Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 20, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IBP | ||
Entity Registrant Name | INSTALLED BUILDING PRODUCTS, INC. | ||
Entity Central Index Key | 1,580,905 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 31,767,351 | ||
Entity Public Float | $ 720,892,032 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 14,482 | $ 6,818 |
Accounts receivable (less allowance for doubtful accounts of $3,397 and $2,486 at December 31, 2016 and 2015, respectively) | 128,466 | 103,198 |
Inventories | 40,229 | 29,337 |
Other current assets | 9,214 | 10,879 |
Total current assets | 192,391 | 150,232 |
Property and equipment, net | 67,788 | 57,592 |
Non-current assets | ||
Goodwill | 107,086 | 90,512 |
Intangibles, net | 86,317 | 67,218 |
Other non-current assets | 8,513 | 8,018 |
Total non-current assets | 201,916 | 165,748 |
Total assets | 462,095 | 373,572 |
Current liabilities | ||
Current maturities of long-term debt | 17,192 | 10,021 |
Current maturities of capital lease obligations | 6,929 | 8,411 |
Accounts payable | 67,921 | 50,867 |
Accrued compensation | 18,212 | 14,488 |
Other current liabilities | 19,851 | 13,635 |
Total current liabilities | 130,105 | 97,422 |
Long-term debt | 134,235 | 113,214 |
Capital lease obligations, less current maturities | 8,364 | 12,031 |
Deferred income taxes | 14,239 | 14,582 |
Other long-term liabilities | 21,175 | 21,840 |
Total liabilities | 308,118 | 259,089 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity | ||
Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at December 31, 2016 and 2015, respectively | ||
Common Stock; $0.01 par value: 100,000,000 authorized, 32,135,176 and 31,982,888 issued and 31,484,774 and 31,366,328 shares outstanding at December 31, 2016 and 2015, respectively (Note 7) | 321 | 320 |
Additional paid in capital | 158,581 | 156,688 |
Retained earnings (accumulated deficit) | 7,294 | (31,142) |
Treasury Stock; at cost: 650,402 and 616,560 shares at December 31, 2016 and 2015, respectively | (12,219) | (11,383) |
Total stockholders' equity | 153,977 | 114,483 |
Total liabilities and stockholders' equity | $ 462,095 | $ 373,572 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ 3,397 | $ 2,486 | $ 2,661 | $ 1,738 |
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, shares issued | 32,135,176 | 31,982,888 | ||
Common stock, shares outstanding | 31,484,774 | 31,366,328 | ||
Treasury Stock | 650,402 | 616,560 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenue | $ 862,980 | $ 662,719 | $ 518,020 |
Cost of sales | 610,532 | 474,426 | 377,968 |
Gross profit | 252,448 | 188,293 | 140,052 |
Operating expenses | |||
Selling | 49,667 | 37,702 | 30,951 |
Administrative | 125,472 | 99,375 | 80,678 |
Amortization | 11,259 | 6,264 | 2,837 |
Operating income | 66,050 | 44,952 | 25,586 |
Other expense (income) | |||
Interest expense | 6,177 | 3,738 | 3,166 |
Other | 263 | (716) | (167) |
Income before income taxes | 59,610 | 41,930 | 22,587 |
Income tax provision | 21,174 | 15,413 | 8,607 |
Net income from continuing operations | 38,436 | 26,517 | 13,980 |
Discontinued operations | |||
Loss from discontinued operations | 78 | ||
Income tax benefit | (30) | ||
Loss from discontinued operations, net of income taxes | 48 | ||
Net income | 38,436 | 26,517 | 13,932 |
Net income (loss) attributable to common stockholders | $ 38,436 | $ 26,517 | $ (5,965) |
Basic and diluted net income (loss) per share attributable to common stockholders | $ 1.23 | $ 0.85 | $ (0.20) |
Weighted average shares outstanding: | |||
Basic | 31,301,887 | 31,298,163 | 30,106,862 |
Diluted | 31,363,290 | 31,334,569 | 30,106,862 |
Redeemable Preferred Stock [Member] | |||
Discontinued operations | |||
Accretion charges on redeemable preferred stock | $ (19,897) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) Equity and Redeemable Instruments - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | (Accumulated Deficit) / Retained Earnings [Member] | Treasury Stock [Member] | Redeemable Preferred Stock [Member] | Redeemable Common Stock [Member] |
BALANCE at Dec. 31, 2013 | $ (71,429) | $ 162 | $ (71,591) | ||||
BALANCE, Shares at Dec. 31, 2013 | 16,183,901 | ||||||
Net income | 13,932 | 13,932 | |||||
Initial Public Offering (IPO), Value | 78,949 | $ 86 | $ 78,863 | ||||
Initial Public Offering (IPO), Shares | 8,567,500 | ||||||
Secondary Public Offering, Value | 14,292 | $ 12 | 14,280 | ||||
Secondary Public Offering, Shares | 1,214,196 | ||||||
Termination of Redemption Feature Upon IPO, Value | 89,367 | $ 58 | 89,309 | ||||
Termination of Redemption Feature Upon IPO, Shares | 5,850,000 | ||||||
Accretion of Redeemable Preferred to Redemption Value | (19,897) | (19,897) | |||||
Adjustments to Redeemable Common Stock Fair Value Measurement | (8,357) | (8,357) | |||||
Share-Based Compensation issued to Directors, Value | 300 | $ 1 | 299 | ||||
Share-Based Compensation issued to Directors, Shares | 23,490 | ||||||
Common Stock Repurchase, Value | (5,283) | $ (5,283) | |||||
Common Stock Repurchase, Shares | (300,000) | ||||||
BALANCE at Dec. 31, 2014 | 91,874 | $ 319 | 154,497 | (57,659) | $ (5,283) | ||
BALANCE, Shares at Dec. 31, 2014 | 31,839,087 | ||||||
BALANCE, Treasury Shares at Dec. 31, 2014 | (300,000) | ||||||
BALANCE at Dec. 31, 2013 | $ 55,838 | $ 81,010 | |||||
BALANCE, Shares at Dec. 31, 2013 | 1,000 | 5,850,000 | |||||
Redemption of Redeemable Preferred Stock, Value | $ (75,735) | ||||||
Redemption of Redeemable Preferred Stock, Shares | (1,000) | ||||||
Termination of Redemption Feature Upon IPO, Value | (89,367) | $ (89,367) | |||||
Termination of Redemption Feature Upon IPO, Shares | (5,850,000) | ||||||
Accretion of Redeemable Preferred to Redemption Value | $ 19,897 | ||||||
Adjustments to Redeemable Common Stock Fair Value Measurement | 8,357 | $ 8,357 | |||||
