | $ 28,000,000 | $ 23,100,000 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Customer concentration risk, percentage | 3.00% | 3.00% | 3.00% | |||
Workers' Compensation Insurance [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Insurance cost of claims | $ 800,000 | $ 800,000 | ||||
General Liability Insurance Program [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Insurance cost of claims | 2,000,000 | 2,000,000 | ||||
Aggregate cap of insurance cost of claims | 8,000,000 | 8,000,000 | ||||
Vehicles Insurance [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Insurance cost of claims | 500,000 | 500,000 | ||||
Senior Secured Credit Agreement [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Deferred financing costs | 1,100,000 | 1,000,000 | ||||
Write-off of debt issuance costs, included in interest expense | $ 100,000 | $ 2,100,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Allowance for Doubtful Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | $ 4,805 | $ 3,397 | $ 2,486 |
Charged to costs and expenses | 2,630 | 2,834 | 2,928 |
Charged to other accounts | 675 | 699 | 435 |
Deductions | (3,025) | (2,125) | (2,452) |
Ending Balance | $ 5,085 | $ 4,805 | $ 3,397 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Sep. 30, 2018 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment as an increase to opening retained earnings, net of tax | $ 2,142 | |||
Contract liability revenue recognized | 7,000 | |||
Transaction price allocated to uncompleted contracts | $ 88,000 | $ 88,000 | ||
Expected time of revenue recognition | Over the next 18 months. | |||
Performance obligation, description of timing | One year or less. | |||
Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment as an increase to opening retained earnings, net of tax | $ 2,100 | $ (800) | ||
Increase (decrease) in current assets | 2,800 | (1,000) | ||
Increase (decrease) in deferred income taxes | $ 700 | $ (200) |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Impact of Adopting Topic 606 on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customers [Line Items] | ||
Inventories | $ 61,162 | $ 48,346 |
Other current assets | 35,760 | 33,308 |
Total assets | 834,658 | 738,746 |
Deferred income taxes | 6,695 | 6,444 |
Retained earnings | 105,212 | 48,434 |
Total liabilities and stockholders' equity | 834,658 | $ 738,746 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Inventories | 5,801 | |
Other current assets | (8,607) | |
Total assets | (2,806) | |
Deferred income taxes | (534) | |
Retained earnings | (2,272) | |
Total liabilities and stockholders' equity | (2,806) | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Inventories | 66,963 | |
Other current assets | 27,153 | |
Total assets | 831,852 | |
Deferred income taxes | 6,161 | |
Retained earnings | 102,940 | |
Total liabilities and stockholders' equity | $ 831,852 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Impact of Adopting Topic 606 on Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customers [Line Items] | |||||||||||
Net revenue | $ 353,121 | $ 348,999 | $ 332,584 | $ 301,728 | $ 299,869 | $ 295,193 | $ 282,196 | $ 255,669 | $ 1,336,432 | $ 1,132,927 | $ 862,980 |
Cost of sales | 964,841 | 808,901 | 610,532 | ||||||||
Income before income taxes | 72,186 | 55,820 | 59,610 | ||||||||
Income tax provision | 17,438 | 14,680 | 21,174 | ||||||||
Net income | $ 16,476 | $ 15,563 | $ 16,315 | $ 6,394 | $ 10,793 | $ 12,010 | $ 11,973 | $ 6,364 | 54,748 | $ 41,140 | $ 38,436 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
Revenue from Contract with Customers [Line Items] | |||||||||||
Net revenue | (751) | ||||||||||
Cost of sales | (578) | ||||||||||
Income before income taxes | (173) | ||||||||||
Income tax provision | (43) | ||||||||||
Net income | (130) | ||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
Revenue from Contract with Customers [Line Items] | |||||||||||
Net revenue | 1,335,681 | ||||||||||
Cost of sales | 964,263 | ||||||||||
Income before income taxes | 72,013 | ||||||||||
Income tax provision | 17,395 | ||||||||||
Net income | $ 54,618 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Revenues Disaggregated by End Market and Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 353,121 | $ 348,999 | $ 332,584 | $ 301,728 | $ 299,869 | $ 295,193 | $ 282,196 | $ 255,669 | $ 1,336,432 | $ 1,132,927 | $ 862,980 |
Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 100.00% | 100.00% | 100.00% | ||||||||
Insulation [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 876,118 | ||||||||||
Insulation [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 66.00% | 67.00% | 77.00% | ||||||||
Waterproofing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 97,683 | ||||||||||
Waterproofing [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 7.00% | 8.00% | 2.00% | ||||||||
Shower Doors, Shelving and Mirrors [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 90,352 | ||||||||||
Shower Doors, Shelving and Mirrors [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 7.00% | 7.00% | 5.00% | ||||||||
Garage Doors [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 79,539 | ||||||||||
