TopBuild (BLD) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 27, 2021
Cover page.
Entity Registrant Name	TopBuild Corp
Entity Central Index Key	0001633931
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36870
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3096382
Entity Address, Address Line One	475 North Williamson Boulevard
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	304-2200
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	BLD
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		32,934,879
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 261,739	$ 330,007
Receivables, net of an allowance for credit losses of $8,337 at June 30, 2021, and $6,926 at December 31, 2020	491,625	427,340
Inventories, net	178,576	161,369
Prepaid expenses and other current assets	20,523	17,689
Total current assets	952,463	936,405
Right of use assets	100,558	83,490
Property and equipment, net	199,982	180,053
Goodwill	1,494,200	1,410,685
Other intangible assets, net	237,573	190,605
Deferred tax assets, net	2,729	2,728
Other assets	11,213	11,317
Total assets	2,998,718	2,815,283
Current liabilities:
Accounts payable	356,570	331,710
Current portion of long-term debt	23,476	23,326
Accrued liabilities	126,517	107,949
Short-term lease liabilities	36,673	33,492
Total current liabilities	543,236	496,477
Long-term debt	680,999	683,396
Deferred tax liabilities, net	168,091	168,568
Long-term portion of insurance reserves	49,456	50,657
Long-term lease liabilities	68,457	53,749
Other liabilities	13,663	13,642
Total liabilities	1,523,902	1,466,489
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $0.01 par value: 250,000,000 shares authorized; 39,118,710 shares issued and 32,984,691 outstanding at June 30, 2021, and 39,029,913 shares issued and 33,018,925 outstanding at December 31, 2020	390	389
Treasury stock, 6,134,019 shares at June 30, 2021, and 6,010,988 shares at December 31, 2020, at cost	(410,707)	(386,669)
Additional paid-in capital	858,251	858,414
Retained earnings	1,026,882	876,660
Total equity	1,474,816	1,348,794
Total liabilities and equity	$ 2,998,718	$ 2,815,283

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 8,337	$ 6,926
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	39,118,710	39,029,913
Common stock, shares outstanding	32,984,691	33,018,925
Treasury stock, shares at cost	6,134,019	6,010,988

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 834,255	$ 646,099	$ 1,577,053	$ 1,299,327
Cost of sales	591,075	468,045	1,136,114	949,316
Gross profit	243,180	178,054	440,939	350,011
Selling, general, and administrative expense	114,894	97,600	216,767	199,568
Operating profit	128,286	80,454	224,172	150,443
Other income (expense), net:
Interest expense	(6,105)	(8,277)	(12,707)	(17,018)
Loss on extinguishment of debt			(13,862)	(233)
Other, net	66	89	144	561
Other expense, net	(6,039)	(8,188)	(26,425)	(16,690)
Income before income taxes	122,247	72,266	197,747	133,753
Income tax expense	(31,867)	(16,770)	(47,525)	(27,485)
Net income	$ 90,380	$ 55,496	$ 150,222	$ 106,268
Net income per common share:
Basic	$ 2.75	$ 1.69	$ 4.57	$ 3.22
Diluted	$ 2.72	$ 1.67	$ 4.53	$ 3.18
Weighted average shares outstanding:
Basic	32,865,303	32,867,842	32,846,016	33,018,148
Diluted	33,177,435	33,202,423	33,190,107	33,401,135

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows Provided by (Used in) Operating Activities:
Net income	$ 150,222	$ 106,268
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,221	33,311
Share-based compensation	5,377	9,038
Loss on extinguishment of debt	13,862	233
Loss on sale or abandonment of property and equipment	833	320
Amortization of debt issuance costs	858	716
Provision for bad debt expense	4,037	3,756
Loss from inventory obsolescence	1,129	1,313
Deferred income taxes, net	(206)	(38)
Change in certain assets and liabilities
Receivables, net	(36,277)	1,894
Inventories, net	(8,055)	538
Prepaid expenses and other current assets	(2,273)	9,151
Accounts payable	21,782	(16,390)
Accrued liabilities	17,693	28,188
Payment of contingent consideration		(413)
Other, net		277
Net cash provided by operating activities	202,203	178,162
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment	(28,560)	(20,937)
Acquisition of businesses	(195,411)	(20,526)
Proceeds from sale of property and equipment	193	763
Net cash used in investing activities	(223,778)	(40,700)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from issuance of long-term debt	411,250	300,000
Repayment of long-term debt	(421,716)	(313,407)
Payment of debt issuance costs	(6,500)	(2,280)
Taxes withheld and paid on employees' equity awards	(11,491)	(13,165)
Exercise of stock options	5,952
Repurchase of shares of common stock	(24,038)	(34,152)
Payment of contingent consideration	(150)	(428)
Net cash used in financing activities	(46,693)	(63,432)
Cash and Cash Equivalents
(Decrease) increase for the period	(68,268)	74,030
Beginning of period	330,007	184,807
End of period	261,739	258,837
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities	39,135	19,257
Accruals for property and equipment	$ 460	$ 323

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock at Cost	Additional Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2019	$ (3,225)	$ (3,225)	$ 388	$ (330,018)	$ 849,657	$ 632,862	$ 1,152,889
Increase (Decrease) in Stockholders' Equity
Net income						50,771	50,771
Share-based compensation					3,908		3,908
Issuance of restricted share awards under long-term equity incentive plan			1		(1)
Repurchase of shares pursuant to the settlement of ASR Agreement				(7,500)	7,500
Repurchase of shares				(14,127)			(14,127)
Shares withheld to pay taxes on employees' equity awards					(10,399)		(10,399)
Balance at Mar. 31, 2020			389	(351,645)	850,665	680,408	1,179,817
Balance at Dec. 31, 2019	$ (3,225)	$ (3,225)	388	(330,018)	849,657	632,862	1,152,889
Increase (Decrease) in Stockholders' Equity
Net income							106,268
Balance at Jun. 30, 2020			389	(371,670)	853,029	735,904	1,217,652
Balance at Mar. 31, 2020			389	(351,645)	850,665	680,408	1,179,817
Increase (Decrease) in Stockholders' Equity
Net income						55,496	55,496
Share-based compensation					5,130		5,130
Repurchase of shares				(20,025)			(20,025)
Shares withheld to pay taxes on employees' equity awards					(2,766)		(2,766)
Balance at Jun. 30, 2020			389	(371,670)	853,029	735,904	1,217,652
Balance at Dec. 31, 2020			389	(386,669)	858,414	876,660	1,348,794
Increase (Decrease) in Stockholders' Equity
Net income						59,842	59,842
Share-based compensation					3,111		3,111
Issuance of restricted share awards under long-term equity incentive plan			1		(1)
Repurchase of shares				(9,856)			(9,856)
Shares withheld to pay taxes on employees' equity awards					(11,480)		(11,480)
Shares issued upon exercise of stock options					5,952		5,952
Balance at Mar. 31, 2021			390	(396,525)	855,996	936,502	1,396,363
Balance at Dec. 31, 2020			389	(386,669)	858,414	876,660	1,348,794
Increase (Decrease) in Stockholders' Equity
Net income							150,222
Balance at Jun. 30, 2021			390	(410,707)	858,251	1,026,882	1,474,816
Balance at Mar. 31, 2021			390	(396,525)	855,996	936,502	1,396,363
Increase (Decrease) in Stockholders' Equity
Net income						90,380	90,380
Share-based compensation					2,266		2,266
Repurchase of shares				(14,182)			(14,182)
Shares withheld to pay taxes on employees' equity awards					(11)		(11)
Balance at Jun. 30, 2021			$ 390	$ (410,707)	$ 858,251	$ 1,026,882	$ 1,474,816

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Issuance of restricted share awards under long-term equity incentive plan (in shares)		30,284		63,780
Repurchase of shares pursuant to the settlement of ASR Agreement (in shares)				73,455
Repurchase of shares (in shares)	73,747	49,284	262,889	188,100
Number of shares withheld to pay taxes on employees' equity awards (in shares)	50	43,290	38,372	97,144
Shares issued upon exercise of stock options (in shares)		51,915

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
Basis of Presentation	1. BASIS OF PRESENTATION ​ TopBuild was formed on June 30, 2015, and is listed on the NYSE under the ticker symbol “BLD.” We report our business in two segments: Installation and Distribution. Our Installation segment primarily installs insulation and other building products. Our Distribution segment primarily sells and distributes insulation and other building products. Our segments are based on our operating units, for which financial information is regularly evaluated by our chief operating decision maker. ​ We believe the accompanying unaudited condensed consolidated financial statements contain all adjustments, of a normal recurring nature, necessary to state fairly our financial position as of June 30, 2021, our results of operations for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The condensed consolidated balance sheet at December 31, 2020, was derived from our audited financial statements, but does not include all disclosures required by GAAP. ​ These condensed consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report for the year ended December 31, 2020, as filed with the SEC on February 23, 2021.

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies
Accounting Policies	​ 2. ACCOUNTING POLICIES ​ Financial Statement Presentation. Our condensed consolidated financial statements have been developed in conformity with GAAP, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. All significant intercompany transactions between TopBuild entities have been eliminated. ​ Recently Adopted Accounting Pronouncements ​ Income Taxes ​ In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ​ Credit Losses ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ​ ​ ​ The following table summarizes additional ASUs which were adopted, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures: ​ ​ ​ ​ ​ ​ ​ ASU Description ​ Period Adopted ​ Method ASU 2021-01 Reference Rate Reform ​ 01/01/21 ​ Prospective ASU 2017-04 Simplifying the Test for Goodwill Impairment ​ 01/01/20 ​ Prospective ASU 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ​ 01/01/20 ​ Prospective ​

