Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | 'S-1 |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Trading Symbol | 'IBP |
Entity Registrant Name | 'INSTALLED BUILDING PRODUCTS, INC. |
Entity Central Index Key | '0001580905 |
Entity Filer Category | 'Non-accelerated Filer |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Current assets | ' | ' | ' |
Cash | $5,150 | $4,065 | $3,898 |
Restricted cash | 1,708 | 1,708 | 1,803 |
Accounts receivable | 57,970 | 58,351 | 46,100 |
Accounts receivable, related parties | 461 | 475 | 774 |
Inventories | 21,232 | 19,731 | 16,718 |
Deferred income taxes | ' | 42 | 726 |
Income taxes receivable | 174 | 41 | ' |
Deferred offering costs | ' | 5,156 | ' |
Other current assets | ' | 5,943 | ' |
Other current assets | 4,576 | 5,985 | 5,749 |
Total current assets | 91,271 | 95,512 | 75,768 |
Property and equipment, net | 32,702 | 29,475 | 17,931 |
Non-current assets | ' | ' | ' |
Goodwill | 50,545 | 49,328 | 49,146 |
Intangibles, net | 13,551 | 13,400 | 15,023 |
Other non-current assets | 3,900 | 3,355 | 2,884 |
Total non-current assets | 67,996 | 66,083 | 67,053 |
Total assets | 191,969 | 191,070 | 160,752 |
Current liabilities | ' | ' | ' |
Current maturities of long-term debt | 268 | 255 | 186 |
Current maturities of capital lease obligations | 8,277 | 7,663 | 3,822 |
Accounts payable | 43,488 | 40,114 | 34,330 |
Accounts payable, related parties | 1,076 | 539 | 2,133 |
Income taxes payable | ' | ' | 2,562 |
Accrued compensation | 7,806 | 8,942 | 7,562 |
Other current liabilities | 6,474 | 6,930 | 2,202 |
Total current liabilities | 67,389 | 64,443 | 52,797 |
Long-term debt | 19,107 | 27,771 | 17,705 |
Capital lease obligations, less current maturities | 16,109 | 14,370 | 8,362 |
Put option - Series A Preferred Stock | ' | 490 | 782 |
Deferred income taxes | 9,967 | 9,571 | 12,101 |
Other long-term liabilities | 10,352 | 9,006 | 9,626 |
Total liabilities | 122,924 | 125,651 | 101,373 |
Commitments and contingencies | ' | ' | ' |
Stockholders' deficit | ' | ' | ' |
Preferred Stock Value | ' | ' | ' |
Common Stock Value | 306 | 162 | 162 |
Additional paid in capital | 139,957 | ' | 3,959 |
Accumulated deficit | -71,218 | -71,591 | -11,603 |
Total stockholders' deficit | 69,045 | -71,429 | -7,482 |
Total liabilities, redeemable instruments and stockholders' deficit | 191,969 | 191,070 | 160,752 |
Series A Preferred Stock [Member] | ' | ' | ' |
Temporary Equity | ' | ' | ' |
Stock Value | ' | 55,838 | 49,615 |
Redeemable Common Stock [Member] | ' | ' | ' |
Temporary Equity | ' | ' | ' |
Stock Value | ' | $81,010 | $17,246 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | |||||
Allowance for doubtful accounts | $2,094 | $1,738 | $1,412 | $1,571 | $2,172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock, Par value | ' | ' | ' | ' | ' | $0 | $0.01 | ' | $0.01 | $0.01 | $0 | $0.01 | ' | $0.01 | $0.01 |
Stock, authorized | ' | ' | ' | ' | ' | 0 | 1,000 | ' | 1,000 | 1,000 | 0 | 5,850,000 | ' | 5,850,000 | ' |
Stock, Issued | ' | ' | ' | ' | ' | 0 | 1,000 | ' | 1,000 | 1,000 | 0 | 5,850,000 | ' | 5,850,000 | ' |
Stock, Outstanding | ' | ' | ' | ' | ' | 0 | 1,000 | 1,000 | 1,000 | 1,000 | 0 | 5,850,000 | 5,850,000 | 5,850,000 | 5,850,000 |
Preferred Stock Par Value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Authorized | 5,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Issued | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par Value | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Authorized | 100,000,000 | 27,200,862 | 27,200,862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Issued | 30,601,401 | 16,183,901 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Outstanding | 30,601,401 | 16,183,901 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net revenue | $105,946 | $91,962 | $431,929 | $301,253 | $238,447 |
Cost of sales | 79,541 | 69,688 | 322,241 | 227,210 | 181,221 |
Gross profit | 26,405 | 22,274 | 109,688 | 74,043 | 57,226 |
Operating expenses | ' | ' | ' | ' | ' |
Selling | 6,470 | 5,752 | 25,509 | 19,807 | 18,446 |
Administrative | 18,361 | 15,446 | 67,194 | 56,333 | 45,678 |
Management fees, related parties | ' | ' | ' | 4,300 | 4,760 |
Gain on litigation settlement | ' | ' | -31 | -6,975 | ' |
Amortization | 697 | 791 | 3,057 | 3,082 | 3,785 |
Other | ' | ' | 881 | -608 | 1,687 |
Operating (loss) income | 877 | 285 | 13,078 | -1,896 | -17,130 |
Other (income) expense | ' | ' | ' | ' | ' |
Interest expense | 588 | 462 | 2,257 | 1,979 | 3,673 |
Interest expense, related parties | ' | ' | ' | ' | 3,321 |
Gain on extinguishment of debt | ' | ' | ' | ' | -18,542 |
Other | -462 | 71 | -33 | -136 | 159 |
Non-operating income (expense) | 126 | 533 | 2,224 | 1,843 | -11,389 |
(Loss) income before income taxes | 751 | -248 | 10,854 | -3,739 | -5,741 |
Income tax provision | 350 | -5 | 4,216 | 555 | 1,449 |
Net (loss) income from continuing operations | 401 | -243 | 6,638 | -4,294 | -7,190 |
Discontinued operations | ' | ' | ' | ' | ' |
Loss (income) from discontinued operations | 45 | 287 | 960 | -3,835 | 2,455 |
Income tax (benefit) provision | -17 | ' | -362 | 1,447 | -660 |
Loss (income) from discontinued operations, net of income taxes | 28 | 287 | 598 | -2,388 | 1,795 |
Net (loss) income | 373 | -530 | 6,040 | -1,906 | -8,985 |
Gain on Extinguishment of Pre-Recapitalization Preferred Units | ' | ' | ' | ' | 85,040 |
Net income (loss) attributable to common shareholders | -19,524 | -2,017 | -183 | -7,435 | 73,623 |
Weighted average shares outstanding (basic and diluted) | 25,841,679 | 22,033,901 | 22,033,901 | 20,351,552 | 19,499,993 |
Net income (loss) per share (basic and diluted) | ' | ' | ' | ' | ' |
Income (loss) per share from continuing operations attributable to common stockholders (basic and diluted) | ($0.75) | ($0.08) | $0.02 | ($0.49) | $3.87 |
(Loss) income per share from discontinued operations attributable to common stockholders (basic and diluted) | ($0.01) | ($0.01) | ($0.03) | $0.12 | ($0.09) |
Income (loss) per share attributable to common stockholders (basic and diluted) | ($0.76) | ($0.09) | ($0.01) | ($0.37) | $3.78 |
Series A Preferred Stock [Member] | ' | ' | ' | ' | ' |
Discontinued operations | ' | ' | ' | ' | ' |
Accretion charges on Preferred Stock | -19,897 | -1,487 | -6,223 | -5,529 | -811 |
Pre-Recapitalization Redeemable Preferred Units [Member] | ' | ' | ' | ' | ' |
Discontinued operations | ' | ' | ' | ' | ' |
Accretion charges on Preferred Stock | ' | ' | ' | ' | ($1,621) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) AND REDEEMABLE INSTRUMENTS (UNAUDITED) (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit [Member] | Common Members' Deficit [Member] | Series A Preferred Stock [Member] | Redeemable Common Stock [Member] | Series A-2 Preferred [Member] | Pre-Recapitalization Redeemable Preferred Units [Member] |
In Thousands, except Share data | |||||||||
BALANCE at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | $110,454 |
BALANCE at Dec. 31, 2010 | -148,560 | ' | 500 | ' | -157,272 | ' | ' | 8,212 | ' |
BALANCE, Shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | 113,921,591 |
BALANCE, Shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | 8,211,865 | ' |
Capital contribution from stockholders | 12,628 | ' | ' | ' | 12,628 | ' | ' | ' | ' |
Stock-based compensation | 780 | ' | 780 | ' | ' | ' | ' | ' | ' |
Conversion upon Recapitalization | 112,082 | 137 | -26,108 | ' | 146,265 | 43,275 | 14,900 | -8,212 | -112,075 |
Conversion upon Recapitalization, Shares | ' | 13,649,993 | ' | ' | ' | 1,000 | 5,850,000 | -8,211,865 | -113,921,591 |
Forgiveness of related party debt | 36,813 | ' | 36,813 | ' | ' | ' | ' | ' | ' |
Deferred tax effects resulting from Recapitalization | -11,285 | ' | -10,573 | -712 | ' | ' | ' | ' | ' |
Net income | -8,985 | ' | ' | -8,985 | ' | ' | ' | ' | ' |
Accretion of Redeemable Preferred to Redemption Value | -2,432 | ' | -811 | ' | -1,621 | 811 | ' | ' | 1,621 |
Adjustments to Redeemable Common Stock fair value measurement | -601 | ' | -601 | ' | ' | ' | 601 | ' | ' |
BALANCE at Dec. 31, 2011 | ' | ' | ' | ' | ' | 44,086 | 15,501 | ' | ' |
BALANCE at Dec. 31, 2011 | -9,560 | 137 | ' | -9,697 | ' | ' | ' | ' | ' |
BALANCE, Shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | 1,000 | 5,850,000 | ' | ' |
BALANCE, Shares at Dec. 31, 2011 | ' | 13,649,993 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 4,100 | 25 | 4,075 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, Shares | ' | 2,533,908 | ' | ' | ' | ' | ' | ' | ' |
Capital contribution from stockholders | 2,500 | ' | 2,500 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 4,658 | ' | 4,658 | ' | ' | ' | ' | ' | ' |
Net income | -1,906 | ' | ' | -1,906 | ' | ' | ' | ' | ' |
Accretion of Redeemable Preferred to Redemption Value | -5,529 | ' | -5,529 | ' | ' | 5,529 | ' | ' | ' |
Adjustments to Redeemable Common Stock fair value measurement | -1,745 | ' | -1,745 | ' | ' | ' | 1,745 | ' | ' |
BALANCE at Dec. 31, 2012 | ' | ' | ' | ' | ' | 49,615 | 17,246 | ' | ' |
BALANCE at Dec. 31, 2012 | -7,482 | 162 | 3,959 | -11,603 | ' | ' | ' | ' | ' |
BALANCE, Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | 1,000 | 5,850,000 | ' | ' |
BALANCE, Shares at Dec. 31, 2012 | 16,183,901 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' |
Net income | -530 | ' | ' | -530 | ' | ' | ' | ' | ' |
Accretion of Redeemable Preferred to Redemption Value | -1,487 | ' | -1,487 | ' | ' | 1,487 | ' | ' | ' |
Adjustments to Redeemable Common Stock fair value measurement | -26,705 | ' | -2,472 | -24,233 | ' | ' | 26,705 | ' | ' |
BALANCE at Mar. 31, 2013 | ' | ' | ' | ' | ' | 51,102 | 43,951 | ' | ' |
BALANCE at Mar. 31, 2013 | -36,204 | 162 | ' | -36,366 | ' | ' | ' | ' | ' |
BALANCE, Shares at Mar. 31, 2013 | ' | ' | ' | ' | ' | 1,000 | 5,850,000 | ' | ' |
BALANCE, Shares at Mar. 31, 2013 | ' | 16,183,901 | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2012 | ' | ' | ' | ' | ' | 49,615 | 17,246 | ' | ' |
BALANCE at Dec. 31, 2012 | -7,482 | ' | 3,959 | -11,603 | ' | ' | ' | ' | ' |
BALANCE, Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | 1,000 | 5,850,000 | ' | ' |
BALANCE, Shares at Dec. 31, 2012 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 6,040 | ' | ' | 6,040 | ' | ' | ' | ' | ' |
Redemption of Redeemable Preferred Stock, value | ' | ' | ' | ' | ' | -75,735 | ' | ' | ' |
Accretion of Redeemable Preferred to Redemption Value | -6,223 | ' | -3,959 | -2,264 | ' | 6,223 | ' | ' | ' |
Adjustments to Redeemable Common Stock fair value measurement | -63,764 | ' | ' | -63,764 | ' | ' | 63,764 | ' | ' |
BALANCE at Dec. 31, 2013 | ' | ' | ' | ' | ' | 55,838 | 81,010 | ' | ' |
BALANCE at Dec. 31, 2013 | -71,429 | 162 | ' | -71,591 | ' | ' | ' | ' | ' |
BALANCE, Shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | 1,000 | 5,850,000 | ' | ' |
BALANCE, Shares at Dec. 31, 2013 | 16,183,901 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' |
Net income | 373 | ' | ' | 373 | ' | ' | ' | ' | ' |
Initial Public Offering (IPO), value | 78,988 | 86 | 78,902 | ' | ' | ' | ' | ' | ' |
Initial Public Offering (IPO), shares | ' | 8,567,500 | ' | ' | ' | ' | ' | ' | ' |
Redemption of Redeemable Preferred Stock, value | ' | ' | ' | ' | ' | -75,735 | ' | ' | ' |
Redemption of Redeemable Preferred Stock, shares | ' | ' | ' | ' | ' | -1,000 | ' | ' | ' |
Termination of Redemption Feature upon IPO | 89,367 | 58 | 89,309 | ' | ' | ' | -89,367 | ' | ' |
Termination of Redemption Feature upon IPO, Shares | ' | 5,850,000 | ' | ' | ' | ' | -5,850,000 | ' | ' |
Accretion of Redeemable Preferred to Redemption Value | -19,897 | ' | -19,897 | ' | ' | 19,897 | ' | ' | ' |
Adjustments to Redeemable Common Stock fair value measurement | -8,357 | ' | -8,357 | ' | ' | ' | 8,357 | ' | ' |
BALANCE at Mar. 31, 2014 | $69,045 | $306 | $139,957 | ($71,218) | ' | ' | ' | ' | ' |
BALANCE, Shares at Mar. 31, 2014 | 30,601,401 | 30,601,401 | ' | ' | ' | ' | ' | ' | ' |
BALANCE, Shares at Mar. 31, 2014 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net (loss) income | $373 | ($530) | $6,040 | ($1,906) | ($8,985) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | ' | ' | ' | ' | ' |
Depreciation and amortization of property and equipment | ' | ' | 8,374 | 4,637 | 4,405 |
Amortization of intangibles | ' | ' | 3,057 | 3,082 | 3,986 |
Amortization of deferred financing costs | ' | ' | 175 | 175 | 696 |
Provision for doubtful accounts | ' | ' | 1,038 | 482 | 2,156 |
Gain on sale of property and equipment | ' | ' | -372 | -1,280 | -240 |
Noncash stock compensation | ' | ' | ' | 4,658 | 780 |
Gain on extinguishment of debt | ' | ' | ' | ' | -18,542 |
Deferred income taxes | ' | ' | -1,782 | -767 | -1,536 |
Other | ' | ' | -292 | 210 | 2,761 |
Changes in assets and liabilities, excluding effects of acquisitions | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | -12,777 | -6,858 | -5,457 |
Inventories | ' | ' | -2,945 | -1,845 | 1,603 |
Other assets | ' | ' | -2,270 | -1,948 | -379 |
Accounts payable | ' | ' | 3,902 | 2,013 | -980 |
Income taxes payable | ' | ' | -2,602 | 2,339 | 1,225 |
Other liabilities | ' | ' | 4,678 | 1,602 | 5,752 |
Net cash (used in) provided by operating activities | 5,030 | -8,555 | 4,224 | 4,594 | -12,755 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Restricted cash | ' | 95 | 95 | ' | 459 |
Purchases of property and equipment | -749 | -635 | -2,665 | -2,929 | -1,062 |
Acquisitions of businesses | -2,006 | -687 | -1,181 | -823 | ' |
Proceeds from sale of property and equipment | 160 | 112 | 1,240 | 176 | 343 |
Proceeds from insurance | ' | ' | ' | 833 | 441 |
Net cash provided by (used in) investing activities | -2,595 | -1,115 | -2,511 | -2,743 | 181 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock, net of costs | 87,645 | ' | ' | ' | ' |
Redemption of Redeemable Preferred Stock | -75,735 | ' | ' | ' | ' |
(Payments) proceeds from revolving line of credit, net | -8,714 | 9,965 | 10,038 | 486 | -4,472 |
Proceeds from refinancing revolving line of credit | ' | ' | ' | ' | 16,744 |
Principal payments on long term debt | -296 | -46 | -513 | -511 | -9,960 |
Payments on capital lease obligations | -2,120 | -1,141 | -6,625 | -2,956 | -2,181 |
Payments for deferred offering costs | -2,130 | ' | -4,446 | ' | ' |
Capital contributions | ' | ' | ' | 2,500 | 12,628 |
Deferred financing activities | ' | ' | ' | ' | -814 |
Net cash (used in) provided by financing activities | -1,350 | 8,778 | -1,546 | -481 | 11,945 |
Net change in cash | 1,085 | -892 | 167 | 1,370 | -629 |
Cash at beginning of period | 4,065 | 3,898 | 3,898 | 2,528 | 3,157 |
Cash at end of period | 5,150 | 3,006 | 4,065 | 3,898 | 2,528 |
Supplemental disclosures of cash flow information Net cash paid during the period for: | ' | ' | ' | ' | ' |
Interest | 313 | 199 | 2,038 | 1,893 | 3,400 |
Income taxes, net of refunds | 467 | 4,157 | 8,254 | 378 | 199 |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Vehicles capitalized under capital leases and related lease obligations | 4,633 | 2,991 | 17,123 | 11,090 | 2,816 |
Common stock issued for acquisition of business | ' | ' | ' | 4,100 | ' |
Note payable issued in connection with acquisition of business | ' | 300 | 300 | 571 | ' |
Notes payable issued for acquisition of assets | ' | ' | ' | 115 | ' |
Unpaid offering costs | $2,085 | ' | $710 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Cash Flows [Abstract] | ' | ' | ' |
Acquisitions of businesses, cash acquired | $0 | $375 | $0 |
ORGANIZATION
ORGANIZATION | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||
ORGANIZATION | ' | ' | ||||||||||||
NOTE 1 – ORGANIZATION | NOTE 1 – ORGANIZATION AND RECAPITALIZATION | |||||||||||||
Installed Building Products, Inc. (“IBP”), a Delaware corporation formed on October 28, 2011, and its subsidiaries (collectively referred to as the “Company” and “we”, “us” and “our”), primarily install insulation, garage doors, rain gutters, shower doors, closet shelving and mirrors, and other products for residential and commercial builders located in the continental United States. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. IBP operates in over 100 locations within the continental United States and its corporate office is located in Columbus, Ohio. | Installed Building Products, Inc. (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly owned subsidiaries (collectively referred to as the “Company” and “we”, “us” and “our”), primarily install insulation, garage doors, rain gutters, shower doors, closet shelving and mirrors, and other products for residential and commercial builders located in the continental United States. IBP operates in over 100 locations within the continental United States and its corporate office is located in Columbus, Ohio. | |||||||||||||
We have one operating segment and a single reportable segment. Substantially all of our sales come from service based installation of various products in the existing and new residential and commercial construction end markets. Each of our branches has the capacity to serve all of our end markets. For the three months ended March 31, 2014, 88.1% of our net revenue was attributable to new and existing residential construction, with the remaining 11.9% attributable to commercial construction. For the three months ended March 31, 2013, 87.9% of our net revenue was attributable to new and existing residential construction, with the remaining 12.1% attributable to commercial construction. | We have one operating segment and a single reportable segment. Substantially all of our sales come from service based installation of various products in the existing and new residential and commercial construction end markets. Each of our branches has the capacity to serve all of our end markets. For the year ended December 31, 2011, 83.6% of our net revenue was attributable to new and existing residential construction, with the remaining 16.4% attributable to commercial construction. For the year ended December 31, 2012, 86.2% of our net revenue was attributable to new and existing residential construction, with the remaining 13.8% attributable to commercial construction. For the year ended December 31, 2013, 89.0% of our net revenue was attributable to new and existing residential construction, whereas 11.0% was attributable to commercial construction. | |||||||||||||
2014 Initial Public Offering (“IPO”) | The following is a summary of the annual percentage of installation net revenue by product category: | |||||||||||||
On February 10, 2014, in anticipation of the IPO, we executed a 19.5-for-one stock split of our common stock which was originally a total of 1,129,944 shares of common stock issued and outstanding. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. Following the split we had 22,033,901 stock-split adjusted shares of common stock issued and outstanding. | ||||||||||||||
On February 19, 2014, we completed an IPO of our common stock, which resulted in the sale of 8,567,500 shares, bringing the total number of shares issued and outstanding as of March 31, 2014 to 30,601,401. We received total proceeds from the IPO of $87,645 after excluding underwriter discounts and commissions of $6,597, based upon the price of $11.00 per share. We used $75,735 of the proceeds from our IPO to redeem our Redeemable Preferred Stock and $11,910 to pay down our revolving credit facility. The common stock is listed on The New York Stock Exchange under the symbol “IBP.” See Note 6, Stockholders’ Equity (Deficit) and Redeemable Instruments, for further information. | Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | ||||||||||||
Insulation | 72 | % | 74 | % | 74 | % | ||||||||
Garage doors | 10 | % | 8 | % | 8 | % | ||||||||
Shower doors, shelving and mirrors | 6 | % | 6 | % | 6 | % | ||||||||
Rain gutters | 5 | % | 6 | % | 6 | % | ||||||||
Other building products | 7 | % | 6 | % | 6 | % | ||||||||
100 | % | 100 | % | 100 | % | |||||||||
2011 Recapitalization | ||||||||||||||
Overview of Recapitalization – On November 4, 2011, through a series of transactions, we merged our historical operations of IBP Holdings, LLC (“IBP I”) and IBP Holdings II, LLC (“IBP II”), and their respective operating subsidiaries, into the newly formed holding company, IBP, as part of a merger of entities under common control (the “Merger”). The Merger was accounted for in a manner similar to that of a pooling of interests. The consolidated financials are presented as if the Merger had taken place effective January 1, 2011. Additionally, on November 4, 2011, we entered into a series of transactions with IBP I and IBP II stockholders and debt holders that extinguished the majority of our then-outstanding debt and equity instruments and in exchange IBP issued new debt and equity instruments (collectively with the Merger, referred to as the “Recapitalization”). | ||||||||||||||
Prior to the Recapitalization: | ||||||||||||||
In 2010, related parties IBP Funding Company, LLC and Primstone Funding Company, LLC purchased $27,778 of outstanding senior secured indebtedness, from certain lenders in IBP I’s credit facility, which was converted into a second lien position (the “IBP I Second Lien Debt”). Also in 2010, a related party, Edwards IBP Holdings, LLC purchased $8,212 of subordinated debt and equity in IBP I held by a third party, which was converted into preferred equity in IBP I (“Preferred Units”). | ||||||||||||||
Through a series of purchases in July 2011, Cetus Capital II, LLC (“Cetus”) purchased the remaining $77,642 of IBP I’s outstanding first lien senior secured indebtedness (the “IBP I First Lien Debt”). Certain of our owners made a capital contribution to IBP II, which was used by IBP II to repay $12,010 of outstanding indebtedness under its credit facility (the “IBP II Credit Facility”). | ||||||||||||||
As part of the Recapitalization: | ||||||||||||||
On October 28, 2011, CCIB Holdco, Inc., now known as “IBP”, was formed. IBP then formed four subsidiaries: IBHL A Holding Company, Inc. (“IBHL A”), IBHL B Holding Company, Inc. (“IBHL B”), IBHL II-A Holding Company, Inc. (“IBHL II-A”) and IBHL II-B Holding Company, Inc. (“IBHL II-B”). | ||||||||||||||
On November 3, 2011, the IBP I Second Lien Debt of $27,778 was cancelled by IBP Funding Company, LLC and Primstone Funding Company, LLC and $4,308 of interest owed was forgiven, $3,321 of which related to expense for the year ended December 31, 2011, resulting in a gain from extinguishment of $32,086 that was recorded to additional paid-in capital, as this was an extinguishment with related parties. Additionally, on November 3, 2011, notes payable of $3,781 were cancelled and $946 of interest owed was forgiven, resulting in a gain from extinguishment of $4,727 that was recorded to additional paid-in capital, as this was an extinguishment with a related party. | ||||||||||||||
On November 4, 2011, Cetus contributed the IBP I First Lien Debt to IBP in exchange for 1,000 shares of IBP Series A preferred stock (“IBP Series A Preferred Stock”) and 5,850,000 shares of redeemable common stock of IBP (“Redeemable Common Stock”). The newly issued shares of Common Stock and IBP Series A Preferred Stock were recorded at their respective fair values of $14,900 and $43,275. The difference between the balance of the First Lien debt of $77,642 (including accrued interest of $2,380) as of November 3, 2011 and the fair value of Common Stock and IBP Series A Preferred Stock of $59,100, which includes $925 attributable to the fair value of the embedded put option which was required to be bifurcated and accounted for separately, was recorded as a gain on extinguishment of debt of $18,542 in the 2011 Consolidated Statement of Operations, which was equal to approximately $0.95 in earnings per common share on both a basic and diluted income per share basis. | ||||||||||||||
Additionally, as a part of our Recapitalization, we entered into a stockholders agreement, or the Stockholders Agreement, relating to our common and preferred stock. The Stockholders Agreement provides for certain restrictions on the ability of our stockholders to transfer shares of our equity securities. Certain holders of our equity securities were granted put rights, drag-along rights and pre-emptive rights. | ||||||||||||||
IBP contributed the first lien debt to IBHL A and IBHL B in exchange for stock in those companies. IBHL A and IBHL B then contributed the First Lien Debt to IBP I in exchange for membership interests in IBP I. The existing owners of IBP I and IBP II transferred their membership interests in IBP I and IBP II to IBP Investment Holdings, LLC (“IBPIH”), an IBP shareholder, in exchange, through a series of mergers, for IBP stock. $25,978 was recorded to additional paid-in capital in the 2011 Consolidated Balance Sheet based on the carrying value of the IBP I and IBP II contributed equity in excess of the fair value of the IBP Common Stock received. | ||||||||||||||
In accordance with authoritative standards, the Company recorded a gain attributable to the common stockholders on the extinguishment of the pre-Recapitalization Preferred units. The gain of $85,040 represents the excess of the carrying amount of the Series A1, Series A2, and Series B Preferred units immediately prior to the recapitalization over the fair value of the Common Stock issued to those holders in connection with the recapitalization and is recorded as a component of stockholders’ equity. | ||||||||||||||
Recapitalization Impact on Stock Based Awards – Additionally, IBP Management Holdings, LLC (“IBPMH”) and IBPIH (holding company investors in IBP) were formed and previous holders of stock appreciation rights units in IBP I agreed to terminate their stock appreciation rights units in exchange for membership interest units in IBPMH and IBPIH for no additional consideration. | ||||||||||||||
On various dates subsequent to the issuing of membership units in IBPMH and IBPIH, agreements (the “Employee Puts”) were entered into between Jeff Edwards (our Chairman, President, Chief Executive Officer and controlling shareholder of IBP through indirect holding companies), as an individual, and certain IBP employees with respect to the employees’ membership units in IBPMH and IBPIH, which allowed the holders to sell the units, at a fixed price, to Jeff Edwards. As of January 2014, all remaining Employee Puts between Jeffrey Edwards and employees remained unexercised and expired. | ||||||||||||||
For details on the accounting policy for these awards, see Note 2, Significant Accounting Policies. | ||||||||||||||
2014 Initial Public Offering (“IPO”) | ||||||||||||||
On February 19, 2014, we completed an IPO of our common stock, which resulted in the sale of 8,567,500 shares. We received total proceeds from the IPO of $94,242 based upon the price of $11.00 per share. We used $6,597 of the proceeds from our IPO to pay underwriting fees, $75,735 to redeem our Redeemable Preferred Stock and $11,910 to pay down our revolving credit facility. The common stock is listed on The New York Stock Exchange under the symbol “IBP.” | ||||||||||||||
On February 10, 2014, in anticipation of the IPO, we executed a 19.5-for-one stock split of our common stock which was originally a total of 1,129,944 shares of common stock issued and outstanding. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. Following the split we had 22,033,901 stock-split adjusted shares of common stock issued and outstanding. See Note 7, Stockholders’ Deficit and Redeemable Instruments. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ' | ||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ||||