Garage Doors [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 6.00% | 5.00% | 6.00% | ||||||||
Rain Gutters [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 44,203 | ||||||||||
Rain Gutters [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 3.00% | 4.00% | 4.00% | ||||||||
Blinds [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 28,981 | ||||||||||
Blinds [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 2.00% | 2.00% | 1.00% | ||||||||
Other Building Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 119,556 | ||||||||||
Other Building Products [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 9.00% | 7.00% | 5.00% | ||||||||
Residential New Construction [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 1,026,473 | ||||||||||
Residential New Construction [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 77.00% | ||||||||||
Repair and Remodel[Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 89,977 | ||||||||||
Repair and Remodel[Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 7.00% | ||||||||||
Commercial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 219,982 | ||||||||||
Commercial [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 16.00% |
Revenue Recognition - Summary_4
Revenue Recognition - Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Contract with Customer, Asset and Liability [Abstract] | ||
Contract assets | $ 15,092 | $ 14,476 |
Contract liabilities | $ (7,468) | $ (7,519) |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 114,826 | $ 84,563 |
Estimated earnings | 58,952 | 47,000 |
Total | 173,778 | 131,563 |
Less: Billings to date | 163,112 | 122,144 |
Net under (over) billings | $ 10,666 | $ 9,419 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Net Under (Over) Billings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Contractors [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ 15,092 | $ 14,476 |
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (4,426) | (5,057) |
Net under (over) billings | $ 10,666 | $ 9,419 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | $ 69.8 | $ 55.6 |
Held-to-Maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investments | $ 10.1 | $ 30.1 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 223,055 | $ 191,043 |
Less: accumulated depreciation and amortization | (132,938) | (109,968) |
Property Plant And Equipment Net | 90,117 | 81,075 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 66 | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 218 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 6,717 | 6,152 |
Furniture, Fixtures and Equipment[Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 38,369 | 30,863 |
Vehicles and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 177,969 | $ 153,744 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Depreciation and Amortization Expense on Property and Equipment, by Income Statement Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 33,306 | $ 28,285 | $ 23,571 |
Cost of Sales [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | 31,526 | 26,731 | 22,294 |
Administrative [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 1,779 | $ 1,554 | $ 1,276 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Property and equipment fully depreciated | $ 59.9 | $ 49.7 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill (Gross), beginning balance | $ 225,470 | $ 177,090 |
Business combinations | 17,023 | 47,727 |
Other | 560 | 653 |
Goodwill (Gross), ending balance | 243,053 | 225,470 |
Accumulated Impairment Losses, beginning balance | (70,004) | (70,004) |
Accumulated Impairment Losses, ending balance | (70,004) | (70,004) |
Goodwill (Net), beginning balance | 155,466 | 107,086 |
Business combinations | 17,023 | 47,727 |
Other | 560 | 653 |
Business combinations | 17,023 | 47,727 |
Other | 560 | 653 |
Goodwill (Net), ending balance | $ 173,049 | $ 155,466 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Intangible asset impairment | 0 | 0 | 0 |
Increase in gross carrying amount of intangibles | 37,300,000 | 77,700,000 | |
Amortization expense on intangible assets | 25,419,000 | 26,857,000 | $ 11,259,000 |
Intangibles on business combination | $ 36,100,000 | $ 76,800,000 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 241,809 | $ 204,558 |
Accumulated Amortization | 92,019 | 66,567 |
Net Book Value | 149,790 | 137,991 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 148,635 | 121,015 |
Accumulated Amortization | 52,514 | 38,651 |
Net Book Value | 96,121 | 82,364 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,682 | 11,807 |
Accumulated Amortization | 7,572 | 4,773 |
Net Book Value | 7,110 | 7,034 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 64,432 | 58,136 |
Accumulated Amortization | 18,256 | 14,076 |
Net Book Value | 46,176 | 44,060 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,060 | 13,600 |
Accumulated Amortization | 13,677 | 9,067 |
Net Book Value | $ 383 | $ 4,533 |
Goodwill and Intangibles - Sc_2
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
2,019 | $ 23,250 |
2,020 | 22,318 |
2,021 | 21,012 |
2,022 | 20,094 |
2,023 | 17,183 |
