Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Installed Building Products, Inc. | ||
Entity Central Index Key | 0001580905 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | IBP | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Annual Report | true | ||
Entity Common Stock, Shares Outstanding | 30,016,340 | ||
Document Transition Report | false | ||
Entity File Number | 001-36307 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-3707650 | ||
Entity Address, Address Line One | 495 South High Street | ||
Entity Address, Address Line Two | Suite 50 | ||
Entity Address, City or Town | Columbus | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 43215 | ||
City Area Code | 614 | ||
Local Phone Number | 221-3399 | ||
Title of 12(b) Security | Common Stock | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Security Exchange Name | NYSE | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,337,306,455 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 177,889 | $ 90,442 |
Investments | 37,961 | 10,060 |
Accounts receivable (less allowance for doubtful accounts of $6,878 and $5,085 at December 31, 2019 and 2018, respectively) | 244,519 | 214,121 |
Inventories | 74,606 | 61,162 |
Other current assets | 46,974 | 35,760 |
Total current assets | 581,949 | 411,545 |
Property and equipment, net | 106,410 | 90,117 |
Operating lease right-of-use assets | 45,691 | |
Non-current assets | ||
Goodwill | 195,652 | 173,049 |
Intangibles, net | 153,562 | 149,790 |
Other non-current assets | 16,215 | 10,157 |
Total assets | 1,099,479 | 834,658 |
Current liabilities | ||
Current maturities of long-term debt | 24,164 | 22,642 |
Current maturities of operating lease obligations | 15,459 | |
Current maturities of finance lease obligations | 2,747 | 4,806 |
Accounts payable | 98,871 | 96,949 |
Accrued compensation | 33,636 | 27,923 |
Other current liabilities | 39,272 | 29,366 |
Total current liabilities | 214,149 | 181,686 |
Long-term debt | 545,031 | 432,182 |
Operating lease obligations | 29,785 | |
Finance lease obligations | 3,597 | 3,824 |
Deferred income taxes | 9,175 | 6,695 |
Other long-term liabilities | 47,711 | 27,773 |
Total liabilities | 849,448 | 652,160 |
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, 2019 and 2018, respectively | 0 | |
Common stock; $0.01 par value: 100,000,000 authorized, 32,871,504 and 32,723,972 issued and 30,016,340 and 29,915,611 shares outstanding at December 31, 2019 and 2018, respectively | 329 | 327 |
Additional paid in capital | 190,230 | 181,815 |
Retained earnings | 173,371 | 105,212 |
Treasury stock; at cost: 2,855,164 and 2,808,361 shares at December 31, 2019 and 2018, respectively | (106,756) | (104,425) |
Accumulated other comprehensive loss | (7,143) | (431) |
Total stockholders' equity | 250,031 | 182,498 |
Total liabilities and stockholders' equity | $ 1,099,479 | $ 834,658 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,878 | $ 5,085 |
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 | 32,871,504 | 32,723,972 |
Common stock, shares outstanding | 30,016,340 | 29,915,611 |
Treasury Stock | 2,855,164 | 2,808,361 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net revenue | $ 1,511,629 | $ 1,336,432 | $ 1,132,927 |
Cost of sales | 1,076,809 | 964,841 | 808,901 |
Gross profit | 434,820 | 371,591 | 324,026 |
Operating expenses | |||
Selling | 75,016 | 67,105 | 58,450 |
Administrative | 214,134 | 185,850 | 164,453 |
Amortization | 24,510 | 25,419 | 26,857 |
Operating income | 121,160 | 93,217 | 74,266 |
Other expense | |||
Interest expense, net | 28,104 | 20,496 | 17,381 |
Other | 451 | 535 | 1,065 |
Income before income taxes | 92,605 | 72,186 | 55,820 |
Income tax provision | 24,446 | 17,438 | 14,680 |
Net income | 68,159 | 54,748 | 41,140 |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (loss) gain on cash flow hedge, net of tax benefit (provision) of $2,225, $284 and ($206) for the twelve months ended December 31, 2019, 2018 and 2017, respectively | (6,712) | (1,050) | 507 |
Comprehensive income | $ 61,447 | $ 53,698 | $ 41,647 |
Basic net income per share | $ 2.29 | $ 1.76 | $ 1.30 |
Diluted net income per share | $ 2.28 | $ 1.75 | $ 1.30 |
Weighted average shares outstanding: | |||
Basic | 29,752,644 | 31,107,231 | 31,639,283 |
Diluted | 29,873,106 | 31,229,558 | 31,756,363 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Unrealized gain (loss) on cash flow hedge, tax (provision) benefit | $ 2,225 | $ 284 | $ (206) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE, Treasury Stock, Value at Dec. 31, 2016 | $ (12,219) | |||||
BALANCE, Treasury Stock, Shares at Dec. 31, 2016 | (650,402) | |||||
BALANCE at Dec. 31, 2016 | $ 153,977 | $ 321 | $ 158,581 | $ 7,294 | $ 0 | |
BALANCE, Shares at Dec. 31, 2016 | 32,135,176 | |||||
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 | 0 | $ 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 | |||||
BALANCE, Treasury Stock, Value at Dec. 31, 2017 | $ (12,781) | |||||
BALANCE, Treasury Stock, Shares at Dec. 31, 2017 | (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 | 0 | $ 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) | ||||
Net income | $ 68,159 | 68,159 | ||||
Issuance of common stock awards to employees, value | 0 | $ 2 | (2) | |||
Issuance of common stock awards to employees, shares | 139,862 | |||||
Surrender of common stock awards by employees, value | (2,331) | $ (2,331) | ||||
Surrender of common stock awards by employees, shares | (46,803) | |||||
Share-based compensation expense | 8,057 | 8,057 | ||||
Share-based compensation issued to directors, value | 360 | 360 | ||||
Share-based compensation issued to directors, shares | 7,670 | |||||
Other comprehensive income (loss), net of tax | (6,712) | (6,712) | ||||
BALANCE at Dec. 31, 2019 | $ 250,031 | $ 329 | $ 190,230 | $ 173,371 | $ (7,143) | |
BALANCE, Shares at Dec. 31, 2019 | 32,871,504 | 32,871,504 | ||||
BALANCE, Treasury Stock, Value at Dec. 31, 2019 | $ (106,756) | $ (106,756) | ||||
BALANCE, Treasury Stock, Shares at Dec. 31, 2019 | (2,855,164) | (2,855,164) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 68,159 | $ 54,748 | $ 41,140 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization of property and equipment | 38,862 | 33,306 | 28,285 |
Amortization of operating lease right-of-use assets | 15,691 | ||
Amortization of intangibles | 24,510 | 25,419 | 26,857 |
Amortization of deferred financing costs and debt discount | 1,184 | 1,164 | 1,093 |
Provision for doubtful accounts | 4,312 | 2,630 | 2,834 |
Write-off of debt issuance costs | 3,725 | 1,164 | 2,113 |
Gain on sale of property and equipment | (140) | (1,098) | (492) |
Noncash stock compensation | 8,727 | 7,839 | 6,592 |
Deferred income taxes | 5,341 | 470 | (6,160) |
Changes in assets and liabilities, excluding effects of acquisitions | |||
Accounts receivable | (29,582) | (30,166) | (19,955) |
Inventories | (10,597) | (15,717) | (3,667) |
Other assets | (16,959) | (4,552) | (4,602) |
Accounts payable | 947 | 8,146 | 6,303 |
Income taxes receivable/payable | (3,944) | 10,273 | (18,605) |
Other liabilities | 12,831 | 3,007 | 7,036 |
Net cash provided by operating activities | 123,067 | 96,633 | 68,772 |
Cash flows from investing activities | |||
Purchases of investments | (52,795) | (22,818) | (30,194) |
Maturities of short term investments | 25,061 | 42,782 | |
Purchases of property and equipment | (50,167) | (35,232) | (31,668) |
Acquisitions of businesses, net of cash acquired of $334, $0 and $247 in 2019, 2018 and 2017, respectively | (51,706) | (57,740) | (137,120) |
Proceeds from sale of property and equipment | 761 | 1,958 | 959 |
Other | (2,887) | (3,019) | (2,420) |
Net cash used in investing activities | (131,733) | (74,069) | (200,443) |
Cash flows from financing activities | |||
Proceeds from senior notes (Note 7) | 300,000 | ||
Proceeds from term loan (Note 7) | 100,000 | 300,000 | |
Payments on term loan (Note 7) | (195,750) | (2,750) | (97,750) |
Proceeds from delayed draw term loan | 112,500 | ||
Payments on delayed draw term loan | (125,000) | ||
Proceeds from vehicle and equipment notes payable | 33,090 | 25,443 | 22,460 |
Debt issuance costs | (6,691) | (1,992) | (8,281) |
Principal payments on long-term debt | (21,316) | (14,130) | (10,002) |
Principal payments on finance lease obligations | (4,157) | (5,604) | (7,314) |
Acquisition-related obligations | (6,732) | (3,954) | (4,464) |
Repurchase of common stock | (89,363) | ||
Surrender of common stock awards by employees | (2,331) | (2,282) | (562) |
Purchase of remaining interest in subsidiary | (1,888) | ||
Net cash provided by financing activities | 96,113 | 5,368 | 179,699 |
Net change in cash and cash equivalents | 87,447 | 27,932 | 48,028 |
Cash and cash equivalents at beginning of period | 90,442 | 62,510 | 14,482 |
Cash and cash equivalents at end of period | 177,889 | 90,442 | 62,510 |
Supplemental disclosures of cash flow information Net cash paid during the period for: | |||
Interest | 20,943 | 20,075 | 13,758 |
Income taxes, net of refunds | 22,633 | 4,950 | 38,887 |
Supplemental disclosure of noncash activities | |||
Common stock issued for acquisition of business | 10,859 | ||
Right-of-use assets obtained in exchange for operating lease obligations | 18,907 | ||
Termination of operating lease obligations and right-of-use assets | (2,946) | ||
Property and equipment obtained in exchange for finance lease obligations | 2,809 | 2,208 | 4,440 |
Seller obligations in connection with acquisition of businesses | 7,543 | 7,540 | 5,128 |
Unpaid purchases of property and equipment included in accounts payable | $ 1,903 | $ 1,773 | $ 2,003 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Cash acquired, Net | $ 334 | $ 0 | $ 247 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | NOTE 1 – ORGANIZATON Installed Building Products (“IBP”), a Delaware corporation formed on October 28, 2011, and We have one operating segment and a single reportable segment. Substantially all of our sales are derived from the service-based installation of various products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. Each of our branches has the capacity to serve all of our end markets. See Note 3, Revenue Recognition, for information on our revenues by product and end market. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 , judgements and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. 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 $99.2 million and $69.8 million of cash equivalents as of December 31, 2019 and 2018, 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 10, Derivatives and Hedging, for additional information on our accounting policy for derivative instruments and hedging activities. Investment Policy Marketable securities with 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 $33.4 million and $28.0 million as of December 31, 2019 and 2018, respectively. In addition, as of December 31, 2019, $0.5 million of retainage receivables are recorded in other long-term assets. 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): January 1, 2017 $ 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 Charged to costs and expenses 4,312 Charged to other accounts (1) 1,269 Deductions (2) (3,788 ) December 31, 2019 $ 6,878 (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 risk of our is not considered to be significant. In addition, no individual customer made up more than % of accounts receivable or % of net revenue for the years ended December 31, 2019, 2018 and 2017. 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 five years 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 eight non-competition one five years two 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, 2019, 2018 and 2017. 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 $1.0 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, 2019 and 2018. 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 $3.9 million, $3.8 million and $3.2 million for the years ended December 31, 2019, 2018 and 2017, 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 $8.2 million and $6.4 million, net of accumulated amortization as of December 31, 2019 and 2018, 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 We wrote off $3.3 million in previously capitalized loan costs during the year ended December 31, 2019. In addition, we expensed loan costs of approximately $0.4 million, $1.1 million and $1.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, associated with our credit facilities because they did not meet the requirements for capitalization. These amounts are included in interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. We also had $6.7 million in new costs associated with the debt-related financing transactions incurred during the year ended December 31, 2019. The deferred financing costs are included in other non-current For additional information on our debt instruments, see Note 7, Long-Term Debt. Leases On January 1, 2019, we adopted the new accounting standard ASU 2016-02, right-of-use 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 13, 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 9, Fair Value Measurements, for related accounting policies. Recently Adopted Accounting Pronouncements Standard Effective Date Adoption ASU 2016-02, Leases (Topic 842) January 1, 2019 This Accounting Standards Update (“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 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 or ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) This pronouncement and subsequently-issued amendments change the accounting for credit losses on available-for-sale Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. Upon adoption of this pronouncement, we expect the accounts receivable balance and the contract assets balance included in other current assets on our Condensed Consolidated Balance Sheets to be affected, with an offsetting amount recorded to retained earnings in the period of adoption. We are still quantifying the impact of the ASU and its related amendments on our consolidated financial statements, but do not expect it to be material. Standard Description Effective Date Effect on the financial statements or 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 anticipate the adoption of this ASU will not have a material impact on our consolidated financial statements or 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 will modify our disclosures to conform to the new requirements beginning with filings covering periods subsequent to the adoption date. ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes This pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and improves the consistent application of GAAP by clarifying and amending existing guidance. Annual periods beginning after December 15, 2020, including interim periods therein. Early adoption is permitted. We are currently assessing the impact of adoption on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 3 – 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. An insignificant portion of our sales, primarily retail sales, is accounted for on a point-in-time For contracts that are not complete at the reporting date, we recognize revenue over time utilizing a cost-to-cost input method as we believe this represents the best measure of when goods and services are transferred to the customer. When this method is used, we estimate the costs to complete individual contracts and record as revenue that portion of the total contract price that is considered complete based on the relationship of costs incurred to date to total anticipated costs. Under the 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 Payment 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, 2019 2018 Residential new construction $ 1,138,475 75 % $ 1,026,473 77 % Repair and remodel 98,771 7 % 89,977 7 % Commercial 274,383 18 % 219,982 16 % Net revenues $ 1,511,629 100 % $ 1,336,432 100 % Year ended December 31, 2019 2018 Insulation $ 970,070 64 % $ 876,118 66 % Waterproofing 112,075 7 % 97,683 7 % Shower doors, shelving and mirrors 105,745 7 % 90,352 7 % Garage doors 89,959 6 % 79,539 6 % Rain gutters 49,788 3 % 44,203 3 % Window blinds 41,641 3 % 28,981 2 % Other building products 142,351 10 % 119,556 9 % Net revenues $ 1,511,629 100 % $ 1,336,432 100 % Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in thousands): As of December 31, 2019 2018 Contract assets $ 22,138 $ 15,092 Contract liabilities (8,888 ) (7,468 ) Uncompleted contracts were as follows (in thousands): As of December 31, 2019 2018 Costs incurred on uncompleted contracts $ 110,818 $ 114,826 Estimated earnings 61,185 58,952 Total 172,003 173,778 Less: Billings to date 155,599 163,112 Net under billings $ 16,404 $ 10,666 Net under billings were as follows (in thousands): As of December 31, 2019 2018 Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 22,138 $ 15,092 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (5,734 ) (4,426 ) Net under billings $ 16,404 $ 10,666 The difference between contract assets and contract liabilities as of December 31, 2019 compared to December 31, 2018 is primarily the result of timing differences between our performance of obligations under contracts and customer payments. During the year ended December 31, 2019, we recognized $7.2 million of revenue that was included in the contract liability balance at December 31, 2018. We did no 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, 2019, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $90.7 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, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | NOTE 4 – Cash and cash equivalents include investments in money market funds that are valued based on the net asset value of the funds. The investments in these funds were $99.2 million and $69.8 million as of December 31, 2019 and 2018, respectively. All other investments are classified as held-to-maturity held-to-maturity |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 5 – Property and equipment consisted of the following (in thousands): As of December 31, 2019 2018 Land $ 108 $ — Buildings 3,901 — Leasehold improvements 7,748 6,717 Furniture, fixtures and equipment 49,199 38,369 Vehicles and equipment 203,310 177,969 264,266 223,055 Less: accumulated depreciation and amortization (157,856 ) (132,938 ) $ 106,410 $ 90,117 We recorded the following depreciation and amortization expense on our property and equipment, by income statement category (in thousands): As of December 31, 2019 2018 2017 Cost of sales $ 36,922 $ 31,526 $ 26,731 Administrative 1,939 1,779 1,554 Property and equipment as of December 31, 2019 and 2018 of $ 72.7 59.9 |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | NOTE 6 – Goodwill The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2018 $ 225,470 $ (70,004 ) $ 155,466 Business combinations 17,023 — 17,023 Other 560 — 560 December 31, 2018 243,053 (70,004 ) 173,049 Business combinations 22,405 — 22,405 Other 198 — 198 December 31, 2019 $ 265,656 $ (70,004 ) $ 195,652 Other changes included in the above table for the years ended December 31, 2019 and 2018 include minor adjustments for the allocation of certain acquisitions still under measurement as well as several immaterial tuck-in At October 1, 2019, our measurement date, we tested goodwill for impairment by performing a “step one” test in conformity with generally accepted accounting principles and determined that no impairment of goodwill was required no 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, 2019 2018 Gross Accumulated Net Gross Accumulated Net Book Amortized intangibles: Customer relationships $ 169,334 $ 69,388 $ 99,946 $ 148,635 $ 52,514 $ 96,121 Covenants not-to-compete 16,959 10,617 6,342 14,682 7,572 7,110 Trademarks and tradenames 69,718 22,609 47,109 64,432 18,256 46,176 Backlog 14,080 13,915 165 14,060 13,677 383 $ 270,091 $ 116,529 $ 153,562 $ 241,809 $ 92,019 $ 149,790 There was no The gross carrying amount of intangibles increased approximately $28.3 million and $ 37.3 28.0 36.1 December 31, 2019 and 2018, respectively. For more information, see Note 16, Business Combinations. Amortization expense on intangible assets totaled approximately $ 24.5 25.4 26.9 2020 $ 25,741 2021 24,399 2022 23,479 2023 20,568 2024 17,053 Thereafter 42,322 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 7 – LONG-TERM DEBT Long-term debt consisted of the following (in thousands): As of December 31, 2019 2018 Senior Notes due 2028, net of unamortized debt issuance costs of $ 4,823 0 $ 295,177 $ — Term loan, net of unamortized debt issuance costs of $ 1,662 $ 4,834 198,338 390,916 Vehicle and equipment notes, maturing through December 2024 2.5 4.8 72,714 60,391 Various notes payable, maturing through March 2025 4 6 2,966 3,517 569,195 454,824 Less: current maturities (24,164 ) (22,642 ) Long-term debt, less current maturities $ 545,031 $ 432,182 Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of December 31, 2019 are as follows (in thousands): 2020 $ 24,164 2021 19,223 2022 15,350 2023 9,997 2024 4,155 Thereafter 502,791 5.75% Senior Notes due 2028 In September 2019, we issued $300.0 million in aggregate February 1, 2028 interest semi-annually February 1, 2020 entry into a new revolving credit facility described below. The indenture covering the Senior Notes contains restrictive covenants that, among other things, limit the ability of the Company and certain of our subsidiaries (subject to certain exceptions) to: (i) incur additional debt and issue preferred stock; (ii) pay dividends on, redeem or repurchase stock; (iii) prepay subordinated debt; (iv) create liens; (v) make specified types of investments; (vi) apply net proceeds from certain asset sales; (vii) engage in transactions with affiliates; (viii) merge, consolidate or sell substantially all of our assets; and (ix) pay dividends and make other distributions from subsidiaries. Credit Facilities In 400 , seven term loan facility due April 2025 amended 2.50 2.25 198.3 amended Term Loan also has a margin of 1.50 In September 2019, we entered into a new asset-based lending credit agreement (the “ABL Credit Agreement”). The ABL Credit Agreement provides for an asset-based lending credit facility (the “ABL Revolver”) of up to $200.0 million with a five aturity, which replaced the Company’s previous revolving credit facility. Borrowing availability under the ABL Revolver is based on a percentage of the value of certain assets securing the Company’s obligations and those of the subsidiary guarantors thereunder. In connection with the Amended and Restated Term Loan, we entered into a Second Amendment (the “Second Amendment”) to the ABL/Term Loan Intercreditor Agreement with Bank of America, N.A., as ABL Agent for the lenders under the ABL Credit Agreement, and Bank of America, N.A., as Term Loan Agent for the lenders under the Amended and Restated Term Loan. Including outstanding letters of credit, our remaining availability under the ABL Revolver as of December 31, 2019 was $161.3 million. All of the obligations under the Term Loan and ABL Revolver are guaranteed by all of the Company’s existing restricted subsidiaries and will be guaranteed by the Company’s future restricted subsidiaries. Additionally, all obligations under the Term Loan and ABL Revolver, 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, including a first-priority security interest in such assets that constitute ABL Priority Collateral, as defined in the ABL Credit Agreement, and a second-priority security interest in such assets that constitute Term Loan Priority Collateral, as defined in the Term Loan Agreement. The ABL Revolver bears interest at either the Eurodollar rate or the base rate (which approximated the prime rate), at the Company’s election, plus a margin of (A) 1.25% or 1.50% in the case of Eurodollar rate loans (based on a measure of availability under the ABL Credit Agreement) and (B) 0.25% or 0.50% in the case of base rate loans (based on a measure of availability under the ABL Credit Agreement). The ABL Revolver also provides incremental revolving credit facility commitments of up to $50.0 million. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the terms of the ABL Revolver. The ABL Revolver also allows for the issuance of letters of credit of up to $75.0 million in aggregate and borrowing of swingline loans of up to $20.0 million in aggregate. The ABL Credit Agreement contains a financial covenant requiring 1.0 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 No 85.4 Total gross assets relating to our Master Loan and Equipment Agreements were $ 130.2 98.7 68.2 58.2 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 8 – LEASES On January 1, 2019, we adopted ASC 842, “Leases” which, among other changes, requires us to record liabilities classified as operating leases on our Condensed Consolidated Balance Sheets along with a corresponding right-of-use non-lease right-of-use Upon adoption of ASC 842, we recorded a $44.9 million increase in other assets, a $1.4 million decrease to other current assets, a $1.0 million decrease to other current liabilities and a $44.5 million increase to operating lease obligations. These adjustments are the result of assigning a right-of-use We determine if an arrangement is a lease at inception. Most of our operating leases do not provide an implicit rate so we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install; various office spaces for selling and administrative activities to support our business; and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet as we recognize lease expense for these leases on a straight-line basis over the lease term. Most lease agreements include one or more renewal options, all of which are at our sole discretion. Generally, future renewal options that have not been executed as of the balance sheet date are excluded from right-of-use assets and related lease liabilities. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Some of our vehicle lease agreements include provisions for residual value guarantees and any expected payment is included in our lease liability. Lease Position as of December 31, 2019 The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheet: (in thousands) Classification As of December 31, 2019 Assets Non-Current Operating Operating lease right-of-use $ 45,691 Finance Property and equipment, net 7,148 Total lease assets $ 52,839 Liabilities Current Operating Current maturities of operating lease obligations $ 15,459 Financing Current maturities of finance lease obligations 2,747 Non-Current Operating Operating lease obligations 29,785 Financing Finance lease obligations 3,597 Total lease liabilities $ 51,588 Weighted-average remaining lease term Operating leases 4.6 Finance leases 2.7 years Weighted-average discount rate (1) Operating leases 4.67 % Finance leases 4.85 % (1) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. Lease Costs The table below presents certain information related to the lease costs for finance and operating leases during 2019: (in thousands) Classification As of December 31, 2019 Operating lease cost (1) Administrative $ 21,024 Finance lease cost Amortization of leased assets (2) Cost of sales 4,942 Interest on finance lease obligations Interest expense, net 341 Total lease costs $ 26,307 (1) Includes variable lease costs of $ 2.5 0.9 (2) Includes variable lease costs of $ 0.9 Other Information The table below presents supplemental cash flow information related to leases during 2019 (in thousands): As of December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 17,521 Operating cash flows for finance leases 341 Financing cash flows for finance leases 4,157 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of December 31, 2019 (in thousands): Finance Leases Operating Leases Related Other Total 2020 $ 3,081 $ 1,091 $ 15,956 $ 17,047 2021 1,973 946 11,301 12,247 2022 1,037 869 6,569 7,438 2023 673 415 3,792 4,207 2024 259 425 2,218 2,643 Thereafter — 398 6,427 6,825 Total minimum lease payments 7,023 $ 4,144 $ 46,263 50,407 Less: Amounts representing executory costs (167 ) — Less: Amounts representing interest (512 ) (5,163 ) Present value of future minimum lease payments 6,344 45,244 Less: Current obligation under leases (2,747 ) (15,459 ) Long-term lease obligations $ 3,597 $ 29,785 Disclosures Related to Periods Prior to Adoption of ASC 842 under ASU 2016-02 Lease amounts presented as of December 31, 2018 are in accordance with accounting guidance in effect prior to adoption of ASC 842, “Leases,” on January 1, 2019. Total assets relating to capital leases were approximately $58.7 million and a total of approximately $32.0 million were fully depreciated as of December 31, 2018. The net book value of assets under capital leases was approximately $9.5 million as of December 31, 2018. Amortization of assets held under capital leases is included within cost of sales on the Consolidated Statements of Operations and Comprehensive Income. Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2018 were as follows (in thousands): Capital Leases Operating Leases Related Other Total 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 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9 – 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, 2019 and 2018 are categorized based on the lowest level of significant input to the valuation. The assets are measured at fair value when our impairment assessment indicates a carrying value for each of the assets in excess of the asset’s estimated fair value. Undiscounted cash flows, a Level 3 input, are utilized in determining estimated fair values. During each of the years ended December 31, 2019, 2018 and 2017, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis. Estimated Fair Value of Financial Instruments Accounts receivable, accounts payable and accrued liabilities as of December 31, 2019 and 2018 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of certain long-term debt, including the Term Loan and ABL Revolver as of December 31, 2019 and 2018, approximate fair value due to the variable rate nature of the agreements. The carrying amounts of our operating lease right-of-use 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, 2019 As of December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 99,242 $ 99,242 $ — $ — $ 69,807 $ 69,807 $ — $ — Derivative financial instruments — — — — 1,765 — 1,765 — Total financial assets $ 99,242 $ 99,242 $ — $ — $ 71,572 $ 69,807 $ 1,765 $ — Financial liabilities: Derivative financial instruments $ 9,446 $ — $ 9,446 $ — $ 2,275 $ — $ 2,275 $ — Contingent consideration 3,854 — — 3,854 5,098 — — 5,098 Total financial liabilities $ 13,300 $ — $ 9,446 $ 3,854 $ 7,373 $ — $ 2,275 $ 5,098 See Note 4, Investments, for more information on cash equivalents included in the table above. Also see Note 10, Derivatives and Hedging Activities, for more information on derivative financial instruments. The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands): Contingent consideration liability—January 1, 2019 $ 5,098 Preliminary purchase price 2,275 Fair value adjustments (410 ) Accretion in valu e 564 Amounts cancelled (371 ) Amounts paid to sellers (3,302 ) Contingent consideration liability—December 31, 2019 $ 3,854 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 our Senior Notes and investments. To estimate fair values of these items, we utilized third-party quotes which are derived all or in part from model prices, external sources or As of December 31, 2019 As of December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Investments $ 37,961 $ 37,958 $ 10,060 $ 10,053 Senior Notes (1) 300,000 321,114 — — (1) Excludes the impact of unamortized debt issuance costs. See Note 4, Investments, for more information on investments included in the table above. Also see Note 7, Debt, for more information on our Senior Notes . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 10 – 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. During the year ended December 31, 2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2019, we had two one May 31, 2022 one April 15, 2025 May 31, 2022 April 15, 2025 three non-current The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in other comprehensive income, net of tax on the Condensed Consolidated Statements of Operations and Comprehensive Income and in accumulated other comprehensive income on the Condensed Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. We had no 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 $1.6 million will be reclassified as an increase to interest expense, net. Additionally, we do not use derivatives for trading or speculative purposes and we currently do not have any derivatives that are not designated as hedges. As of December 31, 2019, we have not posted any collateral related to these agreements. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | NOTE 11 – STOCKHOLDERS’ EQUITY As of December 31, 2019 and 2018, we had losses of $7.1 million and $0.4 million, respectively, in accumulated other comprehensive income on our Consolidated Balance Sheets, which represents the effective portion of the unrealized loss on instruments On February 2 6 6 In February 2020 our approved extending the current stock repurchase program to March 1, 2021 our We did not repurchase any shares during the twelve months ended December 31, 2019. 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, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | NOTE 12 – 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 $21.9 million, $17.8 million and $17.4 million for the years ended December 31, 2019, 2018 and 2017, 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 $2.6 million and $2.3 million as of December 31, 2019 and 2018, 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 $15.4 million, $12.8 million and $13.5 million for the years ended December 31, 2019, 2018 and 2017, 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, 2019 2018 Included in other current liabilities $ 6,777 $ 5,795 Included in other long-term liabilities 10,874 9,447 $ 17,651 $ 15,242 We also had an insurance receivable for claims that exceeded the stop loss limit for fully insured policies As of December 31, 2019 2018 Included in other non-current $ 2,098 $ 1,888 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, 2019, 2018 and 2017, we recognized 401(k) plan expenses of $2.0 million, $1.7 million and $1.6 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, 2019, 2018 and 2017, we granted approximately eight five six share, respectively, which represents market price on the grant dates to non-employee In addition, in each of the years ended December 31, 2019, 2018 and 2017, we granted approximately 0.1 million shares of our common stock under our 2014 Omnibus Incentive Plan to our employees. The shares granted during each year ended December 31, 2019, 2018 and 2017 vest in three th We recorded share-based compensation expense associated with these non-performance-based awards issued to employees of $4.3 million, $4.0 million and $2.7 million for the years ended December 31, 2019, 2018 and 2017, respectively, within administrative expense on the Consolidated Statements of Operations and Comprehensive Income. non-employee Employees – Performance-Based Stock Awards During the year ended December 31, 2019, we issued 83 two , million and $1.0 million for the years ended December 31 2019 , 2018 As of December 31, 2019, there was $3.5 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. Employees – Performance-Based Restricted Stock Units 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 which we issued to certain employees during the year ended December 31, 2019. In addition, during the year ended December 31, 2019, 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 2020 contingent upon achievement of a performance target, which was met in 2019, as well as a one-year , and $2.6 million , As of December 31, 2019, 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 During the years ended December 31, 2019, 2018 and 2017, our employees surrendered approximately 45 thousand, 41 thousand and 11 thousand, 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 recognized excess tax benefits of approximately $0.3 million, $0.5 million and $0.6 million for the years ended December 31, 2019, 2018 and 2017, respectively, within the income tax provision on the Consolidated Statements of Operations and Comprehensive Income. Amounts for each category of equity-based award for employees as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows: Common Stock Performance-Based Performance-Based Restricted Stock Units Awards Weighted Fair Awards Weighted Fair Units Weighted Fair Nonvested awards/units at December 31, 2018 173,189 $ 47.40 115,698 $ 52.25 13,248 $ 56.05 Granted 88,529 50.94 82,692 45.65 13,933 51.62 Vested (106,660 ) 42.30 (31,404 ) 41.00 (12,808 ) 56.05 Forfeited/Cancelled (2,176 ) 52.13 (6,697 ) 65.60 (1,187 ) 53.26 Nonvested awards/units at December 31, 2019 152,882 $ 52.93 160,289 $ 50.49 13,186 $ 51.62 During the years ended December 31, 2019, 2018 and 2017, we recorded the following stock compensation expense, by income statement category (in thousands): 2019 2018 2017 Cost of sales $ 374 $ 846 $ 965 Selling 194 451 571 Administrative 8,159 6,549 5,055 $ 8,727 $ 7,846 $ 6,591 Administrative stock compensation expense includes all stock compensation earned by our administrative personnel, while c o As of December 31, 2019, approximately 2.2 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, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13 – INCOME TAXES The provision for income taxes is comprised of (in thousands): Years ended December 31, 2019 2018 2017 Current: Federal $ 14,850 $ 13,486 $ 17,557 State 4,127 3,641 3,302 18,977 17,127 20,859 Deferred: Federal 4,585 221 (5,895 ) State 884 90 (284 ) 5,469 311 (6,179 ) Total tax expense $ 24,446 $ 17,438 $ 14,680 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, 2019 2018 2017 Income tax at federal statutory rate $ 19,447 21.0 % $ 15,159 21.0 % $ 19,537 35.0 % Stock compensation (255 ) (0.3 % (436 ) (0.6 %) (581 ) (1.0 %) Qualified Production Activity Deduction — 0.0 % — 0.0 % (1,715 ) (3.1 %) Other permanent items 737 0.8 % (667 ) (0.8 %) 197 0.4 % Change in valuation allowance 276 0.3 % 312 0.4 % 285 0.5 % Change in uncertain tax positions 67 0.1 % 969 1.3 % (1,807 ) (3.2 %) State income taxes, net of federal benefit 4,174 4.5 % 2,911 4.0 % 2,150 3.8 % Rate impact of the Tax Act — 0.0 % (810 ) (1.1 %) (3,386 ) (6.1 %) Total tax expense $ 24,446 26.4 % $ 17,438 24.2 % $ 14,680 26.3 % Components of the net deferred tax asset or liability are as follows (in thousands): As of December 31, 2019 2018 Deferred Tax Assets Long-term Accrued reserves and allowances $ 5,140 $ 4,245 Allowance for doubtful accounts 514 500 Inventories 437 335 Property and equipment 303 — Intangibles 5,615 4,937 Net operating loss carryforwards 1,240 1,446 Other 5 4 Long-term deferred tax assets 13,254 11,467 Less: Valuation allowance (1,512 ) (1,255 ) Net deferred tax assets 11,742 10,212 Deferred Tax Liabilities Long-term Accrued reserves and allowances (252 ) (365 ) Property and equipment (4,176 ) (2,091 ) Intangibles (4,307 ) (3,850 ) Investment in partnership (11,857 ) (10,266 ) Other (325 ) (242 ) Long-term deferred tax liabilities (20,917 ) (16,814 ) Net deferred tax liabilities $ (9,175 ) $ (6,602 ) As of December 31, 2019, we have recorded a deferred tax asset of $1.2 million reflecting the benefit of $5.4 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 Based on this evaluation, a valuation allowance has been recorded as of December 31, 2019 and 2018 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, 2019, our tax years for 2016 2018 Unrecognized tax benefit, January 1, 2017 $ 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 Increase as a result of tax positions taken during the perio d 2,866 Decrease as a result of tax positions taken during the period (2,482 ) Decrease as a result of expiring statutes (16 ) Unrecognized tax benefit, December 31, 2019 $ 5,717 Unrecognized tax benefits of $2.8 million at December 31, 2019 would affect the effective tax rate. Interest expense and penalties accrued related to uncertain tax positions as of December 31, 2019 are $0.4 million. We expect a decrease to the amount of unrecognized tax benefits (exclusive of penalties and interest) within the next twelve months of zero 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 14 – 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 15, Commitments and Contingencies. For the years ended December 31, 2019, 2018 and 2017, 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, 2019 2018 2017 Sales $ 13,488 $ 12,636 $ 10,250 Purchases 1,810 1,587 1,294 Rent 1,040 1,099 1,154 At December 31, 2019 and 2018, we had related party balances of approximately $1.7 million and $2.3 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 $1.3 million and $1.2 million of these balances as of December 31, 2019 and 2018, 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, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 15 – COMMITMENTS AND CONTINGENCIES Accrued General Liability and Auto Insurances Accrued general liability and auto insurance reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2019 2018 Included in other current liabilities $ 3,538 $ 1,848 Included in other long-term liabilities 18,184 6,608 $ 21,722 $ 8,456 We also had insurance receivables and indemnification assets included on the Consolidated Balance Sheets that, in aggregate, offset equal liabilities included within the reserve amounts noted above. The amounts were as follows (in thousands): As of December 31, 2019 2018 Insurance receivables and indemnification assets for claims under fully insured policies $ 7,491 $ 2,484 Insurance receivables for claims that exceeded the stop loss limit 2,321 53 Total insurance receivables and indemnificatoin assets included in other non-current $ 9,812 $ 2,537 Leases See Note 8, Leases, for further information on our lease commitments. 