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | |||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | |||||
The accompanying condensed consolidated financial statements include all wholly owned subsidiaries and majority owned subsidiaries. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. All intercompany accounts and transactions have been eliminated. | We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include all wholly owned subsidiaries and majority owned subsidiaries. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. All intercompany accounts and transactions have been eliminated. | |||||
The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the audited consolidated financial statements and the notes thereto included elsewhere in this prospectus. The December 31, 2013 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP. Unless otherwise indicated, all amounts are in thousands except share and per share amounts. | Use of Estimates | |||||
Our interim operating results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected in future operating quarters. See the section captioned “Risk Factors” elsewhere in this prospectus, for additional information regarding risk factors that may impact our results. | Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, valuation of the reporting unit, intangible assets and other long-lived assets, share based compensation, reserves for general liability, workers’ compensation and medical insurance and common stock and preferred stock. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates. | |||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, describe the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no significant changes in our critical accounting estimates during the three months ended March 31, 2014. | Cash and Cash Equivalents | |||||
Use of Estimates | We consider all highly-liquid investments purchased with original term to maturity of three months or less to be cash equivalents. All such items referenced herein are classified as cash and we have no items classified as cash equivalents as of the years ended December 31, 2012 or 2013. Substantially all cash is held in one bank. The bank provides FDIC coverage of $250 per depositor. Included in accounts payable are outstanding checks of $1,480 and $1,770 as of December 31, 2012 and 2013, respectively. Included in accrued compensation are outstanding checks of $506 and $328 as of December 31, 2012 and 2013, respectively. We manage our cash to a zero balance account and borrow funds under our Revolving Line of Credit (the “LOC”) to cover outstanding checks. See Note 5, Long-Term Debt, for further details on the LOC. | |||||
Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, intangible assets and other long-lived assets, share based compensation, reserves for general liability, workers’ compensation, and medical insurance, as well as common stock and redeemable preferred stock prior to our IPO. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates. | Restricted Cash | |||||
Advertising Costs | Restricted cash consists of deposits held by our insurance carrier for general liability and workers’ compensation reserves. Restricted cash is not considered cash and cash equivalents for purposes of the statements of cash flows. Classification between current and long-term is dependent upon the timing of the intended use of each particular reserve. | |||||
Advertising costs are expensed as incurred. Advertising expense was approximately $343 and $385 for the three months ended March 31, 2014 and 2013, respectively, and is included in selling expense on the Condensed Consolidated Statements of Operations. | Revenue Recognition | |||||
Deferred Offering Costs | Revenue from the sale and installation of products is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable and (iv) the ability to collect is reasonably assured. Revenue from the sale and installation of products is recognized net of adjustments and discounts and at the time the installation is complete. | |||||
Included on the Condensed Consolidated Balance Sheet at December 31, 2013 are deferred expenses related to our IPO totaling $5,156. See Note 1, Organization, for further details of our IPO. These deferred expenses were charged against equity upon the completion of the IPO in accordance with U.S. GAAP. As of March 31, 2014, we charged total offering costs of $8,661 against equity. | Business Combinations | |||||
Recently Adopted Accounting Pronouncements | The purchase price for business combinations is allocated to the estimated fair values of acquired tangible and intangible assets, including goodwill, and assumed liabilities, where applicable. Additionally, we recognize customer relationships, trademarks and trade names, and non-competition agreements as identifiable intangible assets. These assets are recorded at fair value as of the transaction date. The fair value of these intangibles is determined primarily using the income approach and using current industry information which involves significant unobservable inputs (Level 3 inputs). These inputs include projected sales, margin, and tax rate. | |||||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendment clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013 and should be retrospectively applied to all comparative periods presented. We have concluded that this ASU has not had a material impact on our consolidated financial statements because the scope clarification does not change our position for the three months ended March 31, 2014. | Accounts Receivable | |||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)”. This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. We have concluded that this ASU will not have a material impact on our consolidated financial statements. | We account for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. We do not accrue interest on any of our trade receivables. | |||||
Recently Issued Accounting Pronouncements Not Yet Adopted | ||||||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements. | Allowance for Doubtful Accounts | |||||
We maintain an allowance for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The allowance is determined by management based on our historical losses, specific customer circumstances, and general economic conditions. We analyze aged accounts receivable and generally increase the allowance as receivables age. Management reviews accounts receivable and records an allowance for specific customers based on current circumstances and charges off the receivable against the allowance when all attempts to collect the receivable have failed. This analysis is performed regularly and the allowance is adjusted accordingly. | ||||||
Allowance for doubtful accounts receivable | ||||||
January 1, 2011 | $ | 2,172 | ||||
Charged to costs and expenses | 2,156 | |||||
Charged to other accounts (1) | 337 | |||||
Deductions (2) | (3,094 | ) | ||||
December 31, 2011 | 1,571 | |||||
Charged to costs and expenses | 482 | |||||
Charged to other accounts (1) | 563 | |||||
Deductions (2) | (1,204 | ) | ||||
December 31, 2012 | 1,412 | |||||
Charged to costs and expenses | 1,038 | |||||
Charged to other accounts (1) | 479 | |||||
Deductions (2) | (1,191 | ) | ||||
December 31, 2013 | $ | 1,738 | ||||
-1 | Recovery of receivables previously written off as bad debt | |||||
-2 | Write-off of uncollectible accounts receivable | |||||
Deferred Offering Costs | ||||||
Included on the Consolidated Balance Sheet at December 31, 2013 are deferred expenses related to our February 19, 2014 Initial Public Offering totaling $5,156. See Note 1, Organization, for further details of our Initial Public Offering. | ||||||
Concentration of Credit Risk | ||||||
Credit risk is our risk of financial loss from the non-performance of a contractual obligation on the part of our counterparty. Such risk arises principally from our receivables from customers and cash and bank balances. Substantially all of our trade accounts receivable are from entities engaged in residential and commercial construction. We perform periodic credit evaluations of our customers’ financial condition. The general credit risk of our counterparties is not considered to be significant. In addition, no individual customer made up more than 3.0% of net revenue for the years ended December 31, 2011, 2012 and 2013. | ||||||
Inventories | ||||||
Inventories consist of insulation, garage doors, rain gutters, shower doors, mirrors, closet shelving and other products. We install these products but do not manufacture them. We value inventory at the lower of cost or market with cost determined using the first-in, first-out (“FIFO”) method. As of December 31, 2012 and 2013, all inventory was finished goods. | ||||||
Property and Equipment | ||||||
Property and equipment are stated at cost, less accumulated depreciation. We provide for depreciation and amortization of property and equipment using the straight-line method, over the expected useful lives of the assets. Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term. Expected useful lives of property and equipment vary but generally are the shorter of lease life or five years for vehicles, three to five years for furniture, fixtures and equipment, shorter of lease life or five years for leasehold improvements and 30 years for buildings. | ||||||
Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recorded. | ||||||
Goodwill | ||||||
Goodwill results from business combinations and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Annually, on October 1, or if conditions indicate an earlier review is necessary, we assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount and if it is necessary to perform the quantitative two-step goodwill impairment test. If we perform the quantitative test, we compare the carrying value of the reporting unit to an estimate of the reporting unit’s fair value to identify potential impairment. The estimate of the reporting unit’s fair value is determined by weighting a discounted cash flow model and a market- related model using current industry information that involve significant unobservable inputs (Level 3 inputs). In determining the estimated future cash flow, we consider and apply certain estimates and judgments, including current and projected future levels of income based on management’s plans, business trends, prospects and market and economic conditions and market-participant considerations. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed to determine the amount of the potential goodwill impairment. If impaired, goodwill is written down to its estimated implied fair value. | ||||||
Impairment of Other Intangible and Long-Lived Assets | ||||||
Other intangible assets consist of customer relationships, non-competition agreements and business trademarks and trade names. Amortization of finite lived intangible assets is recorded to reflect the pattern of economic benefits based on projected revenues over their respective estimated useful lives (customer relationships – 10 years, non-competition agreements – two to five years and business trademarks and trade names – eight to 15 years). We do not have any indefinite-lived intangible assets other than goodwill. | ||||||
We review long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. When impairment is identified, the carrying amount of the asset is reduced to its estimated fair value. Assets to be disposed of are recorded at the lower of net book value or fair market value less cost to sell at the date management commits to a plan of disposal. An intangible asset impairment related to continuing operations of $1,687 and $352 is included in other operating expenses for the years ended December 31, 2011 and 2012, respectively. In 2011, the impairment charges also included $1,074 of impaired intangibles related to discontinued operations. There is no impairment loss for the year ended December 31, 2013. | ||||||
Other Liabilities | ||||||
Our workers’ compensation insurance is primarily under a high-deductible insurance policy and our general liability insurance is under a self-insured retention program (“SIR”). We are insured for covered claims above the deductible and SIR. The liabilities represent our best estimate of our costs, using generally accepted actuarial reserving methods, of the ultimate obligations for reported claims plus those incurred but not reported for all claims incurred through December 31, 2011, 2012 and 2013. We establish case reserves for reported claims using case-basis evaluation of the underlying claims data and we update as information becomes known. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals and adjust our recorded provisions. | ||||||
The assumptions underlying the ultimate costs of existing claim losses are subject to a high degree of unpredictability, which can affect the liability recorded for such claims. For example, variability in inflation rates of health care costs inherent in workers’ compensation claims can affect the ultimate costs. Similarly, changes in legal trends and interpretations, as well as a change in the nature and method of how claims are settled can affect ultimate costs. Our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables, and any changes could have a considerable effect on future claim costs and currently recorded liabilities. | ||||||
Advertising Costs | ||||||
Advertising costs are expensed as incurred. Advertising expense was approximately $1,440, $1,694 and $1,610 for the years ended December 31, 2011, 2012 and 2013, respectively, and is included in selling expense on the Consolidated Statements of Operations. | ||||||
Other Operating Expenses | ||||||
A net gain on litigation settlement of $6,975 and $31 was recognized in 2012 and 2013, respectively, due to the settlement of a class action lawsuit in which we were one of the plaintiffs. The lawsuit related to excess material prices being charged by certain manufacturers and was settled in 2012. | ||||||
Also included in other operating expenses in 2012 is a $960 gain from insurance proceeds related to the replacement of property and equipment and business interruption due to a fire at a single location in 2011. We paid $1,407 of settlement expenses in 2013 related to two lawsuits against us. $881 of these settlement expenses is included in other operating expenses in 2013. The remaining expense is included in Administrative Operating Expenses. See Note 11, Commitments and Contingencies, for further information about these lawsuits. | ||||||
Deferred Financing Costs | ||||||
Deferred financing costs totaling $496 and $321, net are amortized over the term of the related debt using the effective interest method and are included in other non-current assets on the Consolidated Balance Sheets as of December 31, 2012 and 2013, respectively. The related amortization expense of these costs was $696, $175, and $175 and is included in interest expense on the Consolidated Statements of Operations for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||
Share-Based Compensation | ||||||
As further described in Note 1, Organization and Recapitalization, two of our stockholders, issued membership interests in their equity to certain of our employees (the “Awards”). Certain of these employees were granted Employee Puts. | ||||||
When the employees received the Awards, the then fair value of the Awards less any consideration in exchange for the Awards was recorded as compensation expense. In accordance with the terms of the Awards, they were deemed equity-classified instruments as there is no service or vesting period associated with these Awards and all compensation expense was recognized upon issuance. | ||||||
Upon issuance of the Employee Puts, the then fair value of the Employee Puts received was recorded as compensation expense over the service period, if applicable. The Employee Puts are deemed to be liability-classified instruments that are directly associated with the Awards. As such, both the Awards and the Employee Puts are accounted for as liability-classified instruments as of the issuance date of the Employee Put. During the period for which the Employee Puts are exercisable, both the Employee Puts and the associated Awards are re-measured to fair value each reporting period. | ||||||
It was assumed that Employee Puts will be exercised at the greater of the fixed price or fair market value. In the absence of a publicly traded market, the fair market value of the Employee Puts and underlying units are estimated primarily using discounted cash flow and, secondarily, using other market-related models that factor in current industry trends. In determining the estimated future cash flow, we consider and apply certain estimates and judgments, including current and projected future levels of income based on management’s plans, business trends, prospects and market and economic conditions and market-participant considerations. The adjustment to the carrying fair value is based upon an equity rate of return for a public company in our industry with similar financial trends and characteristics. The fair value of our common stock is used to determine the value of the Employee Puts based on their ownership interest. | ||||||
Because the awards were granted by a related party as compensation to our employees, the compensation associated with the awards and the related puts was pushed down by the related parties to IBP and recorded as non-cash compensation expense. This expense totaled $780 and $4,658 in 2011 and 2012, respectively, and is included in administrative expenses on our Consolidated Statement of Operations. There was no similar expense recognized in 2013. | ||||||
Effective November 30, 2013, the Employee Puts between Jeffrey Edwards and our other executive officers were terminated. | ||||||
Self-Insurance Liabilities | ||||||
We use a combination of insurance and self-insurance for a number of risks, including, but not limited to, workers’ compensation, general liability, vehicle liability, property and our obligation for employee-related health care benefits. Liabilities relating to these claims associated with these risks are estimated by considering historical claims experience, including frequency, severity, demographic factors, and other actuarial assumptions. In estimating our liability for such claims, we periodically analyze our historical trends, including loss development, and apply appropriate loss development factors to the incurred costs associated with the claims with the assistance of external actuarial consultants. | ||||||
Income Taxes | ||||||
We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. | ||||||
Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, the ability to produce future taxable income, tax planning strategies available and recent financial operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and changes in accounting policies and incorporate assumptions including the amount of future federal and state pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we use to manage the underlying businesses. | ||||||
Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on our results of operations, cash flows, or financial position. | ||||||
A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold to be recognized. | ||||||
We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Liabilities related to uncertain tax positions are recorded in other long-term liabilities on the Consolidated Balance Sheets. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which the new information becomes available. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense in the Consolidated Statements of Operations. Accrued interest and penalties are recognized in accrued expenses on the Consolidated Balance Sheets. | ||||||
Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States which includes numerous state and local jurisdictions. Significant judgments and estimates are required in determining the income tax expense, deferred tax assets and liabilities and the reserve for unrecognized tax benefits. | ||||||
Discontinued Operations | ||||||
We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase Company value. This review entails an evaluation of both external market factors and our position in each market and over time has resulted in the decision to discontinue certain locations. Customers of discontinued locations will not be served by other locations. There were no material assets or liabilities related to our discontinued operations as of December 31, 2012 or 2013. Discontinued operations were not segregated in the Consolidated Statements of Cash Flows. | ||||||
Estimated Fair Value of Financial Instruments | ||||||
Accounts receivable, accounts payable, and accrued liabilities as of December 31, 2012 and 2013 approximate their fair value due to the short-term maturities of these financial instruments. The carrying amounts of the long-term debt under the revolving line of credit approximates its fair value as of December 31, 2012 and 2013 due to the short term maturities of the underlying variable rate LIBOR agreements. This represents a Level 2 fair value measurement. | ||||||
Recently Adopted Accounting Pronouncements | ||||||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendment clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013 and should be retrospectively applied to all comparative periods presented. We have concluded that this ASU will not have a material impact on our consolidated financial statements because the Company has already implemented the provisions of ASU 2011-11 and the scope clarification does not change our position for the year ended December 31, 2013. | ||||||
Recently Issued Accounting Pronouncements Not Yet Adopted | ||||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)”. This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. We have concluded that this ASU will not have a material impact on our consolidated financial statements | ||||||
In December 2013, the FASB issued ASU 2013-12, “Definition of a Public Business Entity: An Addition to the Master Glossary.” This update amends the Master Glossary of the FASB Accounting Standards Codification to include one definition of public business entity for future use in U.S. GAAP. This update also identifies the types of business entities that are excluded from the scope of the Guide. The amendment specifies that an entity that is required by the SEC to file or furnish financial statements with the SEC, or does file or furnish financial statements with the SEC, is considered a public business entity. Based on this definition we have concluded that the Company is a public business entity under the new standard. There is no effective date for the amendment however the term business public entity will be used in future Accounting Standards Updates. We have concluded that this ASU will not have a material impact on our consolidated financial statements. |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
NOTE 3 – PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consisted of the following: | |||||||||
As of December 31, | As of December 31, | ||||||||
2012 | 2013 | ||||||||
Land | $66 | $66 | |||||||
Buildings | 218 | 218 | |||||||
Leasehold improvements | 3,492 | 3,640 | |||||||
Furniture, fixtures and equipment | 16,606 | 15,720 | |||||||
Vehicles and equipment | 47,814 | 61,971 | |||||||
68,196 | 81,615 | ||||||||
Less: accumulated deprecation and amortization | (50,265 | ) | (52,140 | ) | |||||
$17,931 | $29,475 | ||||||||
Property and equipment as of December 31, 2012 and 2013 of $38,742 and $37,360, respectively, were fully depreciated. Depreciation and amortization expense during the years ended December 31, 2011, 2012 and 2013 was $4,405, $4,637 and $8,374, respectively. |
GOODWILL_AND_INTANGIBLES
GOODWILL AND INTANGIBLES | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLES | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
NOTE 3 – GOODWILL AND INTANGIBLES | NOTE 4 – GOODWILL AND INTANGIBLES | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | |||||||||||||||||||||||||||||||||||||||||||||||||
During the three months ended March 31, 2014, goodwill increased $1,217 as a result of our acquisition of U.S. Insulation Corp. (“U.S. Insulation”). See Note 11, Business Combinations, for more information. Goodwill did not change during the three months ended March 31, 2013. | The change in carrying amount of goodwill was as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
We test goodwill for impairment annually during the fourth quarter of our fiscal year or at an earlier date if there is an impairment indicator. We tested goodwill for impairment as of October 1, 2013. No impairment was recognized during either of the three month periods ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | Years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the gross carrying amount and accumulated amortization for each major class of intangibles: | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 118,316 | $ | 119,150 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | Accumulated impairment losses | (70,004 | ) | (70,004 | ) | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Net Goodwill | 48,312 | 49,146 | ||||||||||||||||||||||||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | Goodwill from business combinations | 834 | 182 | ||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized intangibles: | Ending balances: | |||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 21,958 | $ | (14,839 | ) | $ | 7,119 | $ | 21,412 | $ | (14,403 | ) | $ | 7,009 | Goodwill | 119,150 | 119,332 | |||||||||||||||||||||||||||||||||
Covenants not-to-compete | 426 | (180 | ) | 246 | 356 | (160 | ) | 196 | Accumulated impairment losses | (70,004 | ) | (70,004 | ) | |||||||||||||||||||||||||||||||||||||
Trademarks and tradenames | 12,098 | (5,912 | ) | 6,186 | 11,882 | (5,687 | ) | 6,195 | ||||||||||||||||||||||||||||||||||||||||||
Net Goodwill | $ | 49,146 | $ | 49,328 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 34,482 | $ | (20,931 | ) | $ | 13,551 | $ | 33,650 | $ | (20,250 | ) | $ | 13,400 | |||||||||||||||||||||||||||||||||||||
No impairment of goodwill was recognized for the years ended December 31, 2011, 2012 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense on intangible assets totaled $697 and $791 during the three months ended March 31, 2014 and 2013, respectively. Remaining estimated aggregate annual amortization expense is as follows (amounts are for the fiscal year ended): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | ||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the gross carrying amount and accumulated amortization for each major class of intangibles: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Remainder of 2014 | $ | 2,035 | ||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2,543 | |||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2,199 | As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 1,610 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 1,399 | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 3,765 | Carrying | Accumulated | Book | Carrying | Accumulated | Book | |||||||||||||||||||||||||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | |||||||||||||||||||||||||||||||||||||||||||||