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue Recognition
Revenue Recognition	3. REVENUE RECOGNITION ​ Revenue is disaggregated between our Installation and Distribution segments and further ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 486,266 ​ $ 203,063 ​ $ (36,719) ​ $ 652,610 ​ $ 370,969 ​ $ 163,615 ​ $ (29,050) ​ $ 505,534 Commercial ​ ​ 119,359 ​ ​ 70,301 ​ ​ (8,015) ​ ​ 181,645 ​ ​ 95,600 ​ ​ 52,721 ​ ​ (7,756) ​ ​ 140,565 Net sales ​ $ 605,625 ​ $ 273,364 ​ $ (44,734) ​ $ 834,255 ​ $ 466,569 ​ $ 216,336 ​ $ (36,806) ​ $ 646,099 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 904,343 ​ $ 395,108 ​ $ (70,057) ​ $ 1,229,394 ​ $ 744,250 ​ $ 326,071 ​ $ (58,055) ​ $ 1,012,266 Commercial ​ ​ 234,035 ​ ​ 129,857 ​ ​ (16,233) ​ ​ 347,659 ​ ​ 198,192 ​ ​ 104,487 ​ ​ (15,618) ​ ​ 287,061 Net sales ​ $ 1,138,378 ​ $ 524,965 ​ $ (86,290) ​ $ 1,577,053 ​ $ 942,442 ​ $ 430,558 ​ $ (73,673) ​ $ 1,299,327 ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 478,076 ​ $ 220,257 ​ $ (37,193) ​ $ 661,140 ​ $ 360,999 ​ $ 175,559 ​ $ (29,548) ​ $ 507,010 Glass and windows ​ ​ 47,167 ​ ​ — ​ ​ — ​ ​ 47,167 ​ ​ 39,371 ​ ​ — ​ ​ — ​ ​ 39,371 Gutters ​ ​ 22,416 ​ ​ 36,851 ​ ​ (6,264) ​ ​ 53,003 ​ ​ 21,577 ​ ​ 25,979 ​ ​ (5,687) ​ ​ 41,869 All other ​ ​ 57,966 ​ ​ 16,256 ​ ​ (1,277) ​ ​ 72,945 ​ ​ 44,622 ​ ​ 14,798 ​ ​ (1,571) ​ ​ 57,849 Net sales ​ $ 605,625 ​ $ 273,364 ​ $ (44,734) ​ $ 834,255 ​ $ 466,569 ​ $ 216,336 ​ $ (36,806) ​ $ 646,099 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 895,673 ​ $ 431,751 ​ $ (71,720) ​ $ 1,255,704 ​ $ 730,995 ​ $ 355,808 ​ $ (59,607) ​ $ 1,027,196 Glass and windows ​ ​ 90,214 ​ ​ — ​ ​ — ​ ​ 90,214 ​ ​ 80,690 ​ ​ — ​ ​ — ​ ​ 80,690 Gutters ​ ​ 41,774 ​ ​ 62,689 ​ ​ (11,569) ​ ​ 92,894 ​ ​ 40,506 ​ ​ 45,970 ​ ​ (11,074) ​ ​ 75,402 All other ​ ​ 110,717 ​ ​ 30,525 ​ ​ (3,001) ​ ​ 138,241 ​ ​ 90,251 ​ ​ 28,780 ​ ​ (2,992) ​ ​ 116,039 Net sales ​ $ 1,138,378 ​ $ 524,965 ​ $ (86,290) ​ $ 1,577,053 ​ $ 942,442 ​ $ 430,558 ​ $ (73,673) ​ $ 1,299,327 ​ The following table represents our contract assets and contract liabilities with customers, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ Condensed ​ June 30, ​ December 31, ​ Balance Sheets ​ 2021 ​ 2020 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 65,464 ​ $ 48,839 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 10,080 ​ $ 6,542 ​ The increase in contract assets as of June 30, 2021 is primarily driven by an increase in organic sales as well as sales from our acquisitions during the quarter. ​ The aggregate amount remaining on uncompleted performance obligations was $287.9 million as of June 30, 2021. We expect to satisfy the performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months . ​ Certain customer contracts contain provisions whereby customers are entitled to withhold an agreed upon percentage of the total contract value until the customer’s project is satisfactorily complete. This amount held back is referred to as retainage and is a common practice in the construction industry. Retainage receivables are classified as a component of accounts receivable.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Jun. 30, 2021
Goodwill and Other Intangibles
Goodwill and Other Intangibles	4. GOODWILL AND OTHER INTANGIBLES ​ We have two reporting units which are also our operating and reporting segments: Installation and Distribution. Both reporting units contain goodwill. Assets acquired and liabilities assumed are assigned to the applicable reporting unit based on whether the acquired assets and liabilities relate to the operations of and determination of the fair value of such unit. Goodwill assigned to the reporting unit is the excess of the fair value of the acquired business over the fair value of the individual assets acquired and liabilities assumed for the reporting unit. ​ In the fourth quarter of 2020, we performed an annual assessment on our goodwill resulting in no impairment. ​ Changes in the carrying amount of goodwill for the six months ended June 30, 2021 by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Goodwill ​ ​ ​ Gross Goodwill ​ Impairment ​ Net Goodwill ​ ​ December 31, 2020 ​ Additions ​ June 30, 2021 ​ Losses ​ June 30, 2021 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,726,356 ​ $ 82,825 ​ $ 1,809,181 ​ $ (762,021) ​ $ 1,047,160 Distribution ​ 446,350 ​ 690 ​ 447,040 ​ — ​ 447,040 Total goodwill ​ $ 2,172,706 ​ $ 83,515 ​ $ 2,256,221 ​ $ (762,021) ​ $ 1,494,200 ​ See Note 13 – Business Combinations ​ Other intangible assets, net includes customer relationships, non-compete agreements, and trademarks / trade names. The following table sets forth our other intangible assets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2021 ​ 2020 Gross definite-lived intangible assets $ 313,061 ​ $ 252,751 Accumulated amortization ​ (75,488) ​ ​ (62,146) Net definite-lived intangible assets ​ 237,573 ​ ​ 190,605 ​ The following table sets forth our amortization expense, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Amortization expense ​ $ 7,199 ​ $ 5,358 ​ $ 13,342 ​ $ 10,630 ​

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Long-Term Debt
Long-Term Debt	5. LONG-TERM DEBT The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2021 2020 Senior Notes - 3.625% due March 2029 ​ $ 400,000 ​ $ — Senior Notes - 5.625% due May 2026 ​ ​ — ​ ​ 400,000 Term loan ​ ​ 296,250 ​ ​ 288,750 Equipment notes ​ ​ 21,289 ​ ​ 25,451 Unamortized debt issuance costs ​ ​ (13,064) ​ ​ (7,479) Total debt, net of unamortized debt issuance costs ​ ​ 704,475 ​ ​ 706,722 Less: current portion of long-term debt ​ ​ 23,476 ​ ​ 23,326 Total long-term debt ​ $ 680,999 ​ $ 683,396 ​ The following table sets forth our remaining principal payments for our outstanding debt balances as of June 30, 2021, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter ​ Total Senior Notes ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 400,000 ​ $ 400,000 Term loan ​ 7,500 ​ ​ 15,000 ​ ​ 20,625 ​ ​ 22,500 ​ ​ 28,125 ​ ​ 202,500 ​ 296,250 Equipment notes ​ ​ 4,204 ​ ​ 8,640 ​ ​ 6,325 ​ ​ 2,120 ​ ​ — ​ ​ — ​ ​ 21,289 Total ​ $ 11,704 ​ $ 23,640 ​ $ 26,950 ​ $ 24,620 ​ $ 28,125 ​ $ 602,500 ​ $ 717,539 ​ Amendment to Original Credit Agreement and Senior Secured Term Loan Facility On March 8, 2021, the Company entered into an Amendment to our Original Credit Agreement (as so amended, the Amended Credit Agreement). The Amended Credit Agreement provides for a term loan facility in an aggregate principal amount of $300.0 million, all of which was drawn on March 8, 2021 and a Revolving Facility with an aggregate borrowing capacity of $450.0 million, including a $100.0 million letter of credit sublimit and up to a $35.0 million swingline sublimit. The maturity date for the loans under the Amended Credit Agreement was extended from March 2025 to March 2026, the floor for base rate loans has been reduced from 1.5% to 1.0%, and the floor for Eurodollar rate loans has been reduced from 0.5% to 0.0%. Additional provisions have also been made for the eventual replacement of LIBOR with another alternate benchmark rate. ​ The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands): ​ ​ ​ ​ ​ Senior secured term loan facility $ 300,000 ​ ​ ​ ​ ​ Additional term loan and/or revolver capacity available under incremental facility (a) $ 300,000 ​ ​ ​ ​ ​ Revolving Facility $ 450,000 ​ Sublimit for issuance of letters of credit under Revolving Facility (b) $ 100,000 ​ Sublimit for swingline loans under Revolving Facility (b) $ 35,000 ​ ​ ​ ​ ​ Interest rate as of June 30, 2021 ​ 1.09 % Scheduled maturity date ​ 3/20/2026 ​ (a) Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity). (b) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility. ​ Interest payable on borrowings under the Amended Credit Agreement is based on an applicable margin rate plus, at our option, either: ​ ● A base rate determined by reference to the highest of either (i) the federal funds rate plus 0.50 percent, (ii) BofA’s “prime rate,” and (iii) the LIBOR rate for U.S. dollar deposits with a term of one month , plus 1.00 percent; or ​ ● A LIBOR rate (or a comparable successor rate) determined by reference to the costs of funds for deposits in U.S. dollars for the interest period relevant to such borrowings, subject to a floor of 0% . ​ The Amended Credit Agreement contemplates future amendment by the Company and the agent to provide for the replacement of LIBOR with another alternate benchmark rate, giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks, including any related mathematical or other applicable adjustments. ​ The applicable margin rate is determined based on our Secured Leverage Ratio. In the case of base rate borrowings, the applicable margin rate ranges from 0.00 percent to 1.00 percent and in the case of LIBOR rate borrowings, the applicable margin ranges from 1.00 percent to 2.50 percent. Borrowings under the Amended Credit Agreement are prepayable at the Company’s option without premium or penalty. The Company is required to make prepayments with the net cash proceeds of certain asset sales and certain extraordinary receipts. ​ Revolving Facility ​ The Company has outstanding standby letters of credit that secure our financial obligations related to our workers’ compensation, general insurance, and auto liability programs. These standby letters of credit, as well as any outstanding amount borrowed under our Revolving Facility, reduce the availability under the Revolving Facility. ​ The following table summarizes our availability under the Revolving Facility, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, December 31, ​ 2021 2020 Revolving Facility ​ $ 450,000 ​ $ 450,000 Less: standby letters of credit ​ ​ (71,211) ​ ​ (60,382) Availability under Revolving Facility ​ $ 378,789 ​ $ 389,618 ​ We are required to pay commitment fees to the Lenders in respect of any unutilized commitments. The commitment fees range from 0.15 percent to 0.275 percent per annum, depending on our Secured Leverage Ratio. We must also pay customary fees on outstanding letters of credit. ​ Senior Notes On March 15, 2021, the Company completed a private offering of $400.0 million aggregate principal amount of 3.625% New Senior Notes due 2029. The Company used the proceeds from the issuance of the New Senior Notes, together with cash on hand, to redeem 100% of its $400.0 million aggregate principal amount of 5.625% Old Senior Notes due 2026. The New Senior Notes are our senior unsecured obligations and bear interest at 3.625% per year, payable semiannually in arrears on March 15 and September 15 of each year, which begins on September 15, 2021. The New Senior Notes mature on March 15, 2029, unless redeemed early or repurchased. If we undergo a change in control, we must make an offer to repurchase all of the Senior Notes then outstanding at a repurchase price equal to 101% of their aggregate principal amount, plus accrued and unpaid interest (if any) to, but not including, the repurchase date. ​ The Company may redeem the Notes, in whole or in part, at any time on or after March 15, 2024 at the redemption prices specified in the Notes. The Company may also redeem all or part of the Notes at any time prior to March 15, 2024 at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus the Applicable Premium (as defined in the Indenture), as of, and accrued and unpaid interest to, the redemption date. Additionally, the Company may redeem up to 40% of the aggregate principal amount of the Notes prior to March 15, 2024 with the net cash proceeds of certain sales of its capital stock at 103.625% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the date of redemption only if, after the redemption, at least 60% of the aggregate principal amount of the Notes originally issued remains outstanding. ​ Equipment Notes As of December 31, 2020, the company has issued $41.6 million of equipment notes for the purpose of financing the purchase of vehicles and equipment. No equipment notes were issued during the six months ended June 30, 2021. The Company’s equipment notes each have a five year term maturing from 2023 to 2024 and bear interest at fixed rates between 2.8% and 4.4% . ​ Covenant Compliance The indenture governing our New Senior Notes contains restrictive covenants that, among other things, generally limit the ability of the Company and certain of its subsidiaries (subject to certain exceptions) to (i) create liens, (ii) pay dividends, acquire shares of capital stock and make payments on subordinated debt, (iii) place limitations on distributions from certain subsidiaries, (iv) issue or sell the capital stock of certain subsidiaries, (v) sell assets, (vi) enter into transactions with affiliates and (vii) effect mergers. The indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the indenture, the trustee or the holders of at least 30% in aggregate principal amount of the New Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all the New Senior Notes immediately due and payable. The New Senior Notes and related guarantees have not been registered under the Securities Act of 1933, and we are not required to register either the New Senior Notes or the guarantees in the future. ​ The Amended Credit Agreement contains certain covenants that limit, among other things, the ability of the Company to incur additional indebtedness or liens; to make certain investments or loans; to make certain restricted payments; to enter into consolidations, mergers, sales of material assets, and other fundamental changes; to transact with affiliates; to enter into agreements restricting the ability of subsidiaries to incur liens or pay dividends; or to make certain accounting changes. The Amended Credit Agreement contains customary affirmative covenants and events of default. ​ The Amended Credit Agreement requires that we maintain a Net Leverage Ratio and minimum Interest Coverage Ratio throughout the term of the agreement. The following table outlines the key financial covenants effective for the period covered by this Quarterly Report: ​ ​ ​ ​ ​ ​ As of June 30, 2021 Maximum Net Leverage Ratio ​ 3.50:1.00 Minimum Interest Coverage Ratio ​ 3.00:1.00 Compliance as of period end ​ In Compliance ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Fair Value Measurements	6 FAIR VALUE MEASUREMENTS ​ Fair Value on Recurring Basis The carrying values of cash and cash equivalents, receivables, net, and accounts payable are considered to be representative of their respective fair values due to the short-term nature of these instruments. We measure our contingent consideration liabilities related to business combinations at fair value. For more information see Note 13 – Business Combinations. ​ Fair Value on Non-Recurring Basis Fair value measurements were applied to our long-term debt portfolio.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Information
Segment Information	7. SEGMENT INFORMATION ​ The following tables set forth our net sales and operating results by segment, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 605,625 ​ $ 466,569 ​ $ 99,066 ​ $ 69,643 Distribution ​ ​ 273,364 ​ ​ 216,336 ​ ​ 42,856 ​ ​ 24,155 Intercompany eliminations ​ ​ (44,734) ​ ​ (36,806) ​ ​ (6,932) ​ ​ (5,961) Total ​ $ 834,255 ​ $ 646,099 ​ ​ 134,990 ​ ​ 87,837 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (6,704) ​ ​ (7,383) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 128,286 ​ ​ 80,454 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (6,039) ​ ​ (8,188) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 122,247 ​ $ 72,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,138,378 ​ $ 942,442 ​ $ 172,702 ​ $ 129,994 Distribution ​ ​ 524,965 ​ ​ 430,558 ​ ​ 78,241 ​ ​ 48,825 Intercompany eliminations ​ ​ (86,290) ​ ​ (73,673) ​ ​ (13,460) ​ ​ (11,795) Total ​ $ 1,577,053 ​ $ 1,299,327 ​ ​ 237,483 ​ ​ 167,024 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (13,311) ​ ​ (16,581) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 224,172 ​ ​ 150,443 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (26,425) ​ ​ (16,690) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 197,747 ​ $ 133,753 (a) All of our operations are located in the U.S. (b) Segment operating profit includes an allocation of general corporate expenses attributable to the operating segments which is based on direct benefit or usage (such as salaries of corporate employees who directly support the segment). (c) General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases
Leases	8 LEASES We have operating leases for our installation branch locations, distribution centers, our Branch Support Center in Daytona Beach, Florida, vehicles and certain equipment. In addition, we lease certain operating facilities from related parties, primarily former owners (and in certain cases, current management personnel) of companies acquired. These related party leases are immaterial to our consolidated statements of operations. As of June 30, 2021, we did not have any finance leases. ​ The components of lease expense were as follows and are primarily included in cost of sales on the accompanying unaudited condensed consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Operating lease cost (a) ​ $ 12,636 ​ $ 12,096 ​ $ 24,446 ​ $ 24,367 Short-term lease cost ​ ​ 3,844 ​ ​ 2,813 ​ ​ 7,198 ​ ​ 5,877 Sublease income ​ ​ (215) ​ ​ (49) ​ ​ (421) ​ ​ (111) Net lease cost ​ $ 16,265 ​ $ 14,860 ​ $ 31,223 ​ $ 30,133 (a) Includes variable cost components of $1,808 and $1,330 in the three months ended June 30, 2021 and 2020, respectively, and $3,505 and $2,774 of variable cost components in the six months ended June 30, 2021 and 2020, respectively. ​ Future minimum lease payments under non-cancellable operating leases as of June 30, 2021 were as follows, in thousands: ​ ​ ​ ​ Payments due by Period ​ 2021 ​ $ 21,141 2022 ​ ​ 34,701 2023 ​ ​ 23,826 2024 ​ ​ 16,212 2025 ​ ​ 11,147 2026 & Thereafter ​ ​ 7,791 Total future minimum lease payments ​ ​ 114,818 ​ ​ ​ ​ Less: imputed interest ​ ​ (9,688) ​ ​ ​ ​ Lease liability at June 30, 2021 ​ $ 105,130 ​ As of June 30, 2021, the weighted average remaining lease term was 3.7 years and the related lease liability was calculated using a weighted average discount rate of 3.4%. ​ The amount below is included in the cash flows provided by (used in) operating activities section on the accompanying unaudited condensed consolidated statements of cash flows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 Cash paid for amounts included in the measurement of lease liabilities ​ $ (21,072) ​ $ (21,544) ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Taxes
Income Taxes	9. INCOME TAXES ​ Our effective tax rates were 26.1 percent and 24.0 percent for the three and six months ended June 30, 2021, respectively. The effective tax rates for the three and six months ended June 30, 2020, were 23.2 percent and 20.5 percent, respectively. The higher 2021 tax rate for the three months ended June 30, 2021 compared to the three months ended June 30, 2020 was due to permanent items including share-based compensation and state tax adjustments. ​ A tax benefit of $0.2 million and $3.3 million related to share-based compensation was recognized in our condensed consolidated statements of operations as a discrete item in income tax expense for the three and six months ended June 30, 2021, respectively.