BALANCE at Dec. 31, 2014 | $ 0 | ||||||
BALANCE, Shares at Dec. 31, 2014 | 0 | ||||||
Net income | 26,517 | 26,517 | |||||
Issuance of Common Stock Awards to Employees, Value | $ 1 | (1) | |||||
Issuance of Common Stock Awards to Employees, Shares | 130,613 | ||||||
Surrender of Common Stock Awards by Employees, Shares | (1,560) | ||||||
Share-Based Compensation Expense | 1,816 | 1,816 | |||||
Share-Based Compensation issued to Directors, Value | 300 | 300 | |||||
Share-Based Compensation issued to Directors, Shares | 13,188 | ||||||
Tax Benefit from Stock Plan | 76 | 76 | |||||
Common Stock Repurchase, Value | (6,100) | $ (6,100) | |||||
Common Stock Repurchase, Shares | (315,000) | ||||||
BALANCE at Dec. 31, 2015 | $ 114,483 | $ 320 | 156,688 | (31,142) | $ (11,383) | ||
BALANCE, Shares at Dec. 31, 2015 | 31,982,888 | 31,982,888 | |||||
BALANCE, Treasury Shares at Dec. 31, 2015 | (616,560) | (616,560) | |||||
Net income | $ 38,436 | 38,436 | |||||
Issuance of Common Stock Awards to Employees, Value | $ 1 | (1) | |||||
Issuance of Common Stock Awards to Employees, Shares | 143,528 | ||||||
Surrender of Common Stock Awards by Employees, Value | (836) | $ (836) | |||||
Surrender of Common Stock Awards by Employees, Shares | (33,842) | ||||||
Share-Based Compensation Expense | 1,594 | 1,594 | |||||
Share-Based Compensation issued to Directors, Value | 300 | 300 | |||||
Share-Based Compensation issued to Directors, Shares | 8,760 | ||||||
BALANCE at Dec. 31, 2016 | $ 153,977 | $ 321 | $ 158,581 | $ 7,294 | $ (12,219) | ||
BALANCE, Shares at Dec. 31, 2016 | 32,135,176 | 32,135,176 | |||||
BALANCE, Treasury Shares at Dec. 31, 2016 | (650,402) | (650,402) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income | $ 38,436 | $ 26,517 | $ 13,932 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization of property and equipment | 23,571 | 16,975 | 12,174 |
Amortization of intangibles | 11,259 | 6,264 | 2,837 |
Amortization of deferred financing costs and debt discount | 383 | 264 | 159 |
Provision for doubtful accounts | 2,928 | 919 | 1,900 |
Write-off of debt issuance costs | 286 | 233 | |
Gain on sale of property and equipment | (254) | (409) | (460) |
Gain on bargain purchase | (1,116) | ||
Noncash stock compensation | 1,894 | 2,116 | 300 |
Deferred income taxes | (605) | (1,515) | (378) |
Other | (490) | ||
Changes in assets and liabilities, excluding effects of acquisitions | |||
Accounts receivable | (18,760) | (17,526) | (10,688) |
Inventories | (8,677) | (2,846) | (2,925) |
Other assets | 2,803 | 823 | (5,121) |
Accounts payable | 12,400 | (2,511) | 4,585 |
Income taxes payable/receivable | 1,484 | 3,592 | (1,678) |
Other liabilities | 6,118 | 3,000 | 5,222 |
Net cash provided by operating activities | 73,266 | 34,547 | 19,602 |
Cash flows from investing activities | |||
Restricted cash | 1,708 | ||
Purchases of property and equipment | (27,013) | (27,305) | (6,176) |
Acquisitions of businesses, net of cash acquired of $2,181, $926 and $53 in 2016, 2015 and 2014, respectively | (53,312) | (84,274) | (12,364) |
Proceeds from sale of property and equipment | 691 | 634 | 689 |
Other | 37 | (420) | |
Net cash used in investing activities | (79,597) | (111,365) | (16,143) |
Cash flows from financing activities | |||
Proceeds from initial public offering of common stock, net of costs | 87,645 | ||
Proceeds from secondary public offering of common stock, net of costs | 14,418 | ||
Redemption of Redeemable Preferred Stock | (75,735) | ||
Proceeds from revolving line of credit under credit agreement applicable to respective period (Note 5) | 37,975 | 149,350 | |
Payments on revolving line of credit under credit agreement applicable to respective period (Note 5) | (37,975) | (149,350) | |
Net payments on a previous revolving line of credit | (27,269) | ||
Proceeds from term loan under credit agreement applicable to respective period (Note 5) | 100,000 | 50,000 | 25,000 |
Payments on term loan under credit agreement applicable to respective period (Note 5) | (51,875) | (24,688) | |
Proceeds from delayed draw term loan under credit agreement applicable to respective period (Note 5) | 12,500 | 50,000 | |
Payments on delayed draw term loan under credit agreement applicable to respective period (Note 5) | (50,000) | ||
Proceeds from vehicle and equipment notes payable | 22,948 | 21,334 | |
Debt issuance costs | (1,238) | (758) | (714) |
Principal payments on long term debt | (5,849) | (4,088) | (1,081) |
Principal payments on capital lease obligations | (8,598) | (9,674) | (9,364) |
Acquisition-related obligations | (3,057) | (3,151) | |
Payments for deferred initial public offering costs | (4,254) | ||
Payments for deferred secondary public offering costs | (126) | ||
Repurchase of common stock | (6,100) | (5,283) | |
Surrender of common stock by employees | (836) | ||
Net cash provided by financing activities | 13,995 | 72,875 | 3,237 |
Net change in cash | 7,664 | (3,943) | 6,696 |
Cash at beginning of year | 6,818 | 10,761 | 4,065 |
Cash at end of year | 14,482 | 6,818 | 10,761 |
Supplemental disclosures of cash flow information Net cash paid during the year for: | |||
Interest | 5,342 | 3,287 | 2,669 |
Income taxes, net of refunds | 18,929 | 13,493 | 9,134 |
Supplemental disclosure of noncash investing and financing activities | |||
Vehicles capitalized under capital leases and related lease obligations | 3,737 | 3,379 | 14,583 |
Seller obligations in connection with acquisition of businesses | 4,459 | 13,180 | 3,544 |