Thereafter | $ 45,933 |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Term loans, in effect, net of unamortized debt issuance costs of $4,834 and $5,146, respectively | $ 390,916 | $ 293,354 |
Vehicle and equipment notes, maturing through December 2023; payable in various monthly installments, including interest rates ranging from 2.5% to 4.9% | 60,391 | 50,357 |
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% | 3,517 | 3,866 |
Total long term debt | 454,824 | 347,577 |
Total long term debt | 454,824 | 347,577 |
Less: current maturities | (22,642) | (16,650) |
Long-term debt, less current maturities | $ 432,182 | $ 330,927 |
Long-term Debt - Schedule of _2
Long-term Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Notes payable maturity date | 2025-03 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 4.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 6.00% | |
Term Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 4,834 | $ 5,146 |
Vehicle and Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity date | 2023-12 | |
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 | 4.90% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Jun. 19, 2018 | Apr. 30, 2017 | Apr. 13, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Debt Instrument [Line Items] | ||||||
Loan amount available under agreement | $ 71,700,000 | |||||
Assets relating to master loan agreements, Gross | 58,700,000 | $ 63,400,000 | ||||
Capital leased assets, net book value | $ 9,500,000 | 13,000,000 | ||||
Master Loan Agreements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Payment Period, typical | 60 months | |||||
Assets relating to master loan agreements, Gross | $ 98,700,000 | 74,500,000 | ||||
Capital leased assets, net book value | $ 58,200,000 | $ 51,400,000 | ||||
Term Loan Agreement [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 2.50% | |||||
Term Loan Agreement [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 1.50% | |||||
Term Loan Agreement [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 300,000,000 | |||||
Term loan facility maturity period | 7 years | |||||
ABL Credit Agreement [Member] | Eurodollar Rate Loan One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 1.25% | |||||
ABL Credit Agreement [Member] | Eurodollar Rate Loan Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 1.50% | |||||
ABL Credit Agreement [Member] | Eurodollar Rate Loan Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 1.75% | |||||
ABL Credit Agreement [Member] | Base Rate Loan One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 0.25% | |||||
ABL Credit Agreement [Member] | Base Rate Loan Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 0.50% | |||||
ABL Credit Agreement [Member] | Base Rate Loan Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Margin interest rate percentage | 0.75% | |||||
ABL Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | ||||
ABL Credit Agreement [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit maximum borrowing capacity | $ 50,000,000 | |||||
Amended Term Loan Agreement [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 297,800,000 | |||||
Term Loan Second Amendment [Member] | Term Loan [Member] | ||||||
Debt Instrument [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 | |||||
ABL Third Amendment [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [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 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Cash equivalents | $ 69,807 | $ 55,634 |
Derivative financial instruments | 1,765 | 618 |
Total financial assets | 71,572 | 56,252 |
Financial liabilities: | ||
Derivative financial instruments | 2,275 | |
Contingent consideration | 5,098 | 1,834 |
Total financial liabilities | 7,373 | 1,834 |
Level 1 [Member] | ||
Financial assets: | ||
Cash equivalents | 69,807 | 55,634 |
Total financial assets | 69,807 | 55,634 |
Level 2 [Member] | ||
Financial assets: | ||
Derivative financial instruments | 1,765 | 618 |
Total financial assets | 1,765 | 618 |
Financial liabilities: | ||
Derivative financial instruments | 2,275 | |
Total financial liabilities | 2,275 | |
Level 3 [Member] | ||
Financial liabilities: | ||
Contingent consideration | 5,098 | 1,834 |
Total financial liabilities | $ 5,098 | $ 1,834 |
Fair value measurements - Summa
Fair value measurements - Summary of Change in Fair Value of Contingent Consideration (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | |
Beginning Balance | $ 1,834 |
Preliminary purchase price | 3,683 |
Fair value adjustments | (586) |
Accretion in value | 569 |
Amounts paid to sellers | (402) |
Ending Balance | $ 5,098 |
Fair Value measurements - Sum_2
Fair Value measurements - Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying Value [Member] | ||
Financial assets: | ||
Investments | $ 10,060 | $ 30,053 |
Level 2 [Member] | ||
Financial assets: | ||
Investments | $ 10,053 | $ 30,038 |
Derivative and Hedging Activiti
Derivative and Hedging Activities - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2018USD ($)InstrumentsSwap | Dec. 31, 2017USD ($)Instruments | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Term Loan [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of swaps | Swap | 3 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified | $ 0 | $ 0 | $ 0 | |