Income Per Share

Income Per Share	6 Months Ended
	Jun. 30, 2021
Income Per Share
Income Per Share	​ 10. INCOME PER SHAR E ​ Basic net income per share is calculated by dividing net income by the number of weighted average shares outstanding during the period, without consideration for common stock equivalents. ​ Diluted net income per share is calculated by adjusting the number of weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. ​ Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 Net income (in thousands) - basic and diluted ​ $ 90,380 ​ $ 55,496 ​ $ 150,222 ​ $ 106,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 32,865,303 ​ ​ 32,867,842 ​ ​ 32,846,016 ​ ​ 33,018,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 15,456 ​ ​ 47,618 ​ ​ 25,538 ​ ​ 59,419 RSAs with market-based conditions ​ ​ 118,102 ​ ​ 146,496 ​ ​ 132,600 ​ ​ 138,760 RSAs with performance-based conditions ​ ​ 59,167 ​ ​ 17,314 ​ ​ 54,094 ​ ​ 33,546 Stock options ​ ​ 119,407 ​ ​ 123,153 ​ ​ 131,859 ​ ​ 151,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 33,177,435 ​ ​ 33,202,423 ​ ​ 33,190,107 ​ ​ 33,401,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 2.75 ​ $ 1.69 ​ $ 4.57 ​ $ 3.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 2.72 ​ $ 1.67 ​ $ 4.53 ​ $ 3.18 ​ The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ 2021 2020 2021 2020 ​ Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 1,815 ​ ​ 7,281 ​ ​ 2,323 ​ ​ 6,276 ​ RSAs with market-based conditions ​ ​ 11,128 ​ ​ — ​ ​ 8,320 ​ ​ 4,171 ​ RSAs with performance-based conditions ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Stock options ​ ​ 24,066 ​ ​ 61,370 ​ ​ 17,916 ​ ​ 46,718 ​ Total anti-dilutive common stock equivalents ​ ​ 37,009 ​ ​ 68,651 ​ ​ 28,559 ​ ​ 57,165 ​ ​

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-Based Compensation.
Share-Based Compensation	11. SHARE-BASED COMPENSATION ​ Effective July 1, 2015, our eligible employees commenced participation in the 2015 LTIP. The 2015 LTIP authorizes the Board to grant stock options, stock appreciation rights, restricted shares, restricted share units, performance awards, and dividend equivalents. All grants are made by issuing new shares and no more than 4.0 million shares of common stock may be issued under the 2015 LTIP. As of June 30, 2021, we had 2.0 million shares remaining available for issuance under the 2015 LTIP. ​ Share-based compensation expense is included in selling, general, and administrative expense. The income tax effect associated with share-based compensation awards is included in income tax expense. The following table presents share-based compensation amounts recognized in our condensed consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Share-based compensation expense ​ $ 2,266 ​ $ 5,130 ​ $ 5,377 ​ $ 9,038 Income tax benefit realized ​ $ 228 ​ $ 1,396 ​ $ 3,320 ​ $ 6,896 ​ The following table presents a summary of our share-based compensation activity for the six months ended June 30, 2021, in thousands, except per share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs ​ Stock Options ​ ​ Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Aggregate Balance December 31, 2020 ​ 324.8 ​ $ 87.79 ​ 239.7 ​ $ 24.33 ​ $ 68.86 ​ $ 27,612.1 Granted ​ 60.1 ​ $ 246.26 ​ 24.1 ​ $ 89.59 ​ $ 214.58 ​ ​ ​ Converted/Exercised ​ (143.1) ​ $ 81.34 ​ (51.9) ​ $ 21.97 ​ $ 61.30 ​ $ 7,039.9 Forfeited/Expired ​ (9.0) ​ $ 89.62 ​ — ​ $ — ​ $ — ​ ​ ​ Balance June 30, 2021 ​ 232.8 ​ $ 113.04 ​ 211.9 ​ $ 32.33 ​ $ 87.28 ​ $ 23,809.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable June 30, 2021 (a) ​ ​ ​ ​ 115.7 ​ $ 20.97 ​ $ 57.86 ​ $ 16,187.5 (a) The weighted average remaining contractual term for vested stock options is approximately 6.3 years. ​ Unrecognized share-based compensation expense related to unvested awards is shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ ​ Unrecognized Compensation Expense ​ Weighted Average RSAs ​ $ 12,153 ​ ​ 1.3 Stock options ​ ​ 2,479 ​ ​ 1.2 Total unrecognized compensation expense related to unvested awards ​ $ 14,632 ​ ​ ​ ​ Our RSAs with performance-based conditions are evaluated on a quarterly basis with adjustments to compensation expense based on the likelihood of the performance target being achieved or exceeded. The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payout Ranges and Related Expense RSAs with Performance-Based Conditions ​ Grant Date Fair Value ​ 0% ​ 25% ​ 100% ​ 200% February 18, 2019 ​ $ 2,138 ​ $ — ​ $ 535 ​ $ 2,138 ​ $ 4,276 February 17, 2020 ​ $ 2,665 ​ $ — ​ $ 666 ​ $ 2,665 ​ $ 5,330 February 16, 2021 ​ $ 2,564 ​ $ — ​ $ 641 ​ $ 2,564 ​ $ 5,128 ​ During the first quarter of 2021, RSAs with performance-based conditions that were granted on February 19, 2018 vested based on cumulative three-year achievement of 200%. Total compensation expense recognized over the three-year performance period, net of forfeitures, was $3.7 million. ​ The fair value of our RSAs with a market-based condition granted under the 2015 LTIP was determined using a Monte Carlo simulation. The following are key inputs in the Monte Carlo analysis for awards granted in 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Measurement period (years) ​ ​ 2.87 ​ ​ ​ 2.88 ​ Risk free interest rate ​ ​ 0.22 % ​ ​ 1.40 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 298.66 ​ ​ $ 158.24 ​ ​ The fair values of stock options granted under the 2015 LTIP were calculated using the Black-Scholes Options Pricing Model. The following table presents the assumptions used to estimate the fair values of stock options granted in 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Risk free interest rate ​ ​ 0.76 % ​ ​ 1.53 % Expected volatility, using historical return volatility and implied volatility ​ ​ 43.29 % ​ ​ 31.50 % Expected life (in years) ​ ​ 6.0 ​ ​ ​ 6.0 ​ Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of stock options at grant date ​ $ 89.59 ​ ​ $ 39.49 ​ ​