Unpaid purchases of property and equipment included in accounts payable | $ 775 | $ 220 | $ 421 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Cash acquired, Net | $ 2,181 | $ 926 | $ 53 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | NOTE 1 – ORGANIZATION Installed Building Products, Inc. (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly-owned subsidiaries and majority-owned subsidiary (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 Company operates in over 100 locations 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 residential new construction, residential repair and remodel 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, 2016, residential new construction and repair and remodel was 88% of our net revenue and commercial construction was 12% of our net revenue. For the years ended December 31, 2015 and 2014, residential new construction and repair and remodel was 89% of our net revenue and commercial construction was 11% of our net revenue. The following is a summary of the annual percentage of installation net revenue by product category: Years ended December 31, 2016 2015 2014 Insulation 77 % 78 % 76 % Garage doors 6 6 7 Shower doors, shelving and mirrors 5 5 6 Rain gutters 4 5 6 Other building products 8 6 5 100 % 100 % 100 % 2014 Initial Public Offering (“IPO”) On February 10, 2014, in anticipation of our IPO, we executed a 19.5-for-one On February 19, 2014, we completed an IPO of our common stock, which resulted in the sale of approximately 8.6 million shares. We received total proceeds from the IPO of approximately $94.2 million based upon the price of $11.00 per share. We used approximately $6.6 million of the proceeds from our IPO to pay underwriting fees, approximately $75.7 million to redeem our Series A Preferred Stock, $0.01 par value per share (the “Redeemable Preferred Stock”) and approximately $11.9 million to pay down our revolving credit facility. Our common stock is listed on The New York Stock Exchange under the symbol “IBP.” 2014 Secondary Public Offering On June 17, 2014, we completed a secondary offering of approximately 9.3 million shares of our common stock at a public offering price of $12.50 per share. The total offering size reflects 8.1 million shares of common stock offered and sold on behalf of certain selling stockholders (the “Selling Stockholders”) and approximately 1.2 million shares that were offered and sold by us pursuant to the exercise of the underwriters’ option to purchase additional shares. We did not receive any proceeds from the sale of shares by the Selling Stockholders. However, we received approximately $14.4 million after deducting underwriting discounts but before estimated offering expenses payable by us, from the exercise of the underwriters’ option to purchase additional shares. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include all of our wholly-owned subsidiaries and majority-owned subsidiary. The non-controlling Use of Estimates Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the 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 and workers’ compensation and medical insurance. 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 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, 2016 or 2015. Substantially all cash is held in banks providing FDIC coverage of $0.25 million per depositor. 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 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 At times, the total purchase price for a business combination could be less than the estimated fair values of acquired tangible and intangible assets. In these cases, we record a gain on bargain purchase within Other Expenses in the Consolidated Statements of Operations rather than goodwill in accordance with U.S. GAAP. Accounts Receivable We account for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. We do not accrue interest on any of our trade receivables. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The allowance is determined by management based on our historical losses, specific customer circumstances and general economic conditions. We analyze aged accounts receivable and generally increase the allowance as receivables age. Management reviews accounts receivable and records an allowance for specific customers based on current circumstances and charges off the receivable against the allowance when all attempts to collect the receivable have failed. This analysis is performed regularly and the allowance is adjusted accordingly. The following table sets forth our allowance for doubtful accounts (in thousands): Allowance for doubtful accounts receivable January 1, 2014 $ 1,738 Charged to costs and expenses 1,900 Charged to other accounts (1) 292 Deductions (2) (1,269 ) December 31, 2014 $ 2,661 Charged to costs and expenses 919 Charged to other accounts (1) 533 Deductions (2) (1,627 ) December 31, 2015 $ 2,486 Charged to costs and expenses 2,928 Charged to other accounts (1) 435 Deductions (2) (2,452 ) December 31, 2016 $ 3,397 (1) Recovery of receivables previously written off as bad debt and other (2) Write-off Concentration of Credit Risk Credit risk is our risk of financial loss from the non-performance Inventories Inventories consist of insulation, 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 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. We provide for depreciation and amortization of property and equipment using the straight-line method over the expected useful lives of the assets. Expected useful lives of property and equipment vary but generally are the shorter of lease life or five years for vehicles and leasehold improvements, three to five years for furniture, fixtures and equipment and 30 years for buildings. Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recorded. Goodwill Goodwill results from business combinations and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Annually, on October 1, or if conditions indicate an earlier review is necessary, we either perform a quantitative test or assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount and if it is necessary to perform the quantitative two-step Impairment of Other Intangible and Long-Lived Assets Other intangible assets consist of customer relationships, non-competition non-competition 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. There was no impairment loss for the years ended December 31, 2016, 2015 and 2014. Other Liabilities Our workers’ compensation insurance program is considered a high deductible program whereby we are responsible for the cost of claims under approximately $0.8 million. If we do not pay these claims, our workers’ compensation insurance carriers are required to make these payments to the claimants on our behalf. Effective with the plan year beginning October 1, 2015, our general liability insurance program is considered a high retention program whereby we are responsible for the cost of claims up to approximately $2.0 million, subject to an aggregate cap of $8.0 million. If we do not pay these claims, our general liability insurance carrier is required to make these payments to the claimants on our behalf. Prior to the claim year beginning October 1, 2015, our general liability insurance program has a self-incurred retention (“SIR”) of $0.35 million whereby we continue to be responsible for all claims below the SIR and the insurance company continues to be responsible for all liabilities above the 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, 2016 and 2015. We establish case reserves for reported claims using case-basis evaluation of the underlying claims data and we update as information becomes known. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals and adjust our recorded provisions. The assumptions underlying the ultimate costs of existing claim losses are subject to a high degree of unpredictability, which can affect the liability recorded for such claims. For example, variability in inflation rates of health care costs inherent in workers’ compensation claims can affect the ultimate costs. Similarly, changes in legal trends and interpretations, as well as a change in the nature and method of how claims are settled, can affect ultimate costs. Our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables and any changes could have a considerable effect on future claim costs and currently recorded liabilities. We carry insurance for a number of risks, including, but not limited to, workers’ compensation, general liability, vehicle liability, property and our obligation for employee-related health care benefits. Liabilities relating to claims associated with these risks are estimated by considering historical claims experience, including frequency, severity, demographic factors and other actuarial assumptions. In estimating our liability for such claims, we periodically analyze our historical trends, including loss development, and apply appropriate loss development factors to the incurred costs associated with the claims with the assistance of external actuarial consultants. While we do not expect the amounts ultimately paid to differ significantly from our estimates, our reserves and corresponding expenses could be affected if future claim experience differs significantly from historical trends and actuarial assumptions. Advertising Costs Advertising costs are expensed as incurred. Advertising expense was approximately $3.0 million, $2.3 million and $1.6 million for the years ended December 31, 2016, 2015 and 2014, respectively, and is included in selling expense on the Consolidated Statements of Operations. Deferred Financing Costs Deferred financing costs and debt issuance costs combined, totaling $1.7 million and $1.1 million, net of accumulated amortization as of December 31, 2016 and 2015, respectively, are amortized over the term of the related debt on a straight-line basis which approximates the effective interest method. The deferred financing costs are included in other non-current Share-Based Compensation Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. Restricted stock awards are periodically granted to certain employees, officers and non-employee 2016-09 Income Taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable are accrued and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, the ability to produce future taxable income, prudent and feasible tax planning strategies and recent financial operations. In projecting future taxable income, we 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 other current liabilities on the Consolidated Balance Sheets. Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States, which includes numerous state and local jurisdictions. Significant judgments and estimates are required in determining the income tax expense, deferred tax assets and liabilities and the reserve for unrecognized tax benefits. Estimated Fair Value of Financial Instruments Accounts receivable, accounts payable and accrued liabilities as of December 31, 2016 and 2015 approximate their fair value due to the short-term maturities of these financial instruments. The carrying amounts of our long-term debt, including the term loan, delayed draw term loan and revolving line of credit under the current and previous credit agreements approximate their fair values as of December 31, 2016 and 2015 due to the short term maturities of the underlying variable rate LIBOR agreements. The carrying amount of the obligations associated with our capital leases and vehicle and equipment notes approximate fair value as of December 31, 2016 and 2015 because we have incurred the obligations within the last two fiscal years when the interest rate markets have been low and stable. Refinancing these obligations at current market rates would result in similar balances. All debt classifications represent Level 2 fair value measurements. Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, 2015-03, non-current In August 2015, the FASB issued ASU 2015-15, 835-30).” 