Designated as Hedging Instrument [Member] | Term Loan [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Debt instrument, face amount | 200,000,000 | |||
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 | (300,000) | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount of derivative instruments | $ 200,000,000 | $ 100,000,000 | ||
Derivatives, number of instruments held | Instruments | 2 | 1 | ||
Notional amount amortized | $ 95,300,000 | |||
Notional amount maturity date | May 31, 2022 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Rate Swap Matured on May 31, 2022 [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount amortized | $ 95,300,000 | |||
Notional amount maturity date | May 31, 2022 | |||
Derivatives, number of instruments amortized | Instruments | 1 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Rate Swap Matured on April 15, 2025 [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount amortized | $ 93,300,000 | |||
Notional amount maturity date | Apr. 15, 2025 | |||
Derivatives, number of instruments amortized | Instruments | 1 | |||
Forward Interest Rate Swaps [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount of derivative instruments | $ 100,000,000 | |||
Notional amount amortized | $ 97,000,000 | |||
Notional amount maturity date | Apr. 15, 2025 | |||
Notional amount beginning date | May 31, 2022 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Nov. 05, 2018 | Mar. 02, 2018 | Dec. 31, 2017 | |
Statement Of Shareholders Equity [Line Items] | ||||
Effective portion of unrealized (loss) gain on derivative instruments | $ (431,000) | $ 507,000 | ||
Share repurchase, amount | $ 89,362,000 | |||
2018 Stock Repurchase Plan [Member] | ||||
Statement Of Shareholders Equity [Line Items] | ||||
Stock repurchase program, authorized | $ 50,000,000 | |||
Common Stock Repurchase, Shares | 2,100,000 | |||
Share repurchase, amount | $ 89,400,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 60,600,000 | |||
2018 Stock Repurchase Plan [Member] | Board of Directors [Member] | ||||
Statement Of Shareholders Equity [Line Items] | ||||
Stock repurchase program expiration date | Feb. 28, 2020 | |||
2018 Stock Repurchase Plan [Member] | Board of Directors [Member] | Maximum [Member] | ||||
Statement Of Shareholders Equity [Line Items] | ||||
Stock repurchase program, authorized | $ 100,000,000 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ / shares in Units, pure in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Installment$ / sharesshares | Dec. 31, 2017USD ($)Installment$ / sharesshares | Dec. 31, 2016USD ($)Installment$ / sharesshares | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Healthcare benefit expense, net of employee contributions | $ 17,800,000 | $ 17,400,000 | $ 15,200,000 |
Accrued compensation | 27,923,000 | 25,399,000 | |
Administration expense related to employee contribution plan | 1,700,000 | 1,600,000 | 1,300,000 |
Share-based compensation expense | 7,846,000 | 6,591,000 | 1,894,000 |
Unrecognized compensation expense | $ 5,000,000 | ||
Compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days | ||
Cost of Sales [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Workers' compensation expense | $ 12,800,000 | 13,500,000 | 12,100,000 |
Share-based compensation expense | 846,000 | 965,000 | |
Administrative [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Share-based compensation expense | $ 6,549,000 | 5,055,000 | $ 1,894,000 |
Performance Based Stock Units [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Restricted stock granted, shares | shares | 14,072 | ||
Grant date fair value for restricted stock granted | $ / shares | $ 52.15 | ||
Share-based compensation expense | $ 1,600,000 | $ 2,600,000 | |
Unrecognized compensation expense | $ 200,000 | ||
Compensation cost not yet recognized, period for recognition | 3 months 18 days | ||
Performance Based Awards [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Restricted stock granted, shares | shares | 52,892 | ||
Board of Directors [Member] | Restricted Stock [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Restricted stock granted, shares | shares | 5,000 | 6,000 | 9,000 |
Grant date fair value for restricted stock granted | $ / shares | $ 60.65 | $ 50.50 | $ 34.23 |
Share-based compensation expense | $ 200,000 | $ 300,000 | $ 300,000 |
2014 Omnibus Incentive Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Restricted stock granted, shares | shares | 100,000 | 100,000 | 100,000 |
Number of equal installments for common stock | Installment | 3 | 3 | 3 |
Number of shares surrendered to satisfy tax withholding obligations | shares | 41,000 | 11,000 | 32,000 |
Share based compensation, recognized tax benefits | $ 500,000 | $ 600,000 | $ 300,000 |
Common stock shares available for issuance | shares | 2,400,000 | ||
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 | $ 4,000,000 | 2,700,000 | $ 1,600,000 |
2014 Omnibus Incentive Plan [Member] | Officer [Member] | Performance Shares [Member] | Common Stock [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Restricted stock granted, shares | shares | 2 | ||