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Jun. 30, 2021
Share Repurchase Program
Share Repurchase Program	12. SHARE REPURCHASE PROGRAM On February 22, 2019, our Board authorized the 2019 Repurchase Program, pursuant to which the Company may purchase up to $200.0 million of our common stock. Share repurchases may be executed through various means including open market purchases, privately negotiated transactions, accelerated share repurchase transactions, or other available means. The 2019 Share Repurchase Program does not obligate the Company to purchase any shares and has no expiration date. Authorization for the 2019 Share Repurchase Program may be terminated, increased, or decreased by the Board at its discretion at any time. As of June 30, 2021, the Company has approximately $15.9 million remaining under the 2019 Repurchase Program. ​ Effective November 4, 2019, under the 2019 Repurchase program, we entered into the 2019 ASR Agreement. We paid BofA $50.0 million in exchange for an initial delivery of 392,501 shares of our common stock on November 5, 2019, representing an estimated 85% of the total number of shares we expected to receive under the 2019 ASR Agreement, at the time we entered into the agreement. During the quarter ended March 31, 2020, we received an additional 73,455 shares of our common stock from BofA representing the final settlement of the 2019 ASR agreement. We purchased a total of 465,956 shares of our common stock under the 2019 ASR Agreement at an average price per share of $107.31. ​ The following table sets forth our share repurchases under the 2019 Repurchase Program during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 ​ 2020 ​ 2021 2020 Number of shares repurchased ​ ​ 73,747 ​ ​ 262,889 ​ ​ 123,031 ​ ​ 524,444 (a) Share repurchase cost (in thousands) ​ $ 14,182 ​ $ 20,025 $ 24,038 ​ $ 34,152 (a) The six months ended June 30, 2020 includes 73,455 shares we received as final settlement of our 2019 ASR Agreement.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2021
Business Combinations
Business Combinations	13. BUSINESS COMBINATIONS ​ We continue to acquire businesses as part of our ongoing strategy to grow our company and expand our market share. Each acquisition has been accounted for as a business combination under ASC 805, “Business Combinations.” There were no acquisition related costs for the three months ended June 30, 2021 and 2020, respectively. Acquisition related costs for the six months ended June 30, 2021 and 2020 were $0.7 million and $0.2 million, respectively. Acquisition related costs are included in selling, general, and administrative expense in our condensed consolidated statements of operations. ​ The tables below provide a summary of businesses acquired in 2021 including, for significant acquisitions, the net sales and net income (loss) incurred for the three and six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ June 30, 2021 2021 Acquisitions ​ Date Cash Paid ​ Contingent Consideration ​ Total Purchase Price ​ Goodwill Acquired ​ Net Sales ​ Net Income (Loss) ​ Net Sales ​ Net Income (Loss) LCR ​ ​ 1/20/2021 ​ $ 53,667 ​ $ — ​ $ 53,667 ​ $ 19,453 ​ $ 12,250 ​ $ (94) ​ ​ 20,556 ​ ​ (616) ABS ​ ​ 4/5/2021 ​ ​ 126,158 ​ ​ — ​ ​ 126,158 ​ ​ 58,628 ​ ​ 36,723 ​ ​ 1,668 ​ ​ 36,723 ​ ​ 1,668 All others ​ ​ Various ​ ​ 15,757 ​ ​ — ​ ​ 15,757 ​ ​ 6,457 ​ ​ 4,035 ​ ​ 441 ​ ​ 4,602 ​ ​ 466 Total ​ ​ ​ ​ $ 195,582 ​ $ — ​ $ 195,582 ​ $ 84,538 ​ $ 53,008 ​ $ 2,015 ​ $ 61,881 ​ $ 1,518 ​ Pro Forma Results ​ The following unaudited pro forma information has been prepared as if the 2021 acquisitions described above had taken place on January 1, 2020, and as if the 2020 acquisitions had taken place on January 1, 2019. 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, 2020, and January 1, 2019, as applicable. Further, the unaudited pro forma information does not purport to be indicative of future financial operating results. Our unaudited pro forma results are presented below, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ Unaudited Pro Forma for the ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 ​ 2020 2021 ​ 2020 Net sales ​ $ 836,459 ​ $ 712,492 ​ $ 1,623,456 ​ $ 1,436,349 Net income ​ $ 90,468 ​ $ 58,012 ​ $ 151,869 ​ $ 111,797 ​ The following table details the additional expense included in the unaudited pro forma operating income as if the 2021 acquisitions described above had taken place on January 1, 2020, and as if the 2020 acquisitions had taken place on January 1, 2019. Our unaudited pro forma results are presented below, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ Unaudited Pro Forma for the ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Depreciation & amortization ​ $ 17 ​ $ 3,112 ​ $ 1,927 ​ $ 6,360 Income tax expense (using 26% effective tax rate) ​ $ 34 ​ $ 956 ​ $ 653 ​ $ 2,087 ​ Purchase Price Allocations ​ The estimated fair values of the assets acquired and liabilities assumed for the 2021 acquisitions approximated the following as of June 30, 2021, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Acquisitions ​ LCR ABS ​ All Others ​ Total Estimated fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ — ​ $ 24 ​ $ — ​ $ 24 Accounts receivable ​ ​ 16,041 ​ ​ 14,167 ​ ​ 1,765 ​ ​ 31,973 Inventories ​ ​ 806 ​ ​ 8,458 ​ ​ 1,018 ​ ​ 10,282 Prepaid and other assets ​ ​ 83 ​ ​ 477 ​ ​ — ​ ​ 560 Property and equipment ​ ​ 3,730 ​ ​ 7,013 ​ ​ 1,713 ​ ​ 12,456 ROU assets ​ ​ 518 ​ ​ 8,843 ​ ​ 1,086 ​ ​ 10,447 Intangible assets ​ ​ 16,040 ​ ​ 38,670 ​ ​ 5,200 ​ ​ 59,910 Goodwill ​ ​ 19,453 ​ ​ 58,628 ​ ​ 6,457 ​ ​ 84,538 Accounts payable ​ ​ (2,105) ​ ​ — ​ ​ (464) ​ ​ (2,569) Lease liabilities ​ ​ (518) ​ ​ (8,843) ​ ​ (1,086) ​ ​ (10,447) All other liabilities ​ ​ (381) ​ ​ (1,279) ​ ​ 68 ​ ​ (1,592) Net assets acquired ​ $ 53,667 ​ $ 126,158 ​ $ 15,757 ​ $ 195,582 ​ Estimates of acquired intangible assets related to the 2021 acquisitions are as follows, as of June 30, 2021, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value Weighted Average Estimated Useful Life (Years) 2021 Acquisitions ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 54,520 ​ ​ 12 Trademarks and trade names ​ ​ 5,390 ​ ​ 10 Total intangible assets acquired ​ $ 59,910 ​ ​ 12 ​ The table below provides a summary as of June 30, 2021 for businesses acquired during the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Acquisitions ​ Date Cash Paid ​ Contingent Consideration ​ Total Purchase Price ​ Goodwill Acquired Cooper ​ ​ 2/20/2020 ​ $ 10,500 ​ $ 1,000 ​ $ 11,500 ​ $ 5,700 Hunter ​ ​ 2/24/2020 ​ ​ 9,100 ​ ​ — ​ ​ 9,100 ​ ​ 5,300 Total ​ ​ ​ ​ $ 19,600 ​ $ 1,000 ​ $ 20,600 ​ $ 11,000 ​ As third-party or internal valuations are finalized, certain tax aspects of the foregoing transactions are completed, and customer post-closing reviews are concluded, adjustments may be made to the fair value of assets acquired, and in some cases total purchase price, through the end of each measurement period, generally one year following the applicable acquisition date. ​ Contingent Consideration ​ The acquisition of Viking included a contingent consideration arrangement that requires additional consideration to be paid by TopBuild based on the achievement of annual gross revenue targets over a three-year period. The range of undiscounted amounts TopBuild may be required to pay under the contingent consideration agreement is between zero and $1.5 million. The fair value of the contingent consideration recognized on the acquisition date of $1.2 million was estimated by applying the income approach using discounted cash flows. That measure is based on significant Level 3 inputs not observable in the market. The significant assumption includes a discount rate of 10.0% . Changes in the fair value measurement each period reflect the passage of time as well as the impact of adjustments, if any, to the likelihood of achieving the specified targets. We made a contingent payment of $0.5 million in the year ended December 31, 2020. ​ The acquisition of Cooper includes a contingent consideration arrangement that requires additional consideration to be paid by TopBuild based on the achievement of annual gross revenue targets over a two-year period. The range of undiscounted amounts TopBuild may be required to pay under the contingent consideration agreement is between zero and $1.0 million, which also represents the fair value recognized on the acquisition date. Changes in the fair value measurement each period reflect the passage of time as well as the impact of adjustments, if any, to the likelihood of achieving the specified targets. We made a contingent payment of $0.2 million during the six months ended June 30, 2021 and the remaining liability for contingent consideration has been released with no further payments anticipated. ​ Payments of contingent consideration are classified as either financing or operating activities on our condensed consolidated statement of cash flows in accordance with ASC 230-10-45. The following table presents the fair value of contingent consideration, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ Viking Cooper Date of Acquisition ​ July 15, 2019 ​ February 20, 2020 Fair value of contingent consideration recognized at acquisition date ​ $ 1,243 ​ $ 1,000 ​ ​ ​ ​ ​ ​ ​ Contingent consideration at December 31, 2020 ​ $ 910 ​ $ 1,000 Change in fair value of contingent consideration during the six months ended June 30, 2021 ​ ​ 33 ​ ​ (850) Payment of contingent consideration during the six months ended June 30, 2021 ​ ​ — ​ ​ (150) Liability balance for contingent consideration at June 30, 2021 ​ $ 943 ​ $ — ​

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities.
Accrued Liabilities	14. ACCRUED LIABILITIES ​ The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and commissions ​ $ 47,995 ​ $ 34,584 Insurance liabilities ​ ​ 23,280 ​ ​ 22,007 Employee tax-related liabilities ​ ​ 12,646 ​ ​ 12,603 Deferred revenue ​ ​ 10,081 ​ ​ 6,542 Sales & property taxes ​ ​ 7,127 ​ ​ 6,939 Customer rebates ​ ​ 5,695 ​ ​ 6,191 Interest payable on long-term debt ​ ​ 4,436 ​ ​ 3,924 Other ​ ​ 15,257 ​ ​ 15,159 Total accrued liabilities ​ $ 126,517 ​ $ 107,949 ​ ​ See Note 3 – Revenue Recognition

Other Commitments and Contingen

Other Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Other Commitments and Contingencies
Other Commitments and Contingencies	​ 15. OTHER COMMITMENTS AND CONTINGENCIES ​ Litigation ​ Other Matters ​ We also maintain indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. ​ We occasionally use performance bonds to ensure completion of our work on certain larger customer contracts that can span multiple accounting periods. Performance bonds generally do not have stated expiration dates; rather, we are released from the bonds as the contractual performance is completed. We also have bonds outstanding for license and insurance. ​ The following table summarizes our outstanding performance, licensing, insurance and other bonds, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2021 ​ 2020 Outstanding bonds: ​ ​ ​ ​ ​ ​ Performance bonds ​ $ 114,962 ​ $ 102,534 Licensing, insurance, and other bonds ​ ​ 28,446 ​ ​ 27,633 Total bonds ​ $ 143,408 ​ $ 130,167 ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events
Subsequent Events	16. SUBSEQUENT EVENTS ​ On July 26, 2021, our Board authorized a share repurchase program (the “2021 Share Repurchase Program”), pursuant to which the Company may purchase up to $200 million of the Company’s common stock. Share repurchases may be executed through various means including, without limitation, open market purchases, privately negotiated transactions, or otherwise. The 2021 Share Repurchase Program does not obligate the Company to purchase any shares and has no expiration date. Authorization for the Share Repurchase Program may be terminated, increased, or decreased by the Company’s Board of Directors at its discretion at any time.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies
Financial Statement Presentation	Financial Statement Presentation. Our condensed consolidated financial statements have been developed in conformity with GAAP, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. All significant intercompany transactions between TopBuild entities have been eliminated.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ​ Income Taxes ​ In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ​ Credit Losses ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ​ ​ ​ The following table summarizes additional ASUs which were adopted, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures: ​ ​ ​ ​ ​ ​ ​ ASU Description ​ Period Adopted ​ Method ASU 2021-01 Reference Rate Reform ​ 01/01/21 ​ Prospective ASU 2017-04 Simplifying the Test for Goodwill Impairment ​ 01/01/20 ​ Prospective ASU 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ​ 01/01/20 ​ Prospective

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies
Summary of additional ASUs adopted in fiscal year	​ ​ ​ ​ ​ ​ ​ ASU Description ​ Period Adopted ​ Method ASU 2021-01 Reference Rate Reform ​ 01/01/21 ​ Prospective ASU 2017-04 Simplifying the Test for Goodwill Impairment ​ 01/01/20 ​ Prospective ASU 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ​ 01/01/20 ​ Prospective