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 $21.1 million for 2020 and $14.0 million for 2021. During the fourth quarter of 2019, our commitment for the year ended December 31, 2019 was reduced to $11.8 million , which is equal to the total amount we purchased during the year . |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 16 – BUSINESS COMBINATIONS As part of our ongoing strategy to expand geographically and increase market share in certain markets, we completed six, ten ten tuck-in 2018 and 2017, in which we acquired 100% of the voting equity interests in each acquired entity. Acquisition-related costs amounted to $2.1 million, $2.7 million and $3.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in Administrative expenses on the Consolidated Statements of Operations and Comprehensive Income. The goodwill to be recognized in conjunction with these business combinations represents the excess cost of the acquired entity over the net amount assigned to assets acquired and liabilities assumed. We expect to deduct $21.2 million of goodwill for tax purposes as a result of 2019 acquisitions. Below is a summary appropriate For the year ended December 31, 2019 (in thousands): 2019 Acquisitions Date Acquisition Cash Paid Seller Total Revenue Net ( Loss 1st State Insulation 3/18/2019 Asset $ 5,125 $ 1,355 $ 6,480 $ 9,828 $ 476 Expert Insulation 6/24/2019 Asset 16,165 1,993 18,158 6,484 155 Premier 11/18/2019 Share 25,000 2,765 27,765 2,161 (62 ) Other Various Asset 5,750 1,430 7,180 3,339 23 Total $ 52,040 $ 7,543 $ 59,583 $ 21,812 $ 592 For the year ended December 31, 2018 (in thousands): Name Date Acquisition Cash Paid Seller Total Revenue Net 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 Total Revenue Net 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. 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): 2019 1st State Expert Premier Other Total Estimated fair values: Cash $ — $ — $ 334 $ — $ 334 Accounts receivable — 1,796 2,930 479 5,205 Inventories 291 723 1,242 410 2,666 Other current assets — — — 3 3 Property and equipment 989 235 876 887 2,987 Intangibles 3,382 6,740 14,300 3,619 28,041 Goodwill 1,857 8,545 10,238 1,765 22,405 Other non-current — 161 329 41 531 Accounts payable and other current liabilities (39 ) (42 ) (2,484 ) (24 ) (2,589 ) Fair value of assets acquired and purchase price 6,480 18,158 27,765 7,180 59,583 Less seller obligations 1,355 1,993 2,765 1,430 7,543 Cash paid $ 5,125 $ 16,165 $ 25,000 $ 5,750 $ 52,040 2018 CDG AFT Other Total Estimated fair values: Accounts receivable $ 1,731 $ — $ 4,104 $ 5,835 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 7,766 17,079 Other non-current 36 13 82 131 Accounts payable and other current liabilities (438 ) (128 ) (2,429 ) (2,995 ) 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 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, 2019, 2018 and 2017 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, 2019, 2018 and 2017 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): 2019 2018 2017 Acquired intangibles assets Estimated Value Weighted Estimated Value Weighted Estimated Value Weighted Customer relationships $ 20,659 8 $ 27,149 8 $ 39,922 8 Trademarks and trade names 5,286 15 6,075 15 20,667 15 Non-competition 2,096 5 2,401 5 2,628 5 Backlog — — 460 2 13,600 1.5 Pro Forma Information (unaudited) The unaudited pro forma information has been prepared as if the 2019 acquisitions had taken place on January 1, 2018, the 2018 acquisitions had taken place on January 1, 2017 and the 2017 acquisitions had taken place on January 1, 2016. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2018, 2017 and 2016 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 2019 2018 2017 Net revenue $ 1,549,797 $ 1,436,713 $ 1,246,017 Net income 70,389 61,148 48,016 Basic net income per share 2.37 1.97 1.52 Diluted net income per share 2.36 1.96 1.51 Unaudited pro forma net income reflects additional intangible asset amortization expense of $2.1 million, $6.2 million and $5.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, as well as additional income tax expense of $0.8 million, $2.0 million and $2.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Income Per Common Share
Income Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | NOTE 17 – 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, 2019, 2018 and 2017, was 120 thousand, 122 thousand and 117 thousand, respectively. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | NOTE 18 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Summarized unaudited quarterly financial results for 2019 and 2018 is as follows (in thousands, except per share data): 2019 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 342,135 $ 371,814 $ 396,449 $ 401,231 $ 1,511,629 Gross profit 89,438 107,257 118,087 120,038 434,820 Net income 8,834 18,919 21,212 19,194 68,159 Basic net income per share 0.30 0.64 0.71 0.64 2.29 Diluted net income per share 0.30 0.63 0.71 0.64 2.28 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 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 The financial information included in the table above is computed independently each quarter. As a result, the sum of each quarter’s numbers may not equal the total numbers for the respective year. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 , judgements and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. |
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 $99.2 million and $69.8 million of cash equivalents as of December 31, 2019 and 2018, 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 10, Derivatives and Hedging, for additional information on our accounting policy for derivative instruments and hedging activities. |
Investment Policy | Investment Policy Marketable securities with 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 $33.4 million and $28.0 million as of December 31, 2019 and 2018, respectively. In addition, as of December 31, 2019, $0.5 million of retainage receivables are recorded in other long-term assets. |
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): January 1, 2017 $ 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 Charged to costs and expenses 4,312 Charged to other accounts (1) 1,269 Deductions (2) (3,788 ) December 31, 2019 $ 6,878 (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 risk of our is not considered to be significant. In addition, no individual customer made up more than % of accounts receivable or % of net revenue for the years ended December 31, 2019, 2018 and 2017. |
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 five years 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 eight non-competition one five years two 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, 2019, 2018 and 2017. |
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 $1.0 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, 2019 and 2018. 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 $3.9 million, $3.8 million and $3.2 million for the years ended December 31, 2019, 2018 and 2017, 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 $8.2 million and $6.4 million, net of accumulated amortization as of December 31, 2019 and 2018, 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 We wrote off $3.3 million in previously capitalized loan costs during the year ended December 31, 2019. In addition, we expensed loan costs of approximately $0.4 million, $1.1 million and $1.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, associated with our credit facilities because they did not meet the requirements for capitalization. These amounts are included in interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. We also had $6.7 million in new costs associated with the debt-related financing transactions incurred during the year ended December 31, 2019. The deferred financing costs are included in other non-current For additional information on our debt instruments, see Note 7, Long-Term Debt. |
Leases | Leases On January 1, 2019, we adopted the new accounting standard ASU 2016-02, right-of-use |
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 13, 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 9, Fair Value Measurements, for related accounting policies. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Standard Effective Date Adoption ASU 2016-02, Leases (Topic 842) January 1, 2019 This Accounting Standards Update (“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 |
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 or ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) This pronouncement and subsequently-issued amendments change the accounting for credit losses on available-for-sale Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. Upon adoption of this pronouncement, we expect the accounts receivable balance and the contract assets balance included in other current assets on our Condensed Consolidated Balance Sheets to be affected, with an offsetting amount recorded to retained earnings in the period of adoption. We are still quantifying the impact of the ASU and its related amendments on our consolidated financial statements, but do not expect it to be material. Standard Description Effective Date Effect on the financial statements or 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 anticipate the adoption of this ASU will not have a material impact on our consolidated financial statements or 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 will modify our disclosures to conform to the new requirements beginning with filings covering periods subsequent to the adoption date. ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes This pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and improves the consistent application of GAAP by clarifying and amending existing guidance. Annual periods beginning after December 15, 2020, including interim periods therein. Early adoption is permitted. We are currently assessing the impact of adoption on our consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts | The following table sets forth our allowance for doubtful accounts (in thousands): January 1, 2017 $ 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 Charged to costs and expenses 4,312 Charged to other accounts (1) 1,269 Deductions (2) (3,788 ) December 31, 2019 $ 6,878 (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, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated by End Market and Product | The following tables present our revenues disaggregated by end market and product (in thousands): Year ended December 31, 2019 2018 Residential new construction $ 1,138,475 75 % $ 1,026,473 77 % Repair and remodel 98,771 7 % 89,977 7 % Commercial 274,383 18 % 219,982 16 % Net revenues $ 1,511,629 100 % $ 1,336,432 100 % Year ended December 31, 2019 2018 Insulation $ 970,070 64 % $ 876,118 66 % Waterproofing 112,075 7 % 97,683 7 % Shower doors, shelving and mirrors 105,745 7 % 90,352 7 % Garage doors 89,959 6 % 79,539 6 % Rain gutters 49,788 3 % 44,203 3 % Window blinds 41,641 3 % 28,981 2 % Other building products 142,351 10 % 119,556 9 % Net revenues $ 1,511,629 100 % $ 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, 2019 2018 Contract assets $ 22,138 $ 15,092 Contract liabilities (8,888 ) (7,468 ) |
Schedule of Cost and Estimated Earnings on Uncompleted Contracts | Uncompleted contracts were as follows (in thousands): As of December 31, 2019 2018 Costs incurred on uncompleted contracts $ 110,818 $ 114,826 Estimated earnings 61,185 58,952 Total 172,003 173,778 Less: Billings to date 155,599 163,112 Net under billings $ 16,404 $ 10,666 |