Number of equal installments for common stock | 0.1 | ||
2014 Omnibus Incentive Plan [Member] | Officer [Member] | Performance Based Awards [Member] | Common Stock [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Share-based compensation expense | $ 2,000,000 | 1,000,000 | |
Unrecognized compensation expense | $ 2,700,000 | ||
Compensation cost not yet recognized, period for recognition | 1 year 7 months 6 days | ||
Medical IBNR Included in Accrued Compensation [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Accrued compensation | $ 2,300,000 | $ 1,800,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Employee-related Liabilities [Abstract] | ||
Included in other current liabilities | $ 5,795 | $ 5,899 |
Included in other long-term liabilities | 9,447 | 8,721 |
Workers' Compensation Liability | $ 15,242 | $ 14,620 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Insurance Receivable for Claims (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Workers' Compensation [Member] | ||
Malpractice Insurance [Line Items] | ||
Included in other non-current assets | $ 1,888 | $ 1,826 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Equity-Based Awards for Employees (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Common Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested common stock awards, Beginning balance | shares | 202,331 |
Granted | shares | 65,112 |
Vested | shares | (91,291) |
Forfeited/Cancelled | shares | (2,963) |
Nonvested common stock awards, Ending balance | shares | 173,189 |
Nonvested performance-based stock awards, Beginning balance | $ / shares | $ 39.09 |
Granted | $ / shares | 57.51 |
Vested | $ / shares | 36.14 |
Forfeited/Cancelled | $ / shares | 49.65 |
Nonvested performance-based stock awards, Ending balance | $ / shares | $ 47.40 |
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 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 | (1,704) |
Nonvested performance-based stock awards/units, Ending balance | shares | 13,248 |
Nonvested performance-based stock awards/units, Beginning balance | $ / shares | $ 52.16 |
Granted | $ / shares | 55.92 |
Vested | $ / shares | 52.15 |
Forfeited/Cancelled | $ / shares | 53.38 |
Nonvested performance-based stock awards/units, Ending balance | $ / shares | $ 56.05 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 7,846 | $ 6,591 | $ 1,894 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 846 | 965 | |
Selling [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 451 | 571 | |
Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 6,549 | $ 5,055 | $ 1,894 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 13,486 | $ 17,557 | $ 18,307 |
State | 3,641 | 3,302 | 3,472 |
Current Income Tax Expense (Benefit), Total | 17,127 | 20,859 | 21,779 |
Deferred: | |||
Federal | 221 | (5,895) | (338) |
State | 90 | (284) | (267) |
Deferred Income Tax Expense (Benefit), Total | 311 | (6,179) | (605) |
Total tax expense | $ 17,438 | $ 14,680 | $ 21,174 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate on Net Income (Loss) and Federal Statutory Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 15,159 | $ 19,537 | $ 20,864 |
Stock compensation | (436) | (581) | (227) |
Qualified Production Activity Deduction | (1,715) | (1,776) | |
Other permanent items | (667) | 197 | (92) |
Change in valuation allowance | 312 | 285 | 442 |
Change in uncertain tax positions | 969 | (1,807) | 66 |
State income taxes, net of federal benefit | 2,911 | 2,150 | 1,897 |
Rate impact of the Tax Act | (810) | (3,386) | |
Total tax expense | $ 17,438 | $ 14,680 | $ 21,174 |
Income tax at federal statutory rate | 21.00% | 35.00% | 35.00% |
Stock compensation | (0.60%) | (1.00%) | (0.40%) |
Qualified Production Activity Deduction | (0.00%) | (3.10%) | (3.00%) |
Other permanent items | (0.80%) | 0.40% | (0.10%) |
Change in valuation allowance | 0.40% | 0.50% | 0.70% |
Change in uncertain tax positions | 1.30% | (3.20%) | 0.10% |
State income taxes, net of federal benefit | 4.00% | 3.80% | 3.20% |
Rate impact of the Tax Act | (1.10%) | (6.10%) | |
Total tax expense | 24.20% | 26.30% | 35.50% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset or Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets | ||
Accrued reserves and allowances | $ 4,245 | $ 3,916 |
Allowance for doubtful accounts | 500 | 426 |
Inventories | 335 | 213 |
Intangibles | 4,937 | 3,279 |
Net operating loss carryforwards | 1,446 | 2,623 |
Other | 4 | 10 |
Long-term deferred tax assets | 11,467 | 10,467 |
Less: Valuation allowance | (1,255) | (1,746) |
Net deferred tax assets | 10,212 | 8,721 |
Deferred Tax Liabilities | ||
Accrued reserves and allowances | (365) | (308) |
Property and equipment | (2,091) | (1,453) |
Intangibles | (3,850) | (3,543) |
Investment in partnership | (10,266) | (9,189) |
Other | (242) | (208) |
Long-term deferred tax liabilities | (16,814) | (14,701) |
Net deferred tax liabilities | $ (6,602) | $ (5,980) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Deferred tax assets, net operating loss carryforwards | $ 1,446,000 | $ 2,623,000 | |
Benefit of net operating loss carryforwards | 5,900,000 | ||
Unrecognized tax benefit that would affect the effective tax rate | 2,700,000 | ||