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue Recognition
Schedule of revenues disaggregated by market and product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 486,266 ​ $ 203,063 ​ $ (36,719) ​ $ 652,610 ​ $ 370,969 ​ $ 163,615 ​ $ (29,050) ​ $ 505,534 Commercial ​ ​ 119,359 ​ ​ 70,301 ​ ​ (8,015) ​ ​ 181,645 ​ ​ 95,600 ​ ​ 52,721 ​ ​ (7,756) ​ ​ 140,565 Net sales ​ $ 605,625 ​ $ 273,364 ​ $ (44,734) ​ $ 834,255 ​ $ 466,569 ​ $ 216,336 ​ $ (36,806) ​ $ 646,099 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 904,343 ​ $ 395,108 ​ $ (70,057) ​ $ 1,229,394 ​ $ 744,250 ​ $ 326,071 ​ $ (58,055) ​ $ 1,012,266 Commercial ​ ​ 234,035 ​ ​ 129,857 ​ ​ (16,233) ​ ​ 347,659 ​ ​ 198,192 ​ ​ 104,487 ​ ​ (15,618) ​ ​ 287,061 Net sales ​ $ 1,138,378 ​ $ 524,965 ​ $ (86,290) ​ $ 1,577,053 ​ $ 942,442 ​ $ 430,558 ​ $ (73,673) ​ $ 1,299,327 ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 478,076 ​ $ 220,257 ​ $ (37,193) ​ $ 661,140 ​ $ 360,999 ​ $ 175,559 ​ $ (29,548) ​ $ 507,010 Glass and windows ​ ​ 47,167 ​ ​ — ​ ​ — ​ ​ 47,167 ​ ​ 39,371 ​ ​ — ​ ​ — ​ ​ 39,371 Gutters ​ ​ 22,416 ​ ​ 36,851 ​ ​ (6,264) ​ ​ 53,003 ​ ​ 21,577 ​ ​ 25,979 ​ ​ (5,687) ​ ​ 41,869 All other ​ ​ 57,966 ​ ​ 16,256 ​ ​ (1,277) ​ ​ 72,945 ​ ​ 44,622 ​ ​ 14,798 ​ ​ (1,571) ​ ​ 57,849 Net sales ​ $ 605,625 ​ $ 273,364 ​ $ (44,734) ​ $ 834,255 ​ $ 466,569 ​ $ 216,336 ​ $ (36,806) ​ $ 646,099 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 895,673 ​ $ 431,751 ​ $ (71,720) ​ $ 1,255,704 ​ $ 730,995 ​ $ 355,808 ​ $ (59,607) ​ $ 1,027,196 Glass and windows ​ ​ 90,214 ​ ​ — ​ ​ — ​ ​ 90,214 ​ ​ 80,690 ​ ​ — ​ ​ — ​ ​ 80,690 Gutters ​ ​ 41,774 ​ ​ 62,689 ​ ​ (11,569) ​ ​ 92,894 ​ ​ 40,506 ​ ​ 45,970 ​ ​ (11,074) ​ ​ 75,402 All other ​ ​ 110,717 ​ ​ 30,525 ​ ​ (3,001) ​ ​ 138,241 ​ ​ 90,251 ​ ​ 28,780 ​ ​ (2,992) ​ ​ 116,039 Net sales ​ $ 1,138,378 ​ $ 524,965 ​ $ (86,290) ​ $ 1,577,053 ​ $ 942,442 ​ $ 430,558 ​ $ (73,673) ​ $ 1,299,327
Schedule of contract assets and contract liabilities with customers	The following table represents our contract assets and contract liabilities with customers, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ Condensed ​ June 30, ​ December 31, ​ Balance Sheets ​ 2021 ​ 2020 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 65,464 ​ $ 48,839 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 10,080 ​ $ 6,542

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Other Intangibles
Changes in the carrying amount of goodwill by segment	Changes in the carrying amount of goodwill for the six months ended June 30, 2021 by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Goodwill ​ ​ ​ Gross Goodwill ​ Impairment ​ Net Goodwill ​ ​ December 31, 2020 ​ Additions ​ June 30, 2021 ​ Losses ​ June 30, 2021 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,726,356 ​ $ 82,825 ​ $ 1,809,181 ​ $ (762,021) ​ $ 1,047,160 Distribution ​ 446,350 ​ 690 ​ 447,040 ​ — ​ 447,040 Total goodwill ​ $ 2,172,706 ​ $ 83,515 ​ $ 2,256,221 ​ $ (762,021) ​ $ 1,494,200
Schedule of other intangible assets	Other intangible assets, net includes customer relationships, non-compete agreements, and trademarks / trade names. The following table sets forth our other intangible assets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2021 ​ 2020 Gross definite-lived intangible assets $ 313,061 ​ $ 252,751 Accumulated amortization ​ (75,488) ​ ​ (62,146) Net definite-lived intangible assets ​ 237,573 ​ ​ 190,605
Schedule of amortization expense	The following table sets forth our amortization expense, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Amortization expense ​ $ 7,199 ​ $ 5,358 ​ $ 13,342 ​ $ 10,630

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Long-Term Debt
Reconciliation of principal balance of outstanding debt	The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2021 2020 Senior Notes - 3.625% due March 2029 ​ $ 400,000 ​ $ — Senior Notes - 5.625% due May 2026 ​ ​ — ​ ​ 400,000 Term loan ​ ​ 296,250 ​ ​ 288,750 Equipment notes ​ ​ 21,289 ​ ​ 25,451 Unamortized debt issuance costs ​ ​ (13,064) ​ ​ (7,479) Total debt, net of unamortized debt issuance costs ​ ​ 704,475 ​ ​ 706,722 Less: current portion of long-term debt ​ ​ 23,476 ​ ​ 23,326 Total long-term debt ​ $ 680,999 ​ $ 683,396
Schedule of remaining principal payments of debt	The following table sets forth our remaining principal payments for our outstanding debt balances as of June 30, 2021, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter ​ Total Senior Notes ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 400,000 ​ $ 400,000 Term loan ​ 7,500 ​ ​ 15,000 ​ ​ 20,625 ​ ​ 22,500 ​ ​ 28,125 ​ ​ 202,500 ​ 296,250 Equipment notes ​ ​ 4,204 ​ ​ 8,640 ​ ​ 6,325 ​ ​ 2,120 ​ ​ — ​ ​ — ​ ​ 21,289 Total ​ $ 11,704 ​ $ 23,640 ​ $ 26,950 ​ $ 24,620 ​ $ 28,125 ​ $ 602,500 ​ $ 717,539
Summary of key terms of Amended Credit Agreement	​ The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands): ​ ​ ​ ​ ​ Senior secured term loan facility $ 300,000 ​ ​ ​ ​ ​ Additional term loan and/or revolver capacity available under incremental facility (a) $ 300,000 ​ ​ ​ ​ ​ Revolving Facility $ 450,000 ​ Sublimit for issuance of letters of credit under Revolving Facility (b) $ 100,000 ​ Sublimit for swingline loans under Revolving Facility (b) $ 35,000 ​ ​ ​ ​ ​ Interest rate as of June 30, 2021 ​ 1.09 % Scheduled maturity date ​ 3/20/2026 ​ (a) Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity). (b) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility. ​
Schedule of availability under the Revolving Facility	The following table summarizes our availability under the Revolving Facility, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, December 31, ​ 2021 2020 Revolving Facility ​ $ 450,000 ​ $ 450,000 Less: standby letters of credit ​ ​ (71,211) ​ ​ (60,382) Availability under Revolving Facility ​ $ 378,789 ​ $ 389,618
Schedule of the key financial covenants	​ ​ ​ ​ ​ ​ As of June 30, 2021 Maximum Net Leverage Ratio ​ 3.50:1.00 Minimum Interest Coverage Ratio ​ 3.00:1.00 Compliance as of period end ​ In Compliance

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Information
Schedule of net sales and operating results by segment	The following tables set forth our net sales and operating results by segment, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 605,625 ​ $ 466,569 ​ $ 99,066 ​ $ 69,643 Distribution ​ ​ 273,364 ​ ​ 216,336 ​ ​ 42,856 ​ ​ 24,155 Intercompany eliminations ​ ​ (44,734) ​ ​ (36,806) ​ ​ (6,932) ​ ​ (5,961) Total ​ $ 834,255 ​ $ 646,099 ​ ​ 134,990 ​ ​ 87,837 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (6,704) ​ ​ (7,383) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 128,286 ​ ​ 80,454 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (6,039) ​ ​ (8,188) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 122,247 ​ $ 72,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,138,378 ​ $ 942,442 ​ $ 172,702 ​ $ 129,994 Distribution ​ ​ 524,965 ​ ​ 430,558 ​ ​ 78,241 ​ ​ 48,825 Intercompany eliminations ​ ​ (86,290) ​ ​ (73,673) ​ ​ (13,460) ​ ​ (11,795) Total ​ $ 1,577,053 ​ $ 1,299,327 ​ ​ 237,483 ​ ​ 167,024 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (13,311) ​ ​ (16,581) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 224,172 ​ ​ 150,443 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (26,425) ​ ​ (16,690) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 197,747 ​ $ 133,753 (a) All of our operations are located in the U.S. (b) Segment operating profit includes an allocation of general corporate expenses attributable to the operating segments which is based on direct benefit or usage (such as salaries of corporate employees who directly support the segment). (c) General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases
Schedule of components of lease expense	The components of lease expense were as follows and are primarily included in cost of sales on the accompanying unaudited condensed consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Operating lease cost (a) ​ $ 12,636 ​ $ 12,096 ​ $ 24,446 ​ $ 24,367 Short-term lease cost ​ ​ 3,844 ​ ​ 2,813 ​ ​ 7,198 ​ ​ 5,877 Sublease income ​ ​ (215) ​ ​ (49) ​ ​ (421) ​ ​ (111) Net lease cost ​ $ 16,265 ​ $ 14,860 ​ $ 31,223 ​ $ 30,133
Schedule of future minimum lease payments	Future minimum lease payments under non-cancellable operating leases as of June 30, 2021 were as follows, in thousands: ​ ​ ​ ​ Payments due by Period ​ 2021 ​ $ 21,141 2022 ​ ​ 34,701 2023 ​ ​ 23,826 2024 ​ ​ 16,212 2025 ​ ​ 11,147 2026 & Thereafter ​ ​ 7,791 Total future minimum lease payments ​ ​ 114,818 ​ ​ ​ ​ Less: imputed interest ​ ​ (9,688) ​ ​ ​ ​ Lease liability at June 30, 2021 ​ $ 105,130
Schedule of cash flow information	The amount below is included in the cash flows provided by (used in) operating activities section on the accompanying unaudited condensed consolidated statements of cash flows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 Cash paid for amounts included in the measurement of lease liabilities ​ $ (21,072) ​ $ (21,544)

Income Per Share (Tables)

Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Income Per Share
Schedule of basic and diluted income per share	​ Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 Net income (in thousands) - basic and diluted ​ $ 90,380 ​ $ 55,496 ​ $ 150,222 ​ $ 106,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 32,865,303 ​ ​ 32,867,842 ​ ​ 32,846,016 ​ ​ 33,018,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 15,456 ​ ​ 47,618 ​ ​ 25,538 ​ ​ 59,419 RSAs with market-based conditions ​ ​ 118,102 ​ ​ 146,496 ​ ​ 132,600 ​ ​ 138,760 RSAs with performance-based conditions ​ ​ 59,167 ​ ​ 17,314 ​ ​ 54,094 ​ ​ 33,546 Stock options ​ ​ 119,407 ​ ​ 123,153 ​ ​ 131,859 ​ ​ 151,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 33,177,435 ​ ​ 33,202,423 ​ ​ 33,190,107 ​ ​ 33,401,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 2.75 ​ $ 1.69 ​ $ 4.57 ​ $ 3.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 2.72 ​ $ 1.67 ​ $ 4.53 ​ $ 3.18
Summary of shares excluded from the calculation of diluted income per share because their effect would have been anti-dilutive	The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ 2021 2020 2021 2020 ​ Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 1,815 ​ ​ 7,281 ​ ​ 2,323 ​ ​ 6,276 ​ RSAs with market-based conditions ​ ​ 11,128 ​ ​ — ​ ​ 8,320 ​ ​ 4,171 ​ RSAs with performance-based conditions ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Stock options ​ ​ 24,066 ​ ​ 61,370 ​ ​ 17,916 ​ ​ 46,718 ​ Total anti-dilutive common stock equivalents ​ ​ 37,009 ​ ​ 68,651 ​ ​ 28,559 ​ ​ 57,165 ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-Based Compensation
Schedule of share-based compensation expense and related income tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Share-based compensation expense ​ $ 2,266 ​ $ 5,130 ​ $ 5,377 ​ $ 9,038 Income tax benefit realized ​ $ 228 ​ $ 1,396 ​ $ 3,320 ​ $ 6,896
Schedule of share-based compensation activity	The following table presents a summary of our share-based compensation activity for the six months ended June 30, 2021, in thousands, except per share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs ​ Stock Options ​ ​ Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Aggregate Balance December 31, 2020 ​ 324.8 ​ $ 87.79 ​ 239.7 ​ $ 24.33 ​ $ 68.86 ​ $ 27,612.1 Granted ​ 60.1 ​ $ 246.26 ​ 24.1 ​ $ 89.59 ​ $ 214.58 ​ ​ ​ Converted/Exercised ​ (143.1) ​ $ 81.34 ​ (51.9) ​ $ 21.97 ​ $ 61.30 ​ $ 7,039.9 Forfeited/Expired ​ (9.0) ​ $ 89.62 ​ — ​ $ — ​ $ — ​ ​ ​ Balance June 30, 2021 ​ 232.8 ​ $ 113.04 ​ 211.9 ​ $ 32.33 ​ $ 87.28 ​ $ 23,809.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable June 30, 2021 (a) ​ ​ ​ ​ 115.7 ​ $ 20.97 ​ $ 57.86 ​ $ 16,187.5 (a) The weighted average remaining contractual term for vested stock options is approximately 6.3 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards	Unrecognized share-based compensation expense related to unvested awards is shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ ​ Unrecognized Compensation Expense ​ Weighted Average RSAs ​ $ 12,153 ​ ​ 1.3 Stock options ​ ​ 2,479 ​ ​ 1.2 Total unrecognized compensation expense related to unvested awards ​ $ 14,632 ​ ​ ​
Schedule of key inputs used to estimate the fair value of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Measurement period (years) ​ ​ 2.87 ​ ​ ​ 2.88 ​ Risk free interest rate ​ ​ 0.22 % ​ ​ 1.40 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 298.66 ​ ​ $ 158.24 ​
Schedule of assumptions used to estimate the fair values of options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Risk free interest rate ​ ​ 0.76 % ​ ​ 1.53 % Expected volatility, using historical return volatility and implied volatility ​ ​ 43.29 % ​ ​ 31.50 % Expected life (in years) ​ ​ 6.0 ​ ​ ​ 6.0 ​ Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of stock options at grant date ​ $ 89.59 ​ ​ $ 39.49 ​
Performance-based conditions | Restricted Stock Awards
Share-Based Compensation
Schedule of the range of payouts and the related expense for RSAs with performance-based conditions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payout Ranges and Related Expense RSAs with Performance-Based Conditions ​ Grant Date Fair Value ​ 0% ​ 25% ​ 100% ​ 200% February 18, 2019 ​ $ 2,138 ​ $ — ​ $ 535 ​ $ 2,138 ​ $ 4,276 February 17, 2020 ​ $ 2,665 ​ $ — ​ $ 666 ​ $ 2,665 ​ $ 5,330 February 16, 2021 ​ $ 2,564 ​ $ — ​ $ 641 ​ $ 2,564 ​ $ 5,128