Schedule of Net Under Billings | Net under billings were as follows (in thousands): As of December 31, 2019 2018 Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) $ 22,138 $ 15,092 Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) (5,734 ) (4,426 ) Net under billings $ 16,404 $ 10,666 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): As of December 31, 2019 2018 Land $ 108 $ — Buildings 3,901 — Leasehold improvements 7,748 6,717 Furniture, fixtures and equipment 49,199 38,369 Vehicles and equipment 203,310 177,969 264,266 223,055 Less: accumulated depreciation and amortization (157,856 ) (132,938 ) $ 106,410 $ 90,117 |
Schedule of Depreciation and Amortization Expense on Property and Equipment, by Income Statement Category | We recorded the following depreciation and amortization expense on our property and equipment, by income statement category (in thousands): As of December 31, 2019 2018 2017 Cost of sales $ 36,922 $ 31,526 $ 26,731 Administrative 1,939 1,779 1,554 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Amount of Goodwill | The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2018 $ 225,470 $ (70,004 ) $ 155,466 Business combinations 17,023 — 17,023 Other 560 — 560 December 31, 2018 243,053 (70,004 ) 173,049 Business combinations 22,405 — 22,405 Other 198 — 198 December 31, 2019 $ 265,656 $ (70,004 ) $ 195,652 |
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, 2019 2018 Gross Accumulated Net Gross Accumulated Net Book Amortized intangibles: Customer relationships $ 169,334 $ 69,388 $ 99,946 $ 148,635 $ 52,514 $ 96,121 Covenants not-to-compete 16,959 10,617 6,342 14,682 7,572 7,110 Trademarks and tradenames 69,718 22,609 47,109 64,432 18,256 46,176 Backlog 14,080 13,915 165 14,060 13,677 383 $ 270,091 $ 116,529 $ 153,562 $ 241,809 $ 92,019 $ 149,790 |
Schedule of Estimated Aggregate Annual Amortization | Remaining estimated aggregate annual amortization expense is as follows (in thousands): 2020 $ 25,741 2021 24,399 2022 23,479 2023 20,568 2024 17,053 Thereafter 42,322 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consisted of the following (in thousands): As of December 31, 2019 2018 Senior Notes due 2028, net of unamortized debt issuance costs of $ 4,823 0 $ 295,177 $ — Term loan, net of unamortized debt issuance costs of $ 1,662 $ 4,834 198,338 390,916 Vehicle and equipment notes, maturing through December 2024 2.5 4.8 72,714 60,391 Various notes payable, maturing through March 2025 4 6 2,966 3,517 569,195 454,824 Less: current maturities (24,164 ) (22,642 ) Long-term debt, less current maturities $ 545,031 $ 432,182 |
Schedule of Maturities of Long-term Debt | Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of December 31, 2019 are as follows (in thousands): 2020 $ 24,164 2021 19,223 2022 15,350 2023 9,997 2024 4,155 Thereafter 502,791 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease-related assets and liabilities | The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheet: (in thousands) Classification As of December 31, 2019 Assets Non-Current Operating Operating lease right-of-use $ 45,691 Finance Property and equipment, net 7,148 Total lease assets $ 52,839 Liabilities Current Operating Current maturities of operating lease obligations $ 15,459 Financing Current maturities of finance lease obligations 2,747 Non-Current Operating Operating lease obligations 29,785 Financing Finance lease obligations 3,597 Total lease liabilities $ 51,588 Weighted-average remaining lease term Operating leases 4.6 Finance leases 2.7 years Weighted-average discount rate (1) Operating leases 4.67 % Finance leases 4.85 % (1) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. |
Schedule of lease costs for finance and operating leases | The table below presents certain information related to the lease costs for finance and operating leases during 2019: (in thousands) Classification As of December 31, 2019 Operating lease cost (1) Administrative $ 21,024 Finance lease cost Amortization of leased assets (2) Cost of sales 4,942 Interest on finance lease obligations Interest expense, net 341 Total lease costs $ 26,307 (1) Includes variable lease costs of $ 2.5 0.9 (2) Includes variable lease costs of $ 0.9 |
Schedule of Supplemental Cash flow information Related to Leases | The table below presents supplemental cash flow information related to leases during 2019 (in thousands): As of December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 17,521 Operating cash flows for finance leases 341 Financing cash flows for finance leases 4,157 |
Schedule of Undiscounted Cash Flows | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of December 31, 2019 (in thousands): Finance Leases Operating Leases Related Other Total 2020 $ 3,081 $ 1,091 $ 15,956 $ 17,047 2021 1,973 946 11,301 12,247 2022 1,037 869 6,569 7,438 2023 673 415 3,792 4,207 2024 259 425 2,218 2,643 Thereafter — 398 6,427 6,825 Total minimum lease payments 7,023 $ 4,144 $ 46,263 50,407 Less: Amounts representing executory costs (167 ) — Less: Amounts representing interest (512 ) (5,163 ) Present value of future minimum lease payments 6,344 45,244 Less: Current obligation under leases (2,747 ) (15,459 ) Long-term lease obligations $ 3,597 $ 29,785 |
Future Minimum Lease Payments Under Noncancellable Operating Leases | Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2018 were as follows (in thousands): Capital Leases Operating Leases Related Other Total 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 As of December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Cash equivalents $ 99,242 $ 99,242 $ — $ — $ 69,807 $ 69,807 $ — $ — Derivative financial instruments — — — — 1,765 — 1,765 — Total financial assets $ 99,242 $ 99,242 $ — $ — $ 71,572 $ 69,807 $ 1,765 $ — Financial liabilities: Derivative financial instruments $ 9,446 $ — $ 9,446 $ — $ 2,275 $ — $ 2,275 $ — Contingent consideration 3,854 — — 3,854 5,098 — — 5,098 Total financial liabilities $ 13,300 $ — $ 9,446 $ 3,854 $ 7,373 $ — $ 2,275 $ 5,098 |
Summary of Change in Fair Value of Contingent Consideration | The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands): Contingent consideration liability—January 1, 2019 $ 5,098 Preliminary purchase price 2,275 Fair value adjustments (410 ) Accretion in valu e 564 Amounts cancelled (371 ) Amounts paid to sellers (3,302 ) Contingent consideration liability—December 31, 2019 $ 3,854 |
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 our Senior Notes and investments. To estimate fair values of these items, we utilized third-party quotes which are derived all or in part from model prices, external sources or As of December 31, 2019 As of December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Investments $ 37,961 $ 37,958 $ 10,060 $ 10,053 Senior Notes (1) 300,000 321,114 — — (1) Excludes the impact of unamortized debt issuance costs. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Included in other current liabilities $ 6,777 $ 5,795 Included in other long-term liabilities 10,874 9,447 $ 17,651 $ 15,242 |
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, 2019 2018 Included in other non-current $ 2,098 $ 1,888 |
Summary of Equity-based Awards for Employees | Amounts for each category of equity-based award for employees as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows: Common Stock Performance-Based Performance-Based Restricted Stock Units Awards Weighted Fair Awards Weighted Fair Units Weighted Fair Nonvested awards/units at December 31, 2018 173,189 $ 47.40 115,698 $ 52.25 13,248 $ 56.05 Granted 88,529 50.94 82,692 45.65 13,933 51.62 Vested (106,660 ) 42.30 (31,404 ) 41.00 (12,808 ) 56.05 Forfeited/Cancelled (2,176 ) 52.13 (6,697 ) 65.60 (1,187 ) 53.26 Nonvested awards/units at December 31, 2019 152,882 $ 52.93 160,289 $ 50.49 13,186 $ 51.62 |
Summary of Stock Compensation Expenses | During the years ended December 31, 2019, 2018 and 2017, we recorded the following stock compensation expense, by income statement category (in thousands): 2019 2018 2017 Cost of sales $ 374 $ 846 $ 965 Selling 194 451 571 Administrative 8,159 6,549 5,055 $ 8,727 $ 7,846 $ 6,591 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes is comprised of (in thousands): Years ended December 31, 2019 2018 2017 Current: Federal $ 14,850 $ 13,486 $ 17,557 State 4,127 3,641 3,302 18,977 17,127 20,859 Deferred: Federal 4,585 221 (5,895 ) State 884 90 (284 ) 5,469 311 (6,179 ) Total tax expense $ 24,446 $ 17,438 $ 14,680 |
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, 2019 2018 2017 Income tax at federal statutory rate $ 19,447 21.0 % $ 15,159 21.0 % $ 19,537 35.0 % Stock compensation (255 ) (0.3 % (436 ) (0.6 %) (581 ) (1.0 %) Qualified Production Activity Deduction — 0.0 % — 0.0 % (1,715 ) (3.1 %) Other permanent items 737 0.8 % (667 ) (0.8 %) 197 0.4 % Change in valuation allowance 276 0.3 % 312 0.4 % 285 0.5 % Change in uncertain tax positions 67 0.1 % 969 1.3 % (1,807 ) (3.2 %) State income taxes, net of federal benefit 4,174 4.5 % 2,911 4.0 % 2,150 3.8 % Rate impact of the Tax Act — 0.0 % (810 ) (1.1 %) (3,386 ) (6.1 %) Total tax expense $ 24,446 26.4 % $ 17,438 24.2 % $ 14,680 26.3 % |
Net Deferred Tax Asset or Liability | Components of the net deferred tax asset or liability are as follows (in thousands): As of December 31, 2019 2018 Deferred Tax Assets Long-term Accrued reserves and allowances $ 5,140 $ 4,245 Allowance for doubtful accounts 514 500 Inventories 437 335 Property and equipment 303 — Intangibles 5,615 4,937 Net operating loss carryforwards 1,240 1,446 Other 5 4 Long-term deferred tax assets 13,254 11,467 Less: Valuation allowance (1,512 ) (1,255 ) Net deferred tax assets 11,742 10,212 Deferred Tax Liabilities Long-term Accrued reserves and allowances (252 ) (365 ) Property and equipment (4,176 ) (2,091 ) Intangibles (4,307 ) (3,850 ) Investment in partnership (11,857 ) (10,266 ) Other (325 ) (242 ) Long-term deferred tax liabilities (20,917 ) (16,814 ) Net deferred tax liabilities $ (9,175 ) $ (6,602 ) |
Rollforward of Gross Unrecognized Tax Benefits | A rollforward of the gross unrecognized tax benefits is as follows (in thousands): Unrecognized tax benefit, January 1, 2017 $ 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 Increase as a result of tax positions taken during the perio d 2,866 Decrease as a result of tax positions taken during the period (2,482 ) Decrease as a result of expiring statutes (16 ) Unrecognized tax benefit, December 31, 2019 $ 5,717 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Common or Related Party Transactions | For the years ended December 31, 2019, 2018 and 2017, 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, 2019 2018 2017 Sales $ 13,488 $ 12,636 $ 10,250 Purchases 1,810 1,587 1,294 Rent 1,040 1,099 1,154 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrued General Insurance Reserves | Accrued general liability and auto insurance reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2019 2018 Included in other current liabilities $ 3,538 $ 1,848 Included in other long-term liabilities 18,184 6,608 $ 21,722 $ 8,456 |
Schedule of Insurance Receivable for Claims | We also had insurance receivables and indemnification assets included on the Consolidated Balance Sheets that, in aggregate, offset equal liabilities included within the reserve amounts noted above. The amounts were as follows (in thousands): As of December 31, 2019 2018 Insurance receivables and indemnification assets for claims under fully insured policies $ 7,491 $ 2,484 Insurance receivables for claims that exceeded the stop loss limit 2,321 53 Total insurance receivables and indemnificatoin assets included in other non-current $ 9,812 $ 2,537 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Combinations | For the year ended December 31, 2019 (in thousands): 2019 Acquisitions Date Acquisition Cash Paid Seller Total Revenue Net ( Loss 1st State Insulation 3/18/2019 Asset $ 5,125 $ 1,355 $ 6,480 $ 9,828 $ 476 Expert Insulation 6/24/2019 Asset 16,165 1,993 18,158 6,484 155 Premier 11/18/2019 Share 25,000 2,765 27,765 2,161 (62 ) Other Various Asset 5,750 1,430 7,180 3,339 23 Total $ 52,040 $ 7,543 $ 59,583 $ 21,812 $ 592 For the year ended December 31, 2018 (in thousands): Name Date Acquisition Cash Paid Seller Total Revenue Net 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 Total Revenue Net 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. |
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): 2019 1st State Expert Premier Other Total Estimated fair values: Cash $ — $ — $ 334 $ — $ 334 Accounts receivable — 1,796 2,930 479 5,205 Inventories 291 723 1,242 410 2,666 Other current assets — — — 3 3 Property and equipment 989 235 876 887 2,987 Intangibles 3,382 6,740 14,300 3,619 28,041 Goodwill 1,857 8,545 10,238 1,765 22,405 Other non-current — 161 329 41 531 Accounts payable and other current liabilities (39 ) (42 ) (2,484 ) (24 ) (2,589 ) Fair value of assets acquired and purchase price 6,480 18,158 27,765 7,180 59,583 Less seller obligations 1,355 1,993 2,765 1,430 7,543 Cash paid $ 5,125 $ 16,165 $ 25,000 $ 5,750 $ 52,040 2018 CDG AFT Other Total Estimated fair values: Accounts receivable $ 1,731 $ — $ 4,104 $ 5,835 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 7,766 17,079 Other non-current 36 13 82 131 Accounts payable and other current liabilities (438 ) (128 ) (2,429 ) (2,995 ) 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 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands): 2019 2018 2017 Acquired intangibles assets Estimated Value Weighted Estimated Value Weighted Estimated Value Weighted Customer relationships $ 20,659 8 $ 27,149 8 $ 39,922 8 Trademarks and trade names 5,286 15 6,075 15 20,667 15 Non-competition 2,096 5 2,401 5 2,628 5 Backlog — — 460 2 13,600 1.5 |