2015-03 In September 2015, the FASB issued ASU 2015-16, In March 2016, the FASB issued ASU No. 2016-09, 2016-09, paid-in In December 2016, the FASB issued ASU 2016-19, Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, 2014-09 In July 2015, the FASB issued ASU 2015-11, In February 2016, the FASB issued ASU 2016-02, 2016-02 In March 2016, the FASB issued ASU 2016-06, In April 2016, the FASB issued ASU No. 2016-10, 2014-09. 2016-10 2014-09. In May 2016, the FASB issued ASU No. 2016-11, 2014-09 2014-16 In May 2016, the FASB issued ASU 2016-12, 2014-09. 2014-09, In June 2016, the FASB issued ASU 2016-13, available-for-sale In August 2016, the FASB issued ASU 2016-15, In October 2016, the FASB issued ASU 2016-16, In December 2016, the FASB issued ASU 2016-20, 2014-09 In January 2017, the FASB issued ASU 2017-01, In January 2017, the FASB issued ASU 2017-03, 2014-09, 2016-02, 2016-13) 2014-09 2016-02 2016-13 In January 2017, the FASB issued ASU 2017-04, one-step |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in thousands): As of December 31, 2016 2015 Land $ 66 $ 66 Buildings 218 218 Leasehold improvements 5,235 4,431 Furniture, fixtures and equipment 26,344 23,177 Vehicles and equipment 124,861 100,657 156,724 128,549 Less: accumulated depreciation and amortization (88,936 ) (70,957 ) $ 67,788 $ 57,592 Property and equipment as of December 31, 2016 and 2015 of $42.7 million and $36.5 million, respectively, were fully depreciated but still being utilized in our business. Depreciation and amortization expense during the years ended December 31, 2016, 2015 and 2014 was $23.6 million, $17.0 million and $12.2 million, respectively. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | NOTE 4 – GOODWILL AND INTANGIBLES Goodwill The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2015 $ 123,397 $ (70,004 ) $ 53,393 Business combinations 37,104 — 37,104 Other 15 — 15 December 31, 2015 160,516 (70,004 ) 90,512 Business combinations 16,918 — 16,918 Other (344 ) — (344 ) December 31, 2016 $ 177,090 $ (70,004 ) $ 107,086 Other changes included in the above table for the years ended December 31, 2016 and 2015 include minor adjustments for the allocation of certain acquisitions still under measurement. In addition, other charges for the year ended December 31, 2016 include an immaterial reclassification related to the prior period. Other changes for the year ended December 31, 2015 include an immaterial tuck-in At October 1, 2016, our measurement date, we tested goodwill for impairment by performing a “step one” test and determined that no impairment of goodwill was required. As such, no impairment of goodwill was recognized for the year ended December 31, 2016. In addition, no impairment of goodwill was recognized for the years ended December 31, 2015 or 2014. Intangibles, net The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in thousands): As of December 31, 2016 2015 Gross Accumulated Net Book Gross Accumulated Net Book Amortized intangibles: Customer relationships $ 80,909 $ 27,533 $ 53,376 $ 62,399 $ 20,231 $ 42,168 Covenants not-to-compete 8,602 2,466 6,136 5,729 847 4,882 Trademarks and tradenames 37,303 10,498 26,805 28,320 8,152 20,168 $ 126,814 $ 40,497 $ 86,317 $ 96,448 $ 29,230 $ 67,218 There was no intangible asset impairment loss for the years ended December 31, 2016, 2015 and 2014. The gross carrying amount of intangibles increased approximately $30.4 million and $55.8 million during the years ended December 31, 2016 and 2015, respectively. Intangibles associated with business combinations accounted for approximately $30.3 million and $55.4 million of the increases during the years ended December 31, 2016 and 2015, respectively, with the remaining changes due to other factors. For more information, see Note 12, Business Combinations. Amortization expense on intangible assets totaled approximately $11.3 million, $6.3 million and $2.8 million during the years ended December 31, 2016, 2015 and 2014, respectively. Remaining estimated aggregate annual amortization expense is as follows (in thousands): 2017 $ 12,034 2018 11,730 2019 11,218 2020 10,612 2021 9,594 Thereafter 31,129 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 5 – LONG-TERM DEBT Long-term debt consisted of the following (in thousands): As of December 31, 2016 2015 Term loans, in effect, net of unamortized debt issuance costs of $447 and $249, respectively $ 95,803 $ 47,876 Delayed draw term loans, in effect, net of unamortized debt issuance costs of $50 and $261, respectively 12,450 49,739 Vehicle and equipment notes, maturing September 2021; payable in various monthly installments, including interest rates ranging from 2% to 4% 38,186 21,091 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% 4,988 4,529 151,427 123,235 Less: current maturities (17,192 ) (10,021 ) Long-term debt, less current maturities $ 134,235 $ 113,214 On February 29, 2016, we entered into a Credit and Security Agreement (the “Credit and Security Agreement”) with the lenders named therein. The Credit and Security Agreement amended and restated our previous credit agreement (the “2015 Credit Agreement”), which was scheduled to mature in April 2020. We used a portion of the funds from the Credit and Security Agreement to pay off the outstanding balances under the 2015 Credit Agreement. The Credit and Security Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $325.0 million, consisting of a $100.0 million revolving line of credit (the “Revolving LOC”), a $100.0 million term loan (the “Term Loan”) and a delayed draw term loan facility (the “DDTL”) providing for up to $125.0 million in additional term loan draws during the first year of the Credit and Security Agreement. Under the Revolving LOC, up to an aggregate of $20.0 million is available to us for the issuance of letters of credit and up to an aggregate of $5.0 million is