Uncertain tax positions, interest expense and penalties accrued | $ 300,000 | ||
Federal corporate tax rate | 21.00% | 35.00% | 35.00% |
Decrease in total income tax expense (benefit), due to tax rate change | $ (810,000) | $ (3,386,000) | |
Tax benefit recognized, due to tax rate change | 800,000 | $ 3,800,000 | |
Tax expense offset amount | 400,000 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Decrease in unrecognized tax benefits, net of penalties and interest | 0 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Decrease in unrecognized tax benefits, net of penalties and interest | $ 1,500,000 |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefit beginning balance | $ 4,450 | $ 4,097 | $ 3,586 |
Increase as a result of tax positions taken during the period | 3,846 | 4,353 | 2,354 |
Decrease as a result of tax positions taken during the period | (2,850) | (2,311) | (1,356) |
Decrease as a result of expiring statutes | (97) | (1,689) | (487) |
Unrecognized tax benefit ending balance | $ 5,349 | $ 4,450 | $ 4,097 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - Affiliated Entity [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Sales | $ 12,636 | $ 10,250 | $ 7,914 |
Purchases | 1,587 | 1,294 | 579 |
Rent | $ 1,099 | $ 1,154 | $ 635 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 05, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||
Share repurchase, amount | $ 89,362 | ||
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable, related parties | 2,300 | $ 2,000 | |
M/I Homes Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable, related parties | $ 1,200 | $ 1,000 | |
PJAM IBP Holdings, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Repurchase, Shares | 150 | ||
Share repurchase, amount | $ 5,100 | ||
Share repurchase, price per share | $ 34.11 | ||
Discount from last reported price of our common stock | 3.00% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Accrued General Insurance Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Included in other current liabilities | $ 1,848 | $ 2,033 |
Included in other long-term liabilities | 6,608 | 7,073 |
Total | $ 8,456 | $ 9,106 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Insurance Receivable for Claims (Detail) - General Liability [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Line Items] | ||
Insurance receivable and indemnification asset for claims under a fully insured policy | $ 2,484 | $ 2,773 |
Insurance receivable for claims that exceeded the stop loss limit | 53 | 2 |
Total insurance receivables included in other non-current assets | $ 2,537 | $ 2,775 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Line Items] | ||
Capital lease assets | $ 58.7 | $ 63.4 |
Assets fully depreciated | 32 | 26.8 |
Capital leased assets, net book value | 9.5 | $ 13 |
Purchase obligation, 2019 | 16.4 | |
Purchase obligation, 2020 | 21.4 | |
Purchase obligation, 2021 | 15 | |
Chemical Supplier [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Purchase obligation, 2019 | $ 0.6 | |
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 Contingencies_4
Commitments and Contingencies - Future Minimum Lease Payments Under Noncancellable Operating Leases and Capital Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Or Remaining Lease Terms In Excess Of One Year And Future Minimum Capital Lease Payments [Line Items] | ||
2,019 | $ 5,207 | |
2,020 | 2,253 | |
2,021 | 1,339 | |
2,022 | 452 | |
2,023 | 93 | |
Thereafter | 0 | |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Total | 9,344 | |
Less: Amounts representing executory costs | (255) | |
Less: Amounts representing interest | (459) | |
Total obligation under capital leases | 8,630 | |
Total obligation under capital leases | 8,630 | |
Less: Current portion of capital leases | (4,806) | $ (5,666) |
Long term capital lease obligation | 3,824 | $ 6,479 |
2,019 | 15,577 | |
2,020 | 12,477 | |
2,021 | 8,072 | |
2,022 | 5,307 | |
2,023 | 2,664 | |
Thereafter | 4,695 | |
Operating Leases, Future Minimum Payments Due, Total | 48,792 | |
Related Party Operating Lease [Member] | ||
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Or Remaining Lease Terms In Excess Of One Year And Future Minimum Capital Lease Payments [Line Items] | ||
2,019 | 1,159 | |
2,020 | 1,184 | |
2,021 | 1,058 | |
2,022 | 972 | |
2,023 | 51 | |
Operating Leases, Future Minimum Payments Due, Total | 4,424 | |
Other Operating Leases [Member] | ||
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Or Remaining Lease Terms In Excess Of One Year And Future Minimum Capital Lease Payments [Line Items] | ||
2,019 | 14,418 | |
2,020 | 11,293 | |
2,021 | 7,014 | |
2,022 | 4,335 | |
2,023 | 2,613 | |
Thereafter | 4,695 | |
Operating Leases, Future Minimum Payments Due, Total | $ 44,368 |
Commitments and Contingencies_5
Commitments and Contingencies - Total Rent Expense under Operating Lease (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Rent expense under operating leases | $ 17,239 | $ 15,123 | $ 11,580 |
Cost of Sales [Member] | |||
Operating Leased Assets [Line Items] | |||
Rent expense under operating leases | 546 | 813 | 848 |
Administrative [Member] | |||
Operating Leased Assets [Line Items] | |||