Amortized intangibles: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 20,439 | $ | 12,425 | $ | 8,014 | $ | 21,412 | $ | 14,403 | $ | 7,009 | ||||||||||||||||||||||||||||||||||||||
Covenants not-to-compete | 1,021 | 761 | 260 | 356 | 160 | 196 | ||||||||||||||||||||||||||||||||||||||||||||
Trademarks and tradenames | 11,545 | 4,796 | 6,749 | 11,882 | 5,687 | 6,195 | ||||||||||||||||||||||||||||||||||||||||||||
$ | 33,005 | $ | 17,982 | $ | 15,023 | $ | 33,650 | $ | 20,250 | $ | 13,400 | |||||||||||||||||||||||||||||||||||||||
An intangible asset impairment related to continuing operations of $1,687 and $352 for impaired customer relationships and trademarks and trade names relating to certain branch name changes is included in other operating expenses on the Consolidated Statement of Operations for the years ended December 31, 2011 and 2012, respectively. In 2011, the impairment charges also included $1,074 of impaired intangibles related to discontinued operations. There is no impairment loss for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense on intangible assets totaled $3,986, $3,082 and $3,057 during the years ended December 31, 2011, 2012 and 2013, respectively. Remaining estimated aggregate annual amortization expense is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 2,659 | ||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2,456 | |||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2,113 | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 1,524 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 1,313 | |||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 3,335 |
LONGTERM_DEBT
LONG-TERM DEBT | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||
LONG-TERM DEBT | ' | ' | ||||||||||||||||
NOTE 4 – LONG-TERM DEBT | NOTE 5 – LONG-TERM DEBT | |||||||||||||||||
Debt consists of the following: | Debt consists of the following: | |||||||||||||||||
March 31, | December 31, | As of December 31, | ||||||||||||||||
2014 | 2013 | 2012 | 2013 | |||||||||||||||
Revolving Line of Credit | $ | 18,555 | $ | 27,269 | Revolving Lines of Credit | $ | 17,231 | $ | 27,269 | |||||||||
Various notes payable, maturing through December 2016; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0% | 820 | 757 | ||||||||||||||||
Various notes payable, maturing through December 2016; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0% | 660 | 757 | ||||||||||||||||
19,375 | 28,026 | |||||||||||||||||
Less: current maturities | (268 | ) | (255 | ) | 17,891 | 28,026 | ||||||||||||
Less: current maturities | (186 | ) | (255 | ) | ||||||||||||||
Long-term debt, less current maturities | $ | 19,107 | $ | 27,771 | ||||||||||||||
Long-term debt, less current maturities | $ | 17,705 | $ | 27,771 | ||||||||||||||
We are a party to a revolving loan and security agreement with a lender (the “Credit Agreement”) (most recently amended on January 27, 2014). The Credit Agreement provides for a Revolving Line of Credit (the “LOC”) with a maximum limit of $50,000. The LOC is due May 4, 2016 with interest at either 1) the Eurodollar rate (“LIBOR”) or 2) the Alternate Base Rate (which approximates the Prime Rate), plus a margin based on the type of rate applied. We had $16,000 and $24,500 outstanding on the LOC at 1-month LIBOR including margin (2.25%) as of March 31, 2014 and December 31, 2013, respectively. We also had $2,555 and $2,769 outstanding on the LOC at the Alternate Base Rate including margin (4.25%) as of March 31, 2014 and December 2013, respectively. | ||||||||||||||||||
The LOC permits borrowings based on a stated percentage of eligible accounts receivable and inventories. The borrowings on the LOC are also subject to a minimum availability reserve. We had additional available borrowings of $21,101 and $15,556 under our LOC as of March 31, 2014 and December 31, 2013, respectively. In addition, we are required to pay a monthly fee of 0.375% per annum on the average unused commitment under the LOC. Amounts outstanding under the Credit Agreement are collateralized by a first lien security position on all assets, including, but not limited to, all real estate, property, equipment, receivables and inventories. | ||||||||||||||||||
The Credit Agreement also contains various restrictive non-financial covenants that include more frequent borrowing base reporting if the minimum availability falls below a certain threshold, and several limitations on specific changes that would result in incurring additional debts or pledging our assets, including restrictions on distributions to be made to our stockholders. The Credit Agreement also contains a provision that upon an event of default (as defined within the Credit Agreement), amounts outstanding under the LOC would bear interest at the rate as determined above plus 2%. | We are a party to a revolving loan and security agreement with a lender (the “Credit Agreement”) (most recently amended in January, 2014). The Credit Agreement provides for a Revolving Line of Credit (the “LOC”) with a maximum limit of $50,000. The LOC is due May 4, 2016 with interest at either 1) the Eurodollar rate (“LIBOR”) or 2) the Alternate Base Rate (which approximates the Prime Rate), plus a margin based on the type of rate applied. We had $16,000 and $24,500 outstanding on the LOC at 1-month LIBOR including margin (2.25%—3.75%) as of December 31, 2012 and (2.25%) as of December 31, 2013. We also had $1,231 and $2,769 outstanding on the LOC at the Alternate Base Rate including margin (4.25%) as of December 31, 2012 and 2013, respectively. | |||||||||||||||||
The Credit Agreement also allows us to issue Letters of Credit not to exceed $10,000 in the aggregate. To support our insurance programs, there were outstanding Letters of Credit of $7,175 as of March 31, 2014 and December 31, 2013, respectively. | The LOC permits borrowings based on a stated percentage of eligible accounts receivable and inventories. The borrowings on the LOC are also subject to a minimum availability reserve. We have available borrowings of $15,492 and $15,556 under our LOC as of December 31, 2012 and 2013, respectively. In addition, we are required to pay a monthly fee of 0.375% per annum on the average unused commitment under the LOC. Amounts outstanding under the Credit Agreement are collateralized by a first lien security position on all assets, including, but not limited to, all real estate, property, equipment, receivables and inventories. | |||||||||||||||||
The Credit Agreement also contains various restrictive non-financial covenants that include more frequent borrowing base reporting if the minimum availability falls below a certain threshold, and several limitations on specific changes that would result in incurring additional debts or pledging our assets, including restrictions on distributions to be made to our stockholders. The Credit Agreement also contains a provision that upon an event of default (as defined within the Credit Agreement), amounts outstanding under the LOC would bear interest at the rate as determined above plus 2%. | ||||||||||||||||||
The Credit Agreement also allows us to issue Letters of Credit not to exceed $10,000 in the aggregate. To support our insurance programs, there were outstanding Letters of Credit of $8,389, $7,278 and $7,175 as of December 31, 2011, 2012 and 2013, respectively. | ||||||||||||||||||
IBP II was a party to a separate credit agreement with a different lender dated September 28, 2007 (as most recently amended on March 25, 2011). This credit agreement initially consisted of a revolving line of credit and a term loan. In March, 2011, certain of the then members of IBP II contributed $12,010 in the form of common members’ equity. These funds were then used to pay down amounts outstanding under the IBP II credit agreement. The IBP II credit agreement was fully repaid in connection with the Recapitalization. See Note 1, Organization and Recapitalization, for further details. | ||||||||||||||||||
Aggregate maturities of long-term debt are as follows: | ||||||||||||||||||
2014 | 255 | |||||||||||||||||
2015 | 284 | |||||||||||||||||
2016 | 27,487 | |||||||||||||||||
$ | 28,026 | |||||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ' | ||||||||||||||||||||||||||||||||
NOTE 5 – FAIR VALUE MEASUREMENTS | NOTE 6 – FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||
Fair Values | Fair Values | |||||||||||||||||||||||||||||||||
Fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | Fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||||||||||||||||||
The standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | The standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||||||||||||||||
Accounts receivable, accounts payable, and accrued liabilities as of March 31, 2014 and December 31, 2013 approximate their fair value due to the short-term maturities of these financial instruments. The carrying amounts of the long-term debt under the LOC approximates its fair value as of March 31, 2014 and December 31, 2013 due to the short term maturities of the underlying variable rate LIBOR agreements. This represents a Level 2 fair value measurement. | Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. | ||||||||||||||||||||||||||||||||||
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. | ||||||||||||||||||||||||||||||||||
Our Redeemable Preferred Stock was redeemed in February 2014 with proceeds from our IPO, eliminating the associated Put Option. In addition, the redeemable feature of our Redeemable Common Stock was terminated upon the IPO. See Note 1, Organization, “2014 Initial Public Offering,” for further information. As such, corresponding fair values are zero as of March 31, 2014. | ||||||||||||||||||||||||||||||||||
Balance as of | Quoted prices in | Significant other | Significant | |||||||||||||||||||||||||||||||
December 31, | active markets | observable inputs | unobservable | |||||||||||||||||||||||||||||||
Quoted prices in | Significant other | Significant | 2012 | Level 1 | Level 2 | inputs | ||||||||||||||||||||||||||||
December 31, | active markets | observable inputs | unobservable | Level 3 | ||||||||||||||||||||||||||||||
2013 | Level 1 | Level 2 | inputs | Put option - Series A Preferred Stock | $ | 782 | $ | — | $ | — | $ | 782 | ||||||||||||||||||||||
Level 3 | Redeemable Common Stock | 17,246 | — | — | 17,246 | |||||||||||||||||||||||||||||
Put option—Redeemable Preferred Stock | $ | 490 | $ | — | $ | — | $ | 490 | ||||||||||||||||||||||||||
Redeemable Common Stock | 81,010 | — | — | 81,010 | Total items measured at fair value on a recurring basis | $ | 18,028 | $ | — | $ | — | $ | 18,028 | |||||||||||||||||||||
Total items measured at fair value on a recurring basis | $ | 81,500 | $ | — | $ | — | $ | 81,500 | ||||||||||||||||||||||||||
The following is a general description of the valuation methodologies used for liabilities and mezzanine equity (which includes preferred redeemable and common stock) items measured at fair value as of December 31, 2013: | Balance as of | Quoted prices in | Significant other | Significant | ||||||||||||||||||||||||||||||
Put option – Redeemable Preferred Stock – We identified a certain embedded feature in the Redeemable Preferred Stock that was required to be bifurcated and accounted for as a derivative. The identified put option allowed Redeemable Preferred stockholders to put their shares upon a change in control. The estimated fair value of the put option on Redeemable Preferred Stock was determined using our estimates of the probability of a change in control during each period the option was outstanding in combination with the accreted fair value of the Redeemable Preferred Stock during the option period. Those resulting probabilities would then be calculated at net present value. | December 31, | active markets | observable inputs | unobservable | ||||||||||||||||||||||||||||||
Redeemable Common Stock – The estimated fair value of the redeemable feature of certain shares of our outstanding common stock was determined using a combination of discounted cash flows and market multiple approach modeling. The fair value was estimated using this method to mark the Redeemable Common Stock to market at each period end. The weighted average cost of capital (“WACC”) used was approximately 18% as of December 31, 2013. | 2013 | Level 1 | Level 2 | inputs | ||||||||||||||||||||||||||||||
Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 were as follows (in thousands): | Level 3 | |||||||||||||||||||||||||||||||||
Put option - Series A Preferred Stock | $ | 490 | $ | — | $ | — | $ | 490 | ||||||||||||||||||||||||||
Redeemable Common Stock | 81,010 | — | — | 81,010 | ||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 81,500 | ||||||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments | 8,357 | Total items measured at fair value on a recurring basis | $ | 81,500 | $ | — | $ | — | $ | 81,500 | ||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Operations | (490 | ) | ||||||||||||||||||||||||||||||||
Termination of Redemption Feature on common stock and Put Option | (89,367 | ) | The following is a general description of the valuation methodologies used for liabilities and mezzanine equity (which includes preferred redeemable and common stock) items measured at fair value: | |||||||||||||||||||||||||||||||
Put option – Series A Preferred Stock – We identified a certain embedded feature in the Series A Preferred Stock that was required to be bifurcated and accounted for as a derivative. The identified put option allows Series A Preferred stockholders to put their shares upon a change in control. The estimated fair value of the put option on Series A Preferred Stock is determined using our estimates of the probability of a change in control during each period the option is outstanding in combination with the accreted fair value of the Series A Preferred Stock during the option period. Those resulting probabilities are then calculated at net present value. An increase in the probability of the change in control would increase the fair value of the embedded derivative. | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2014 | $ | — | Redeemable Common Stock – The estimated fair value of the redeemable feature of certain shares of our outstanding common stock is determined using a combination of discounted cash flows and market multiple approach modeling. The fair value is estimated using this method to mark the Redeemable Common Stock to market at each period end. The weighted average cost of capital (“WACC”) used was approximately 13% and 18% as of December 31, 2012 and 2013, respectively, and an increase in the WACC would decrease the fair value of the Redeemable Common Stock. | |||||||||||||||||||||||||||||||
Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2012 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||
The unrealized gain related to the put option liabilities is recorded within other (income) expense on the Condensed Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 16,426 | ||||||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments | 1,745 | |||||||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Operations | (143 | ) | ||||||||||||||||||||||||||||||||
Balance as of January 1, 2013 | 18,028 | |||||||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments | 63,764 | |||||||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Operations | (292 | ) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 81,500 | ||||||||||||||||||||||||||||||||
The unrealized gain related to the put option liabilities is recorded within other (income) expense on the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis during the years ended December 31, 2012 and 2013 are categorized based on the lowest level of significant input to the valuation. The assets were measured at fair value as our impairment assessment indicated a carrying value for each of the assets in excess of the asset’s estimated fair value. In some circumstances, the impairment assessment was performed as a result of a portion of the business being classified as a discontinued operation. Discounted cash flows, a Level 3 input, were utilized in determining estimated fair values. An intangible asset impairment related to continuing operations of $1,687 and $352 is included in net (loss) income attributable to common stockholders for the years ended December 31, 2011 and 2012, respectively. In 2011, the impairment charges also included $1,074 of impaired intangibles related to discontinued operations. There is no impairment loss for the year ended December 31, 2012 related to discontinued operations. Also, there is no impairment loss for the year ended December 31, 2013. See the “Impairment of Long-Lived Assets” caption of Note 2, Significant Accounting Policies, for more information. |
STOCKHOLDERS_DEFICIT_AND_REDEE
STOCKHOLDERS' DEFICIT AND REDEEMABLE INSTRUMENTS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ' | ' |
STOCKHOLDERS' DEFICIT AND REDEEMABLE INSTRUMENTS | ' | ' |
NOTE 6 – STOCKHOLDERS’ EQUITY (DEFICIT) AND REDEEMABLE INSTRUMENTS | NOTE 7 – STOCKHOLDERS’ DEFICIT AND REDEEMABLE INSTRUMENTS | |
In anticipation of our IPO, we amended our Certificate of Incorporation on February 10, 2014 to, among other things, authorize additional shares of common and preferred stock. Following our IPO, on February 25, 2014, we further amended our Certificate of Incorporation to delete references to the Redeemable Preferred Stock, all of which was repurchased with proceeds from our IPO and subsequently retired and cancelled. As of March 31, 2014, we had 100,000,000 shares of common stock authorized and 30,601,401 issued and outstanding, as well as 5,000,000 shares of preferred stock authorized with zero issued and outstanding, all with par value of $0.01 per share. | As of December 31, 2011, we had 19,499,993 stock-split adjusted shares of common stock, authorized, issued and outstanding and 1,000 shares of Series A Preferred Stock, authorized, issued and outstanding, all with par value of $0.01. | |
In August 2012, we amended our Certificate of Incorporation to authorize 33,050,862 shares of Common Stock. As of December 31, 2012, we had 22,033,901 stock-split adjusted shares of common stock issued and outstanding and 1,000 shares of Series A Preferred Stock issued and outstanding all with par value of $0.01. During 2012, 2,533,908 shares of common stock were issued to the previous members of a business acquired. See Note 12, Business Combinations, for further details. | ||
As of December 31, 2013, we had 22,033,901 stock-split adjusted shares of common stock issued and outstanding and 1,000 shares of Series A Preferred Stock, authorized, issued and outstanding, all with par value of $0.01. | ||
Redeemable Instruments: | ||
The Series A Preferred Stock carries an optional redemption feature and can be redeemed, at the election of the holder, any time on or after July 31, 2016, but prior to July 31, 2021, at an amount equal to $75,735, three times the original issue price of $25,245, plus accrued dividends, if any (the “Redemption Price”). If the optional redemption is exercised and we are unable to settle the obligation with the holder, then dividends accrue at a rate of 25% on the portion of shares not redeemed. We may, at its election prior to the optional redemption date, redeem the shares of Series A Preferred Stock at the Redemption Price. As the redemption of the preferred shares is dependent on the passage of time, we have elected to accrete to the Redemption Price the value of the Series A Preferred Stock using the interest method, over the period from the issuance date until the earliest redemption date (July 31, 2016). This stock was redeemed in February 2014 with proceeds from our IPO. See Note 1, Organization and Recapitalization, “2014 Initial Public Offering,” and Note 15, Subsequent Events, for further details. | ||
One of our stockholders who owns 5,850,000 shares of Redeemable Common Stock has put rights that require us to repurchase its shares beginning in April 2019 at fair value determined at the redemption date. As the redemption price is equivalent to the fair value of the instrument, we adjust the carrying value of the Redeemable Common Stock to its fair value with an adjustment to equity. We also have a right to call 975,000 of these shares, at par value, before December 31, 2014 if we redeem all of the Series A Preferred Stock prior to that date. These put and call rights terminated upon our initial public offering of common stock. The redemption of this stock resulted in conversion of mezzanine status into stockholders’ equity. See Note 15, Subsequent Events, for further information. | ||
Upon dissolution of the Company and payment of all indebtedness to creditors, preferred stockholders are entitled to receive distributions for their preferred shares up to the Redemption Price prior to common stockholders. |
EMPLOYEE_BENEFITS
EMPLOYEE BENEFITS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' | ' |
EMPLOYEE BENEFITS | ' | ' |
NOTE 7 – EMPLOYEE BENEFITS | NOTE 8 – EMPLOYEE BENEFITS | |
Our healthcare benefit expense (net of employee contributions) was approximately $2,612 and $2,001 for the three months ended March 31, 2014 and 2013, respectively for all plans. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $1,013 and $913 as of March 31, 2014 and December 31, 2013, respectively. | We participate in multiple healthcare plans, one of which is held and administered by a trust that is a related party. This plan is partially self-funded with an insurance company paying benefits in excess of stop loss limits per individual. Our healthcare benefit expense (net of employee contributions) was approximately $5,199, $5,744 and $7,954 for the years ended December 31, 2011, 2012 and 2013, respectively for all plans. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Consolidated Balance Sheets and was $663 and $913 as of December 31, 2012 and 2013, respectively. | |
Workers’ compensation expense totaled $1,585 and $1,460 for the three months ended March 31, 2014 and 2013, respectively. Workers’ compensation known claims and IBNR reserves included in other current liabilities on the accompanying balance sheets totaled $1,660 as of March 31, 2014 and December 31, 2013. Workers’ compensation known claims and IBNR reserves included in other long-term liabilities on the accompanying balance sheets totaled $4,556 and $4,260 as of March 31, 2014 and December 31, 2013, respectively. Accrued insurance reserves included in other current liabilities on the accompanying balance sheets totaled $1,012 as of March 31, 2014 and December 31, 2013. Accrued insurance reserves included in other long-term liabilities on the accompanying balance sheets totaled $4,163 and $3,266 as of March 31, 2014 and December 31, 2013, respectively. We also had an insurance receivable for a claim that exceeded the stop loss limit and is in included in other long-term assets on the face of the Condensed Consolidated Balance Sheets. That receivable offsets an equal liability included within the reserve amounts noted above and totaled $2,710 and $2,055 as of March 31, 2014 and December 31, 2013, respectively. | We participate in multiple workers’ compensation plans. Under these plans, we use a high deductible program to cover losses above the deductible amount on a per claim basis. We accrue for the estimated losses occurring from both asserted and un-asserted claims. Workers’ compensation liability for premiums is included in other current liabilities on the Consolidated Balance Sheets. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of IBNR. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including those claims incurred but not reported. We believe the use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals. | |
Workers’ compensation expense totaled $3,092, $4,043 and $5,910 for the years ended December 31, 2011, 2012 and 2013, respectively. As of December 31, 2012 and 2013, respectively, workers’ compensation known claims and IBNR reserves totaled $4,570 and $5,920 and are included in both other current and other long-term liabilities on the accompanying balance sheets. Other current and other long-term liabilities also include $3,430 and $4,278 of accrued insurance reserves as of December 31, 2012 and 2013, respectively. We also had an insurance receivable for a claim that exceeded the stop loss limit and is in included in other long-term assets on the face of the Consolidated Balance Sheets. That receivable offsets an equal liability included within the reserve amount noted above and totaled $1,777 and $2,055 as of December 31, 2012 and 2013, respectively. | ||
We also participate in various profit-sharing and 401(k) plans. Certain plans provide that eligible employees can defer a portion of their wages into the trust, subject to current Internal Revenue Code rules and limitations. We provide a matching contribution of wages deferred by employees and can also make discretionary contributions to each plan. Certain plans allow for discretionary employer contributions only. These plans cover substantially all our eligible employees. During the years ended December 31, 2011, 2012 and 2013, we matched employee contributions under certain plans, resulting in administrative expenses of $95, $529 and $695, respectively. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||
INCOME TAXES | ' | ' | ||||||||||||||||||||||||
NOTE 8 – INCOME TAXES | NOTE 9 – INCOME TAXES | |||||||||||||||||||||||||
Our provision for income taxes as a percentage of pretax earnings (“effective tax rate”) is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. | As part of the Recapitalization in 2011 described in Note 1, Organization and Recapitalization, both IBHL and IBHL II membership interests were contributed to the subsidiaries of IBP. The previous members are no longer members of IBHL or IBHL II. Given the greater than 50% change in ownership, there was a technical termination of the partnerships, including certain lower tier partnerships under the federal tax law. The ownership change resulted in a full limitation of the net operating loss carryforward attributes of the subsidiary C-corporations. As a result, the Company wrote off the net operating loss deferred tax assets, which had been previously fully reserved. | |||||||||||||||||||||||||
During the three months ended March 31, 2014, the effective tax rate for continuing operations was 46.6 percent. This rate was unfavorably impacted by separate tax filing entities in a loss position for which a full valuation allowance will be accounted for against the losses. | Upon formation of IBP, we recorded a deferred tax liability (“DTL”) for the difference in the book basis and tax basis of IBP’s investment in IBP I and IBP II. The change in basis and the requirement to be taxed as a C-corporation resulted from the transfer of partnership interests at the member level. The resulting initial recognition of deferred tax assets and liabilities resulting from the Recapitalization of $11,285 has been recorded directly to equity. | |||||||||||||||||||||||||