available to us for swing line loans. The Credit and Security Agreement also includes an accordion feature which allows us, at our option but subject to lender and certain other approvals, to add up to an aggregate of $75.0 million in principal amount of term loans or additional revolving credit commitments, subject to the same terms as the Revolving LOC and Term Loan. As of December 31, 2016, there were approximately $17.9 million in letters of credit issued and no borrowings outstanding under the Revolving LOC. Loans under the Credit and Security Agreement bear interest at either the eurodollar rate (“LIBOR”) or the base rate (which approximates prime rate), at our election, plus a margin based on the type of rate applied and our leverage ratio. At December 31, 2016, the outstanding balances on the Term Loan and DDTL bore interest at 1-month 1-month All of the obligations under the Credit and Security Agreement are guaranteed by our existing and future direct and indirect material domestic subsidiaries, other than Suburban Insulation, Inc. (the “Guarantors”). Subject to certain restrictions, all of our and each Guarantor’s obligations under the Credit and Security Agreement are secured by: (1) all of our and each Guarantor’s tangible and intangible personal property and real property, excluding those assets pledged under capital leases and capital equipment loans; (2) a pledge of, and first priority perfected lien on, 100% of the capital stock or other equity interests of our and each Guarantor’s domestic subsidiaries; and (3) a negative pledge on all of our and each Guarantor’s assets. The Credit and Security Agreement contains covenants that require us to (1) maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 and (2) maintain a leverage ratio of no greater than (a) 3.50 to 1.00 through December 30, 2016; (b) 3.25 to 1.00 on December 31, 2016 through June 29, 2017; (c) 3.00 to 1.00 on June 30, 2017 through December 30, 2017; (d) 2.75 to 1.00 on December 31, 2017 through June 29, 2018; and (e) 2.50 to 1.00 on June 30, 2018 and thereafter. The Credit and Security Agreement also contains various restrictive non-financial Vehicle and Equipment Notes We are party to a Master Loan and Security Agreement (“Master Loan and Security Agreement”), a Master Equipment Lease Agreement (“Master Equipment Agreement”) and one or more Master Loan Agreements (“Master Loan Agreements”) with various lenders to provide financing for the purpose of purchasing or leasing vehicles and equipment used in the normal course of business. Each financing arrangement under these agreements constitutes a separate note and obligation. Vehicles and equipment purchased or leased under each financing arrangement serve as collateral for the note applicable to such financing arrangement. Regular payments are due under each note for a period of typically 60 consecutive months after the incurrence of the obligation. The specific terms of each note are based on specific criteria, including the type of vehicle or equipment and the market interest rates at the time. No termination date applies to these agreements. Total gross assets relating to our master loan and equipment agreements were $48.7 million and $25.4 million as of December 31, 2016 and 2015, respectively, none of which were fully depreciated as of December 31, 2016 or 2015, respectively. The net book value of assets under these agreements was $38.0 million and $22.4 million as of December 31, 2016 and 2015, respectively. Depreciation of assets held under these agreements is included within cost of sales on the Consolidated Statements of Operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 6 – FAIR VALUE MEASUREMENTS Fair Values Fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820, “Fair Value Measurement,” establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. 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. As such, these balances were zero as of December 31, 2016 and 2015. 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— 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 is outstanding in combination with the accreted fair value of the Redeemable Preferred Stock during the option period. Those resulting probabilities were then calculated at net present value. An increase in the probability of the change in control would have increased the fair value of the embedded derivative. We have not entered into and currently do not hold derivatives for trading or speculative purposes. 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 to estimate fair value was approximately 18% as of December 31, 2013. Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the year ended December 31, 2014 were as follows (in thousands): Balance as of January 1, 2014 $ 81,500 Adjustments to fair value measurement impacting the Consolidated Statements of Stockholders’ (Deficit) Equity and Redeemable Instruments 8,357 Adjustments to fair value measurement impacting the Consolidated Statements of Operations (490 ) Termination of Redemption Feature on common stock and put option (89,367 ) Balance as of December 31, 2014 $ — The unrealized gain related to the put option liabilities is recorded within other expense (income) 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 as of December 31, 2016 and 2015 are categorized based on the lowest level of significant input to the valuation. The assets are measured at fair value when our impairment assessment indicates a carrying value for each of the assets in excess of the asset’s estimated fair value. Undiscounted cash flows, a Level 3 input, are utilized in determining estimated fair values. During each of the years ended December 31, 2016, 2015 and 2014, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis. See the “Impairment of Other Intangible and Long-Lived Assets” caption of Note 2, Significant Accounting Policies, for more information. |