Pro Forma Results of Operations | The unaudited pro forma information has been prepared as if the 2019 acquisitions had taken place on January 1, 2018, the 2018 acquisitions had taken place on January 1, 2017 and the 2017 acquisitions had taken place on January 1, 2016. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2018, 2017 and 2016 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 2019 2018 2017 Net revenue $ 1,549,797 $ 1,436,713 $ 1,246,017 Net income 70,389 61,148 48,016 Basic net income per share 2.37 1.97 1.52 Diluted net income per share 2.36 1.96 1.51 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Summarized unaudited quarterly financial results for 2019 and 2018 is as follows (in thousands, except per share data): 2019 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 342,135 $ 371,814 $ 396,449 $ 401,231 $ 1,511,629 Gross profit 89,438 107,257 118,087 120,038 434,820 Net income 8,834 18,919 21,212 19,194 68,159 Basic net income per share 0.30 0.64 0.71 0.64 2.29 Diluted net income per share 0.30 0.63 0.71 0.64 2.28 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 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 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019SegmentLocation | |
Basis Of Presentation And Organization [Line Items] | |
Number of operating segment | Segment | 1 |
United States [Member] | |
Basis Of Presentation And Organization [Line Items] | |
Number of locations the company operates | Location | 180 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies and General Information [Line Items] | |||
Amount insured by FDIC | $ 250,000 | ||
Cash equivalents | 99,200,000 | $ 69,800,000 | |
Impairment of long-lived assets | 0 | 0 | $ 0 |
Insurance cost of claims | 17,651,000 | 15,242,000 | |
Advertising expenses | 3,900,000 | 3,800,000 | 3,200,000 |
Amortization expense related to financing costs | 1,200,000 | 1,200,000 | 1,100,000 |
Deferred financing costs | 8,200,000 | 6,400,000 | |
Debt Related Financing Cost | 6,700,000 | ||
Write-off of debt issuance costs, included in interest expense | $ 3,725,000 | $ 1,164,000 | $ 2,113,000 |
Federal corporate tax rate | 21.00% | 21.00% | 35.00% |
Tax benefit recognized, due to tax rate change | $ 800,000 | $ 3,800,000 | |
Other Non-Current Assets [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Retainage receivables, expected to be collected | $ 500,000 | ||
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% | |
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 | $ 33,400,000 | $ 28,000,000 | |
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 | 1,000,000 | 1,000,000 | |
Senior Secured Credit Agreement [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Deferred financing costs | 400,000 | $ 1,100,000 | $ 1,000,000 |
Write-off of debt issuance costs, included in interest expense | $ 3,300,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Allowance for Doubtful Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | $ 5,085 | $ 4,805 | $ 3,397 |
Charged to costs and expenses | 4,312 | 2,630 | 2,834 |
Charged to other accounts | 1,269 | 675 | 699 |
Deductions | (3,788) | (3,025) | (2,125) |
Ending Balance | $ 6,878 | $ 5,085 | $ 4,805 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract liability revenue recognized | $ 7.2 | |
Impairment losses on Contract Assets | 0 | $ 0 |
Transaction price allocated to uncompleted contracts | $ 90.7 | |
Expected time of revenue recognition | over the next 18 months | |
Performance obligation, description of timing | one year or less |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated by End Market and Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 401,231 | $ 396,449 | $ 371,814 | $ 342,135 | $ 353,121 | $ 348,999 | $ 332,584 | $ 301,728 | $ 1,511,629 | $ 1,336,432 | $ 1,132,927 |
Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 100.00% | 100.00% | |||||||||
Insulation [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 970,070 | $ 876,118 | |||||||||
Insulation [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 64.00% | 66.00% | |||||||||
Waterproofing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 112,075 | $ 97,683 | |||||||||
Waterproofing [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 7.00% | 7.00% | |||||||||
Shower Doors, Shelving and Mirrors [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 105,745 | $ 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% | |||||||||
Garage Doors [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 89,959 | $ 79,539 | |||||||||
Garage Doors [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 6.00% | 6.00% | |||||||||
Rain Gutters [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 49,788 | $ 44,203 | |||||||||
Rain Gutters [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 3.00% | 3.00% | |||||||||
Window blinds [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 41,641 | $ 28,981 | |||||||||
Window blinds [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 3.00% | 2.00% | |||||||||
Other Building Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 142,351 | $ 119,556 | |||||||||
Other Building Products [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 10.00% | 9.00% | |||||||||
Residential New Construction [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 1,138,475 | $ 1,026,473 | |||||||||
Residential New Construction [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 75.00% | 77.00% | |||||||||
Repair and Remodel[Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 98,771 | $ 89,977 | |||||||||
Repair and Remodel[Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 7.00% | 7.00% | |||||||||
Commercial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 274,383 | $ 219,982 | |||||||||
Commercial [Member] | Revenue [Member] | Customer Concentration Risk [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of Net revenues | 18.00% | 16.00% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract with Customer, Asset and Liability [Abstract] | ||
Contract assets | $ 22,138 | $ 15,092 |
Contract liabilities | $ (8,888) | $ (7,468) |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 110,818 | $ 114,826 |
Estimated earnings | 61,185 | 58,952 |
Total | 172,003 | 173,778 |
Less: Billings to date | 155,599 | 163,112 |
Net under billings | $ 16,404 | $ 10,666 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Net Under (Over) Billings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contractors [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ 22,138 | $ 15,092 |
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (5,734) | (4,426) |
Net under billings | $ 16,404 | $ 10,666 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | $ 99.2 | $ 69.8 |
Held-to-Maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investments | $ 38 | $ 10.1 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 264,266 | $ 223,055 |
Less: accumulated depreciation and amortization | (157,856) | (132,938) |
Property Plant And Equipment Net | 106,410 | 90,117 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 108 | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 3,901 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 7,748 | 6,717 |
Furniture, Fixtures and Equipment[Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 49,199 | 38,369 |
Vehicles and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 203,310 | $ 177,969 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 38,862 | $ 33,306 | $ 28,285 |
Cost of Sales [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | 36,922 | 31,526 | 26,731 |
Administrative [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 1,939 | $ 1,779 | $ 1,554 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Property and equipment fully depreciated | $ 72.7 | $ 59.9 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill (Gross), beginning balance | $ 243,053 | $ 225,470 |
Business combinations | 22,405 | 17,023 |
Other | 198 | 560 |
Goodwill (Gross), ending balance | 265,656 | 243,053 |
Accumulated Impairment Losses, beginning balance | (70,004) | (70,004) |
Business combinations | 0 | 0 |
Other | 0 | 0 |
Accumulated Impairment Losses, ending balance | (70,004) | (70,004) |
Goodwill (Net), beginning balance | 173,049 | 155,466 |
Business Combinations | 22,405 | 17,023 |
Other | 198 | 560 |
Goodwill (Net), ending balance | $ 195,652 | $ 173,049 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Intangible asset impairment | 0 | 0 | 0 |
Increase in gross carrying amount of intangibles | 28,300,000 | 37,300,000 | |
Amortization expense on intangible assets | 24,510,000 | 25,419,000 | 26,857,000 |
Intangibles on business combination | $ 28,041,000 | $ 36,085,000 | $ 76,816,000 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 270,091 | $ 241,809 |
Accumulated Amortization | 116,529 | 92,019 |
Net Book Value | 153,562 | 149,790 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 169,334 | 148,635 |
Accumulated Amortization | 69,388 | 52,514 |
Net Book Value | 99,946 | 96,121 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,959 | 14,682 |
Accumulated Amortization | 10,617 | 7,572 |
Net Book Value | 6,342 | 7,110 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 69,718 | 64,432 |
Accumulated Amortization | 22,609 | 18,256 |
Net Book Value | 47,109 | 46,176 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,080 | 14,060 |
Accumulated Amortization | 13,915 | 13,677 |
Net Book Value | $ 165 | $ 383 |
Goodwill and Intangibles - Sc_2
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
2020 | $ 25,741 |
2021 | 24,399 |
2022 | 23,479 |
2023 | 20,568 |
2024 | 17,053 |
Thereafter | $ 42,322 |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Senior Notes due 2028, net of unamortized debt issuance costs of $4,823 and $0, respectively | $ 295,177 | |
Term loan, net of unamortized debt issuance costs of $1,662 and $4,834, respectively | 198,338 | $ 390,916 |
Vehicle and equipment notes, maturing through December 2024; payable in various monthly installments, including interest rates ranging from 2.5% to 4.8% | 72,714 | 60,391 |
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% | 2,966 | 3,517 |
Total long term debt | 569,195 | 454,824 |
Less: current maturities | (24,164) | (22,642) |
Long-term debt, less current maturities | $ 545,031 | $ 432,182 |
Long-term Debt - Schedule of _2
Long-term Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 1,662 | $ 4,834 |
Vehicle and Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity date | 2024-12 | |
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 | 4.80% | |
5.75% Senior Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 4,823 | $ 0 |
Notes payable Interest rate | 5.75% |
Long-Term Debt - Schedule Of Ma
Long-Term Debt - Schedule Of Maturities Of Long Term Debt (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Maturities of Long-term Debt [Abstract] | |
2020 | $ 24,164 |
2021 | 19,223 |
2022 | 15,350 |
2023 | 9,997 |
2024 | 4,155 |
Thereafter | $ 502,791 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Term loan facility maturity period | 7 years | 5 years | ||
Deferred financing costs and debt issuance costs, net | $ 8,200,000 | $ 8,200,000 | $ 6,400,000 | |
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable Interest rate | 4.00% | 4.00% | ||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable Interest rate | 6.00% | 6.00% | ||
Master Loan Agreements [Member] | ||||
Debt Instrument [Line Items] | ||||
Payment Period, typical | 60 months | |||
Assets relating to master loan agreements, Gross | $ 130,200,000 | $ 130,200,000 | 98,700,000 | |
Capital leased assets, net book value | 68,200,000 | 68,200,000 | $ 58,200,000 | |
Term Loan Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Apr. 30, 2025 | |||
ABL Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, covenant requirements | requiring the satisfaction of a minimum fixed charge coverage ratio of 1.0x in the event that we do not meet a minimum measure of availability under the ABL Revolver. | |||
Fixed charge coverage ratio | 1 | |||
ABL Credit Agreement [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining borrowing availability | 161,300,000 | 161,300,000 | ||
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] | 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] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit maximum borrowing capacity | $ 200,000,000 | |||
Borrowings outstanding | 85,400,000 | 85,400,000 | ||
ABL Credit Agreement [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit maximum borrowing capacity | 75,000,000 | |||
ABL Credit Agreement [Member] | Incremental Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit maximum borrowing capacity | 50,000,000 | |||
ABL Credit Agreement [Member] | Swing Line Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit maximum borrowing capacity | $ 20,000,000 | |||
5.75% Senior Notes Due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | ||
Debt instrument maturity date | Feb. 1, 2028 | |||
Notes payable Interest rate | 5.75% | 5.75% | ||
Debt instrument, interest rate terms | interest will be payable semi-annually in cash in arrears on February 1 and August 1, commencing on February 1, 2020. | |||
Debt instrument, Frequency of periodic payment of interest | semi-annually | |||
Debt instrument, Payment commencement date | Feb. 1, 2020 | |||
Proceeds from senior note issuance | $ 295,000,000 | |||