Share Repurchase Program (Table

Share Repurchase Program (Tables)	6 Months Ended
	Jun. 30, 2021
Share Repurchase Program
Schedule of share repurchase program	The following table sets forth our share repurchases under the 2019 Repurchase Program during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 ​ 2020 ​ 2021 2020 Number of shares repurchased ​ ​ 73,747 ​ ​ 262,889 ​ ​ 123,031 ​ ​ 524,444 (a) Share repurchase cost (in thousands) ​ $ 14,182 ​ $ 20,025 $ 24,038 ​ $ 34,152 (a) The six months ended June 30, 2020 includes 73,455 shares we received as final settlement of our 2019 ASR Agreement.

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations
Summary of businesses acquired	The estimated fair values of the assets acquired and liabilities assumed for the 2021 acquisitions approximated the following as of June 30, 2021, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Acquisitions ​ LCR ABS ​ All Others ​ Total Estimated fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ — ​ $ 24 ​ $ — ​ $ 24 Accounts receivable ​ ​ 16,041 ​ ​ 14,167 ​ ​ 1,765 ​ ​ 31,973 Inventories ​ ​ 806 ​ ​ 8,458 ​ ​ 1,018 ​ ​ 10,282 Prepaid and other assets ​ ​ 83 ​ ​ 477 ​ ​ — ​ ​ 560 Property and equipment ​ ​ 3,730 ​ ​ 7,013 ​ ​ 1,713 ​ ​ 12,456 ROU assets ​ ​ 518 ​ ​ 8,843 ​ ​ 1,086 ​ ​ 10,447 Intangible assets ​ ​ 16,040 ​ ​ 38,670 ​ ​ 5,200 ​ ​ 59,910 Goodwill ​ ​ 19,453 ​ ​ 58,628 ​ ​ 6,457 ​ ​ 84,538 Accounts payable ​ ​ (2,105) ​ ​ — ​ ​ (464) ​ ​ (2,569) Lease liabilities ​ ​ (518) ​ ​ (8,843) ​ ​ (1,086) ​ ​ (10,447) All other liabilities ​ ​ (381) ​ ​ (1,279) ​ ​ 68 ​ ​ (1,592) Net assets acquired ​ $ 53,667 ​ $ 126,158 ​ $ 15,757 ​ $ 195,582
Schedule of fair value of contingent consideration	​ ​ ​ ​ ​ ​ ​ ​ Viking Cooper Date of Acquisition ​ July 15, 2019 ​ February 20, 2020 Fair value of contingent consideration recognized at acquisition date ​ $ 1,243 ​ $ 1,000 ​ ​ ​ ​ ​ ​ ​ Contingent consideration at December 31, 2020 ​ $ 910 ​ $ 1,000 Change in fair value of contingent consideration during the six months ended June 30, 2021 ​ ​ 33 ​ ​ (850) Payment of contingent consideration during the six months ended June 30, 2021 ​ ​ — ​ ​ (150) Liability balance for contingent consideration at June 30, 2021 ​ $ 943 ​ $ —
Schedule of pro forma results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ Unaudited Pro Forma for the ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 ​ 2020 2021 ​ 2020 Net sales ​ $ 836,459 ​ $ 712,492 ​ $ 1,623,456 ​ $ 1,436,349 Net income ​ $ 90,468 ​ $ 58,012 ​ $ 151,869 ​ $ 111,797
2021 Acquisitions
Business Combinations
Summary of businesses acquired	The tables below provide a summary of businesses acquired in 2021 including, for significant acquisitions, the net sales and net income (loss) incurred for the three and six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ June 30, 2021 2021 Acquisitions ​ Date Cash Paid ​ Contingent Consideration ​ Total Purchase Price ​ Goodwill Acquired ​ Net Sales ​ Net Income (Loss) ​ Net Sales ​ Net Income (Loss) LCR ​ ​ 1/20/2021 ​ $ 53,667 ​ $ — ​ $ 53,667 ​ $ 19,453 ​ $ 12,250 ​ $ (94) ​ ​ 20,556 ​ ​ (616) ABS ​ ​ 4/5/2021 ​ ​ 126,158 ​ ​ — ​ ​ 126,158 ​ ​ 58,628 ​ ​ 36,723 ​ ​ 1,668 ​ ​ 36,723 ​ ​ 1,668 All others ​ ​ Various ​ ​ 15,757 ​ ​ — ​ ​ 15,757 ​ ​ 6,457 ​ ​ 4,035 ​ ​ 441 ​ ​ 4,602 ​ ​ 466 Total ​ ​ ​ ​ $ 195,582 ​ $ — ​ $ 195,582 ​ $ 84,538 ​ $ 53,008 ​ $ 2,015 ​ $ 61,881 ​ $ 1,518
Schedule of estimates of acquired intangible assets related to the acquisitions	Estimates of acquired intangible assets related to the 2021 acquisitions are as follows, as of June 30, 2021, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value Weighted Average Estimated Useful Life (Years) 2021 Acquisitions ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 54,520 ​ ​ 12 Trademarks and trade names ​ ​ 5,390 ​ ​ 10 Total intangible assets acquired ​ $ 59,910 ​ ​ 12
Schedule of additional expense included in the pro forma operating profit and net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ Unaudited Pro Forma for the ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Depreciation & amortization ​ $ 17 ​ $ 3,112 ​ $ 1,927 ​ $ 6,360 Income tax expense (using 26% effective tax rate) ​ $ 34 ​ $ 956 ​ $ 653 ​ $ 2,087
2020 Acquisitions
Business Combinations
Summary of businesses acquired	The table below provides a summary as of June 30, 2021 for businesses acquired during the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Acquisitions ​ Date Cash Paid ​ Contingent Consideration ​ Total Purchase Price ​ Goodwill Acquired Cooper ​ ​ 2/20/2020 ​ $ 10,500 ​ $ 1,000 ​ $ 11,500 ​ $ 5,700 Hunter ​ ​ 2/24/2020 ​ ​ 9,100 ​ ​ — ​ ​ 9,100 ​ ​ 5,300 Total ​ ​ ​ ​ $ 19,600 ​ $ 1,000 ​ $ 20,600 ​ $ 11,000

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities.
Schedule of components of accrued liabilities	The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and commissions ​ $ 47,995 ​ $ 34,584 Insurance liabilities ​ ​ 23,280 ​ ​ 22,007 Employee tax-related liabilities ​ ​ 12,646 ​ ​ 12,603 Deferred revenue ​ ​ 10,081 ​ ​ 6,542 Sales & property taxes ​ ​ 7,127 ​ ​ 6,939 Customer rebates ​ ​ 5,695 ​ ​ 6,191 Interest payable on long-term debt ​ ​ 4,436 ​ ​ 3,924 Other ​ ​ 15,257 ​ ​ 15,159 Total accrued liabilities ​ $ 126,517 ​ $ 107,949

Other Commitments and Conting_2

Other Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Other Commitments and Contingencies
Summary of outstanding bonds	The following table summarizes our outstanding performance, licensing, insurance and other bonds, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2021 ​ 2020 Outstanding bonds: ​ ​ ​ ​ ​ ​ Performance bonds ​ $ 114,962 ​ $ 102,534 Licensing, insurance, and other bonds ​ ​ 28,446 ​ ​ 27,633 Total bonds ​ $ 143,408 ​ $ 130,167

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2021segment
Basis of Presentation
Number of reportable segments	2

Accounting Policies - Recently

Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Recently Adopted Accounting Pronouncements
Retained earnings	$ (1,026,882)	$ (876,660)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Recently Adopted Accounting Pronouncements
Retained earnings			$ 3,200

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue Recognition
Net sales	$ 834,255	$ 646,099	$ 1,577,053	$ 1,299,327
Insulation and accessories
Revenue Recognition
Net sales	661,140	507,010	1,255,704	1,027,196
Glass and windows
Revenue Recognition
Net sales	47,167	39,371	90,214	80,690
Gutters
Revenue Recognition
Net sales	53,003	41,869	92,894	75,402
All other
Revenue Recognition
Net sales	72,945	57,849	138,241	116,039
Residential
Revenue Recognition
Net sales	652,610	505,534	1,229,394	1,012,266
Commercial
Revenue Recognition
Net sales	181,645	140,565	347,659	287,061
Operating Segment | Installation
Revenue Recognition
Net sales	605,625	466,569	1,138,378	942,442
Operating Segment | Installation | Insulation and accessories
Revenue Recognition
Net sales	478,076	360,999	895,673	730,995
Operating Segment | Installation | Glass and windows
Revenue Recognition
Net sales	47,167	39,371	90,214	80,690
Operating Segment | Installation | Gutters
Revenue Recognition
Net sales	22,416	21,577	41,774	40,506
Operating Segment | Installation | All other
Revenue Recognition
Net sales	57,966	44,622	110,717	90,251
Operating Segment | Installation | Residential
Revenue Recognition
Net sales	486,266	370,969	904,343	744,250
Operating Segment | Installation | Commercial
Revenue Recognition
Net sales	119,359	95,600	234,035	198,192
Operating Segment | Distribution
Revenue Recognition
Net sales	273,364	216,336	524,965	430,558
Operating Segment | Distribution | Insulation and accessories
Revenue Recognition
Net sales	220,257	175,559	431,751	355,808
Operating Segment | Distribution | Gutters
Revenue Recognition
Net sales	36,851	25,979	62,689	45,970
Operating Segment | Distribution | All other
Revenue Recognition
Net sales	16,256	14,798	30,525	28,780
Operating Segment | Distribution | Residential
Revenue Recognition
Net sales	203,063	163,615	395,108	326,071
Operating Segment | Distribution | Commercial
Revenue Recognition
Net sales	70,301	52,721	129,857	104,487
Intercompany Eliminations and Other Adjustments
Revenue Recognition
Net sales	(44,734)	(36,806)	(86,290)	(73,673)
Intercompany Eliminations and Other Adjustments | Insulation and accessories
Revenue Recognition
Net sales	(37,193)	(29,548)	(71,720)	(59,607)
Intercompany Eliminations and Other Adjustments | Gutters
Revenue Recognition
Net sales	(6,264)	(5,687)	(11,569)	(11,074)
Intercompany Eliminations and Other Adjustments | All other
Revenue Recognition
Net sales	(1,277)	(1,571)	(3,001)	(2,992)
Intercompany Eliminations and Other Adjustments | Residential
Revenue Recognition
Net sales	(36,719)	(29,050)	(70,057)	(58,055)
Intercompany Eliminations and Other Adjustments | Commercial
Revenue Recognition
Net sales	$ (8,015)	$ (7,756)	$ (16,233)	$ (15,618)