Prior to this change, the subsidiary C-corporations were the only tax filing entities required to record tax expense and deferred tax assets and liabilities. As shown in the effective tax rate reconciliation, the recapitalization and change in the valuation allowance were the main drivers of the effective tax rate for 2011, which was significantly lower than the 2011 statutory tax rate and the 2012 effective tax rate. | ||||||||||||||||||||||||||
As of December 31, 2013 our tax years for 2010, 2011, and 2012 are subject to examination by the tax authorities. | ||||||||||||||||||||||||||
The provision for income taxes from continuing operations is comprised of: | ||||||||||||||||||||||||||
Years ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||
Federal | $ | 2,035 | $ | 1,213 | $ | 5,289 | ||||||||||||||||||||
State | 232 | 194 | 677 | |||||||||||||||||||||||
2,267 | 1,407 | 5,966 | ||||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||
Federal | (755 | ) | (794 | ) | (1,554 | ) | ||||||||||||||||||||
State | (63 | ) | (58 | ) | (196 | ) | ||||||||||||||||||||
(818 | ) | (852 | ) | (1,750 | ) | |||||||||||||||||||||
Total tax expense | $ | 1,449 | $ | 555 | $ | 4,216 | ||||||||||||||||||||
The reconciliation between our effective tax rate on (loss) income from continuing operations and the federal statutory tax rate is as follows: | ||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||||||
Income tax at federal statuatory rate | $ | (2,009 | ) | 35 | % | $ | (1,309 | ) | 35 | % | $ | 3,799 | 35 | % | ||||||||||||
Non-deductible loss from flow through entities prior to Recapitalization | 888 | (15.5 | %) | — | 0 | % | — | 0 | % | |||||||||||||||||
Loss of tax attributes resulting from Recapitalization | 9,878 | (172.1 | %) | — | 0 | % | — | 0 | % | |||||||||||||||||
Extinguishment of debt | 355 | (6.2 | %) | — | 0 | % | — | 0 | % | |||||||||||||||||
Stock Compensation | 273 | (4.8 | %) | 1,581 | (42.3 | %) | (97 | ) | (0.9 | %) | ||||||||||||||||
Section 199 Deduction | — | 0 | % | (268 | ) | 7.2 | % | (454 | ) | (4.2 | %) | |||||||||||||||
Other non-deductible expenses | 76 | (1.1 | %) | 262 | (7.0 | %) | 7 | 0.1 | % | |||||||||||||||||
Change in valuation allowance | (8,239 | ) | 143.5 | % | 214 | (5.7 | %) | 647 | 6 | % | ||||||||||||||||
Interest and penalties on uncertain tax positions | 118 | (2.1 | %) | 56 | (1.5 | %) | — | 0 | % | |||||||||||||||||
State income taxes, net of federal benefit | 109 | (1.9 | %) | 19 | (0.5 | %) | 314 | 2.9 | % | |||||||||||||||||
Total tax expense | $ | 1,449 | (25.2 | %) | $ | 555 | (14.8 | %) | $ | 4,216 | 38.9 | % | ||||||||||||||
Components of the net deferred tax asset or liability are as follows: | ||||||||||||||||||||||||||
At December 31, | At December 31, | |||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
Deferred Tax Assets | ||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||
Accrued reserves and allowances | $ | 705 | $ | 86 | ||||||||||||||||||||||
Inventories | 46 | 55 | ||||||||||||||||||||||||
Current deferred tax assets | 751 | 141 | ||||||||||||||||||||||||
Long-term | ||||||||||||||||||||||||||
Property and equipment | — | 1 | ||||||||||||||||||||||||
Net operating loss carryforwards | 688 | 1,297 | ||||||||||||||||||||||||
Long-term deferred tax assets | 688 | 1,298 | ||||||||||||||||||||||||
Total deferred tax assets | 1,439 | 1,439 | ||||||||||||||||||||||||
Less: Valuation allowance | (228 | ) | (885 | ) | ||||||||||||||||||||||
Net deferred tax assets | 1,211 | 554 | ||||||||||||||||||||||||
Deferred Tax Liabilities | ||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||
Accrued reserves and allowances | — | (29 | ) | |||||||||||||||||||||||
Other | — | (67 | ) | |||||||||||||||||||||||
Current deferred tax liabilities | — | (96 | ) | |||||||||||||||||||||||
Long-term | ||||||||||||||||||||||||||
Property and equipment | (61 | ) | (86 | ) | ||||||||||||||||||||||
Intangibles | (529 | ) | (374 | ) | ||||||||||||||||||||||
Investment in partnership | (11,932 | ) | (9,554 | ) | ||||||||||||||||||||||
Other | (64 | ) | — | |||||||||||||||||||||||
Long-term deferred tax liabilities | (12,586 | ) | (10,014 | ) | ||||||||||||||||||||||
Total deferred tax liabilities | (12,586 | ) | (10,110 | ) | ||||||||||||||||||||||
Net deferred tax liabilities | $ | (11,375 | ) | $ | (9,556 | ) | ||||||||||||||||||||
As of December 31, 2013, we have federal and state income tax net operating loss (NOL) carryforwards of $1,297. Due to the IRS Section 382 elimination of NOLs generated prior to the Recapitalization, the earliest expiration date is 2030. | ||||||||||||||||||||||||||
Valuation Allowance | ||||||||||||||||||||||||||
We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets on a jurisdiction and by tax filing entity basis. A significant piece of objective negative evidence evaluated is cumulative losses incurred over the most recent three year period. Such objective evidence limits the ability to consider other subjective positive evidence such as our projections for future growth. | ||||||||||||||||||||||||||
Based on this evaluation, a valuation allowance has been recorded as of December 31, 2012 and 2013 for the net deferred tax assets recorded on certain of our wholly owned subsidiaries. Such deferred tax assets relate primarily to net operating losses that are not more likely than not realizable. However, the amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period change, or if objective negative evidence in the form of cumulative losses is no longer present. Additional weight may be given to subjective evidence such as our projections for growth in this situation. | ||||||||||||||||||||||||||
Uncertain Tax Positions | ||||||||||||||||||||||||||
We are subject to taxation in the United States and various state jurisdictions. As of December 31, 2013 our tax years for 2010, 2011, and 2012 are subject to examination by the tax authorities. We have unrecognized tax benefits related to temporary items. A rollforward of the gross unrecognized tax benefits is as follows: | ||||||||||||||||||||||||||
Unrecognized tax benefit, January 1, 2012 | $ | 924 | ||||||||||||||||||||||||
Increase as a result of tax positions taken during the period | 945 | |||||||||||||||||||||||||
Decrease as a result of tax positions taken during the period | (504 | ) | ||||||||||||||||||||||||
Unrecognized tax benefit, December 31, 2012 | 1,365 | |||||||||||||||||||||||||
Increase as a result of tax positions taken during the period | 891 | |||||||||||||||||||||||||
Decrease as a result of tax positions taken during the period | (945 | ) | ||||||||||||||||||||||||
Unrecognized tax benefit, December 31, 2013 | $ | 1,311 | ||||||||||||||||||||||||
These unrecognized benefits result from the difference in taxable income calculated at the time of the return versus calculated per the provision. We expect a reversal of approximately $891 of our unrecognized tax benefit because of unrecognized benefits relating to temporary items that will reverse in the next twelve months. $559 of the unrecognized tax benefits, if recognized, would affect the effective tax rate. | ||||||||||||||||||||||||||
Interest expense and penalties accrued related to uncertain tax positions for the years ended December 31, 2011, 2012 and 2013 are not significant. | ||||||||||||||||||||||||||
Determining uncertain tax positions and the related estimated amounts requires judgment and carry estimation risk. If future tax law changes or interpretations should come to light, or additional information should become known, our conclusions regarding unrecognized tax benefits may change. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ' | ||||||||||||||||||||
RELATED PARTY TRANSACTIONS | ' | ' | ||||||||||||||||||||
NOTE 9 – RELATED PARTY TRANSACTIONS | NOTE 10 – RELATED PARTY TRANSACTIONS | |||||||||||||||||||||
We sell installation services to other companies related through common or affiliated ownership. We also purchase services and materials and pay rent to companies with common or related ownership. | The Company previously paid management fees to IBP Holdings, LLC for corporate support functions under a management fee agreement. These fees totaled $4,760 for the year ended December 31, 2011. As part of the Recapitalization on November 4, 2011 (see Note 1, Organization and Recapitalization), this management agreement was canceled. In December 2012, we entered into a management services and fee agreement and made a payment of $4,300 for management fees to certain related parties for management services. Pursuant to this agreement, the board of directors annually determined whether a management fee would be paid as well as the amount of that fee. The agreement was terminated on October 22, 2013. | |||||||||||||||||||||
We lease our headquarters and other facilities from certain related parties. See Note 10, Commitments and Contingencies, for future minimum lease payments to be paid to these related parties. | We sell installation services to other companies related through common or affiliated ownership. We also purchase services and materials and pay rent to companies with common or related ownership. | |||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties were as follows: | ||||||||||||||||||||||
We lease our headquarters and other facilities from certain related parties. See Note 11, Commitments and Contingencies, for future minimum lease payments to be paid to these related parties. | ||||||||||||||||||||||
2014 | 2013 | For the years ended December 31, 2011, 2012 and 2013, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties are as follows: | ||||||||||||||||||||
Sales | $ | 414 | $ | 246 | ||||||||||||||||||
Purchases | 1,172 | 3,124 | ||||||||||||||||||||
Rent | 145 | 171 | Years ended December 31, | |||||||||||||||||||
In connection with our acquisition of TCI Contracting, LLC (“TCI”) in 2012, we entered into a new supplier relationship wherein that supplier became a related party as a result of the acquisition. Related party purchases made from this supplier during the three months ended March 31, 2014 and 2013 were $1,089 and $3,085, respectively, and are included in total related party purchases in the preceding table. | 2011 | 2012 | 2013 | |||||||||||||||||||
The Company maintains a receivable from IBP Holding Company in the amount of approximately $600 as of March 31, 2014. The receivable represents amounts owed to us for wages and related expenses paid by the Company during 2011 to former employees of IBP Holding Company. See Item 8. Financial Statements and Supplementary Data, Note 1, Organization and Recapitalization, to our audited consolidated financial statements included elsewhere in this prospectus, for further information on IBP Holding Company. | Sales | $ | 2,704 | $ | 1,689 | $ | 1,188 | |||||||||||||||
Purchases | 610 | 3,668 | 10,292 | |||||||||||||||||||
Rent | 158 | 288 | 671 | |||||||||||||||||||
In connection with our acquisition of TCI in 2012, we entered into a new supplier relationship wherein that supplier became a related party as a result of the acquisition. Related party purchases made from this supplier during the years ended December 31, 2012 and 2013 were $743 and $10,126, respectively, and are included in total related party purchases in the preceding table. Refer to “TCI” within Note 12, Business Combinations, for additional information on this acquisition. | ||||||||||||||||||||||
We prepaid certain health insurance premiums and claims to Edwards Employee Benefits Trust, a related party to us. This Trust pays these premiums and claims to a third party on our behalf. The related party prepaid expense balance at December 31, 2012 is $396 and is included in Other Current Assets on the Consolidated Balance Sheet. There is no related party prepaid expense balance at December 31, 2013. | ||||||||||||||||||||||
Pursuant to an Individual Guaranty Agreement and a Guaranty Agreement, each dated as of October 22, 2012, certain of our investors guaranteed our letter of credit reimbursement obligations to Bank of America, N.A. in connection with letters of credit issued by Bank of America, N.A. to support our workers compensation policies. Such letters of credit are currently issued under our existing credit facility and these guarantees were terminated on July 30, 2013. In addition, one of our investors guaranteed certain reimbursement obligations of ours under certain performance and licensing bonds issued by sureties on behalf of us in the ordinary course of business. These bonds are being replaced as they expire with bonds that do not require any guarantee. These obligations were not direct guarantees of us and were terminated as of January, 2014. | ||||||||||||||||||||||
The Company maintains a receivable from IBP Holding Company, Inc. in the amount of approximately $600 as of December 31, 2012 and 2013. The receivable represents amounts owed to us for wages and related expenses paid by the Company during 2011 to former employees of IBP Holding Company, Inc. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
NOTE 10 – COMMITMENTS AND CONTINGENCIES | NOTE 11 – COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
We are obligated under capital leases covering vehicles and certain equipment. Total assets relating to capital leases were $57,776 and $54,004 as of March 31, 2014 and December 31, 2013, respectively, and a total of $21,276 and $22,160 were fully depreciated as of March 31, 2014 and December 31, 2013, respectively. The vehicles and equipment leases generally have terms ranging from four to six years. The net book value of assets under capital leases was $26,219 and $23,623 as of March 31, 2014 and December 31, 2013, respectively, net of accumulated depreciation of $31,557 and $30,382, respectively. Amortization of assets held under capital leases is included within cost of sales on the Condensed Consolidated Statements of Operations. | We are obligated under capital leases covering vehicles and certain equipment. Total assets relating to capital leases were $39,364 and $54,004 as of December 31, 2012 and 2013, respectively, and a total of $23,033 and $22,160 were fully depreciated as of December 31, 2012 and 2013, respectively. The vehicles and equipment leases generally have terms ranging from four to six years. The net book value of assets under capital leases was $12,694 and $23,623 as of December 31, 2012 and 2013, respectively, net of accumulated depreciation of $26,670 and $30,382, respectively. Amortization of assets held under capital leases is included with depreciation expense on the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||
We also have several noncancellable operating leases, primarily for buildings, improvements, equipment, and certain vehicles. These leases generally contain renewal options for periods ranging from one to five years and require us to pay all executory costs such as property taxes, maintenance and insurance. | We also have several noncancellable operating leases, primarily for buildings, improvements, equipment, and certain vehicles. These leases generally contain renewal options for periods ranging from one to five years and require us to pay all executory costs such as property taxes, maintenance and insurance. | |||||||||||||||||||||||||||||||||||||||||||||||||
In some instances, lease agreements exist with related parties. Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) with related parties as of March 31, 2014 are as follows (amounts are as of the fiscal year ended): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Remainder of 2014 | $ | 412 | ||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 495 | Capital leases | Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||
2016 | 400 | Related party | Other | Total Operating | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 158 | 2014 | $ | 8,789 | $ | 557 | $ | 4,806 | $ | 5,363 | ||||||||||||||||||||||||||||||||||||||||
2018 | 34 | 2015 | 7,224 | 495 | 3,197 | 3,692 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | — | 2016 | 4,858 | 400 | 2,257 | 2,657 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 2,566 | 158 | 1,306 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||||||
Supply Contract Commitments | 2018 | 917 | 34 | 969 | 1,003 | |||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014, we had two product supply contracts with minimum purchase requirements at market rates. Our obligations for a contract extending through December 31, 2014 are shown in the table below. Our obligations for a contract extending through August 31, 2017 are based on quantity without a specific rate applied and therefore is not quantifiable. The contract commitments are disclosed in the table below. We expect our quantity purchases to exceed the minimum quantity commitments for all years covered by the contracts. Actual purchases made under the contracts for the three months ended March 31, 2014 and 2013 were $8,452 and $6,319, respectively. Purchase obligations under the contracts as of March 31, 2014 were as follows: | Thereafter | 49 | — | 2,064 | 2,064 | |||||||||||||||||||||||||||||||||||||||||||||
24,403 | $ | 1,644 | $ | 14,599 | $ | 16,243 | ||||||||||||||||||||||||||||||||||||||||||||
Payments due by year: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Remainder | 2015 | 2016 | 2017 | 2018 | Thereafter | Less: Amounts representing interest | (2,370 | ) | |||||||||||||||||||||||||||||||||||||||||
of 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase obligations | $ | 3,489 | $ | 3,489 | $ | — | $ | — | $ | — | $ | — | $ | — | Total obligation under capital leases | 22,033 | ||||||||||||||||||||||||||||||||||
Other Commitments and Contingencies | Less: Current portion of capital leases | (7,663 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual and tort matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. It is not certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||||||||||||||||||||||||||||||||
A class action lawsuit was filed in February, 2013 and an amended complaint was filed in May, 2013 in the Superior Court of King County, Washington, involving Installed Building Products II, LLC alleging violations of Washington State wage and hour laws for failure to pay prevailing and minimum wage and overtime wages. The plaintiffs were former insulation installers for Installed Building Products II, LLC, one of our subsidiaries, in Washington who sought to represent all similarly situated workers. They sought all unpaid wages, along with litigation costs and fees. | Long term capital lease obligation | $ | 14,370 | |||||||||||||||||||||||||||||||||||||||||||||||
A lawsuit was filed in July, 2013 in federal court in the Middle District of Tennessee against one of our subsidiaries, TCI d/b/a Installed Building Products of Nashville, alleging unpaid overtime and failure to pay lawful wages under federal law, Tennessee common law and in unjust enrichment and in breach of an alleged contract. The named plaintiffs were former insulation installers in Nashville. The plaintiffs sought to have this case certified as a collective action under the Federal Fair Labor Standards Act and as a class action under Tennessee law. They sought reimbursement of the overtime wages for all time worked over forty hours each week, as well as liquidated damages and litigation costs and fees. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Both lawsuits were settled in January 2014 and approved by the court by April, 2014 for a total cost of approximately $1,407. Approximately $1,000 and $1,200 of this cost was recorded as an accrued expense included in other current liabilities on our Condensed Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013, respectively. | Total rent expense under these operating leases for the years ended December 31, 2011, 2012 and 2013 was $5,906, $6,343 and $7,171, respectively, which is included in the Consolidated Statements of Operations as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | $ | 382 | $ | 435 | $ | 573 | ||||||||||||||||||||||||||||||||||||||||||||
Selling | 173 | 113 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||
Administrative | 5,351 | 5,795 | 6,566 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,906 | $ | 6,343 | $ | 7,171 | ||||||||||||||||||||||||||||||||||||||||||||
Supply Contract Commitments | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 and 2013, we had two product supply contracts with minimum purchase requirements at market rates. Our obligations for the contract extending through December 31, 2014 are shown in the table below. Our obligations for the contract extending through August 31, 2017 is based on quantity without a specific rate applied and therefore is not quantifiable. The contract commitments are disclosed in the table below. We expect our quantity purchases to exceed the minimum quantity commitments for all years covered by the contracts. Actual purchases made under the contracts for the years ended December 31, 2012 and 2013 were $13,804 and $25,884, respectively. Purchase obligations under the contracts as of December 31, 2013 were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Payments due by period | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Less than 1 | 1-3 years | 3-5 years | More than | ||||||||||||||||||||||||||||||||||||||||||||||
year | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Obligations | $ | 5,000 | $ | 5,000 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Other Commitments and Contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||
A class action lawsuit was filed in February, 2013 and an amended complaint was filed in May, 2013 in the Superior Court of King County, Washington, involving Installed Building Products II, LLC alleging violations of Washington State wage and hour laws for failure to pay prevailing and minimum wage and overtime wages. The plaintiffs are former insulation installers for Installed Building Products II, LLC, one of our subsidiaries, in Washington who seek to represent all similarly situated workers. They seek all unpaid wages, along with litigation costs and fees. | ||||||||||||||||||||||||||||||||||||||||||||||||||
A lawsuit was filed in July, 2013 in federal court in the Middle District of Tennessee against one of our subsidiaries, TCI Contracting, LLC (“TCI”) d/b/a Installed Building Products of Nashville, alleging unpaid overtime and failure to pay lawful wages under federal law, Tennessee common law and in unjust enrichment and in breach of an alleged contract. The named plaintiffs are former insulation installers in Nashville. The plaintiffs seek to have this case certified as a collective action under the Federal Fair Labor Standards Act and as a class action under Tennessee law. They seek reimbursement of the overtime wages for all time worked over forty hours each week, as well as liquidated damages and litigation costs and fees. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Both lawsuits were settled, with the lawsuit in Washington subject to court approval, in January 2014 for a total cost of approximately $1,407, and are included in administrative expenses on our Consolidated Statement of Operations for the year ended December 31, 2013. As of December 31, 2013, $1,200 of this cost is recorded as an accrued expense included in other current liabilities on our Consolidated Balance Sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||
From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. It is not certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
NOTE 11 – BUSINESS COMBINATIONS | NOTE 12 – BUSINESS COMBINATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
As part of our ongoing strategy to increase market share in certain markets, we acquired Ace Insulation Contractors, Inc. (“Ace”) during the three months ended March 31, 2013 and U.S. Insulation during the three months ended March 31, 2014. | As part of our ongoing strategy to increase market share in certain markets, we acquired TCI and Accurate Building Products Inc. (“Accurate”) during the year ended December 31, 2012. We acquired Ace Insulation (“Ace”) and KMB Contracting Services, Inc. (“KMB”) during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||
TCI | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ace | On August 31, 2012 we acquired 100% of the outstanding membership interest of TCI and 87.5% of the issued and outstanding capital stock of a subsidiary of TCI. Simultaneous with the purchase of TCI, IBP purchased the remaining 12.5% of issued and outstanding capital stock of the subsidiary for $571, which was paid in the form of a seller note. | |||||||||||||||||||||||||||||||||||||||||||||||||
On March 16, 2013, we acquired 100% of the membership interests of Ace. The purchase price consisted of cash of $687 and a seller obligation for $300. Ace was combined with another existing branch and as such, we are unable to differentiate the results of operations between Ace and the existing branch for the three months ended March 31, 2014 or 2013. | The purchase price consisted of 11.5% (or 2,533,908 shares, which is the number of shares after a 19.5-for-one stock split of our common stock) of IBP common stock, which was valued at $4,100 at the date of the transaction. See Note 1, Organization and Recapitalization, “2014 Initial Public Offering (IPO),” for further information on the stock split. | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Insulation | The results of operations of the business and its subsidiary are included in the Consolidated Financial Statements from August 31, 2012, the date of acquisition. The revenue and net loss of TCI since the acquisition date included in our Consolidated Statement of Operations for the year ended December 31, 2012 were $12,354 and ($1,144), respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
On March 24, 2014 we acquired 100% of the common stock of U.S. Insulation. The purchase price consisted of cash of $2,006 and a seller obligation for $279. Since the closing date was close to the end of the current period, revenue and expenses included in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 were not significant. The table below summarizes the fair values of the assets acquired and the liabilities assumed. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The estimated fair values of the assets acquired and liabilities assumed for the acquisitions approximated the following: | Accurate | |||||||||||||||||||||||||||||||||||||||||||||||||
On November 16, 2012, we acquired 100% of the membership interests of Accurate. The purchase price consisted of cash of $1,198 and a note for $80. The revenue and net income of Accurate since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2012 were $1,743 and $126, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ace | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ace | U.S. Insulation | On March 16, 2013 we acquired 100% of the membership interests of Ace. The purchase price consisted of cash of $687 and a note for $300. It is impracticable for us to determine the revenue and net income (loss) of Ace since the acquisition date included in our Consolidated Statement of Operations for the year ended December 31, 2013 because Ace was combined with another existing branch. We are unable to differentiate the results of operations between Ace and the existing branch after the combination. | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | $ | 213 | $ | 1,122 | KMB | |||||||||||||||||||||||||||||||||||||||||||||