Term Loan Amendment Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | ||
Term Loan Amendment Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred financing costs and debt issuance costs, net | $ 198,300,000 | $ 198,300,000 | ||
Term Loan Amendment Agreement [Member] | Term Loan [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Margin interest rate percentage | 1.50% | |||
Term Loan Amendment Agreement [Member] | Term Loan [Member] | London Interbank Offered Rate LIBOR Member | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Margin interest rate percentage | 2.25% | |||
Term Loan Amendment Agreement [Member] | Term Loan [Member] | London Interbank Offered Rate LIBOR Member | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Margin interest rate percentage | 2.50% |
Leases - Schedule Of Supplement
Leases - Schedule Of Supplemental Balance Sheet In formation Related To Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-Current | |||
Operating | $ 45,691 | ||
Finance | 7,148 | ||
Total lease assets | 52,839 | ||
Current | |||
Less: Current obligation under leases | 15,459 | ||
Financing | 2,747 | $ 4,806 | |
Non-Current | |||
Long-term lease obligations | 29,785 | ||
Financing | 3,597 | $ 3,824 | |
Total lease liabilities | $ 51,588 | ||
Weighted-average remaining lease term | |||
Operating leases | 4 years 7 months 6 days | ||
Finance leases | 2 years 8 months 12 days | ||
Weighted-average discount rate | |||
Operating leases | [1] | 4.67% | |
Finance leases | [1] | 4.85% | |
[1] | Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. |
Leases - Lease Cost Finance And
Leases - Lease Cost Finance And Operating Leases (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Operating Lease, Cost | $ 21,024 | [1] |
Finance lease cost | ||
Amortization of leased assets | 4,942 | [2] |
Interest on finance lease obligations | 341 | |
Total lease costs | $ 26,307 | |
[1] | Includes variable lease costs of $2.5 million and short-term lease costs of $0.9 million. | |
[2] | Includes variable lease costs of $0.9 million. |
Leases - Lease Cost Finance A_2
Leases - Lease Cost Finance And Operating Leases (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Short-term Lease, Cost | $ 0.9 |
General and Administrative Expense [Member] | |
Variable Lease, Cost | 2.5 |
Cost of Sales [Member] | |
Variable Lease, Cost | $ 0.9 |
Leases - Schedule Of Suppleme_2
Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ 17,521 | ||
Operating cash flows for finance leases | 341 | ||
Financing cash flows for finance leases | $ 4,157 | $ 5,604 | $ 7,314 |
Leases - Finance Lease Obligati
Leases - Finance Lease Obligations And Operating Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 17,047 | |
2021 | 12,247 | |
2022 | 7,438 | |
2023 | 4,207 | |
2024 | 2,643 | |
Thereafter | 6,825 | |
Total minimum lease payments | 50,407 | $ 48,792 |
Less: Amounts representing executory costs | 0 | |
Less: Amounts representing interest | (5,163) | |
Present value of future minimum lease payments | 45,244 | |
Less: Current obligation under leases | (15,459) | |
Long-term lease obligations | 29,785 | |
2020 | 3,081 | |
2021 | 1,973 | |
2022 | 1,037 | |
2023 | 673 | |
2024 | 259 | |
Thereafter | 0 | |
Total minimum lease payments | 7,023 | |
Less: Amounts representing executory costs | (167) | |
Less: Amounts representing interest | (512) | |
Present value of future minimum lease payments | 6,344 | |
Less: Current obligation under leases | (2,747) | (4,806) |
Long-term lease obligations | 3,597 | $ 3,824 |
Related Party Operating Leases [Member] | ||
2020 | 1,091 | |
2021 | 946 | |
2022 | 869 | |
2023 | 415 | |
2024 | 425 | |
Thereafter | 398 | |
Total minimum lease payments | 4,144 | |
Other Party Operating Leases [Member] | ||
2020 | 15,956 | |
2021 | 11,301 | |
2022 | 6,569 | |
2023 | 3,792 | |
2024 | 2,218 | |
Thereafter | 6,427 | |
Total minimum lease payments | $ 46,263 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Noncancellable Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
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] | ||
2019 | $ 5,207 | |
2020 | 2,253 | |
2021 | 1,339 | |
2022 | 452 | |
2023 | 93 | |
Thereafter | 0 | |
Total minimum lease payments | 9,344 | |
Less: Amounts representing executory costs | (255) | |
Less: Amounts representing interest | (459) | |
Total obligation under capital leases | 8,630 | |
Less: Current obligation under leases | (4,806) | |
Long-term lease obligations | 3,824 | |
2019 | 15,577 | |
2020 | 12,477 | |
2021 | 8,072 | |
2022 | 5,307 | |
2023 | 2,664 | |
Thereafter | 4,695 | |
Total minimum lease payments | $ 50,407 | 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] | ||
2019 | 1,159 | |
2020 | 1,184 | |
2021 | 1,058 | |
2022 | 972 | |
2023 | 51 | |
Thereafter | 0 | |
Total minimum lease payments | 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] | ||
2019 | 14,418 | |
2020 | 11,293 | |
2021 | 7,014 | |
2022 | 4,335 | |
2023 | 2,613 | |
Thereafter | 4,695 | |
Total minimum lease payments | $ 44,368 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Jan. 01, 2019 | |
Other Assets, Noncurrent | $ 10,157 | $ 16,215 | |
Other Assets, Current | 35,760 | 46,974 | |
Other Liabilities, Current | 29,366 | 39,272 | |
Finance Lease, Right-of-Use Asset | $ 7,148 | ||
Accounting Standards Update 2016-02 [Member] | |||
Other Assets, Noncurrent | $ 44,900 | ||
Other Assets, Current | 1,400 | ||
Other Liabilities, Current | 1,000 | ||
Operating Lease, Liability | 44,500 | ||
Finance Lease, Right-of-Use Asset | 9,500 | $ 58,700 | |
Accounting Standards Update 2016-02 [Member] | Cost of Sales [Member] | |||
Finance Lease, Right-of-Use Asset, Amortization | $ 32,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Cash equivalents | $ 99,242 | $ 69,807 |
Derivative financial instruments | 1,765 | |
Total financial assets | 99,242 | 71,572 |
Financial liabilities: | ||
Derivative financial instruments | 9,446 | 2,275 |
Contingent consideration | 3,854 | 5,098 |
Total financial liabilities | 13,300 | 7,373 |
Level 1 [Member] | ||
Financial assets: | ||
Cash equivalents | 99,242 | 69,807 |
Total financial assets | 99,242 | 69,807 |
Level 2 [Member] | ||
Financial assets: | ||
Derivative financial instruments | 1,765 | |
Total financial assets | 1,765 | |
Financial liabilities: | ||
Derivative financial instruments | 9,446 | 2,275 |
Total financial liabilities | 9,446 | 2,275 |
Level 3 [Member] | ||
Financial liabilities: | ||
Contingent consideration | 3,854 | 5,098 |
Total financial liabilities | $ 3,854 | $ 5,098 |
Fair value measurements - Summa
Fair value measurements - Summary of Change in Fair Value of Contingent Consideration (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | |
Beginning Balance | $ 5,098 |
Preliminary purchase price | 2,275 |
Fair value adjustments | (410) |
Accretion in value | 564 |
Amounts paid to sellers | (3,302) |
Amounts cancelled | (371) |
Ending Balance | $ 3,854 |
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, 2019 | Dec. 31, 2018 | |
Carrying Value [Member] | |||
Financial assets: | |||
Investments | $ 37,961 | $ 10,060 | |
Carrying Value [Member] | 5.75% Senior Notes Due 2028 [Member] | |||
Financial assets: | |||
Senior Notes | [1] | 300,000 | |
Level 2 [Member] | |||
Financial assets: | |||
Investments | 37,958 | $ 10,053 | |
Level 2 [Member] | 5.75% Senior Notes Due 2028 [Member] | |||
Financial assets: | |||
Senior Notes | [1] | $ 321,114 | |
[1] | Excludes the impact of unamortized debt issuance costs. |
Derivative and Hedging Activiti
Derivative and Hedging Activities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)InstrumentsSwap | Dec. 31, 2018USD ($) | |
Term Loan [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of swaps | Swap | 2 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified | $ 0 | $ 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Reclassification from accumulated other comprehensive income to interest expense | 1,600,000 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount of derivative instruments | $ 200,000,000 | |
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 ($) shares in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 06, 2018 | Mar. 02, 2018 | |
Statement Of Shareholders Equity [Line Items] | ||||
Effective portion of unrealized (loss) gain on derivative instruments | $ (7,143,000) | $ (431,000) | ||
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 | 2.1 | |||
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, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Installments$ / sharesshares | Dec. 31, 2018USD ($)Installments$ / sharesshares | Dec. 31, 2017USD ($)Installments$ / sharesshares | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Healthcare benefit expense, net of employee contributions | $ 21,900 | $ 17,800 | $ 17,400 |
Accrued compensation | 33,636 | 27,923 | |
Administration expense related to employee contribution plan | 2,000 | 1,700 | 1,600 |
Share-based compensation expense | 8,727 | 7,846 | 6,591 |
Unrecognized compensation expense | $ 4,800 | ||
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 | $ 15,400 | 12,800 | 13,500 |
Share-based compensation expense | 374 | 846 | 965 |
Administrative [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Share-based compensation expense | $ 8,159 | 6,549 | 5,055 |
Performance Based Stock Units [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Number of shares granted | shares | 13,933 | ||
Grant date fair value for restricted stock granted | $ / shares | $ 56.05 | ||
Unrecognized compensation expense | $ 200 | ||
Compensation cost not yet recognized, period for recognition | 3 months 18 days | ||
Performance Based Restricted Stock Units [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Share-based compensation expense | $ 700 | $ 1,600 | $ 2,600 |
Performance Based Awards [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Number of shares granted | shares | 82,692 | ||
Grant date fair value for restricted stock granted | $ / shares | $ 41 | ||
Directors [Member] | Restricted Stock [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Number of shares granted | shares | 8,000 | 5,000 | 6,000 |
Grant date fair value for restricted stock granted | $ / shares | $ 52.13 | $ 60.65 | $ 50.50 |
Share-based compensation expense | $ 400 | $ 200 | $ 300 |
2014 Omnibus Incentive Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Number of shares granted | shares | 100,000 | 100,000 | 100,000 |
Number of equal installments for common stock | Installments | 3 | 3 | 3 |
Number of shares surrendered to satisfy tax withholding obligations | shares | 45 | 41,000 | 11,000 |
Share based compensation, recognized tax benefits | $ 300 | $ 500 | $ 600 |
Common stock shares available for issuance | shares | 2,200,000 | ||
Common stock shares authorized | shares | 3,000,000 | ||
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 | $ 4,300 | 4,000 | 2,700 |
2014 Omnibus Incentive Plan [Member] | Performance Based Awards [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Number of shares granted | shares | 83,000 | ||
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 | $ 3,000 | 2,000 | $ 1,000 |
Number of equal installments for common stock | Installments | 2 | ||
Unrecognized compensation expense | $ 3,500 | ||
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 | $ 2,600 | $ 2,300 |
Employee Benefits - Summary of
Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Employee-related Liabilities [Abstract] | ||
Included in other current liabilities | $ 6,777 | $ 5,795 |
Included in other long-term liabilities | 10,874 | 9,447 |
Workers' Compensation Liability | $ 17,651 | $ 15,242 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Insurance Receivable for Claims (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Workers' Compensation [Member] | ||
Malpractice Insurance [Line Items] | ||
Included in other non-current assets | $ 2,098 | $ 1,888 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Equity-Based Awards for Employees (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Common Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested common stock awards, Beginning balance | shares | 173,189 |
Granted | shares | 88,529 |
Vested | shares | (106,660) |
Forfeited/Cancelled | shares | (2,176) |
Nonvested common stock awards, Ending balance | shares | 152,882 |
Nonvested performance-based stock awards, Beginning balance | $ / shares | $ 47.40 |
Granted | $ / shares | 50.94 |
Vested | $ / shares | 42.30 |
Forfeited/Cancelled | $ / shares | 52.13 |
Nonvested performance-based stock awards, Ending balance | $ / shares | $ 52.93 |
Performance Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested performance-based stock awards/units, Beginning balance | shares | 115,698 |
Granted | shares | 82,692 |
Vested | shares | (31,404) |
Forfeited/Cancelled | shares | (6,697) |
Nonvested performance-based stock awards/units, Ending balance | shares | 160,289 |
Nonvested performance-based stock awards/units, Beginning balance | $ / shares | $ 52.25 |
Granted | $ / shares | 45.65 |
Vested | $ / shares | 41 |
Forfeited/Cancelled | $ / shares | 65.60 |
Nonvested performance-based stock awards/units, Ending balance | $ / shares | $ 50.49 |
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 | 13,248 |
Granted | shares | 13,933 |
Vested | shares | (12,808) |
Forfeited/Cancelled | shares | (1,187) |
Nonvested performance-based stock awards/units, Ending balance | shares | 13,186 |
Nonvested performance-based stock awards/units, Beginning balance | $ / shares | $ 56.05 |