Stockholders' Equity and Redeem
Stockholders' Equity and Redeemable Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity and Redeemable Instruments | NOTE 7 – STOCKHOLDERS’ EQUITY AND REDEEMABLE INSTRUMENTS As of December 31, 2016 and 2015, we had 5.0 million shares of preferred stock authorized with no shares issued or outstanding, 100.0 million shares of common stock authorized, approximately 32.1 million and 32.0 million shares of common stock issued and approximately 31.5 million shares and 31.4 million of common stock outstanding, all with par value of $0.01, and approximately 0.7 million and 0.6 million shares of treasury stock at cost, respectively. In December 2014, we entered into a share repurchase agreement with Cetus Capital II, LLC, a related party, for the purchase of 300,000 shares of our common stock for an aggregate purchase price of $5.3 million, or $17.61 per share, which was the last reported sales price of the Company’s common stock on December 11, 2014. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. For additional information, see Note 10, Related Party Transactions. In March 2015, we entered into a share repurchase agreement with Installed Building Systems, Inc. (“IBS”), a related party, for the purchase of 315 thousand shares of our common stock for a purchase price of approximately $6.1 million or $19.23 per share, which represented a 7.5% discount to the last reported price of our common stock on March 13, 2015. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. For additional information, see Note 10, Related Party Transactions. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | NOTE 8 – EMPLOYEE BENEFITS Healthcare We participate in multiple healthcare plans, of which our primary plan is partially self-funded with an insurance company paying benefits in excess of stop loss limits per individual. Our healthcare benefit expense (net of employee contributions) was approximately $15.2 million, $11.8 million and $8.1 million for the years ended December 31, 2016, 2015 and 2014, 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 $1.7 million and $1.5 million as of December 31, 2016 and 2015, respectively. Workers’ Compensation 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 unasserted claims. Workers’ compensation liability for premiums is included in other current liabilities on the Consolidated Balance Sheets. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of IBNR claims. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including IBNR. We believe the use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals. Workers’ compensation expense totaled $12.1 million, $12.0 million and $9.8 million for the years ended December 31, 2016, 2015 and 2014, respectively, and is included in cost of sales on the Consolidated Statements of Operations. Workers’ compensation known claims and IBNR reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2016 2015 Included in other current liabilities $ 4,595 $ 3,263 Included in other long-term liabilities 7,052 7,132 $ 11,647 $ 10,395 We also had an insurance receivable for claims that exceeded the stop loss limit included on the Consolidated Balance Sheets. That receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands): As of December 31, 2016 2015 Included in other non-current $ 1,249 $ 1,542 Profit-Sharing Plans 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, 2016, 2015 and 2014, we recognized 401(k) plan expenses of $1.3 million, $0.8 million and $0.7 million, respectively, which is included in administrative expenses on the accompanying Consolidated Statements of Operations. Share-Based Compensation Directors We periodically grant shares of restricted stock to members of our board of directors. Accordingly, we record compensation expense within administrative expenses on the Consolidated Statements of Operations at the time of the grant. In 2016 and 2015, we granted approximately nine thousand and 13 thousand shares of restricted stock, respectively, at a price of $34.23 and $22.74 per share, respectively (which represents market price on the grant dates), to non-employee The weighted-average grant date fair value is the same as the issue price for all shares. Employees During the twelve months ended December 31, 2016, we granted approximately 0.1 million shares of restricted stock which vest in three equal installments (rounded to the nearest whole share) on each of April 20, 2017, 2018 and 2019 to certain employees. During the twelve months ended December 31, 2015, we granted approximately 0.1 million shares of restricted stock which fully vested between January 7, 2016 and March 31, 2016 for certain employees and vests in three equal installments (rounded to the nearest whole share) on each of March 31, 2016, 2017 and 2018 for certain officers. During the twelve months ended December 31, 2016, our employees surrendered approximately 32 thousand shares of our common stock to satisfy tax withholding obligations arising in connection with the vesting of such common stock awards previously issued under our 2014 Omnibus Incentive Plan. We recorded $1.6 million and $1.8 million in compensation expense related to these grants within administrative expenses on the Consolidated Statements of Operations for the years ended December 31, 2016 and 2015, respectively. We recognized excess tax benefits within income tax provision on the Consolidated Statements of Operations of approximately $0.3 million for the year ended December 31 2016. We did not recognize any such excess tax benefits for the year ended December 31, 2015. Nonvested restricted stock for employees as of December 31, 2016 was as follows: Restricted Weighted Nonvested restricted stock at December 31, 2015 129,053 $ 21.52 Granted 143,528 26.98 