Inventory | 14 | 234 | On November 1, 2013 we acquired 100% of the membership interests of KMB. The purchase price consisted of cash of $494 and a seller obligation of $80. It is impracticable for us to determine the revenue and net income (loss) of KMB since the acquisition date included in our Consolidated Statement of Operations for the year ended December 31, 2013 because KMB was combined with another existing branch. We are unable to differentiate the results of operations between KMB and the existing branch after the combination. | |||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | — | 105 | The estimated fair values of the assets acquired and liabilities assumed for the acquisitions approximated the following: | |||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment | 263 | 520 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles | 1,106 | 846 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 1,217 | TCI | Accurate | ACE | KMB | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | (609 | ) | (1,362 | ) | Cash | $ | 317 | $ | 58 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Deferred tax liability | — | (397 | ) | Accounts receivable | 3,880 | 1,606 | 213 | — | ||||||||||||||||||||||||||||||||||||||||||
Inventory | 1,984 | 564 | 14 | 54 | ||||||||||||||||||||||||||||||||||||||||||||||
Total purchase price | $ | 987 | $ | 2,285 | Note receivable | — | 171 | — | — | |||||||||||||||||||||||||||||||||||||||||
Other current assets | 244 | 47 | — | 37 | ||||||||||||||||||||||||||||||||||||||||||||||
Seller obligations | $ | 300 | $ | 279 | Property and equipment | 285 | 183 | 263 | 75 | |||||||||||||||||||||||||||||||||||||||||
Cash paid | 687 | 2,006 | Intangibles | 4,390 | 1,123 | 1,106 | 226 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | 834 | — | — | 182 | ||||||||||||||||||||||||||||||||||||||||||||||
Total purchase price | $ | 987 | $ | 2,285 | Accounts payable and accrued expenses | (5,815 | ) | (2,037 | ) | (609 | ) | — | ||||||||||||||||||||||||||||||||||||||
Deferred tax liability | (1,387 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Estimates of acquired intangible assets related to the acquisitions are as follows: | Long-term debt | (61 | ) | (437 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total purchase price | $ | 4,671 | $ | 1,278 | $ | 987 | $ | 574 | ||||||||||||||||||||||||||||||||||||||||||
Ace | U.S. Insulation | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquired intangibles assets | Estimated | Weighted | Estimated | Weighted | ||||||||||||||||||||||||||||||||||||||||||||||
Fair | Average | Fair Value | Average | Fair value of common stock issued | $ | 4,100 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Value | Estimated | Estimated | Seller obligations | 571 | 80 | 300 | 80 | |||||||||||||||||||||||||||||||||||||||||||
Useful | Useful | Cash paid | — | 1,198 | 687 | 494 | ||||||||||||||||||||||||||||||||||||||||||||
Life (yrs) | Life (yrs) | |||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 826 | 10 | $ | 546 | 10 | Total purchase price | $ | 4,671 | $ | 1,278 | $ | 987 | $ | 574 | |||||||||||||||||||||||||||||||||||
Trademarks and trade names | 280 | 15 | 216 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-competition agreements | — | — | 84 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Information | Estimates of acquired intangible assets related to the acquisitions are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
The unaudited pro forma information has been prepared as if the 2014 acquisitions had taken place on January 1, 2013 and the 2013 acquisitions had taken place on January 1, 2012. 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, 2013 and 2012, and the unaudited pro forma information does not purport to be indicative of future financial operating results. | ||||||||||||||||||||||||||||||||||||||||||||||||||
TCI | Accurate | Ace | KMB | |||||||||||||||||||||||||||||||||||||||||||||||
Pro forma for the three | Acquired intangibles assets | Estimated | Weighted | Estimated | Weighted | Estimated | Weighted | Estimated | Weighted | |||||||||||||||||||||||||||||||||||||||||
months ended March 31, | Fair Value | Average | Fair Value | Average | Fair Value | Average | Fair Value | Average | ||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | Estimated | Estimated | Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 107,989 | $ | 94,621 | Useful Life | Useful Life | Useful Life | Useful Life | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 518 | (606 | ) | (yrs) | (yrs) | (yrs) | (yrs) | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | (19,379 | ) | (2,093 | ) | Customer relationships | $ | 2,500 | 10 | $ | 741 | 10 | $ | 826 | 10 | $ | 146 | 10 | |||||||||||||||||||||||||||||||||
Net loss per share attributable to common stockholders (basic and diluted) | (0.75 | ) | (0.09 | ) | Trademarks and trade names | 1,820 | 8 | 247 | 15 | 280 | 15 | 58 | 15 | |||||||||||||||||||||||||||||||||||||
Unaudited pro forma net income has been calculated after adjusting the combined results of the Company to reflect additional intangible asset amortization expense of $21 and $47 for the three months ended March 31, 2014 and 2013, respectively. | Non-competition agreements | 70 | 2 | 135 | 3 | — | — | 22 | 5 | |||||||||||||||||||||||||||||||||||||||||
Pro Forma Information (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
The unaudited pro forma information has been prepared as if the 2012 acquisitions had taken place on January 1, 2011 and the 2013 acquisitions had taken place on January 1, 2012. 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, 2012 and 2011, and the unaudited pro forma information does not purport to be indicative of future financial operating results. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pro Forma for the years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 277,834 | $ | 334,885 | $ | 432,569 | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (13,951 | ) | (3,499 | ) | 5,925 | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | 68,657 | (9,028 | ) | (298 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share attributable to common shareholders (basic and diluted) | 3.12 | (0.41 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Unaudited pro forma net (loss) income has been calculated after adjusting our consolidated results to reflect additional intangible asset amortization expense of $648, $567 and $17 for the years ended December 31, 2011, 2012 and 2013, respectively. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
NOTE 13 – DISCONTINUED OPERATIONS | |||||||||||||
During the year ended December 31, 2011, we made the decision to close the following six branches: Tyler, Texas; Augusta, Georgia; Jacksonville, Florida; Salt Lake City, Utah; Philadelphia, Pennsylvania; and Phoenix, Arizona. During the year ended December 31, 2012, we made the decision to close our branches in Erie, Pennsylvania and Knoxville, Tennessee. During the year ended December 31, 2013, we made the decision to close our branches in Oklahoma City, Oklahoma and Williston, North Dakota along with our distribution facility in Hebron, Ohio. We have presented the operations of these closed branches as discontinued operations in the Consolidated Statements of Operations for the years ended December 31, 2011, 2012 and 2013. | |||||||||||||
All closures made during the years ended December 31, 2011, 2012 and 2013 were made in order to optimize capital and resource allocations and enhance our financial position. We have no continuing involvement with or cash flows from the closed branches. Further, the customers associated with closed branches and other discontinued operations will not be served by other branches. A summary of operations we discontinued in these markets for the years ended December 31, 2011, 2012 and 2013 is as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Net revenue | $ | 9,574 | $ | 4,020 | $ | 765 | |||||||
(Loss) income from discontinued operations, before income taxes | (2,455 | ) | 3,835 | (960 | ) | ||||||||
Income tax benefit (expense) | 660 | (1,447 | ) | 362 | |||||||||
(Loss) income from discontinued operations, after tax | $ | (1,795 | ) | $ | 2,388 | $ | (598 | ) | |||||
For the year ended December 31, 2012, pre-tax net income from discontinued operations includes a gain of $4,500 relating to a payment received for a cancelled vendor contract at one of our closed operations. |
INCOME_LOSS_PER_COMMON_SHARE
INCOME (LOSS) PER COMMON SHARE | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
INCOME (LOSS) PER COMMON SHARE | ' | ' |
NOTE 12 – LOSS PER COMMON SHARE | NOTE 14 – INCOME (LOSS) PER COMMON SHARE | |
Basic net loss per share is calculated by dividing net loss attributable to common shareholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents. | Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents. As IBP only had common shares outstanding subsequent to the Recapitalization on November 4, 2011, the weighted average shares outstanding for 2011 assumed the shares issued at the date of the Recapitalization were issued and outstanding for the full year. | |
Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury stock method. There were no common stock equivalents with a dilutive effect during the three months ended March 31, 2014 and 2013 and therefore, basic and diluted net loss per share were the same for all periods presented. | Diluted net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury stock method. There were no common stock equivalents with a dilutive effect during the years ended December 31, 2011, 2012 and 2013 and therefore, basic and diluted net income (loss) per share were the same for all periods presented. Income (loss) attributable to common stockholders includes the accretion of Series A Preferred Stock in 2011 and 2012 and the accretion of Pre-Recapitalization Preferred Units and the gain on extinguishment of Pre-Recapitalization Preferred Units in 2011. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 15 – SUBSEQUENT EVENTS | |
We have evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2013 through the date on which the financial statements were issued for items that should be recognized or disclosed in these Consolidated Financial Statements. We have concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements, except as described below. | |
Two lawsuits were filed in 2013 against two of our subsidiaries, TCI Contracting, LLC (“TCI”) d/b/a Installed Building Products of Nashville, and Installed Building Products II, LLC, alleging failure to pay lawful wages. Both lawsuits were settled in January, 2014 for a total cost of approximately $1,407, included in administrative expenses on our Consolidated Statement of Operations for the year ended December 31, 2013. We paid approximately $200 of these costs in 2013 and recorded a liability for $1,200 as of December 31, 2013, which represents the unpaid portion as of that date. See Note 11, Commitments and Contingencies, for more information. | |
On January 30, 2014 the Board of Directors authorized an increase in the number of shares of Common Stock to 100,000,000 at a par value of $0.01 and an increase in the number of shares of Preferred stock to 5,001,000 at a par value of $0.01, 1,000 of which are designated as Series A Preferred Stock. On the same date, the Board of Directors approved a 19.5-for-one stock split of the Company’s common stock, which became effective on February 10, 2014. The effect of the split on authorized, issued and outstanding shares and loss (income) per common share has been retroactively applied to all periods presented. | |
On February 19, 2014, we completed an initial public offering (“IPO”) of our common stock. Immediately prior to the IPO, we executed a 19.5-for-one stock split of our common stock. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. We used $6,597 of the proceeds from our IPO to pay underwriting fees, $75,735 to redeem our Redeemable Preferred Stock and $11,910 to pay down our revolving credit facility. See Note 1, Organization, for further details of our IPO and Note 7, Stockholders’ Deficit and Redeemable Instruments, for further details on impacts to equity. | |
On March 24, 2014 we acquired the assets of U.S. Insulation Corp. (“U.S. Insulation”) for total consideration of $2,444. The initial accounting for the business combination is not yet complete at the time the financial statements are issued. As a result, disclosures required under ASC 805-10-50-2 (h) cannot be made at this time. |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | ||||||||||||||||||||
NOTE 16 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||||
Summarized unaudited quarterly financial results for 2012 and 2013 is as follows: | |||||||||||||||||||||
2012 | |||||||||||||||||||||
March 31 | June 30 | September 30 | December 31(a) | Total Year | |||||||||||||||||
Net sales | $ | 61,375 | $ | 68,173 | $ | 80,307 | $ | 91,398 | $ | 301,253 | |||||||||||
Gross profit | 14,828 | 17,145 | 20,266 | 21,804 | 74,043 | ||||||||||||||||
(Loss) income from continuing operations | (2,075 | ) | (5,623 | ) | 1,029 | 2,375 | (4,294 | ) | |||||||||||||
Net (loss) income | (2,273 | ) | (5,624 | ) | 898 | 5,093 | (1,906 | ) | |||||||||||||
Net (loss) income attributable to common stockholders | (3,595 | ) | (6,985 | ) | (504 | ) | 3,649 | (7,435 | ) | ||||||||||||
Net (loss) income per share (basic and diluted): | |||||||||||||||||||||
(Loss) income per share from continuing operations attributable to common stockholders | $ | (0.17 | ) | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0.04 | $ | (0.49 | ) | |||||||
(Loss) income per share attributable to common stockholders | $ | (0.18 | ) | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0.17 | $ | (0.37 | ) | |||||||
2013 | |||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Total Year | |||||||||||||||||
Net sales | $ | 91,962 | $ | 104,686 | $ | 115,951 | $ | 119,330 | $ | 431,929 | |||||||||||
Gross profit | 22,274 | 26,255 | 29,949 | 31,210 | 109,688 | ||||||||||||||||
(Loss) income from continuing operations | (243 | ) | 1,436 | 3,068 | 2,377 | 6,638 | |||||||||||||||
Net (loss) income | (530 | ) | 1,226 | 2,967 | 2,377 | 6,040 | |||||||||||||||
Net (loss) income attributable to common stockholders | (2,017 | ) | (306 | ) | 1,389 | 751 | (183 | ) | |||||||||||||
Net (loss) income per share (basic and diluted): | |||||||||||||||||||||
(Loss) income per share from continuing operations attributable to common stockholders | $ | (0.08 | ) | $ | — | $ | 0.07 | $ | 0.03 | $ | 0.02 | ||||||||||
(Loss) income per share attributable to common stockholders | $ | (0.09 | ) | $ | (0.01 | ) | $ | 0.07 | $ | 0.03 | $ | (0.01 | ) | ||||||||
(a) | We recorded a net gain on litigation settlement of $6,975 in this quarter related to a class action lawsuit in which we were one of the plaintiffs. We also recorded a gain of $4,500 in discontinued operations as a result of terminating a regrinding materials contract due to discontinuing a regrinding operation. | ||||||||||||||||||||
Earnings-per-share amounts are computed independently each quarter for net (loss) income from continuing operations, net (loss) income from discontinued operations and net (loss) income attributable to common shareholders. As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year, and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net (loss) income attributable to common shareholders for the respective quarters. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ' | ||||
Basis of Presentation and Principles of Consolidation | ' | ' | ||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | |||||
The accompanying condensed consolidated financial statements include all wholly owned subsidiaries and majority owned subsidiaries. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. All intercompany accounts and transactions have been eliminated. | We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include all wholly owned subsidiaries and majority owned subsidiaries. The non-controlling interest relating to majority owned subsidiaries is not significant for presentation. All intercompany accounts and transactions have been eliminated. | |||||
The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the audited consolidated financial statements and the notes thereto included elsewhere in this prospectus. The December 31, 2013 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP. Unless otherwise indicated, all amounts are in thousands except share and per share amounts. | ||||||
Our interim operating results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected in future operating quarters. See the section captioned “Risk Factors” elsewhere in this prospectus, for additional information regarding risk factors that may impact our results. | ||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, describe the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no significant changes in our critical accounting estimates during the three months ended March 31, 2014. | ||||||
Use of Estimates | ' | ' | ||||
Use of Estimates | Use of Estimates | |||||
Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, intangible assets and other long-lived assets, share based compensation, reserves for general liability, workers’ compensation, and medical insurance, as well as common stock and redeemable preferred stock prior to our IPO. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates. | Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, valuation allowance on deferred tax assets, valuation of the reporting unit, intangible assets and other long-lived assets, share based compensation, reserves for general liability, workers’ compensation and medical insurance and common stock and preferred stock. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual amounts could differ from such estimates. | |||||
Cash and Cash Equivalents | ' | ' | ||||
Cash and Cash Equivalents | ||||||
We consider all highly-liquid investments purchased with original term to maturity of three months or less to be cash equivalents. All such items referenced herein are classified as cash and we have no items classified as cash equivalents as of the years ended December 31, 2012 or 2013. Substantially all cash is held in one bank. The bank provides FDIC coverage of $250 per depositor. Included in accounts payable are outstanding checks of $1,480 and $1,770 as of December 31, 2012 and 2013, respectively. Included in accrued compensation are outstanding checks of $506 and $328 as of December 31, 2012 and 2013, respectively. We manage our cash to a zero balance account and borrow funds under our Revolving Line of Credit (the “LOC”) to cover outstanding checks. See Note 5, Long-Term Debt, for further details on the LOC. | ||||||
Restricted Cash | ' | ' | ||||
Restricted Cash | ||||||
Restricted cash consists of deposits held by our insurance carrier for general liability and workers’ compensation reserves. Restricted cash is not considered cash and cash equivalents for purposes of the statements of cash flows. Classification between current and long-term is dependent upon the timing of the intended use of each particular reserve. | ||||||
Revenue Recognition | ' | ' | ||||
Revenue Recognition | ||||||
Revenue from the sale and installation of products is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable and (iv) the ability to collect is reasonably assured. Revenue from the sale and installation of products is recognized net of adjustments and discounts and at the time the installation is complete. | ||||||
Business Combinations | ' | ' | ||||
Business Combinations | ||||||
The purchase price for business combinations is allocated to the estimated fair values of acquired tangible and intangible assets, including goodwill, and assumed liabilities, where applicable. Additionally, we recognize customer relationships, trademarks and trade names, and non-competition agreements as identifiable intangible assets. These assets are recorded at fair value as of the transaction date. The fair value of these intangibles is determined primarily using the income approach and using current industry information which involves significant unobservable inputs (Level 3 inputs). These inputs include projected sales, margin, and tax rate. | ||||||
Accounts Receivable | ' | ' | ||||
Accounts Receivable | ||||||
We account for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. We do not accrue interest on any of our trade receivables. | ||||||
Allowance for Doubtful Accounts | ' | ' | ||||
Allowance for Doubtful Accounts | ||||||
We maintain an allowance for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The allowance is determined by management based on our historical losses, specific customer circumstances, and general economic conditions. We analyze aged accounts receivable and generally increase the allowance as receivables age. Management reviews accounts receivable and records an allowance for specific customers based on current circumstances and charges off the receivable against the allowance when all attempts to collect the receivable have failed. This analysis is performed regularly and the allowance is adjusted accordingly. | ||||||
Allowance for doubtful accounts receivable | ||||||
January 1, 2011 | $ | 2,172 | ||||
Charged to costs and expenses | 2,156 | |||||
Charged to other accounts (1) | 337 | |||||
Deductions (2) | (3,094 | ) | ||||
December 31, 2011 | 1,571 | |||||
Charged to costs and expenses | 482 | |||||
Charged to other accounts (1) | 563 | |||||
Deductions (2) | (1,204 | ) | ||||
December 31, 2012 | 1,412 | |||||
Charged to costs and expenses | 1,038 | |||||
Charged to other accounts (1) | 479 | |||||
Deductions (2) | (1,191 | ) | ||||
December 31, 2013 | $ | 1,738 | ||||
-1 | Recovery of receivables previously written off as bad debt | |||||
-2 | Write-off of uncollectible accounts receivable | |||||
Deferred Offering Costs | ' | ' | ||||
Deferred Offering Costs | ||||||
Included on the Consolidated Balance Sheet at December 31, 2013 are deferred expenses related to our February 19, 2014 Initial Public Offering totaling $5,156. See Note 1, Organization, for further details of our Initial Public Offering. | ||||||
Concentration of Credit Risk | ' | ' | ||||
Concentration of Credit Risk | ||||||
Credit risk is our risk of financial loss from the non-performance of a contractual obligation on the part of our counterparty. Such risk arises principally from our receivables from customers and cash and bank balances. Substantially all of our trade accounts receivable are from entities engaged in residential and commercial construction. We perform periodic credit evaluations of our customers’ financial condition. The general credit risk of our counterparties is not considered to be significant. In addition, no individual customer made up more than 3.0% of net revenue for the years ended December 31, 2011, 2012 and 2013. | ||||||
Inventories | ' | ' | ||||
Inventories | ||||||
Inventories consist of insulation, garage doors, rain gutters, shower doors, mirrors, closet shelving and other products. We install these products but do not manufacture them. We value inventory at the lower of cost or market with cost determined using the first-in, first-out (“FIFO”) method. As of December 31, 2012 and 2013, all inventory was finished goods. | ||||||
Property and Equipment | ' | ' | ||||
Property and Equipment | ||||||
Property and equipment are stated at cost, less accumulated depreciation. We provide for depreciation and amortization of property and equipment using the straight-line method, over the expected useful lives of the assets. Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term. Expected useful lives of property and equipment vary but generally are the shorter of lease life or five years for vehicles, three to five years for furniture, fixtures and equipment, shorter of lease life or five years for leasehold improvements and 30 years for buildings. | ||||||
Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recorded. | ||||||
Goodwill | ' | ' | ||||
Goodwill | ||||||
Goodwill results from business combinations and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Annually, on October 1, or if conditions indicate an earlier review is necessary, we assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount and if it is necessary to perform the quantitative two-step goodwill impairment test. If we perform the quantitative test, we compare the carrying value of the reporting unit to an estimate of the reporting unit’s fair value to identify potential impairment. The estimate of the reporting unit’s fair value is determined by weighting a discounted cash flow model and a market- related model using current industry information that involve significant unobservable inputs (Level 3 inputs). In determining the estimated future cash flow, we consider and apply certain estimates and judgments, including current and projected future levels of income based on management’s plans, business trends, prospects and market and economic conditions and market-participant considerations. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed to determine the amount of the potential goodwill impairment. If impaired, goodwill is written down to its estimated implied fair value. | ||||||
Impairment of Other Intangible and Long-Lived Assets | ' | ' | ||||
Impairment of Other Intangible and Long-Lived Assets | ||||||
Other intangible assets consist of customer relationships, non-competition agreements and business trademarks and trade names. Amortization of finite lived intangible assets is recorded to reflect the pattern of economic benefits based on projected revenues over their respective estimated useful lives (customer relationships – 10 years, non-competition agreements – two to five years and business trademarks and trade names – eight to 15 years). We do not have any indefinite-lived intangible assets other than goodwill. | ||||||
We review long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. When impairment is identified, the carrying amount of the asset is reduced to its estimated fair value. Assets to be disposed of are recorded at the lower of net book value or fair market value less cost to sell at the date management commits to a plan of disposal. An intangible asset impairment related to continuing operations of $1,687 and $352 is included in other operating expenses for the years ended December 31, 2011 and 2012, respectively. In 2011, the impairment charges also included $1,074 of impaired intangibles related to discontinued operations. There is no impairment loss for the year ended December 31, 2013. | ||||||
Other Liabilities | ' | ' | ||||
Other Liabilities | ||||||