Revenue Recognition - Other (De

Revenue Recognition - Other (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Contract Liabilities
Deferred revenue	$ 10,081	$ 6,542
Uncompleted Performance Obligations
Amount remaining on uncompleted performance obligations	$ 287,900
Expected timing of satisfaction of performance obligations	over the next 18 months
Receivables, net
Contract Assets
Receivables, unbilled	$ 65,464	48,839
Accrued liabilities
Contract Liabilities
Deferred revenue	$ 10,080	$ 6,542

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020USD ($)	Jun. 30, 2021USD ($)item
Changes in the carrying amount of goodwill
Number of reporting units | item		2
Impairment of goodwill	$ 0
Gross Goodwill, at beginning of period		$ 2,172,706
Additions		83,515
Gross Goodwill, at end of period	2,172,706	2,256,221
Accumulated Impairment Losses		(762,021)
Net Goodwill	1,410,685	1,494,200
Installation
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		1,726,356
Additions		82,825
Gross Goodwill, at end of period	1,726,356	1,809,181
Accumulated Impairment Losses		(762,021)
Net Goodwill		1,047,160
Distribution
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		446,350
Additions		690
Gross Goodwill, at end of period	$ 446,350	447,040
Net Goodwill		$ 447,040

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Other intangible assets
Gross Definite-lived intangible assets	$ 313,061		$ 313,061		$ 252,751
Accumulated Amortization	(75,488)		(75,488)		(62,146)
Net definite-lived intangible assets	237,573		237,573		$ 190,605
Amortization expense	$ 7,199	$ 5,358	$ 13,342	$ 10,630

Long-Term Debt - Reconciliation

Long-Term Debt - Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Long-Term Debt
Long-term debt	$ 717,539
Unamortized debt issuance costs	(13,064)	$ (7,479)
Total debt, net of unamortized debt issuance costs	704,475	706,722
Less: current portion of long-term debt	23,476	23,326
Total long-term debt	$ 680,999	$ 683,396
Senior Notes Due 2029
Long-Term Debt
Interest rate (as a percent)	3.625%
Long-term debt	$ 400,000
Senior Notes Due 2026
Long-Term Debt
Interest rate (as a percent)		5.625%
Long-term debt		$ 400,000
Term Loan Facility
Long-Term Debt
Long-term debt	296,250	288,750
Equipment Notes
Long-Term Debt
Long-term debt	$ 21,289	$ 25,451

Long-Term Debt - Schedule of de

Long-Term Debt - Schedule of debt maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Debt Maturity by Years:
2021	$ 11,704
2022	23,640
2023	26,950
2024	24,620
2025	28,125
Thereafter	602,500
Total principal maturities	717,539
Senior Notes
Schedule of Debt Maturity by Years:
Thereafter	400,000
Total principal maturities	400,000
Term Loan Facility
Schedule of Debt Maturity by Years:
2021	7,500
2022	15,000
2023	20,625
2024	22,500
2025	28,125
Thereafter	202,500
Total principal maturities	296,250	$ 288,750
Equipment Notes
Schedule of Debt Maturity by Years:
2021	4,204
2022	8,640
2023	6,325
2024	2,120
Total principal maturities	$ 21,289	$ 25,451

Long-Term Debt - Key Terms of C

Long-Term Debt - Key Terms of Credit Agreement (Details) - USD ($) $ in Thousands	Mar. 15, 2021	Mar. 08, 2021	Mar. 07, 2021	Jun. 30, 2021	Dec. 31, 2020
Long-Term Debt
Amount outstanding				$ 717,539
Debt Instrument Redemption Option One | Prior to March 15, 2024
Long-Term Debt
Redemption price as a percentage of principal				100.00%
Debt Instrument Redemption Option Two | Prior to March 15, 2024
Long-Term Debt
Redemption price as a percentage of principal				103.625%
Debt instrument, conditional redemption, threshold percentage of aggregate principal amount originally issued remains outstanding				60.00%
Debt Instrument Redemption Option Two | Maximum | Prior to March 15, 2024
Long-Term Debt
Redemption price, percentage of principal amount redeemed				40.00%
Revolving credit facility
Long-Term Debt
Availability				$ 450,000	$ 450,000
Term Loan Facility
Long-Term Debt
Amount outstanding				296,250	288,750
Senior Notes
Long-Term Debt
Amount outstanding				400,000
Equipment Notes
Long-Term Debt
Principal amount of debt					41,600
Amount outstanding				21,289	$ 25,451
Equipment notes issued				$ 0
Debt term				5 years
Equipment Notes | Minimum
Long-Term Debt
Interest rate (as a percent)				2.80%
Equipment Notes | Maximum
Long-Term Debt
Interest rate (as a percent)				4.40%
Amended Credit Agreement
Long-Term Debt
Additional term loan and/or revolver capacity available under incremental facility				$ 300,000
Scheduled maturity date				Mar. 20, 2026
Amended Credit Agreement | Minimum
Long-Term Debt
Commitment fee (as a percent)				0.15%
Amended Credit Agreement | Maximum
Long-Term Debt
Commitment fee (as a percent)				0.275%
Amended Credit Agreement | Base Rate
Long-Term Debt
Debt instrument, floor rate		1.00%	1.50%
Amended Credit Agreement | Eurodollar
Long-Term Debt
Debt instrument, floor rate		0.00%	0.50%
Amended Credit Agreement | Base Rate Borrowings | Minimum
Long-Term Debt
Applicable margin based on total leverage ratio				0.00%
Amended Credit Agreement | Base Rate Borrowings | Maximum
Long-Term Debt
Applicable margin based on total leverage ratio				1.00%
Amended Credit Agreement | Base Rate Borrowings | Federal Funds Rate
Long-Term Debt
Basis spread				0.50%
Amended Credit Agreement | Base Rate Borrowings | LIBOR
Long-Term Debt
Basis spread				1.00%
Maturity of the reference rate				1 month
Amended Credit Agreement | LIBOR Rate Borrowings
Long-Term Debt
Interest rate floor (as a percent)				0.00%
Amended Credit Agreement | LIBOR Rate Borrowings | Minimum
Long-Term Debt
Applicable margin based on total leverage ratio				1.00%
Amended Credit Agreement | LIBOR Rate Borrowings | Maximum
Long-Term Debt
Applicable margin based on total leverage ratio				2.50%
Amended Credit Agreement | Revolving credit facility
Long-Term Debt
Availability		$ 450,000		$ 450,000
Sublimit for issuance of letters of credit under Revolving Facility*		100,000		100,000
Sublimit for swingline loans under Revolving Facility*		35,000		$ 35,000
Interest rate				1.09%
Amended Credit Agreement | Term Loan Facility
Long-Term Debt
Availability		$ 300,000		$ 300,000
Amended Credit Agreement | Senior Notes | Change in Control Scenario
Long-Term Debt
Redemption price as a percentage of principal				101.00%
Senior Notes Due 2029 | Senior Notes
Long-Term Debt
Interest rate	3.625%
Interest rate (as a percent)	3.625%
Principal amount of debt	$ 400,000
Senior Notes Due 2026 | Senior Notes
Long-Term Debt
Interest rate (as a percent)	5.625%
Principal amount of debt	$ 400,000
Redemption price, percentage of principal amount redeemed	100.00%

Long-Term Debt - Other (Details

Long-Term Debt - Other (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Mar. 08, 2021	Dec. 31, 2020
Debt covenants
Maximum Net Leverage Ratio	3.50
Minimum Interest Coverage Ratio	3
Senior Notes | Event of Default Scenario | Amended Credit Agreement
Debt covenants
Minimum percentage of principal of debt holders to declare debt immediately due and payable	30.00%
Revolving credit facility
Long-Term Debt
Revolving Facility	$ 450,000		$ 450,000
Less: standby letters of credit	(71,211)		(60,382)
Availability under Revolving Facility	378,789		$ 389,618
Revolving credit facility | Amended Credit Agreement
Long-Term Debt
Revolving Facility	$ 450,000	$ 450,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2021USD ($)
Fair Value on Non-Recurring Basis
Amount outstanding	$ 717,539
Senior Notes
Fair Value on Non-Recurring Basis
Amount outstanding	400,000
Fair Value on Non-Recurring Basis | Level 1 fair value measurement | Senior Notes
Fair Value on Non-Recurring Basis
Fair value	$ 397,500

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment information
Net sales	$ 834,255	$ 646,099	$ 1,577,053	$ 1,299,327
Operating profit	128,286	80,454	224,172	150,443
Other expense, net	(6,039)	(8,188)	(26,425)	(16,690)
Income before income taxes	122,247	72,266	197,747	133,753
Gutters
Segment information
Net sales	53,003	41,869	92,894	75,402
Operating Segment
Segment information
Operating profit	134,990	87,837	237,483	167,024
Operating Segment | Installation
Segment information
Net sales	605,625	466,569	1,138,378	942,442
Operating profit	99,066	69,643	172,702	129,994
Operating Segment | Installation | Gutters
Segment information
Net sales	22,416	21,577	41,774	40,506
Operating Segment | Distribution
Segment information
Net sales	273,364	216,336	524,965	430,558
Operating profit	42,856	24,155	78,241	48,825
Operating Segment | Distribution | Gutters
Segment information
Net sales	36,851	25,979	62,689	45,970
Intercompany Eliminations and Other Adjustments
Segment information
Net sales	(44,734)	(36,806)	(86,290)	(73,673)
Intercompany Eliminations and Other Adjustments | Gutters
Segment information
Net sales	(6,264)	(5,687)	(11,569)	(11,074)
Intercompany Eliminations
Segment information
Net sales	(44,734)	(36,806)	(86,290)	(73,673)
Operating profit	(6,932)	(5,961)	(13,460)	(11,795)
Corporate
Segment information
General corporate expense, net	$ (6,704)	$ (7,383)	$ (13,311)	$ (16,581)

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Components of lease expense:
Operating lease cost	$ 12,636	$ 12,096	$ 24,446	$ 24,367
Short-term lease cost	3,844	2,813	7,198	5,877
Sublease income	(215)	(49)	(421)	(111)
Net lease cost	16,265	14,860	31,223	30,133
Variable lease cost	$ 1,808	$ 1,330	$ 3,505	$ 2,774

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) $ in Thousands	Jun. 30, 2021USD ($)
Future minimum lease payments under non-cancellable operating leases:
2021	$ 21,141
2022	34,701
2023	23,826
2024	16,212
2025	11,147
2026 & Thereafter	7,791
Total future minimum lease payments	114,818
Less: imputed interest	(9,688)
Lease liability at June 30, 2021	$ 105,130

Leases - Cash flows and other (

Leases - Cash flows and other (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases
Weighted average remaining lease term	3 years 8 months 12 days
Weighted average discount rate (as a percent)	3.40%
Cash paid for amounts included in the measurement of lease liabilities	$ (21,072)	$ (21,544)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Effective tax rate (as a percent)	26.10%	23.20%	24.00%	20.50%
Tax benefit related to share-based compensation	$ 228	$ 1,396	$ 3,320	$ 6,896

Income Per Share - Calculation

Income Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income - basic and diluted	$ 90,380	$ 59,842	$ 55,496	$ 50,771	$ 150,222	$ 106,268
Weighted average number of common shares outstanding - basic	32,865,303		32,867,842		32,846,016	33,018,148
Dilutive effect of common stock equivalents:
Stock options	119,407		123,153		131,859	151,262
Weighted average number of common shares outstanding - diluted	33,177,435		33,202,423		33,190,107	33,401,135
Basic net income per common share	$ 2.75		$ 1.69		$ 4.57	$ 3.22
Diluted net income per common share	$ 2.72		$ 1.67		$ 4.53	$ 3.18
Service-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	15,456		47,618		25,538	59,419
Market-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	118,102		146,496		132,600	138,760
Performance-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	59,167		17,314		54,094	33,546

Income Per Share - Anti-dilutiv

Income Per Share - Anti-dilutive common stock equivalents (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	37,009	68,651	28,559	57,165
Restricted Stock Awards | Service-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	1,815	7,281	2,323	6,276
Restricted Stock Awards | Market-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	11,128		8,320	4,171
Stock Options
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	24,066	61,370	17,916	46,718