Rent expense under operating leases | $ 16,693 | $ 14,310 | $ 10,732 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Business | Dec. 31, 2017USD ($)Business | Dec. 31, 2016USD ($)Business | |
Business Acquisition [Line Items] | |||
Number of businesses acquired | Business | 10 | 10 | 9 |
Percentage of voting equity interests acquired | 100.00% | ||
Goodwill acquired expected to be tax deductible | $ 17,300 | ||
Amortization of intangibles | 25,419 | $ 26,857 | $ 11,259 |
Income tax expense (benefit) | 17,438 | 14,680 | 21,174 |
Interest expense | 20,496 | 17,381 | 6,177 |
Administrative [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | 2,700 | 3,900 | 2,300 |
Combined Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortization of intangibles | 2,800 | 5,900 | 17,500 |
Income tax expense (benefit) | $ 1,200 | $ 2,500 | 3,000 |
Interest expense | $ 1,800 |
Business Combinations - Summary
Business Combinations - Summary of Business Acquisitions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||||||||
Cash paid | $ 55,493 | ||||||||||
Seller Obligations | $ 7,540 | $ 5,128 | 4,459 | ||||||||
Total Purchase Price | 59,952 | ||||||||||
Revenue | $ 353,121 | $ 348,999 | $ 332,584 | $ 301,728 | $ 299,869 | $ 295,193 | $ 282,196 | $ 255,669 | 1,336,432 | 1,132,927 | 862,980 |
Net (Loss) Income | 16,476 | $ 15,563 | $ 16,315 | $ 6,394 | 10,793 | $ 12,010 | $ 11,973 | $ 6,364 | $ 54,748 | $ 41,140 | $ 38,436 |
CDG Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Mar. 19, 2018 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 9,440 | ||||||||||
Seller Obligations | 1,973 | ||||||||||
Total Purchase Price | 11,413 | ||||||||||
Revenue | 11,466 | ||||||||||
Net (Loss) Income | $ 531 | ||||||||||
AFT Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Oct. 31, 2018 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 19,707 | ||||||||||
Seller Obligations | 1,510 | ||||||||||
Total Purchase Price | 21,217 | ||||||||||
Revenue | 3,530 | ||||||||||
Net (Loss) Income | $ (13) | ||||||||||
Other Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition Type | Shares/Asset | Asset | Asset | ||||||||
Cash paid | $ 28,593 | $ 15,645 | $ 18,753 | ||||||||
Seller Obligations | 4,057 | 2,419 | 2,299 | ||||||||
Total Purchase Price | 32,650 | 18,064 | 21,052 | ||||||||
Revenue | 24,329 | 20,457 | 19,974 | ||||||||
Net (Loss) Income | 639 | 573 | (592) | ||||||||
Combined Business Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash paid | 57,740 | 137,367 | 55,493 | ||||||||
Seller Obligations | 7,540 | 5,128 | $ 4,459 | ||||||||
Fair Value of Common Stock Issued | 10,859 | 10,859 | |||||||||
Total Purchase Price | 65,280 | $ 153,354 | |||||||||
2018 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 39,325 | ||||||||||
Net (Loss) Income | 1,157 | ||||||||||
Alpha [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Jan. 5, 2017 | ||||||||||
Acquisition Type | Share | ||||||||||
Cash paid | $ 103,810 | ||||||||||
Seller Obligations | 2,002 | ||||||||||
Fair Value of Common Stock Issued | $ 10,900 | $ 10,859 | $ 10,900 | 10,859 | |||||||
Total Purchase Price | 116,671 | ||||||||||
Revenue | 116,070 | ||||||||||
Net (Loss) Income | $ (1,148) | ||||||||||
Columbia [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Jun. 26, 2017 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 8,768 | ||||||||||
Seller Obligations | 225 | ||||||||||
Total Purchase Price | 8,993 | ||||||||||
Revenue | 6,046 | ||||||||||
Net (Loss) Income | 86 | ||||||||||
2017 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 144,402 | ||||||||||
Net (Loss) Income | $ (478) | ||||||||||
Astro [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Sep. 18, 2017 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 9,144 | ||||||||||
Seller Obligations | 482 | ||||||||||
Total Purchase Price | 9,626 | ||||||||||
Revenue | 1,829 | ||||||||||
Net (Loss) Income | $ 11 | ||||||||||
Alpine Insulation Co Inc [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Apr. 12, 2016 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 21,151 | ||||||||||
Seller Obligations | 1,560 | ||||||||||
Total Purchase Price | 22,711 | ||||||||||
Revenue | 21,359 | ||||||||||
Net (Loss) Income | $ 1,370 | ||||||||||
East Coast Insulators II, L.L.C [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Oct. 17, 2016 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 15,589 | ||||||||||
Seller Obligations | 600 | ||||||||||
Total Purchase Price | 16,189 | ||||||||||
Revenue | 4,701 | ||||||||||
Net (Loss) Income | 21 | ||||||||||
2016 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 46,034 | ||||||||||
Net (Loss) Income | $ 799 |
Business Combinations - Summa_2
Business Combinations - Summary of Business Acquisitions (Parenthetical) (Detail) - Alpha [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 - Summa_3
Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Intangibles | $ 36,100 | $ 76,800 | |
Goodwill | 173,049 | 155,466 | $ 107,086 |
Less seller obligations | 7,540 | 5,128 | 4,459 |
Cash paid | 55,493 | ||
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 | 4,898 | ||
Other non-current assets | 36 | ||
Accounts payable and other current liabilities | (438) | ||