Our workers’ compensation insurance is primarily under a high-deductible insurance policy and our general liability insurance is under a self-insured retention program (“SIR”). We are insured for covered claims above the deductible and SIR. The liabilities represent our best estimate of our costs, using generally accepted actuarial reserving methods, of the ultimate obligations for reported claims plus those incurred but not reported for all claims incurred through December 31, 2011, 2012 and 2013. We establish case reserves for reported claims using case-basis evaluation of the underlying claims data and we update as information becomes known. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals and adjust our recorded provisions. | ||||||
The assumptions underlying the ultimate costs of existing claim losses are subject to a high degree of unpredictability, which can affect the liability recorded for such claims. For example, variability in inflation rates of health care costs inherent in workers’ compensation claims can affect the ultimate costs. Similarly, changes in legal trends and interpretations, as well as a change in the nature and method of how claims are settled can affect ultimate costs. Our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables, and any changes could have a considerable effect on future claim costs and currently recorded liabilities. | ||||||
Advertising Costs | ' | ' | ||||
Advertising Costs | Advertising Costs | |||||
Advertising costs are expensed as incurred. Advertising expense was approximately $343 and $385 for the three months ended March 31, 2014 and 2013, respectively, and is included in selling expense on the Condensed Consolidated Statements of Operations. | Advertising costs are expensed as incurred. Advertising expense was approximately $1,440, $1,694 and $1,610 for the years ended December 31, 2011, 2012 and 2013, respectively, and is included in selling expense on the Consolidated Statements of Operations. | |||||
Other Operating Expenses | ' | ' | ||||
Other Operating Expenses | ||||||
A net gain on litigation settlement of $6,975 and $31 was recognized in 2012 and 2013, respectively, due to the settlement of a class action lawsuit in which we were one of the plaintiffs. The lawsuit related to excess material prices being charged by certain manufacturers and was settled in 2012. | ||||||
Also included in other operating expenses in 2012 is a $960 gain from insurance proceeds related to the replacement of property and equipment and business interruption due to a fire at a single location in 2011. We paid $1,407 of settlement expenses in 2013 related to two lawsuits against us. $881 of these settlement expenses is included in other operating expenses in 2013. The remaining expense is included in Administrative Operating Expenses. See Note 11, Commitments and Contingencies, for further information about these lawsuits. | ||||||
Deferred Offering Costs | ' | ' | ||||
Deferred Offering Costs | Deferred Financing Costs | |||||
Included on the Condensed Consolidated Balance Sheet at December 31, 2013 are deferred expenses related to our IPO totaling $5,156. See Note 1, Organization, for further details of our IPO. These deferred expenses were charged against equity upon the completion of the IPO in accordance with U.S. GAAP. As of March 31, 2014, we charged total offering costs of $8,661 against equity. | Deferred financing costs totaling $496 and $321, net are amortized over the term of the related debt using the effective interest method and are included in other non-current assets on the Consolidated Balance Sheets as of December 31, 2012 and 2013, respectively. The related amortization expense of these costs was $696, $175, and $175 and is included in interest expense on the Consolidated Statements of Operations for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||
Share-Based Compensation | ' | ' | ||||
Share-Based Compensation | ||||||
As further described in Note 1, Organization and Recapitalization, two of our stockholders, issued membership interests in their equity to certain of our employees (the “Awards”). Certain of these employees were granted Employee Puts. | ||||||
When the employees received the Awards, the then fair value of the Awards less any consideration in exchange for the Awards was recorded as compensation expense. In accordance with the terms of the Awards, they were deemed equity-classified instruments as there is no service or vesting period associated with these Awards and all compensation expense was recognized upon issuance. | ||||||
Upon issuance of the Employee Puts, the then fair value of the Employee Puts received was recorded as compensation expense over the service period, if applicable. The Employee Puts are deemed to be liability-classified instruments that are directly associated with the Awards. As such, both the Awards and the Employee Puts are accounted for as liability-classified instruments as of the issuance date of the Employee Put. During the period for which the Employee Puts are exercisable, both the Employee Puts and the associated Awards are re-measured to fair value each reporting period. | ||||||
It was assumed that Employee Puts will be exercised at the greater of the fixed price or fair market value. In the absence of a publicly traded market, the fair market value of the Employee Puts and underlying units are estimated primarily using discounted cash flow and, secondarily, using other market-related models that factor in current industry trends. In determining the estimated future cash flow, we consider and apply certain estimates and judgments, including current and projected future levels of income based on management’s plans, business trends, prospects and market and economic conditions and market-participant considerations. The adjustment to the carrying fair value is based upon an equity rate of return for a public company in our industry with similar financial trends and characteristics. The fair value of our common stock is used to determine the value of the Employee Puts based on their ownership interest. | ||||||
Because the awards were granted by a related party as compensation to our employees, the compensation associated with the awards and the related puts was pushed down by the related parties to IBP and recorded as non-cash compensation expense. This expense totaled $780 and $4,658 in 2011 and 2012, respectively, and is included in administrative expenses on our Consolidated Statement of Operations. There was no similar expense recognized in 2013. | ||||||
Effective November 30, 2013, the Employee Puts between Jeffrey Edwards and our other executive officers were terminated. | ||||||
Self-Insurance Liabilities | ' | ' | ||||
Self-Insurance Liabilities | ||||||
We use a combination of insurance and self-insurance for a number of risks, including, but not limited to, workers’ compensation, general liability, vehicle liability, property and our obligation for employee-related health care benefits. Liabilities relating to these claims associated with these risks are estimated by considering historical claims experience, including frequency, severity, demographic factors, and other actuarial assumptions. In estimating our liability for such claims, we periodically analyze our historical trends, including loss development, and apply appropriate loss development factors to the incurred costs associated with the claims with the assistance of external actuarial consultants. | ||||||
Income Taxes | ' | ' | ||||
Income Taxes | ||||||
We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. | ||||||
Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, the ability to produce future taxable income, tax planning strategies available and recent financial operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and changes in accounting policies and incorporate assumptions including the amount of future federal and state pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we use to manage the underlying businesses. | ||||||
Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on our results of operations, cash flows, or financial position. | ||||||
A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold to be recognized. | ||||||
We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Liabilities related to uncertain tax positions are recorded in other long-term liabilities on the Consolidated Balance Sheets. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which the new information becomes available. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense in the Consolidated Statements of Operations. Accrued interest and penalties are recognized in accrued expenses on the Consolidated Balance Sheets. | ||||||
Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States which includes numerous state and local jurisdictions. Significant judgments and estimates are required in determining the income tax expense, deferred tax assets and liabilities and the reserve for unrecognized tax benefits. | ||||||
Discontinued Operations | ' | ' | ||||
Discontinued Operations | ||||||
We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase Company value. This review entails an evaluation of both external market factors and our position in each market and over time has resulted in the decision to discontinue certain locations. Customers of discontinued locations will not be served by other locations. There were no material assets or liabilities related to our discontinued operations as of December 31, 2012 or 2013. Discontinued operations were not segregated in the Consolidated Statements of Cash Flows. | ||||||
Estimated Fair Value of Financial Instruments | ' | ' | ||||
Estimated Fair Value of Financial Instruments | ||||||
Accounts receivable, accounts payable, and accrued liabilities as of December 31, 2012 and 2013 approximate their fair value due to the short-term maturities of these financial instruments. The carrying amounts of the long-term debt under the revolving line of credit approximates its fair value as of December 31, 2012 and 2013 due to the short term maturities of the underlying variable rate LIBOR agreements. This represents a Level 2 fair value measurement. | ||||||
Recently Adopted Accounting Pronouncements | ' | ' | ||||
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements | |||||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendment clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013 and should be retrospectively applied to all comparative periods presented. We have concluded that this ASU has not had a material impact on our consolidated financial statements because the scope clarification does not change our position for the three months ended March 31, 2014. | In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendment clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013 and should be retrospectively applied to all comparative periods presented. We have concluded that this ASU will not have a material impact on our consolidated financial statements because the Company has already implemented the provisions of ASU 2011-11 and the scope clarification does not change our position for the year ended December 31, 2013. | |||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)”. This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. We have concluded that this ASU will not have a material impact on our consolidated financial statements. | ||||||
Recently Issued Accounting Pronouncements Not Yet Adopted | ' | ' | ||||
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted | |||||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. We are still evaluating whether this ASU will have a material impact on our consolidated financial statements. | In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)”. This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. We have concluded that this ASU will not have a material impact on our consolidated financial statements | |||||
In December 2013, the FASB issued ASU 2013-12, “Definition of a Public Business Entity: An Addition to the Master Glossary.” This update amends the Master Glossary of the FASB Accounting Standards Codification to include one definition of public business entity for future use in U.S. GAAP. This update also identifies the types of business entities that are excluded from the scope of the Guide. The amendment specifies that an entity that is required by the SEC to file or furnish financial statements with the SEC, or does file or furnish financial statements with the SEC, is considered a public business entity. Based on this definition we have concluded that the Company is a public business entity under the new standard. There is no effective date for the amendment however the term business public entity will be used in future Accounting Standards Updates. We have concluded that this ASU will not have a material impact on our consolidated financial statements. |
ORGANIZATION_Tables
ORGANIZATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Annual Percentage of Installation Net Revenue by Product Category | ' | ||||||||||||
The following is a summary of the annual percentage of installation net revenue by product category: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Insulation | 72 | % | 74 | % | 74 | % | |||||||
Garage doors | 10 | % | 8 | % | 8 | % | |||||||
Shower doors, shelving and mirrors | 6 | % | 6 | % | 6 | % | |||||||
Rain gutters | 5 | % | 6 | % | 6 | % | |||||||
Other building products | 7 | % | 6 | % | 6 | % | |||||||
100 | % | 100 | % | 100 | % |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Allowance for Doubtful Accounts | ' | ||||
Allowance for Doubtful Accounts | |||||
We maintain an allowance for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The allowance is determined by management based on our historical losses, specific customer circumstances, and general economic conditions. We analyze aged accounts receivable and generally increase the allowance as receivables age. Management reviews accounts receivable and records an allowance for specific customers based on current circumstances and charges off the receivable against the allowance when all attempts to collect the receivable have failed. This analysis is performed regularly and the allowance is adjusted accordingly. | |||||
Allowance for doubtful accounts receivable | |||||
January 1, 2011 | $ | 2,172 | |||
Charged to costs and expenses | 2,156 | ||||
Charged to other accounts (1) | 337 | ||||
Deductions (2) | (3,094 | ) | |||
December 31, 2011 | 1,571 | ||||
Charged to costs and expenses | 482 | ||||
Charged to other accounts (1) | 563 | ||||
Deductions (2) | (1,204 | ) | |||
December 31, 2012 | 1,412 | ||||
Charged to costs and expenses | 1,038 | ||||
Charged to other accounts (1) | 479 | ||||
Deductions (2) | (1,191 | ) | |||
December 31, 2013 | $ | 1,738 | |||
-1 | Recovery of receivables previously written off as bad debt | ||||
-2 | Write-off of uncollectible accounts receivable |
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consisted of the following: | |||||||||
As of December 31, | As of December 31, | ||||||||
2012 | 2013 | ||||||||
Land | $66 | $66 | |||||||
Buildings | 218 | 218 | |||||||
Leasehold improvements | 3,492 | 3,640 | |||||||
Furniture, fixtures and equipment | 16,606 | 15,720 | |||||||
Vehicles and equipment | 47,814 | 61,971 | |||||||
68,196 | 81,615 | ||||||||
Less: accumulated deprecation and amortization | (50,265 | ) | (52,140 | ) | |||||
$17,931 | $29,475 | ||||||||
GOODWILL_AND_INTANGIBLES_Table
GOODWILL AND INTANGIBLES (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Carrying Amount of Goodwill | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The change in carrying amount of goodwill was as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 118,316 | $ | 119,150 | ||||||||||||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | (70,004 | ) | (70,004 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net Goodwill | 48,312 | 49,146 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill from business combinations | 834 | 182 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 119,150 | 119,332 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | (70,004 | ) | (70,004 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net Goodwill | $ | 49,146 | $ | 49,328 | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Carrying Amount and Accumulated Amortization | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the gross carrying amount and accumulated amortization for each major class of intangibles: | The following table provides the gross carrying amount and accumulated amortization for each major class of intangibles: | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | Carrying | Accumulated | Book | Carrying | Accumulated | Book | |||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amortization | Value | Amount | Amortization | Value | |||||||||||||||||||||||||||||||||||||||||||
Amortized intangibles: | Amortized intangibles: | |||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 21,958 | $ | (14,839 | ) | $ | 7,119 | $ | 21,412 | $ | (14,403 | ) | $ | 7,009 | Customer relationships | $ | 20,439 | $ | 12,425 | $ | 8,014 | $ | 21,412 | $ | 14,403 | $ | 7,009 | |||||||||||||||||||||||
Covenants not-to-compete | 426 | (180 | ) | 246 | 356 | (160 | ) | 196 | Covenants not-to-compete | 1,021 | 761 | 260 | 356 | 160 | 196 | |||||||||||||||||||||||||||||||||||
Trademarks and tradenames | 12,098 | (5,912 | ) | 6,186 | 11,882 | (5,687 | ) | 6,195 | Trademarks and tradenames | 11,545 | 4,796 | 6,749 | 11,882 | 5,687 | 6,195 | |||||||||||||||||||||||||||||||||||
$ | 34,482 | $ | (20,931 | ) | $ | 13,551 | $ | 33,650 | $ | (20,250 | ) | $ | 13,400 | $ | 33,005 | $ | 17,982 | $ | 15,023 | $ | 33,650 | $ | 20,250 | $ | 13,400 | |||||||||||||||||||||||||
Schedule of Estimated Aggregate Annual Amortization | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Remaining estimated aggregate annual amortization expense is as follows (amounts are for the fiscal year ended): | Remaining estimated aggregate annual amortization expense is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Remainder of 2014 | $ | 2,035 | 2014 | $ | 2,659 | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2,543 | 2015 | 2,456 | |||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2,199 | 2016 | 2,113 | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 1,610 | 2017 | 1,524 | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 1,399 | 2018 | 1,313 | |||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 3,765 | Thereafter | 3,335 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | ' | ||||||||||||||||
Debt consists of the following: | Debt consists of the following: | |||||||||||||||||
March 31, | December 31, | As of December 31, | ||||||||||||||||
2014 | 2013 | 2012 | 2013 | |||||||||||||||
Revolving Line of Credit | $ | 18,555 | $ | 27,269 | Revolving Lines of Credit | $ | 17,231 | $ | 27,269 | |||||||||
Various notes payable, maturing through December 2016; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0% | 820 | 757 | ||||||||||||||||
Various notes payable, maturing through December 2016; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0% | 660 | 757 | ||||||||||||||||
19,375 | 28,026 | |||||||||||||||||
Less: current maturities | (268 | ) | (255 | ) | 17,891 | 28,026 | ||||||||||||
Less: current maturities | (186 | ) | (255 | ) | ||||||||||||||
Long-term debt, less current maturities | $ | 19,107 | $ | 27,771 | ||||||||||||||
Long-term debt, less current maturities | $ | 17,705 | $ | 27,771 | ||||||||||||||
Schedule of Aggregate Maturities of Long-Term Debt | ' | ' | ||||||||||||||||
Aggregate maturities of long-term debt are as follows: | ||||||||||||||||||
2014 | 255 | |||||||||||||||||
2015 | 284 | |||||||||||||||||
2016 | 27,487 | |||||||||||||||||
$ | 28,026 | |||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||
Accounts receivable, accounts payable, and accrued liabilities as of March 31, 2014 and December 31, 2013 approximate their fair value due to the short-term maturities of these financial instruments. The carrying amounts of the long-term debt under the LOC approximates its fair value as of March 31, 2014 and December 31, 2013 due to the short term maturities of the underlying variable rate LIBOR agreements. This represents a Level 2 fair value measurement. | In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. | |||||||||||||||||||||||||||||||||
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. | ||||||||||||||||||||||||||||||||||
Our Redeemable Preferred Stock was redeemed in February 2014 with proceeds from our IPO, eliminating the associated Put Option. In addition, the redeemable feature of our Redeemable Common Stock was terminated upon the IPO. See Note 1, Organization, “2014 Initial Public Offering,” for further information. As such, corresponding fair values are zero as of March 31, 2014. | Balance as of | Quoted prices in | Significant other | Significant | ||||||||||||||||||||||||||||||
December 31, | active markets | observable inputs | unobservable | |||||||||||||||||||||||||||||||
2012 | Level 1 | Level 2 | inputs | |||||||||||||||||||||||||||||||
Quoted prices in | Significant other | Significant | Level 3 | |||||||||||||||||||||||||||||||
December 31, | active markets | observable inputs | unobservable | Put option - Series A Preferred Stock | $ | 782 | $ | — | $ | — | $ | 782 | ||||||||||||||||||||||
2013 | Level 1 | Level 2 | inputs | Redeemable Common Stock | 17,246 | — | — | 17,246 | ||||||||||||||||||||||||||
Level 3 | ||||||||||||||||||||||||||||||||||
Put option—Redeemable Preferred Stock | $ | 490 | $ | — | $ | — | $ | 490 | Total items measured at fair value on a recurring basis | $ | 18,028 | $ | — | $ | — | $ | 18,028 | |||||||||||||||||
Redeemable Common Stock | 81,010 | — | — | 81,010 | ||||||||||||||||||||||||||||||
Total items measured at fair value on a recurring basis | $ | 81,500 | $ | — | $ | — | $ | 81,500 | ||||||||||||||||||||||||||
Balance as of | Quoted prices in | Significant other | Significant | |||||||||||||||||||||||||||||||
December 31, | active markets | observable inputs | unobservable | |||||||||||||||||||||||||||||||
2013 | Level 1 | Level 2 | inputs | |||||||||||||||||||||||||||||||
Level 3 | ||||||||||||||||||||||||||||||||||
Put option - Series A Preferred Stock | $ | 490 | $ | — | $ | — | $ | 490 | ||||||||||||||||||||||||||
Redeemable Common Stock | 81,010 | — | — | 81,010 | ||||||||||||||||||||||||||||||
Total items measured at fair value on a recurring basis | $ | 81,500 | $ | — | $ | — | $ | 81,500 | ||||||||||||||||||||||||||
Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ' | ' | ||||||||||||||||||||||||||||||||
Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 were as follows (in thousands): | Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2012 and 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 81,500 | Balance as of January 1, 2012 | $ | 16,426 | |||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments | 8,357 | Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments | 1,745 | |||||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Operations | (490 | ) | Adjustments to fair value measurement impacting the Statement of Operations | (143 | ) | |||||||||||||||||||||||||||||
Termination of Redemption Feature on common stock and Put Option | (89,367 | ) | ||||||||||||||||||||||||||||||||
Balance as of January 1, 2013 | 18,028 | |||||||||||||||||||||||||||||||||
Balance as of March 31, 2014 | $ | — | Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments | 63,764 | ||||||||||||||||||||||||||||||
Adjustments to fair value measurement impacting the Statement of Operations | (292 | ) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 81,500 | ||||||||||||||||||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Provision for Income Taxes from Continuing Operations | ' | ||||||||||||||||||||||||
The provision for income taxes from continuing operations is comprised of: | |||||||||||||||||||||||||
Years ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 2,035 | $ | 1,213 | $ | 5,289 | |||||||||||||||||||
State | 232 | 194 | 677 | ||||||||||||||||||||||
2,267 | 1,407 | 5,966 | |||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | (755 | ) | (794 | ) | (1,554 | ) | |||||||||||||||||||
State | (63 | ) | (58 | ) | (196 | ) | |||||||||||||||||||
(818 | ) | (852 | ) | (1,750 | ) | ||||||||||||||||||||
Total tax expense | $ | 1,449 | $ | 555 | $ | 4,216 | |||||||||||||||||||
Reconciliation Between Effective Tax Rate on (Loss) Income from Continuing Operations and Federal Statutory Tax Rate | ' | ||||||||||||||||||||||||
The reconciliation between our effective tax rate on (loss) income from continuing operations and the federal statutory tax rate is as follows: | |||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
Income tax at federal statuatory rate | $ | (2,009 | ) | 35 | % | $ | (1,309 | ) | 35 | % | $ | 3,799 | 35 | % | |||||||||||
Non-deductible loss from flow through entities prior to Recapitalization | 888 | (15.5 | %) | — | 0 | % | — | 0 | % | ||||||||||||||||
Loss of tax attributes resulting from Recapitalization | 9,878 | (172.1 | %) | — | 0 | % | — | 0 | % | ||||||||||||||||
Extinguishment of debt | 355 | (6.2 | %) | — | 0 | % | — | 0 | % | ||||||||||||||||
Stock Compensation | 273 | (4.8 | %) | 1,581 | (42.3 | %) | (97 | ) | (0.9 | %) | |||||||||||||||
Section 199 Deduction | — | 0 | % | (268 | ) | 7.2 | % | (454 | ) | (4.2 | %) | ||||||||||||||
Other non-deductible expenses | 76 | (1.1 | %) | 262 | (7.0 | %) | 7 | 0.1 | % | ||||||||||||||||
Change in valuation allowance | (8,239 | ) | 143.5 | % | 214 | (5.7 | %) | 647 | 6 | % | |||||||||||||||
Interest and penalties on uncertain tax positions | 118 | (2.1 | %) | 56 | (1.5 | %) | — | 0 | % | ||||||||||||||||
State income taxes, net of federal benefit | 109 | (1.9 | %) | 19 | (0.5 | %) | 314 | 2.9 | % | ||||||||||||||||
Total tax expense | $ | 1,449 | (25.2 | %) | $ | 555 | (14.8 | %) | $ | 4,216 | 38.9 | % | |||||||||||||
Net Deferred Tax Asset or Liability | ' | ||||||||||||||||||||||||
Components of the net deferred tax asset or liability are as follows: | |||||||||||||||||||||||||
At December 31, | At December 31, | ||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Accrued reserves and allowances | $ | 705 | $ | 86 | |||||||||||||||||||||
Inventories | 46 | 55 | |||||||||||||||||||||||
Current deferred tax assets | 751 | 141 | |||||||||||||||||||||||
Long-term | |||||||||||||||||||||||||
Property and equipment | — | 1 | |||||||||||||||||||||||
Net operating loss carryforwards | 688 | 1,297 | |||||||||||||||||||||||
Long-term deferred tax assets | 688 | 1,298 | |||||||||||||||||||||||
Total deferred tax assets | 1,439 | 1,439 | |||||||||||||||||||||||
Less: Valuation allowance | (228 | ) | (885 | ) | |||||||||||||||||||||
Net deferred tax assets | 1,211 | 554 | |||||||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Accrued reserves and allowances | — | (29 | ) | ||||||||||||||||||||||
Other | — | (67 | ) | ||||||||||||||||||||||
Current deferred tax liabilities | — | (96 | ) | ||||||||||||||||||||||
Long-term | |||||||||||||||||||||||||
Property and equipment | (61 | ) | (86 | ) | |||||||||||||||||||||
Intangibles | (529 | ) | (374 | ) | |||||||||||||||||||||
Investment in partnership | (11,932 | ) | (9,554 | ) | |||||||||||||||||||||
Other | (64 | ) | — | ||||||||||||||||||||||
Long-term deferred tax liabilities | (12,586 | ) | (10,014 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (12,586 | ) | (10,110 | ) | |||||||||||||||||||||