Granted | $ / shares | 51.62 |
Vested | $ / shares | 56.05 |
Forfeited/Cancelled | $ / shares | 53.26 |
Nonvested performance-based stock awards/units, Ending balance | $ / shares | $ 51.62 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 8,727 | $ 7,846 | $ 6,591 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 374 | 846 | 965 |
Selling [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 194 | 451 | 571 |
Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 8,159 | $ 6,549 | $ 5,055 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 14,850 | $ 13,486 | $ 17,557 |
State | 4,127 | 3,641 | 3,302 |
Current Income Tax Expense (Benefit), Total | 18,977 | 17,127 | 20,859 |
Deferred: | |||
Federal | 4,585 | 221 | (5,895) |
State | 884 | 90 | (284) |
Deferred Income Tax Expense (Benefit), Total | 5,469 | 311 | (6,179) |
Total tax expense | $ 24,446 | $ 17,438 | $ 14,680 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 19,447 | $ 15,159 | $ 19,537 |
Stock compensation | (255) | (436) | (581) |
Qualified Production Activity Deduction | (1,715) | ||
Other permanent items | 737 | (667) | 197 |
Change in valuation allowance | 276 | 312 | 285 |
Change in uncertain tax positions | 67 | 969 | (1,807) |
State income taxes, net of federal benefit | 4,174 | 2,911 | 2,150 |
Rate impact of the Tax Act | (810) | (3,386) | |
Total tax expense | $ 24,446 | $ 17,438 | $ 14,680 |
Income tax at federal statutory rate | 21.00% | 21.00% | 35.00% |
Stock compensation | (0.30%) | (0.60%) | (1.00%) |
Qualified Production Activity Deduction | (0.00%) | (0.00%) | (3.10%) |
Other permanent items | 0.80% | (0.80%) | 0.40% |
Change in valuation allowance | 0.30% | 0.40% | 0.50% |
Change in uncertain tax positions | 0.10% | 1.30% | (3.20%) |
State income taxes, net of federal benefit | 4.50% | 4.00% | 3.80% |
Rate impact of the Tax Act | 0.00% | (1.10%) | (6.10%) |
Total tax expense | 26.40% | 24.20% | 26.30% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset or Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets | ||
Accrued reserves and allowances | $ 5,140 | $ 4,245 |
Allowance for doubtful accounts | 514 | 500 |
Inventories | 437 | 335 |
Property and equipment | 303 | |
Intangibles | 5,615 | 4,937 |
Net operating loss carryforwards | 1,240 | 1,446 |
Other | 5 | 4 |
Long-term deferred tax assets | 13,254 | 11,467 |
Less: Valuation allowance | (1,512) | (1,255) |
Net deferred tax assets | 11,742 | 10,212 |
Deferred Tax Liabilities | ||
Accrued reserves and allowances | (252) | (365) |
Property and equipment | (4,176) | (2,091) |
Intangibles | (4,307) | (3,850) |
Investment in partnership | (11,857) | (10,266) |
Other | (325) | (242) |
Long-term deferred tax liabilities | (20,917) | (16,814) |
Net deferred tax liabilities | $ (9,175) | $ (6,602) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | ||
Deferred tax assets, net operating loss carryforwards | $ 1,240,000 | $ 1,446,000 |
Benefit of net operating loss carryforwards | 5,400,000 | |
Unrecognized tax benefit that would affect the effective tax rate | 2,800,000 | |
Uncertain tax positions, interest expense and penalties accrued | 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 | $ 2,000,000 |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefit beginning balance | $ 5,349 | $ 4,450 | $ 4,097 |
Increase as a result of tax positions taken during the period | 2,866 | 3,846 | 4,353 |
Decrease as a result of tax positions taken during the period | (2,482) | (2,850) | (2,311) |
Decrease as a result of expiring statutes | (16) | (97) | (1,689) |
Unrecognized tax benefit ending balance | $ 5,717 | $ 5,349 | $ 4,450 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - Affiliated Entity [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Sales | $ 13,488 | $ 12,636 | $ 10,250 |
Purchases | 1,810 | 1,587 | 1,294 |
Rent | $ 1,040 | $ 1,099 | $ 1,154 |
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, 2019 |
Related Party Transaction [Line Items] | |||
Share repurchase, amount | $ 89,362 | ||
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable, related parties | 2,300 | $ 1,700 | |
M/I Homes Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable, related parties | $ 1,200 | $ 1,300 | |
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, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Included in other current liabilities | $ 3,538 | $ 1,848 |
Included in other long-term liabilities | 18,184 | 6,608 |
Total | $ 21,722 | $ 8,456 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Insurance Receivable for Claims (Detail) - General Liability [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Line Items] | ||
Insurance receivables and indemnification assets for claims under fully insured policies | $ 7,491 | $ 2,484 |
Insurance receivables for claims that exceeded the stop loss limit | 2,321 | 53 |
Total insurance receivables and indemnificatoin assets included in other non-current assets | $ 9,812 | $ 2,537 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Line Items] | |
Purchase obligation, 2020 | $ 21.1 |
Purchase obligation, 2021 | 14 |
Reduced purchase obligation | $ 11.8 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Business | Dec. 31, 2018USD ($)Business | Dec. 31, 2017USD ($)Business | |
Business Acquisition [Line Items] | |||
Number of businesses acquired | Business | 6 | 10 | 10 |
Percentage of voting equity interests acquired | 100.00% | ||
Goodwill acquired expected to be tax deductible | $ 21,200 | ||
Amortization of intangibles | 24,510 | $ 25,419 | $ 26,857 |
Income tax expense (benefit) | 24,446 | 17,438 | 14,680 |
Administrative [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | 2,100 | 2,700 | 3,900 |
Combined Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortization of intangibles | 2,100 | 6,200 | 5,900 |
Income tax expense (benefit) | $ 800 | $ 2,000 | $ 2,500 |
Business Combinations - Summary
Business Combinations - Summary of Business Acquisitions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Cash paid | $ 52,040 | $ 57,740 | $ 137,367 | ||||||||
Seller Obligations | 7,543 | 7,540 | 5,128 | ||||||||
Fair Value of Common Stock Issued | 10,859 | ||||||||||
Total Purchase Price | 59,583 | 65,280 | 153,354 | ||||||||
Revenue | $ 401,231 | $ 396,449 | $ 371,814 | $ 342,135 | $ 353,121 | $ 348,999 | $ 332,584 | $ 301,728 | 1,511,629 | 1,336,432 | 1,132,927 |
Net Income (Loss) | 19,194 | $ 21,212 | $ 18,919 | $ 8,834 | $ 16,476 | $ 15,563 | $ 16,315 | $ 6,394 | $ 68,159 | $ 54,748 | $ 41,140 |
First State Insulation [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Mar. 18, 2019 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 5,125 | ||||||||||
Seller Obligations | 1,355 | ||||||||||
Total Purchase Price | 6,480 | ||||||||||
Revenue | 9,828 | ||||||||||
Net Income (Loss) | $ 476 | ||||||||||
Expert Insulation [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Jun. 24, 2019 | ||||||||||
Acquisition Type | Asset | ||||||||||
Cash paid | $ 16,165 | ||||||||||
Seller Obligations | 1,993 | ||||||||||
Total Purchase Price | 18,158 | ||||||||||
Revenue | 6,484 | ||||||||||
Net Income (Loss) | $ 155 | ||||||||||
Premier [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date | Nov. 18, 2019 | ||||||||||
Acquisition Type | Share | ||||||||||
Cash paid | $ 25,000 | ||||||||||
Seller Obligations | 2,765 | ||||||||||
Total Purchase Price | 27,765 | ||||||||||
Revenue | 2,161 | ||||||||||
Net Income (Loss) | (62) | ||||||||||
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 Income (Loss) | $ 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 Income (Loss) | $ (13) | ||||||||||
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 | $ 10,900 | 10,859 | ||||||||
Total Purchase Price | 116,671 | ||||||||||
Revenue | 116,070 | ||||||||||
Net Income (Loss) | $ (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 Income (Loss) | $ 86 | ||||||||||
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 Income (Loss) | $ 11 | ||||||||||
Other Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition Type | Asset | Shares/Asset | Asset | ||||||||
Cash paid | $ 5,750 | $ 28,593 | $ 15,645 | ||||||||
Seller Obligations | 1,430 | 4,057 | 2,419 | ||||||||
Total Purchase Price | 7,180 | 32,650 | 18,064 | ||||||||
Revenue | 3,339 | 24,329 | 20,457 | ||||||||
Net Income (Loss) | 23 | 639 | 573 | ||||||||
2017 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 144,402 | ||||||||||
Net Income (Loss) | $ (478) | ||||||||||
2018 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 39,325 | ||||||||||
Net Income (Loss) | $ 1,157 | ||||||||||
2019 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 21,812 | ||||||||||
Net Income (Loss) | $ 592 |
Business Combinations - Summa_2
Business Combinations - Summary of Business Acquisitions (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Purchase consideration, value of shares issued | $ 10,859 | |
Alpha [Member] | ||
Business Acquisition [Line Items] | ||
Business combination contingencies amount recognized | $ 21,700 | |
Purchase consideration, number of shares issued | 282,577 | |
Purchase consideration, value of shares issued | $ 10,900 | $ 10,859 |
Business Combinations - Summa_3
Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Cash | $ 334 | $ 247 | |
Accounts receivable | 5,205 | $ 5,835 | 34,921 |
Inventories | 2,666 | 2,215 | 4,396 |
Other current assets | 3 | 946 | 4,640 |
Property and equipment | 2,987 | 5,984 | 4,647 |
Intangibles | 28,041 | 36,085 | 76,816 |
Goodwill | 22,405 | 17,079 | 47,842 |
Other non-current assets | 531 | 131 | 638 |
Accounts payable and other current liabilities | (2,589) | (2,995) | (20,793) |
Fair value of assets acquired and purchase price | 59,583 | 65,280 | 153,354 |
Less fair value of common stock issued | 10,859 | ||
Less seller obligations | 7,543 | 7,540 | 5,128 |
Cash paid | 52,040 | 57,740 | 137,367 |
First State Insulation [Member] | |||
Business Acquisition [Line Items] | |||
Inventories | 291 | ||
Property and equipment | 989 | ||
Intangibles | 3,382 | ||
Goodwill | 1,857 | ||
Accounts payable and other current liabilities | (39) | ||
Fair value of assets acquired and purchase price | 6,480 | ||
Less seller obligations | 1,355 | ||
Cash paid | 5,125 | ||
Expert Insulation [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 1,796 | ||
Inventories | 723 | ||
Property and equipment | 235 | ||
Intangibles | 6,740 | ||
Goodwill | 8,545 | ||
Other non-current assets | 161 | ||
Accounts payable and other current liabilities | (42) | ||
Fair value of assets acquired and purchase price | 18,158 | ||
Less seller obligations | 1,993 | ||
Cash paid | 16,165 | ||
Premier [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 334 | ||
Accounts receivable | 2,930 | ||
Inventories | 1,242 | ||
Property and equipment | 876 | ||
Intangibles | 14,300 | ||
Goodwill | 10,238 | ||
Other non-current assets | 329 | ||
Accounts payable and other current liabilities | (2,484) | ||
Fair value of assets acquired and purchase price | 27,765 | ||
Less seller obligations | 2,765 | ||
Cash paid | 25,000 | ||
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 | ||
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 | ||
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 | ||
Other Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 479 | 4,104 | 3,157 |
Inventories | 410 | 1,136 | 1,544 |
Other current assets | 3 | 918 | 96 |
Property and equipment | 887 | 2,169 | 1,820 |
Intangibles | 3,619 | 18,904 | 9,688 |
Goodwill | 1,765 | 7,766 | 4,190 |
Other non-current assets | 41 | 82 | 219 |
Accounts payable and other current liabilities | (24) | (2,429) | (2,650) |
Fair value of assets acquired and purchase price | 7,180 | 32,650 | 18,064 |
Less seller obligations | 1,430 | 4,057 | 2,419 |
Cash paid | $ 5,750 | $ 28,593 | $ 15,645 |
Business Combinations - Estimat
Business Combinations - Estimates of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 20,659 | $ 27,149 | $ 39,922 |
Weighted Average Estimated Useful Life (yrs) | 8 years | 8 years | 8 years |
Trademarks and Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 5,286 | $ 6,075 | $ 20,667 |
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 | $ 2,096 | $ 2,401 | $ 2,628 |
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 |
Business Combinations - Pro For
Business Combinations - Pro Forma Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition, Pro Forma Information [Abstract] | |||
Net revenue | $ 1,549,797 | $ 1,436,713 | $ 1,246,017 |
Net income | $ 70,389 | $ 61,148 | $ 48,016 |
Basic net income per share | $ 2.37 | $ 1.97 | $ 1.52 |
Diluted net income per share | $ 2.36 | $ 1.96 | $ 1.51 |
Income Per Common Share - Addit
Income Per Common Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method | 120,000 | 122,000 | 117,000 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net revenue | $ 401,231 | $ 396,449 | $ 371,814 | $ 342,135 | $ 353,121 | $ 348,999 | $ 332,584 | $ 301,728 | $ 1,511,629 | $ 1,336,432 | $ 1,132,927 |
Gross profit | 120,038 | 118,087 | 107,257 | 89,438 | 98,638 | 97,334 | 95,643 | 79,976 | 434,820 | 371,591 | 324,026 |
Net income | $ 19,194 | $ 21,212 | $ 18,919 | $ 8,834 | $ 16,476 | $ 15,563 | $ 16,315 | $ 6,394 | $ 68,159 | $ 54,748 | $ 41,140 |
Basic net income per share | $ 0.64 | $ 0.71 | $ 0.64 | $ 0.30 | $ 0.54 | $ 0.50 | $ 0.52 | $ 0.20 | $ 2.29 | $ 1.76 | $ 1.30 |
Diluted net income per share | $ 0.64 | $ 0.71 | $ 0.63 | $ 0.30 | $ 0.53 | $ 0.50 | $ 0.52 | $ 0.20 | $ 2.28 | $ 1.75 | $ 1.30 |