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 | 4,181 | 3,157 | 2,502 |
Inventories | 1,136 | 1,544 | 1,183 |
Other current assets | 918 | 96 | 24 |
Property and equipment | 2,169 | 1,820 | 1,616 |
Intangibles | 18,904 | 9,688 | 11,067 |
Goodwill | 7,711 | 4,190 | 5,933 |
Other non-current assets | 82 | 219 | 345 |
Accounts payable and other current liabilities | (2,451) | (2,650) | (1,618) |
Fair value of assets acquired and purchase price | 32,650 | 18,064 | 21,052 |
Less seller obligations | 4,057 | 2,419 | 2,299 |
Cash paid | 28,593 | 15,645 | 18,753 |
Combined Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 247 | 2,181 | |
Accounts receivable | 5,912 | 34,921 | 9,554 |
Inventories | 2,215 | 4,396 | 2,215 |
Other current assets | 946 | 4,640 | 25 |
Property and equipment | 5,984 | 4,647 | 2,938 |
Intangibles | 36,085 | 76,816 | 30,267 |
Goodwill | 17,024 | 47,842 | 16,921 |
Other non-current assets | 131 | 638 | 461 |
Accounts payable and other current liabilities | (3,017) | (20,793) | (4,610) |
Fair value of assets acquired and purchase price | 65,280 | 153,354 | 59,952 |
Less fair value of common stock issued | 10,859 | ||
Less seller obligations | 7,540 | 5,128 | 4,459 |
Cash paid | 57,740 | 137,367 | 55,493 |
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 | ||
Astro [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 924 | ||
Inventories | 296 | ||
Other current assets | 36 | ||
Property and equipment | 640 | ||
Intangibles | 5,168 | ||
Goodwill | 2,932 | ||
Accounts payable and other current liabilities | (370) | ||
Fair value of assets acquired and purchase price | 9,626 | ||
Less seller obligations | 482 | ||
Cash paid | $ 9,144 | ||
Alpine [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 3,959 | ||
Inventories | 700 | ||
Property and equipment | 656 | ||
Intangibles | 12,800 | ||
Goodwill | 6,642 | ||
Accounts payable and other current liabilities | (2,046) | ||
Fair value of assets acquired and purchase price | 22,711 | ||
Less seller obligations | 1,560 | ||
Cash paid | 21,151 | ||
East Coast Insulators II, L.L.C [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 2,181 | ||
Accounts receivable | 3,093 | ||
Inventories | 332 | ||
Other current assets | 1 | ||
Property and equipment | 666 | ||
Intangibles | 6,400 | ||
Goodwill | 4,346 | ||
Other non-current assets | 116 | ||
Accounts payable and other current liabilities | (946) | ||
Fair value of assets acquired and purchase price | 16,189 | ||
Less seller obligations | 600 | ||
Cash paid | $ 15,589 | ||
AFT Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Inventories | 565 | ||
Property and equipment | 2,882 | ||
Intangibles | 13,470 | ||
Goodwill | 4,415 | ||
Other non-current assets | 13 | ||
Accounts payable and other current liabilities | (128) | ||
Fair value of assets acquired and purchase price | 21,217 | ||
Less seller obligations | 1,510 | ||
Cash paid | $ 19,707 |
Business Combinations - Estimat
Business Combinations - Estimates of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 27,149 | $ 39,922 | $ 18,511 |
Weighted Average Estimated Useful Life (yrs) | 8 years | 8 years | 9 years |
Trademarks and Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 6,075 | $ 20,667 | $ 8,983 |
Weighted Average Estimated Useful Life (yrs) | 15 years | 15 years | 15 years |
Covenants Not-to-Compete [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 2,401 | $ 2,628 | $ 2,773 |
Weighted Average Estimated Useful Life (yrs) | 5 years | 5 years | 5 years |
Backlog [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 460 | $ 13,600 | |
Weighted Average Estimated Useful Life (yrs) | 2 years | 1 year 6 months | 0 years |
Business Combinations - Pro For
Business Combinations - Pro Forma Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition, Pro Forma Information [Abstract] | |||
Net revenue | $ 1,381,711 | $ 1,246,017 | $ 1,058,707 |
Net income | $ 58,217 | $ 48,016 | $ 43,891 |
Basic net income per share | $ 1.87 | $ 1.52 | $ 1.39 |
Diluted net income per share | $ 1.86 | $ 1.51 | $ 1.39 |
Income Per Common Share - Addit
Income Per Common Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method | 122,000 | 117,000 | 61,000 |
Common stock shares excluded from calculation of diluted net income per common share | 30,000 |
Quarterly Financial Informati_3
Quarterly Financial Information - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net revenue | $ 353,121 | $ 348,999 | $ 332,584 | $ 301,728 | $ 299,869 | $ 295,193 | $ 282,196 | $ 255,669 | $ 1,336,432 | $ 1,132,927 | $ 862,980 |
Gross profit | 98,638 | 97,334 | 95,643 | 79,976 | 81,345 | 85,581 | 84,928 | 72,172 | 371,591 | 324,026 | 252,448 |
Net income | 16,476 | 15,563 | 16,315 | 6,394 | 10,793 | 12,010 | 11,973 | 6,364 | 54,748 | 41,140 | 38,436 |
Comprehensive income | $ 12,973 | $ 16,381 | $ 16,790 | $ 7,554 | $ 11,345 | $ 12,042 | $ 11,896 | $ 6,364 | $ 53,698 | $ 41,647 | $ 38,436 |
Basic net income per share | $ 0.54 | $ 0.50 | $ 0.52 | $ 0.20 | $ 1.76 | $ 1.30 | $ 1.23 | ||||
Basic and diluted net income per share | $ 0.34 | $ 0.38 | $ 0.38 | $ 0.20 | 1.30 | ||||||
Diluted net income per share | $ 0.53 | $ 0.50 | $ 0.52 | $ 0.20 | $ 1.75 | $ 1.30 | $ 1.23 |