Net deferred tax liabilities | $ | (11,375 | ) | $ | (9,556 | ) | |||||||||||||||||||
Rollforward of Gross Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||
A rollforward of the gross unrecognized tax benefits is as follows: | |||||||||||||||||||||||||
Unrecognized tax benefit, January 1, 2012 | $ | 924 | |||||||||||||||||||||||
Increase as a result of tax positions taken during the period | 945 | ||||||||||||||||||||||||
Decrease as a result of tax positions taken during the period | (504 | ) | |||||||||||||||||||||||
Unrecognized tax benefit, December 31, 2012 | 1,365 | ||||||||||||||||||||||||
Increase as a result of tax positions taken during the period | 891 | ||||||||||||||||||||||||
Decrease as a result of tax positions taken during the period | (945 | ) | |||||||||||||||||||||||
Unrecognized tax benefit, December 31, 2013 | $ | 1,311 | |||||||||||||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ' | ||||||||||||||||||||
Schedule of Related Party Transactions | ' | ' | ||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties were as follows: | For the years ended December 31, 2011, 2012 and 2013, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties are as follows: | |||||||||||||||||||||
2014 | 2013 | Years ended December 31, | ||||||||||||||||||||
Sales | $ | 414 | $ | 246 | 2011 | 2012 | 2013 | |||||||||||||||
Purchases | 1,172 | 3,124 | Sales | $ | 2,704 | $ | 1,689 | $ | 1,188 | |||||||||||||
Rent | 145 | 171 | Purchases | 610 | 3,668 | 10,292 | ||||||||||||||||
Rent | 158 | 288 | 671 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments under Noncancellable Operating Leases | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital leases | Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
Related party | Other | Total Operating | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 8,789 | $ | 557 | $ | 4,806 | $ | 5,363 | ||||||||||||||||||||||||||||||||||||||||||
2015 | 7,224 | 495 | 3,197 | 3,692 | ||||||||||||||||||||||||||||||||||||||||||||||
2016 | 4,858 | 400 | 2,257 | 2,657 | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2,566 | 158 | 1,306 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||||||
2018 | 917 | 34 | 969 | 1,003 | ||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 49 | — | 2,064 | 2,064 | ||||||||||||||||||||||||||||||||||||||||||||||
24,403 | $ | 1,644 | $ | 14,599 | $ | 16,243 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Amounts representing interest | (2,370 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total obligation under capital leases | 22,033 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Current portion of capital leases | (7,663 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Long term capital lease obligation | $ | 14,370 | ||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Capital Lease Payments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital leases | Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
Related party | Other | Total Operating | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 8,789 | $ | 557 | $ | 4,806 | $ | 5,363 | ||||||||||||||||||||||||||||||||||||||||||
2015 | 7,224 | 495 | 3,197 | 3,692 | ||||||||||||||||||||||||||||||||||||||||||||||
2016 | 4,858 | 400 | 2,257 | 2,657 | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2,566 | 158 | 1,306 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||||||
2018 | 917 | 34 | 969 | 1,003 | ||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 49 | — | 2,064 | 2,064 | ||||||||||||||||||||||||||||||||||||||||||||||
24,403 | $ | 1,644 | $ | 14,599 | $ | 16,243 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Amounts representing interest | (2,370 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total obligation under capital leases | 22,033 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Current portion of capital leases | (7,663 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Long term capital lease obligation | $ | 14,370 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Rent Expense under Operating Leases | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Total rent expense under these operating leases for the years ended December 31, 2011, 2012 and 2013 was $5,906, $6,343 and $7,171, respectively, which is included in the Consolidated Statements of Operations as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | $ | 382 | $ | 435 | $ | 573 | ||||||||||||||||||||||||||||||||||||||||||||
Selling | 173 | 113 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||
Administrative | 5,351 | 5,795 | 6,566 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,906 | $ | 6,343 | $ | 7,171 | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Obligations Under Contract | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase obligations under the contracts as of March 31, 2014 were as follows: | Purchase obligations under the contracts as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments due by year: | Payments due by period | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Remainder | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | Less than 1 | 1-3 years | 3-5 years | More than | |||||||||||||||||||||||||||||||||||||||
of 2014 | year | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase obligations | $ | 3,489 | $ | 3,489 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Purchase Obligations | $ | 5,000 | $ | 5,000 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments Under Noncancellable Operating Leases | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
In some instances, lease agreements exist with related parties. Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) with related parties as of March 31, 2014 are as follows (amounts are as of the fiscal year ended): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Remainder of 2014 | $ | 412 | ||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 495 | |||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 400 | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 158 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | — |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The estimated fair values of the assets acquired and liabilities assumed for the acquisitions approximated the following: | The estimated fair values of the assets acquired and liabilities assumed for the acquisitions approximated the following: | |||||||||||||||||||||||||||||||||||||||||||||||||
Ace | U.S. Insulation | TCI | Accurate | ACE | KMB | |||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | $ | 213 | $ | 1,122 | Cash | $ | 317 | $ | 58 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Inventory | 14 | 234 | Accounts receivable | 3,880 | 1,606 | 213 | — | |||||||||||||||||||||||||||||||||||||||||||
Other current assets | — | 105 | Inventory | 1,984 | 564 | 14 | 54 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment | 263 | 520 | Note receivable | — | 171 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Intangibles | 1,106 | 846 | Other current assets | 244 | 47 | — | 37 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 1,217 | Property and equipment | 285 | 183 | 263 | 75 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | (609 | ) | (1,362 | ) | Intangibles | 4,390 | 1,123 | 1,106 | 226 | |||||||||||||||||||||||||||||||||||||||||
Deferred tax liability | — | (397 | ) | Goodwill | 834 | — | — | 182 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | (5,815 | ) | (2,037 | ) | (609 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total purchase price | $ | 987 | $ | 2,285 | Deferred tax liability | (1,387 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Long-term debt | (61 | ) | (437 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Seller obligations | $ | 300 | $ | 279 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash paid | 687 | 2,006 | Total purchase price | $ | 4,671 | $ | 1,278 | $ | 987 | $ | 574 | |||||||||||||||||||||||||||||||||||||||
Total purchase price | $ | 987 | $ | 2,285 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of common stock issued | $ | 4,100 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Seller obligations | 571 | 80 | 300 | 80 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash paid | — | 1,198 | 687 | 494 | ||||||||||||||||||||||||||||||||||||||||||||||
Total purchase price | $ | 4,671 | $ | 1,278 | $ | 987 | $ | 574 | ||||||||||||||||||||||||||||||||||||||||||
Estimates of Acquired Intangible Assets | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Estimates of acquired intangible assets related to the acquisitions are as follows: | Estimates of acquired intangible assets related to the acquisitions are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Ace | U.S. Insulation | TCI | Accurate | Ace | KMB | |||||||||||||||||||||||||||||||||||||||||||||
Acquired intangibles assets | Estimated | Weighted | Estimated | Weighted | Acquired intangibles assets | Estimated | Weighted | Estimated | Weighted | Estimated | Weighted | Estimated | Weighted | |||||||||||||||||||||||||||||||||||||
Fair | Average | Fair Value | Average | Fair Value | Average | Fair Value | Average | Fair Value | Average | Fair Value | Average | |||||||||||||||||||||||||||||||||||||||
Value | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | ||||||||||||||||||||||||||||||||||||||||||||
Useful | Useful | Useful Life | Useful Life | Useful Life | Useful Life | |||||||||||||||||||||||||||||||||||||||||||||
Life (yrs) | Life (yrs) | (yrs) | (yrs) | (yrs) | (yrs) | |||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 826 | 10 | $ | 546 | 10 | Customer relationships | $ | 2,500 | 10 | $ | 741 | 10 | $ | 826 | 10 | $ | 146 | 10 | |||||||||||||||||||||||||||||||
Trademarks and trade names | 280 | 15 | 216 | 15 | Trademarks and trade names | 1,820 | 8 | 247 | 15 | 280 | 15 | 58 | 15 | |||||||||||||||||||||||||||||||||||||
Non-competition agreements | — | — | 84 | 5 | Non-competition agreements | 70 | 2 | 135 | 3 | — | — | 22 | 5 | |||||||||||||||||||||||||||||||||||||
Pro forma results of operations | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
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, 2013 and 2012, and the unaudited pro forma information does not purport to be indicative of future financial operating results. | 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, 2012 and 2011, and the unaudited pro forma information does not purport to be indicative of future financial operating results. | |||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma for the three | Pro Forma for the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
months ended March 31, | 2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 107,989 | $ | 94,621 | Net revenue | $ | 277,834 | $ | 334,885 | $ | 432,569 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 518 | (606 | ) | Net (loss) income | (13,951 | ) | (3,499 | ) | 5,925 | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | (19,379 | ) | (2,093 | ) | Net income (loss) attributable to common shareholders | 68,657 | (9,028 | ) | (298 | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss per share attributable to common stockholders (basic and diluted) | (0.75 | ) | (0.09 | ) | Net income (loss) per share attributable to common shareholders (basic and diluted) | 3.12 | (0.41 | ) | (0.01 | ) |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Summary of Operations of Discontinued Markets | ' | ||||||||||||
A summary of operations we discontinued in these markets for the years ended December 31, 2011, 2012 and 2013 is as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Net revenue | $ | 9,574 | $ | 4,020 | $ | 765 | |||||||
(Loss) income from discontinued operations, before income taxes | (2,455 | ) | 3,835 | (960 | ) | ||||||||
Income tax benefit (expense) | 660 | (1,447 | ) | 362 | |||||||||
(Loss) income from discontinued operations, after tax | $ | (1,795 | ) | $ | 2,388 | $ | (598 | ) | |||||
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Selected Quarterly Financial Data | ' | ||||||||||||||||||||
Summarized unaudited quarterly financial results for 2012 and 2013 is as follows: | |||||||||||||||||||||
2012 | |||||||||||||||||||||
March 31 | June 30 | September 30 | December 31(a) | Total Year | |||||||||||||||||
Net sales | $ | 61,375 | $ | 68,173 | $ | 80,307 | $ | 91,398 | $ | 301,253 | |||||||||||
Gross profit | 14,828 | 17,145 | 20,266 | 21,804 | 74,043 | ||||||||||||||||
(Loss) income from continuing operations | (2,075 | ) | (5,623 | ) | 1,029 | 2,375 | (4,294 | ) | |||||||||||||
Net (loss) income | (2,273 | ) | (5,624 | ) | 898 | 5,093 | (1,906 | ) | |||||||||||||
Net (loss) income attributable to common stockholders | (3,595 | ) | (6,985 | ) | (504 | ) | 3,649 | (7,435 | ) | ||||||||||||
Net (loss) income per share (basic and diluted): | |||||||||||||||||||||
(Loss) income per share from continuing operations attributable to common stockholders | $ | (0.17 | ) | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0.04 | $ | (0.49 | ) | |||||||
(Loss) income per share attributable to common stockholders | $ | (0.18 | ) | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0.17 | $ | (0.37 | ) | |||||||
2013 | |||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Total Year | |||||||||||||||||
Net sales | $ | 91,962 | $ | 104,686 | $ | 115,951 | $ | 119,330 | $ | 431,929 | |||||||||||
Gross profit | 22,274 | 26,255 | 29,949 | 31,210 | 109,688 | ||||||||||||||||
(Loss) income from continuing operations | (243 | ) | 1,436 | 3,068 | 2,377 | 6,638 | |||||||||||||||
Net (loss) income | (530 | ) | 1,226 | 2,967 | 2,377 | 6,040 | |||||||||||||||
Net (loss) income attributable to common stockholders | (2,017 | ) | (306 | ) | 1,389 | 751 | (183 | ) | |||||||||||||
Net (loss) income per share (basic and diluted): | |||||||||||||||||||||
(Loss) income per share from continuing operations attributable to common stockholders | $ | (0.08 | ) | $ | — | $ | 0.07 | $ | 0.03 | $ | 0.02 | ||||||||||
(Loss) income per share attributable to common stockholders | $ | (0.09 | ) | $ | (0.01 | ) | $ | 0.07 | $ | 0.03 | $ | (0.01 | ) | ||||||||
(a) | We recorded a net gain on litigation settlement of $6,975 in this quarter related to a class action lawsuit in which we were one of the plaintiffs. We also recorded a gain of $4,500 in discontinued operations as a result of terminating a regrinding materials contract due to discontinuing a regrinding operation. |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 10, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 19, 2014 | Feb. 10, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 19, 2014 | Nov. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Jul. 31, 2011 | Jul. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2011 | Nov. 04, 2011 | Nov. 04, 2011 | Nov. 04, 2011 | Nov. 04, 2011 | Feb. 10, 2014 | Feb. 19, 2014 | Feb. 10, 2014 | Feb. 10, 2014 | Feb. 19, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Segment | Segment | Shares Prior to Stock Split [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IBP Funding Company LLC and Primstone Funding Company LLC [Member] | IBP Funding Company LLC and Primstone Funding Company LLC [Member] | IBP Funding Company LLC and Primstone Funding Company LLC [Member] | Edwards IBP Holdings [Member] | Cetus Capital II, LLC [Member] | Shareholders [Member] | Related Party [Member] | IBP Funding Company [Member] | IBP Funding Company [Member] | IBP Funding Company [Member] | IBP Funding Company [Member] | IBP Funding Company [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | UNITED STATES | UNITED STATES | ||||||||||||
Residential Construction Sales [Member] | Residential Construction Sales [Member] | Residential Construction Sales [Member] | Residential Construction Sales [Member] | Residential Construction Sales [Member] | Commercial Construction Sales [Member] | Commercial Construction Sales [Member] | Commercial Construction Sales [Member] | Commercial Construction Sales [Member] | Commercial Construction Sales [Member] | Stock split [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | IBP Holdings LLC [Member] | IBP Holdings LLC [Member] | IBP Holdings LLC [Member] | IBP Holdings II LLC [Member] | Notes Payable [Member] | Series A Preferred Stock [Member] | Redeemable Common Stock [Member] | Put Option [Member] | Shares Prior to Stock Split [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Location | Location | |||||||||||||||||||||||
Senior Secured Credit Facilities [Member] | Subordinated Debt [Member] | Senior Secured Credit Facilities [Member] | Revolving Credit Facility [Member] | Stock split [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Basis Of Presentation And Organization [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of locations the company operates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | |
Number of operating segment | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | 88.10% | 87.90% | 89.00% | 86.20% | 83.60% | 11.90% | 12.10% | 11.00% | 13.80% | 16.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Outstanding debt repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,778 | $8,212 | $77,642 | $12,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt forgiven by debt holder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,778 | ' | ' | ' | ' | ' | 3,781 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest forgiven on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,308 | ' | ' | ' | ' | ' | 946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustment to additional paid in capital, gains on extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,813 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,086 | ' | ' | ' | ' | ' | 4,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion of stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 5,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion of stock, amount issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,900 | 43,275 | ' | ' | ' | ' | ' | ' | ' | ' | |
Long term debt including interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,642 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accrued Interest Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fair value of stock including embedded derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fair value of embedded derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 925 | ' | ' | ' | ' | ' | ' | ' | |
Gains on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Earning Per share | ($0.76) | $0.03 | $0.07 | ($0.01) | ($0.09) | $0.17 | [1] | ($0.02) | ($0.36) | ($0.18) | ($0.01) | ($0.37) | $3.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid in capital | 139,957 | ' | ' | ' | ' | 3,959 | ' | ' | ' | ' | 3,959 | 25,978 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain on Extinguishment of Pre-Recapitalization Preferred Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Issuance of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,567,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,567,500 | ' | ' | ' | ' | ' | |
Proceeds from issuance of IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,645 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,242 | ' | ' | ' | ' | ' | |
Payment to redeem redeemable preferred stock | 75,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,735 | ' | ' | ' | ' | ' | |
Proceeds from IPO used to pay underwriting fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,597 | ' | ' | ' | ' | ' | |
Payment of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,910 | ' | ' | |
Common stock, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11 | ' | ' | ' | ' | ' | |
Stock split description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19.5-for-one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19.5-for-one | ' | ' | ' | ' | |
Stock split ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.5 | ' | ' | ' | ' | |
Common stock shares issued | 30,601,401 | 16,183,901 | ' | ' | ' | 16,183,901 | ' | ' | ' | 16,183,901 | 16,183,901 | ' | 1,129,944 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,601,401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,129,944 | ' | ' | ' | ' | ' | ' | |
Common stock and Redeemable common stock, shares issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,033,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,033,901 | ' | ' | ' | |
Common stock outstanding | 30,601,401 | 16,183,901 | ' | ' | ' | 16,183,901 | ' | ' | ' | 16,183,901 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,601,401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | We recorded a net gain on litigation settlement of $6,975 in this quarter related to a class action lawsuit in which we were one of the plaintiffs. We also recorded a gain of $4,500 in discontinued operations as a result of terminating a regrinding materials contract due to discontinuing a regrinding operation. |
Installation_Net_Revenue_By_Pr
Installation Net Revenue By Product (Detail) (Revenue [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration Risk [Line Items] | ' | ' | ' |
Net revenues percentage | 100.00% | 100.00% | 100.00% |
Insulation [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Net revenues percentage | 74.00% | 74.00% | 72.00% |
Garage doors [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Net revenues percentage | 8.00% | 8.00% | 10.00% |
Shower doors, shelving and mirrors [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Net revenues percentage | 6.00% | 6.00% | 6.00% |
Rain gutters [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Net revenues percentage | 6.00% | 6.00% | 5.00% |
Other building products [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Net revenues percentage | 6.00% | 6.00% | 7.00% |
Recovered_Sheet1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lawsuits | ||||||
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Amount insured by FDIC | ' | ' | $250 | ' | $250 | ' |
Deferred expenses | ' | ' | ' | 5,156 | ' | ' |
Advertising expenses | 343 | 385 | ' | 1,610 | 1,694 | 1,440 |
Gain on litigation settlement | ' | ' | 6,975 | 31 | 6,975 | ' |
Cost incurred from lawsuits settlement | ' | ' | ' | 1,407 | ' | ' |
Number of lawsuits | ' | ' | ' | 2 | ' | ' |
Gain from Insurance Proceeds | ' | ' | ' | ' | 960 | ' |
Deferred financing costs | ' | ' | 496 | 321 | 496 | ' |
Amortization expense related to financing costs | ' | ' | ' | 175 | 175 | 696 |
Share-based compensation | ' | ' | ' | ' | 4,658 | 780 |
Total offering costs charged against equity | 8,661 | ' | ' | ' | ' | ' |
Continuing Operations [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Intangible asset impairment | ' | ' | ' | 0 | 352 | 1,687 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Intangible asset impairment | ' | ' | ' | ' | ' | 1,074 |
Other Operating Expenses [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Cost incurred from lawsuits settlement | ' | ' | ' | 881 | ' | ' |
Administrative [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | 0 | 4,658 | 780 |
Customer relationships [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '10 years | ' | ' |
Non-competition agreements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '5 years | ' | ' |
Non-competition agreements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '2 years | ' | ' |
Trademarks and tradenames [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '15 years | ' | ' |
Trademarks and tradenames [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '8 years | ' | ' |
Vehicles [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life, description | ' | ' | ' | 'The shorter of lease life or five years | ' | ' |
Furniture Fixtures and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '5 years | ' | ' |
Furniture Fixtures and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '3 years | ' | ' |
Leasehold Improvements [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life, description | ' | ' | ' | 'Shorter of lease life or five years | ' | ' |
Building [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '30 years | ' | ' |
Revenue [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues percentage | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Revenue [Member] | Single Customer [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues percentage | ' | ' | ' | 3.00% | 3.00% | 3.00% |
Accounts Payable [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Outstanding checks | ' | ' | 1,480 | 1,770 | 1,480 | ' |
Accrued Compensation [Member] | ' | ' | ' | ' | ' | ' |
Accounting Policies and General Information [Line Items] | ' | ' | ' | ' | ' | ' |
Outstanding checks | ' | ' | $506 | $328 | $506 | ' |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts Receivable (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | |||
Beginning Balance | $1,412 | $1,571 | $2,172 | $2,094 | |||
Charged to costs and expenses | 1,038 | 482 | 2,156 | ' | |||
Charged to other accounts | 479 | [1] | 563 | [1] | 337 | [1] | ' |
Deductions | -1,191 | [2] | -1,204 | [2] | -3,094 | [2] | ' |
Ending Balance | $1,738 | $1,412 | $1,571 | $2,094 | |||
[1] | Recovery of receivables previously written off as bad debt | ||||||
[2] | Write-off of uncollectible accounts receivable |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property Plant And Equipment Gross | ' | $81,615 | $68,196 |
Less: accumulated deprecation and amortization | ' | -52,140 | -50,265 |
Property Plant And Equipment Net | 32,702 | 29,475 | 17,931 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property Plant And Equipment Gross | ' | 66 | 66 |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property Plant And Equipment Gross | ' | 218 | 218 |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property Plant And Equipment Gross | ' | 3,640 | 3,492 |
Furniture, Fixtures and Equipment[Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property Plant And Equipment Gross | ' | 15,720 | 16,606 |
Vehicles And Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property Plant And Equipment Gross | ' | $61,971 | $47,814 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Property and equipment fully depreciated | $37,360 | $38,742 | ' |
Depreciation and amortization expense | $8,374 | $4,637 | $4,405 |
Change_In_Carrying_Amount_of_G
Change In Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill, beginning | $119,332 | $119,150 | $118,316 |
Accumulated impairment losses, beginning | -70,004 | -70,004 | -70,004 |
Net Goodwill, beginning | 49,328 | 49,146 | 48,312 |
Goodwill from business combinations | 1,217 | 182 | 834 |
Goodwill, ending | ' | 119,332 | 119,150 |
Accumulated impairment losses, ending | ' | -70,004 | -70,004 |
Net Goodwill, ending | $50,545 | $49,328 | $49,146 |
Goodwill_and_Intangibles_Sched
Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | $34,482 | $33,650 | $33,005 |
Accumulated Amortization | -20,931 | -20,250 | -17,982 |
Net Book Value | 13,551 | 13,400 | 15,023 |
Customer relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 21,958 | 21,412 | 20,439 |
Accumulated Amortization | -14,839 | -14,403 | -12,425 |
Net Book Value | 7,119 | 7,009 | 8,014 |
Covenants not-to-compete [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 426 | 356 | 1,021 |