Share-Based Compensation - Expe

Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-Based Compensation
Share-based compensation expense	$ 2,266	$ 5,130	$ 5,377	$ 9,038
Income tax benefit realized	$ 228	$ 1,396	$ 3,320	$ 6,896
2015 Plan
Share-Based Compensation
Number of shares available	2		2
2015 Plan | Maximum
Share-Based Compensation
Number of shares authorized	4		4

Share-Based Compensation - Acti

Share-Based Compensation - Activity (Details) - USD ($)	Feb. 16, 2021	Feb. 17, 2020	Feb. 18, 2019	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Stock Options, Number of Shares
Converted/Exercised (in shares)				(51,915)
Stock options, additional disclosures
Weighted average remaining contractual term for vested stock options					6 years 3 months 18 days
Unrecognized share-based compensation expense
Restricted stock awards, Unrecognized compensation expense					$ 12,153,000
Restricted stock awards, Weighted average remaining vesting period					1 year 3 months 18 days
Stock options, Unrecognized compensation expense					$ 2,479,000
Stock options, Weighted average remaining vesting period					1 year 2 months 12 days
Total unrecognized compensation expense related to unvested awards					$ 14,632,000
Restricted Stock Awards
Restricted Stock Awards, Number of Shares
Balance at beginning of period (in shares)				324,800	324,800
Granted (in shares)					60,100
Converted/Exercised (in shares)					(143,100)
Forfeited/Expired (in shares)					(9,000)
Balance at end of period (in shares)					232,800
Restricted Stock Awards, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)				$ 87.79	$ 87.79
Granted (in dollars per share)					246.26
Converted/Exercised (in dollars per share)					81.34
Forfeited/Expired (in dollars per share)					89.62
Balance at end of period (in dollars per share)					$ 113.04
Assumptions used to estimate the fair values of the awards granted:
Measurement period (years)					2 years 10 months 13 days	2 years 10 months 17 days
Risk free interest rate (as a percent)					0.22%	1.40%
Dividend yield (as a percent)					0.00%	0.00%
Estimated fair value of market-based RSAs at grant date (in dollars per share)					$ 298.66	$ 158.24
Restricted Stock Awards | Performance-based conditions
Restricted stock awards, additional disclosures
Grant date fair value	$ 2,564,000	$ 2,665,000	$ 2,138,000
Restricted Stock Awards | Performance-based conditions | Payout Range-0%
Restricted stock awards, additional disclosures
Payout range (as a percent)	0.00%	0.00%	0.00%
Restricted Stock Awards | Performance-based conditions | Payout Range-25%
Restricted stock awards, additional disclosures
Payout range (as a percent)	25.00%	25.00%	25.00%
Related expenses	$ 641,000	$ 666,000	$ 535,000
Restricted Stock Awards | Performance-based conditions | Payout Range-100%
Restricted stock awards, additional disclosures
Payout range (as a percent)	100.00%	100.00%	100.00%
Related expenses	$ 2,564,000	$ 2,665,000	$ 2,138,000
Restricted Stock Awards | Performance-based conditions | Payout Range-200%
Restricted stock awards, additional disclosures
Payout range (as a percent)	200.00%	200.00%	200.00%
Related expenses	$ 5,128,000	$ 5,330,000	$ 4,276,000
RSAs granted February 19, 2018 | Performance-based conditions
Restricted stock awards, additional disclosures
Cumulative period of achievement				3 years
Cumulative achievement percentage				200.00%
Total compensation expense recognized over the performance period, net of forfeitures				$ 3,700,000
Stock Options
Stock Options, Number of Shares
Balance at beginning of period (in shares)				239,700	239,700
Granted (in shares)					24,100
Converted/Exercised (in shares)					(51,900)
Balance at end of period (in shares)					211,900
Stock Options, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)				$ 24.33	$ 24.33
Granted (in dollars per share)					89.59
Converted/Exercised (in dollars per share)					21.97
Balance at end of period (in dollars per share)					32.33
Stock Options, Weighted Average Exercise Price Per Share
Balance at beginning of period (in dollars per share)				$ 68.86	68.86
Granted (in dollars per share)					214.58
Converted/Exercised (in dollars per share)					61.30
Balance at end of period (in dollars per share)					$ 87.28
Stock options, additional disclosures
Aggregate intrinsic value					$ 23,809,900		$ 27,612,100
Converted/Exercised aggregate intrinsic value					$ 7,039,900
Exercisable, Number of shares					115,700
Exercisable, Weighted Average Grant Date Fair Value Per Share					$ 20.97
Exercisable Weighted Average Exercise Price Per Share					$ 57.86
Exercisable, Aggregate Intrinsic Value					$ 16,187,500
Assumptions used to estimate the fair values of the awards granted:
Risk free interest rate (as a percent)					0.76%	1.53%
Expected volatility using historical return volatility and implied volatility (as a percent)					43.29%	31.50%
Expected life (in years)					6 years	6 years
Dividend yield (as a percent)					0.00%	0.00%
Estimated fair value of market-based RSAs at grant date (in dollars per share)					$ 89.59	$ 39.49

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		20 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Nov. 05, 2019	Feb. 22, 2019
Share Repurchase Program
Number of shares repurchased (in shares)	73,747	262,889		123,031	524,444
Share repurchase cost	$ 14,182	$ 20,025		$ 24,038	$ 34,152
2019 Share Repurchase Program
Share Repurchase Program
Amount remaining under repurchase program	$ 15,900			$ 15,900		$ 15,900
2019 ASR Agreement
Share Repurchase Program
Initial number of shares delivered under ASR agreement (in shares)							392,501
Initial percentage of shares delivered under ASR agreement							85.00%
Initial value of shares delivered under ASR agreement							$ 50,000
Number of shares repurchased (in shares)			73,455		73,455	465,956
Average price per share (in dollars per share)						$ 107.31
Maximum | 2019 Share Repurchase Program
Share Repurchase Program
Share repurchase program, authorized amount								$ 200,000

Business Combinations - Summary

Business Combinations - Summary (Details) - USD ($) $ in Thousands	Apr. 05, 2021	Jan. 20, 2021	Feb. 24, 2020	Feb. 20, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Combinations
Acquisition related costs					$ 0	$ 0	$ 700	$ 200
Pro Forma Results
Net sales					836,459	712,492	1,623,456	1,436,349
Net income (loss)					90,468	58,012	151,869	111,797
Depreciation & amortization					17	3,112	1,927	6,360
Income tax expense (using 26% effective tax rate)					34	956	$ 653	2,087
ETR (as a percent)							26.00%
Estimated fair values
Goodwill					1,494,200		$ 1,494,200		$ 1,410,685
2021 Acquisitions
Summary
Cash Paid							195,582
Total Purchase Price							195,582
Goodwill Acquired							84,538
Net Sales					53,008		61,881
Net Income (Loss)					2,015		1,518
Goodwill expected to be deducted for income tax purposes					84,500		84,500
Estimated fair values
Cash					24		24
Accounts receivable					31,973		31,973
Inventories					10,282		10,282
Prepaid and other assets					560		560
Property and equipment					12,456		12,456
ROU assets					10,447		10,447
Intangible assets					59,910		59,910
Goodwill					84,538		84,538
Accounts payable					(2,569)		(2,569)
Lease liabilities					(10,447)		(10,447)
All other liabilities					(1,592)		(1,592)
Net assets acquired					195,582		195,582
LCR Contractors
Summary
Cash Paid		$ 53,667
Total Purchase Price		53,667
Goodwill Acquired		$ 19,453
Net Sales					12,250		20,556
Net Income (Loss)					(94)		(616)
Estimated fair values
Accounts receivable					16,041		16,041
Inventories					806		806
Prepaid and other assets					83		83
Property and equipment					3,730		3,730
ROU assets					518		518
Intangible assets					16,040		16,040
Goodwill					19,453		19,453
Accounts payable					(2,105)		(2,105)
Lease liabilities					(518)		(518)
All other liabilities					(381)		(381)
Net assets acquired					53,667		53,667
ABS
Summary
Cash Paid	$ 126,158
Total Purchase Price	126,158
Goodwill Acquired	$ 58,628
Net Sales					36,723		36,723
Net Income (Loss)					1,668		1,668
Estimated fair values
Cash					24		24
Accounts receivable					14,167		14,167
Inventories					8,458		8,458
Prepaid and other assets					477		477
Property and equipment					7,013		7,013
ROU assets					8,843		8,843
Intangible assets					38,670		38,670
Goodwill					58,628		58,628
Lease liabilities					(8,843)		(8,843)
All other liabilities					(1,279)		(1,279)
Net assets acquired					126,158		126,158
All others
Summary
Cash Paid							15,757
Total Purchase Price							15,757
Goodwill Acquired							6,457
Net Sales					4,035		4,602
Net Income (Loss)					441		466
Estimated fair values
Accounts receivable					1,765		1,765
Inventories					1,018		1,018
Property and equipment					1,713		1,713
ROU assets					1,086		1,086
Intangible assets					5,200		5,200
Goodwill					6,457		6,457
Accounts payable					(464)		(464)
Lease liabilities					(1,086)		(1,086)
All other liabilities					68		68
Net assets acquired					$ 15,757		$ 15,757
2020 Acquisitions
Summary
Cash Paid									19,600
Contingent Consideration									1,000
Total Purchase Price									20,600
Goodwill Acquired									$ 11,000
Goodwill expected to be deducted for income tax purposes						$ 11,000		$ 11,000
Cooper Glass
Summary
Cash Paid				$ 10,500
Contingent Consideration				1,000
Total Purchase Price				11,500
Goodwill Acquired				$ 5,700
Hunter
Summary
Cash Paid			$ 9,100
Total Purchase Price			9,100
Goodwill Acquired			$ 5,300

Business Combinations - Intangi

Business Combinations - Intangibles (Details) - 2021 Acquisitions $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Estimates of acquired intangible assets
Estimated Fair Value	$ 59,910
Weighted Average Estimated Useful Life (Years)	12 years
Customer relationships
Estimates of acquired intangible assets
Estimated Fair Value	$ 54,520
Weighted Average Estimated Useful Life (Years)	12 years
Trademarks and trade names
Estimates of acquired intangible assets
Estimated Fair Value	$ 5,390
Weighted Average Estimated Useful Life (Years)	10 years

Business Combinations - Conting

Business Combinations - Contingent Consideration (Details) $ in Thousands	Feb. 20, 2020USD ($)	Jul. 15, 2019USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Contingent Consideration
Payment of contingent consideration				$ 413
Viking
Contingent Consideration
Contingent consideration, payment period		3 years
Contingent consideration, low end of range			$ 0
Contingent consideration, high end of range			1,500
Fair value of contingent consideration recognized at acquisition date		$ 1,243
Fair value of contingent consideration
Contingent consideration at beginning of period			910
Change in fair value of contingent consideration			33
Liability balance for contingent consideration at end of period			$ 943		$ 910
Viking | Contingent Consideration | Level 3
Contingent Consideration
Fair value of contingent consideration recognized at acquisition date		$ 1,200
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]			us-gaap:MeasurementInputDiscountRateMember
Discount rate (as a percent)			10
Fair value of contingent consideration
Payment of contingent consideration					(500)
Cooper Glass
Contingent Consideration
Contingent consideration, payment period	2 years
Contingent consideration, low end of range			$ 0
Contingent consideration, high end of range			1,000
Fair value of contingent consideration recognized at acquisition date	$ 1,000
Fair value of contingent consideration
Contingent consideration at beginning of period			1,000
Change in fair value of contingent consideration			(850)
Payment of contingent consideration			(150)
Liability balance for contingent consideration at end of period					$ 1,000
Cooper Glass | Contingent Consideration
Fair value of contingent consideration
Payment of contingent consideration			$ 200

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities.
Salaries, wages, and commissions	$ 47,995	$ 34,584
Insurance liabilities	23,280	22,007
Employee tax-related liabilities	12,646	12,603
Deferred revenue	10,081	6,542
Sales & property taxes	7,127	6,939
Customer rebates	5,695	6,191
Interest payable on long-term debt	4,436	3,924
Other	15,257	15,159
Total accrued liabilities	$ 126,517	$ 107,949

Other Commitments and Conting_3

Other Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Outstanding Bonds
Performance bonds	$ 114,962	$ 102,534
Licensing, insurance, and other bonds	28,446	27,633
Total bonds	$ 143,408	$ 130,167

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jul. 26, 2021USD ($)
Subsequent Event | Maximum | 2021 Share Repurchase Program
Subsequent Events
Share repurchase program, authorized amount	$ 200