Accumulated Amortization | -180 | -160 | -761 |
Net Book Value | 246 | 196 | 260 |
Trademarks and tradenames [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 12,098 | 11,882 | 11,545 |
Accumulated Amortization | -5,912 | -5,687 | -4,796 |
Net Book Value | $6,186 | $6,195 | $6,749 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization expense on intangible assets | ' | ' | $3,057 | $3,082 | $3,986 |
Goodwill | 1,217 | ' | 182 | 834 | ' |
Goodwill impairment | 0 | 0 | ' | ' | ' |
Amortization expense on intangible assets | 697 | 791 | 3,057 | 3,082 | 3,785 |
Continuing Operations [Member] | ' | ' | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible asset impairment | ' | ' | 0 | 352 | 1,687 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible asset impairment | ' | ' | ' | ' | $1,074 |
Goodwill_and_Intangibles_Sched1
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | ' | $2,659 |
Remainder of 2014 | 2,035 | ' |
2015 | 2,543 | 2,456 |
2016 | 2,199 | 2,113 |
2017 | 1,610 | 1,524 |
2018 | 1,399 | 1,313 |
Thereafter | $3,765 | $3,335 |
Longterm_Debt_Schedule_of_Matu
Long-term Debt - Schedule of Maturities of Long-term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | ' | ' | ' |
Revolving Line of Credit | $18,555 | $27,269 | $17,231 |
Various notes payable, maturing through December 2016; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0% | 820 | 757 | 660 |
Total | 19,375 | 28,026 | 17,891 |
Less: current maturities | -268 | -255 | -186 |
Long-term debt, less current maturities | $19,107 | $27,771 | $17,705 |
Longterm_Debt_Schedule_of_Matu1
Long-term Debt - Schedule of Maturities of Long-term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Notes payable Interest rate, minimum | 0.00% | 0.00% |
Notes payable Interest rate, maximum | 10.00% | 10.00% |
Notes payable maturity date | 'December 2016 | 'December 2016 |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maximum limit for revolving line of credit | ' | $50,000 | $50,000 | ' | ' |
Line of credit facility maturity date | ' | 4-May-16 | 4-May-16 | ' | ' |
Debt instrument, description of variable rate basis | ' | 'LIBOR | 'LIBOR | ' | ' |
Available borrowings under LOC | ' | 21,101 | 15,556 | 15,492 | ' |
Monthly fee on the average unused commitment | ' | 0.38% | 0.38% | ' | ' |
Contingent interest rate increase | ' | 2.00% | 2.00% | ' | ' |
Outstanding letters of credit | ' | 7,175 | 7,175 | 7,278 | 8,389 |
Contributed capital from members | 12,010 | ' | ' | 2,500 | 12,628 |
LIBOR [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Line of credit outstanding | ' | 16,000 | 24,500 | 16,000 | ' |
Interest rate | ' | 2.25% | 2.25% | ' | ' |
LIBOR [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 2.25% | ' |
LIBOR [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 3.75% | ' |
Base Rate [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Line of credit outstanding | ' | 2,555 | 2,769 | 1,231 | ' |
Interest rate | ' | 4.25% | 4.25% | 4.25% | ' |
Letter of Credit [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Letters of credit | ' | $10,000 | $10,000 | ' | ' |
Aggregate_Maturities_Of_Longte
Aggregate Maturities Of Long-term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Long Term Debt By Maturity [Abstract] | ' | ' | ' |
2014 | ' | $255 | ' |
2015 | ' | 284 | ' |
2016 | ' | 27,487 | ' |
Total | $19,375 | $28,026 | $17,891 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Quoted prices in active markets Level 1 [Member] | Quoted prices in active markets Level 1 [Member] | Quoted prices in active markets Level 1 [Member] | Quoted prices in active markets Level 1 [Member] | Significant other observable inputs Level 2 [Member] | Significant other observable inputs Level 2 [Member] | Significant other observable inputs Level 2 [Member] | Significant other observable inputs Level 2 [Member] | Significant unobservable inputs Level 3 [Member] | Significant unobservable inputs Level 3 [Member] | Significant unobservable inputs Level 3 [Member] | Significant unobservable inputs Level 3 [Member] | ||||
Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Put option - Series A Preferred Stock | ' | $490 | $782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $490 | $782 | ' | ' |
Redeemable Common Stock | ' | ' | ' | ' | 81,010 | 43,951 | 17,246 | 15,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,010 | 17,246 |
Total items measured at fair value on a recurring basis | ' | $81,500 | $18,028 | $16,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $81,500 | $18,028 | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | ||||
Fair Value Measurements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Rate of weighted average cost of capital | 18.00% | 13.00% | ' | ' | ' | ' | ' |
Intangible asset impairment | ' | ' | ' | $0 | $352 | $1,687 | $1,074 |
Redeemable preferred stock fair value | ' | ' | $0 | ' | ' | ' | ' |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Beginning balance | $81,500 | $18,028 | $16,426 |
Adjustments to fair value measurement impacting the Statement of Stockholders' Deficit and Redeemable Instruments | 8,357 | 63,764 | 1,745 |
Adjustments to fair value measurement impacting the Statement of Operations | -490 | -292 | -143 |
Termination of Redemption Feature on common stock and Put Option | -89,367 | ' | ' |
Ending balance | ' | $81,500 | $18,028 |
Stockholders_Equity_Deficit_an
Stockholders' Equity (Deficit) and Redeemable Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Redeemable Common Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Call Option [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||
Statement Of Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable and non redeemable Common stock, authorized | ' | ' | ' | 33,050,862 | 19,499,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable and non redeemable Common stock, issued | ' | 22,033,901 | 22,033,901 | ' | 19,499,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable and non redeemable Common stock, outstanding | ' | 22,033,901 | 22,033,901 | ' | 19,499,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock, Par value | ' | ' | ' | ' | ' | $0 | $0.01 | ' | $0.01 | $0.01 | ' | $0.01 | $0 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Stock, authorized | ' | ' | ' | ' | ' | 0 | 5,850,000 | ' | 5,850,000 | ' | ' | 1,000 | 0 | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' |
Stock, Issued | ' | ' | ' | ' | ' | 0 | 5,850,000 | ' | 5,850,000 | ' | ' | 1,000 | 0 | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' |
Stock, Outstanding | ' | ' | ' | ' | ' | 0 | 5,850,000 | 5,850,000 | 5,850,000 | 5,850,000 | 975,000 | 1,000 | 0 | 1,000 | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period for business acquired, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,533,908 | ' | ' | ' | ' |
Redeemable stock redemption value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,735 | $75,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable stock redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-16 | 31-Jul-21 | ' | ' | ' | ' | ' |
Redeemable stock original issue price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend accrual rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Authorized | 100,000,000 | 27,200,862 | 27,200,862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Issued | 30,601,401 | 16,183,901 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Outstanding | 30,601,401 | 16,183,901 | 16,183,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,183,901 | 30,601,401 | 16,183,901 | 16,183,901 | 13,649,993 |
Preferred Stock, Authorized | 5,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Issued | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' | ' |
Employee contributions healthcare expense net | $2,612 | $2,001 | $7,954 | $5,744 | $5,199 |
Accrued compensation | 7,806 | ' | 8,942 | 7,562 | ' |
Workers' compensation expense | 1,585 | 1,460 | 5,910 | 4,043 | 3,092 |
Insurance claim receivables | 2,710 | ' | 2,055 | 1,777 | ' |
Administration expense related to employee contribution plan | ' | ' | 695 | 529 | 95 |
IBNR Reserves [Member] | ' | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' | ' |
Workers compensation included in other current liabilities and long term liabilities | ' | ' | 5,920 | 4,570 | ' |
Accrued insurance included in other current liabilities and long term liabilities | ' | ' | 4,278 | 3,430 | ' |
Workers compensation included in other current liabilities | 1,660 | ' | 1,660 | ' | ' |
Workers compensation included in other long term liabilities | 4,556 | ' | 4,260 | ' | ' |
Accrued insurance included in other current liabilities | 1,012 | ' | 1,012 | ' | ' |
Accrued insurance included in other long term liabilities | 4,163 | ' | 3,266 | ' | ' |
Medical IBNR included in Accrued compensation [Member] | ' | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' | ' |
Accrued compensation | $1,013 | ' | $913 | $663 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Deferred tax effects resulting from Recapitalization | ' | ' | ' | $11,285 |
Net operating loss carryforwards | ' | 1,297 | 688 | ' |
Unrecognized benefits expected to reverse | ' | 891 | 945 | ' |
Unrecognized tax benefit that affect effective tax rate | ' | 559 | ' | ' |
Effective tax rate from continuing operations | 46.60% | 38.90% | -14.80% | -25.20% |
Stockholders' (Deficit) Equity [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Deferred tax effects resulting from Recapitalization | ' | ' | ' | $11,285 |
Provision_for_Income_Taxes_Fro
Provision for Income Taxes From Continuing Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' |
Federal | ' | ' | $5,289 | $1,213 | $2,035 |
State | ' | ' | 677 | 194 | 232 |
Current Income Tax Expense (Benefit), Total | ' | ' | 5,966 | 1,407 | 2,267 |
Deferred: | ' | ' | ' | ' | ' |
Federal | ' | ' | -1,554 | -794 | -755 |
State | ' | ' | -196 | -58 | -63 |
Deferred Income Tax Expense (Benefit), Total | ' | ' | -1,750 | -852 | -818 |
Total tax expense | $350 | ($5) | $4,216 | $555 | $1,449 |
Reconciliation_of_Effective_Ta
Reconciliation of Effective Tax Rate on (Loss) Income From Continuing Operations and Federal Statutory Tax Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income tax at federal statuatory rate | ' | ' | $3,799 | ($1,309) | ($2,009) |
Non-deductible loss from flow through entities prior to Recapitalization | ' | ' | ' | ' | 888 |
Loss of tax attributes resulting from Recapitalization | ' | ' | ' | ' | 9,878 |
Extinguishment of debt | ' | ' | ' | ' | 355 |
Stock Compensation | ' | ' | -97 | 1,581 | 273 |
Section 199 Deduction | ' | ' | -454 | -268 | ' |
Other non-deductible expenses | ' | ' | 7 | 262 | 76 |
Change in valuation allowance | ' | ' | 647 | 214 | -8,239 |
Interest and penalties on uncertain tax positions | ' | ' | ' | 56 | 118 |
State income taxes, net of federal benefit | ' | ' | 314 | 19 | 109 |
Total tax expense | $350 | ($5) | $4,216 | $555 | $1,449 |
Income tax at federal statuatory rate | ' | ' | 35.00% | 35.00% | 35.00% |
Non-deductible loss from flow through entities prior to Recapitalization | ' | ' | 0.00% | 0.00% | -15.50% |
Loss of tax attributes resulting from Recapitalization | ' | ' | 0.00% | 0.00% | -172.10% |
Extinguishment of debt | ' | ' | 0.00% | 0.00% | -6.20% |
Stock Compensation | ' | ' | -0.90% | -42.30% | -4.80% |
Section 199 Deduction | ' | ' | -4.20% | 7.20% | 0.00% |
Other non-deductible expenses | ' | ' | 0.10% | -7.00% | -1.10% |
Change in valuation allowance | ' | ' | 6.00% | -5.70% | 143.50% |
Interest and penalties on uncertain tax positions | ' | ' | 0.00% | -1.50% | -2.10% |
State income taxes, net of federal benefit | ' | ' | 2.90% | -0.50% | -1.90% |
Total tax expense | 46.60% | ' | 38.90% | -14.80% | -25.20% |
Components_of_Net_Deferred_Tax
Components of Net Deferred Tax Asset or Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ' | ' |
Accrued reserves and allowances | $86 | $705 |
Inventories | 55 | 46 |
Current deferred tax assets | 141 | 751 |
Property and equipment | 1 | ' |
Net operating loss carryforwards | 1,297 | 688 |
Long-term deferred tax assets | 1,298 | 688 |
Total deferred tax assets | 1,439 | 1,439 |
Less: Valuation allowance | -885 | -228 |
Net deferred tax assets | 554 | 1,211 |
Deferred Tax Liabilities | ' | ' |
Accrued reserves and allowances | -29 | ' |
Other | -67 | ' |
Current deferred tax liabilities | -96 | ' |
Property and equipment | -86 | -61 |
Intangibles | -374 | -529 |
Investment in partnership | -9,554 | -11,932 |
Other | ' | -64 |
Long-term deferred tax liabilities | -10,014 | -12,586 |
Total deferred tax liabilities | -10,110 | -12,586 |
Net deferred tax liabilities | ($9,556) | ($11,375) |
Gross_Unrecognized_Tax_Benefit
Gross Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Roll Forward] | ' | ' |
Unrecognized tax benefits beginning balance | $1,365 | $924 |
Increase as a result of tax positions taken during the period | 891 | 945 |
Decrease as a result of tax positions taken during the period | -945 | -504 |
Unrecognized tax benefits ending balance | $1,311 | $1,365 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Management fees to related party | ' | ' | ' | $4,300 | $4,760 |
Related party purchases | 1,172 | 3,124 | 10,292 | 3,668 | 610 |
IBP Holding Company [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Receivable from IBP Holding Company | 600 | ' | 600 | 600 | ' |
Edwards Employee Benefits Trust [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Related party prepaid expense | ' | ' | 0 | 396 | ' |
New Supplier Relationship [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Related party purchases | $1,089 | $3,085 | $10,126 | $743 | ' |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Related Party Transactions (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Sales | $414 | $246 | $1,188 | $1,689 | $2,704 |
Purchases | 1,172 | 3,124 | 10,292 | 3,668 | 610 |
Rent | $145 | $171 | $671 | $288 | $158 |
Recovered_Sheet2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Capital lease assets, Gross | $57,776 | ' | $54,004 | $39,364 | ' |
Assets fully depreciated | 21,276 | ' | 22,160 | 23,033 | ' |
Capital leased assets, Net book value | 26,219 | ' | 23,623 | 12,694 | ' |
Accumulated depreciation | 31,557 | ' | 30,382 | 26,670 | ' |
Rent expense under operating leases | ' | ' | 7,171 | 6,343 | 5,906 |
Actual purchases made under contract | 8,452 | 6,319 | 25,884 | 13,804 | ' |
Total cost incurred for lawsuits settlement | ' | ' | 1,407 | ' | ' |
Liability for lawsuits settlements recorded | $1,000 | ' | $1,200 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Noncancellable operating leases, renewal period | '1 year | ' | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Noncancellable operating leases, renewal period | '5 years | ' | '5 years | ' | ' |
Vehicles and equipment leases [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Estimated life of the capital lease | '4 years | ' | '4 years | ' | ' |
Vehicles and equipment leases [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Estimated life of the capital lease | '6 years | ' | '6 years | ' | ' |
Contract One [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Extended term of contract | 31-Dec-14 | ' | 31-Dec-14 | ' | ' |
Contract Two [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Extended term of contract | 31-Aug-17 | ' | 31-Aug-17 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Lease Payments Under Noncancellable Operating Leases (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items] | ' | ' | ' |
2014 | ' | $8,789 | ' |
Remainder of 2014 | 412 | ' | ' |
2015 | ' | 7,224 | ' |
2016 | ' | 4,858 | ' |
2017 | ' | 2,566 | ' |
2018 | ' | 917 | ' |
Thereafter | ' | 49 | ' |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Total | ' | 24,403 | ' |
Less: Amounts representing interest | ' | -2,370 | ' |
Total obligation under capital leases | ' | 22,033 | ' |
Less: Current portion of capital leases | -8,277 | -7,663 | -3,822 |
Long term capital lease obligation | 16,109 | 14,370 | 8,362 |
2014 | ' | 5,363 | ' |
2015 | 495 | 3,692 | ' |
2016 | 400 | 2,657 | ' |
2017 | 158 | 1,464 | ' |
2018 | 34 | 1,003 | ' |
Thereafter | ' | 2,064 | ' |
Operating Leases, Future Minimum Payments Due, Total | ' | 16,243 | ' |
Related Party Operating Lease [Member] | ' | ' | ' |
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items] | ' | ' | ' |
2014 | ' | 557 | ' |
2015 | ' | 495 | ' |
2016 | ' | 400 | ' |
2017 | ' | 158 | ' |
2018 | ' | 34 | ' |
Operating Leases, Future Minimum Payments Due, Total | ' | 1,644 | ' |
Other Operating Leases [Member] | ' | ' | ' |
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items] | ' | ' | ' |
2014 | ' | 4,806 | ' |
2015 | ' | 3,197 | ' |
2016 | ' | 2,257 | ' |
2017 | ' | 1,306 | ' |
2018 | ' | 969 | ' |
Thereafter | ' | 2,064 | ' |
Operating Leases, Future Minimum Payments Due, Total | ' | $14,599 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Total Rent Expense Under Operating Lease (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases [Line Items] | ' | ' | ' |
Rent expense under operating leases | $7,171 | $6,343 | $5,906 |
Cost of Sales [Member] | ' | ' | ' |
Operating Leases [Line Items] | ' | ' | ' |
Rent expense under operating leases | 573 | 435 | 382 |
Selling and Marketing Expense [Member] | ' | ' | ' |
Operating Leases [Line Items] | ' | ' | ' |
Rent expense under operating leases | 32 | 113 | 173 |
Administrative [Member] | ' | ' | ' |
Operating Leases [Line Items] | ' | ' | ' |
Rent expense under operating leases | $6,566 | $5,795 | $5,351 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Purchase Obligations Under Contract (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Total | $3,489 | $5,000 |
Remainder of 2014 | 3,489 | ' |
Payments Less than 1 year | ' | 5,000 |
2015 | ' | ' |
Payments due by period 1-3 years | ' | ' |
2016 | ' | ' |
Payments due by period 3-5 years | ' | ' |
2017 | ' | ' |
2018 | ' | ' |
More than 5 years | ' | ' |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 16, 2013 | Mar. 24, 2014 | Aug. 31, 2012 | Dec. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Nov. 16, 2012 | Dec. 31, 2012 | Nov. 01, 2013 |
Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Ace [Member] | U.S. Insulation [Member] | TCI [Member] | TCI [Member] | TCI [Member] | TCI [Member] | Accurate [Member] | Accurate [Member] | KMB [Member] | |||||
Subsidiary of TCI [Member] | Other Holders [Member] | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership interests of acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | 87.50% | 12.50% | 100.00% | ' | 100.00% |
Seller obligation | $300 | $300 | $571 | ' | ' | ' | ' | ' | ' | $300 | $279 | $571 | ' | ' | ' | $80 | ' | $80 |
Percentage of common stock issued in acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.50% | ' | ' | ' | ' | ' | ' |
Number of common stock issued for acquisition, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,533,908 | ' | ' | ' | ' | ' | ' |
Number of common stock issued for acquisition, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100 | ' | ' | ' | ' | ' | ' |
Revenue since the acquisition date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,354 | ' | ' | ' | 1,743 | ' |
Net income (loss) since the acquisition date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,144 | ' | ' | ' | 126 | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 687 | 2,006 | ' | ' | ' | ' | 1,198 | ' | 494 |
Amortization expense of intangible assets | ' | $3,057 | $3,082 | $3,986 | $21 | $47 | $17 | $567 | $648 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Common stock acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Summary_
Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 16, 2013 | Mar. 24, 2014 | Aug. 31, 2012 | Nov. 16, 2012 | Nov. 01, 2013 |
Ace [Member] | U.S. Insulation [Member] | TCI [Member] | Accurate [Member] | KMB [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | $317 | $58 | ' |
Accounts receivable | ' | ' | ' | 213 | 1,122 | 3,880 | 1,606 | ' |
Inventory | ' | ' | ' | 14 | 234 | 1,984 | 564 | 54 |
Note receivable | ' | ' | ' | ' | ' | ' | 171 | ' |
Other current assets | ' | ' | ' | ' | 105 | 244 | 47 | 37 |
Property and equipment | ' | ' | ' | 263 | 520 | 285 | 183 | 75 |
Intangibles | ' | ' | ' | 1,106 | 846 | 4,390 | 1,123 | 226 |
Goodwill | ' | ' | ' | ' | 1,217 | 834 | ' | 182 |
Accounts payable and accrued expenses | ' | ' | ' | -609 | -1,362 | -5,815 | -2,037 | ' |
Deferred tax liability | ' | ' | ' | ' | -397 | -1,387 | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | -61 | -437 | ' |
Total purchase price | ' | ' | ' | 987 | 2,285 | 4,671 | 1,278 | 574 |
Fair value of common stock issued | ' | ' | ' | ' | ' | 4,100 | ' | ' |
Seller obligations | 300 | 300 | 571 | 300 | 279 | 571 | 80 | 80 |
Cash paid | ' | ' | ' | 687 | 2,006 | ' | 1,198 | 494 |
Total purchase price | ' | ' | ' | $987 | $2,285 | $4,671 | $1,278 | $574 |
Business_Combinations_Estimate
Business Combinations - Estimates of Acquired Intangible Assets (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Mar. 16, 2013 | Mar. 16, 2013 | Mar. 16, 2013 | Mar. 24, 2014 | Mar. 24, 2014 | Mar. 24, 2014 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Nov. 16, 2012 | Nov. 16, 2012 | Nov. 16, 2012 | Nov. 01, 2013 | Nov. 01, 2013 | Nov. 01, 2013 |
Ace [Member] | Ace [Member] | Ace [Member] | U.S. Insulation [Member] | U.S. Insulation [Member] | U.S. Insulation [Member] | TCI [Member] | TCI [Member] | TCI [Member] | Accurate [Member] | Accurate [Member] | Accurate [Member] | KMB [Member] | KMB [Member] | KMB [Member] | |
Customer relationships [Member] | Trademarks and tradenames [Member] | Non-competition agreements [Member] | Customer relationships [Member] | Trademarks and tradenames [Member] | Non-competition agreements [Member] | Customer relationships [Member] | Trademarks and tradenames [Member] | Non-competition agreements [Member] | Customer relationships [Member] | Trademarks and tradenames [Member] | Non-competition agreements [Member] | Customer relationships [Member] | Trademarks and tradenames [Member] | Non-competition agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value | $826 | $280 | ' | $546 | $216 | $84 | $2,500 | $1,820 | $70 | $741 | $247 | $135 | $146 | $58 | $22 |
Weighted Average Estimated Useful Life (yrs) | '10 years | '15 years | ' | '10 years | '15 years | '5 years | '10 years | '8 years | '2 years | '10 years | '15 years | '3 years | '10 years | '15 years | '5 years |
Business_Combinations_Pro_form
Business Combinations - Pro forma Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' | ' | ' | ' |
Net revenue | $107,989 | $94,621 | $432,569 | $334,885 | $277,834 |
Net (loss) income | 518 | -606 | 5,925 | -3,499 | -13,951 |
Net income (loss) attributable to common shareholders | ($19,379) | ($2,093) | ($298) | ($9,028) | $68,657 |
Net income (loss) per share attributable to common shareholders (basic and diluted) | ($0.75) | ($0.09) | ($0.01) | ($0.41) | $3.12 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 |
Branch | Vendor Contracts [Member] | Vendor Contracts [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of branches closed | 6 | ' | ' |
Pre-tax gain in discontinued operations | ' | $4,500 | $4,500 |
Summary_of_Operations_of_Disco
Summary of Operations of Discontinued Markets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' | ' |
Net revenue | ' | ' | $765 | $4,020 | $9,574 |
(Loss) income from discontinued operations, before income taxes | -45 | -287 | -960 | 3,835 | -2,455 |
Income tax benefit (expense) | 17 | ' | 362 | -1,447 | 660 |
(Loss) income from discontinued operations, after tax | ($28) | ($287) | ($598) | $2,388 | ($1,795) |
Income_Loss_Per_Common_Share_A
Income (Loss) Per Common Share - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Dilutive common shares | 0 | 0 | 0 | 0 | 0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 19, 2014 | Feb. 10, 2014 | Feb. 19, 2014 | Feb. 19, 2014 | Feb. 10, 2014 | Feb. 19, 2014 | Jan. 30, 2014 | Jan. 30, 2014 | Mar. 24, 2014 |
Lawsuits | IPO [Member] | IPO [Member] | IPO [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Revolving Credit Facility [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Shareholders' Equity [Member] | Shareholders' Equity [Member] | U.S. Insulation [Member] | ||||||
Revolving Credit Facility [Member] | Series A Preferred Stock [Member] | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lawsuit | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost incurred for lawsuits settlement | ' | $1,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for lawsuits settlements | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for lawsuits settlements recorded | 1,000 | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, shares authorized | 100,000,000 | 27,200,862 | 27,200,862 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Common Stock, Par Value | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 5,001,000 | 1,000 | ' |
Preferred Stock Par Value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' |
Stock split ratio | ' | ' | ' | ' | 19.5 | ' | ' | 19.5 | ' | ' | ' | ' |
Payment for underwriting fees | ' | ' | ' | 6,597 | ' | ' | 6,597 | ' | ' | ' | ' | ' |
Payment to redeem redeemable preferred stock | 75,735 | ' | ' | 75,735 | ' | ' | 75,735 | ' | ' | ' | ' | ' |
Payment of revolving credit facility | ' | ' | ' | ' | ' | 11,910 | ' | ' | 11,910 | ' | ' | ' |
Total consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,444 |
Recovered_Sheet3
Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $105,946 | $119,330 | $115,951 | $104,686 | $91,962 | $91,398 | [1] | $80,307 | $68,173 | $61,375 | $431,929 | $301,253 | $238,447 |
Gross profit | 26,405 | 31,210 | 29,949 | 26,255 | 22,274 | 21,804 | [1] | 20,266 | 17,145 | 14,828 | 109,688 | 74,043 | 57,226 |
(Loss) income from continuing operations | 401 | 2,377 | 3,068 | 1,436 | -243 | 2,375 | [1] | 1,029 | -5,623 | -2,075 | 6,638 | -4,294 | -7,190 |
Net (loss) income | 373 | 2,377 | 2,967 | 1,226 | -530 | 5,093 | [1] | 898 | -5,624 | -2,273 | 6,040 | -1,906 | -8,985 |
Net (loss) income attributable to common stockholders | ($19,524) | $751 | $1,389 | ($306) | ($2,017) | $3,649 | [1] | ($504) | ($6,985) | ($3,595) | ($183) | ($7,435) | $73,623 |
Net (loss) income per share (basic and diluted): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
(Loss) income per share from continuing operations attributable to common stockholders | ($0.75) | $0.03 | $0.07 | ' | ($0.08) | $0.04 | [1] | ($0.02) | ($0.36) | ($0.17) | $0.02 | ($0.49) | $3.87 |
(Loss) income per share attributable to common stockholders | ($0.76) | $0.03 | $0.07 | ($0.01) | ($0.09) | $0.17 | [1] | ($0.02) | ($0.36) | ($0.18) | ($0.01) | ($0.37) | $3.78 |
[1] | We recorded a net gain on litigation settlement of $6,975 in this quarter related to a class action lawsuit in which we were one of the plaintiffs. We also recorded a gain of $4,500 in discontinued operations as a result of terminating a regrinding materials contract due to discontinuing a regrinding operation. |
Recovered_Sheet4
Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' |
Net gain on litigation settlement | $6,975 | $31 | $6,975 |
Vendor Contracts [Member] | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' |
Pre-tax gain in discontinued operations | $4,500 | ' | $4,500 |