Vested (109,473 ) 21.48 Forfeited (1,934 ) 25.75 Nonvested restricted stock at December 31, 2016 161,174 $ 26.36 As of December 31, 2016, there was $3.1 million of unrecognized compensation expense related to nonvested restricted stock. This expense is subject to future adjustments for forfeitures and is expected to be recognized on a straight-line basis over the remaining weighted-average period of 2.2 years. Shares forfeited are returned as treasury shares and available for future issuances. As of December 31, 2016, approximately 2.7 million of the 3.0 million shares of common stock authorized for issuance were available for issuance under the 2014 Omnibus Incentive Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 – INCOME TAXES The provision for income taxes from continuing operations is comprised of (in thousands): Years ended December 31, 2016 2015 2014 Current: Federal $ 18,307 $ 13,939 $ 7,616 State 3,472 2,989 1,369 21,779 16,928 8,985 Deferred: Federal (338 ) (1,255 ) (676 ) State (267 ) (260 ) 298 (605 ) (1,515 ) (378 ) Total tax expense $ 21,174 $ 15,413 $ 8,607 The reconciliation between our effective tax rate on net income from continuing operations and the federal statutory rate is as follows (dollars in thousands): Years ended December 31, 2016 2015 2014 Income tax at federal statutory rate $ 20,864 35.0 % $ 14,676 35.0 % $ 7,905 35.0 % Stock compensation (227 ) (0.4 %) — 0.0 % — 0.0 % Qualified Production Activity Deduction (1,776 ) (3.0 %) (1,347 ) (3.2 %) (694 ) (3.1 %) Other permanent items (92 ) (0.1 %) (69 ) (0.2 %) (272 ) (1.2 %) Change in valuation allowance 442 0.7 % 467 1.1 % 585 2.6 % Change in uncertain tax positions 66 0.1 % (559 ) (1.3 %) — 0.0 % State income taxes, net of federal benefit 1,897 3.2 % 2,245 5.4 % 1,083 4.8 % Total tax expense $ 21,174 35.5 % $ 15,413 36.8 % $ 8,607 38.1 % Components of the net deferred tax asset or liability are as follows (in thousands): As of December 31, 2016 2015 Deferred Tax Assets Long-term Accrued reserves and allowances $ 2,314 $ 648 Inventories 284 88 Intangibles 806 180 Net operating loss carryforwards 2,921 2,999 Other current and long-term 2 2 Long-term deferred tax assets 6,327 3,917 Less: Valuation allowance (2,415 ) (1,974 ) Net deferred tax assets 3,912 1,943 Deferred Tax Liabilities Long-term Accrued reserves and allowances (565 ) (136 ) Property and equipment (1,505 ) (1,475 ) Intangibles (4,899 ) (5,626 ) Investment in partnership (9,530 ) (8,757 ) Other (62 ) (59 ) Long-term deferred tax liabilities (16,561 ) (16,053 ) Net deferred tax liabilities $ (12,649 ) $ (14,110 ) As of December 31, 2016, we have federal and state income tax net operating loss (NOL) carryforwards of $2.9 million, the earliest of which expires in 2030. Valuation Allowance We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets on a jurisdiction and by tax filing entity basis. A significant piece of objective negative evidence evaluated is cumulative losses incurred over the most recent three-year period. Such objective evidence limits our ability to consider other subjective positive evidence such as our projections for future growth. Based on this evaluation, a valuation allowance has been recorded as of December 31, 2016 and 2015 for the net deferred tax assets recorded on certain of our wholly owned subsidiaries. Such deferred tax assets relate primarily to net operating losses that are not more likely than not realizable. However, the amount of the deferred tax asset considered realizable could be adjusted if our estimate of future taxable income during the carryforward period changes, or if objective negative evidence in the form of cumulative losses is no longer present. Additional weight may be given to subjective evidence such as our projections for growth in this situation. Uncertain Tax Positions We are subject to taxation in the United States and various state jurisdictions. As of December 31, 2016, our tax years for 2013 through 2015 are subject to examination by the tax authorities. A rollforward of the gross unrecognized tax benefits is as follows (in thousands): Unrecognized tax benefit, January 1, 2015 $ 2,817 Increase as a result of tax positions taken during the period 2,647 Decrease as a result of tax positions taken during the period (1,415 ) Decrease as a result of expiring statutes (463 ) Unrecognized tax benefit, December 31, 2015 3,586 Increase as a result of tax positions taken during the period 2,354 Decrease as a result of tax positions taken during the period (1,356 ) Decrease as a result of expiring statutes (487 ) Unrecognized tax benefit, December 31, 2016 $ 4,097 $1.7 million of the unrecognized tax benefits at December 31, 2016 would affect the effective tax rate. Interest expense and penalties accrued related to uncertain tax positions as of December 31, 2016 are $0.2 million. We expect a decrease to the amount of unrecognized tax benefits (exclusive of penalties and interest) within the next twelve months of zero to $1.6 million. Determining uncertain tax positions and the related estimated amounts requires judgment and carry estimation risk. If future tax law changes or interpretations should come to light, or additional information should become known, our conclusions regarding unrecognized tax benefits may change. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 10 – RELATED PARTY TRANSACTIONS We sell installation services to other companies related to us through common or affiliated ownership and/or board of directors and/or management relationships. We also purchase services and materials and pay rent to companies with common or related ownership. For additional information, see Note 11, Commitments and Contingencies. For the years ended December 31, 2016, 2015 and 2014, the amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in thousands): Years ended December 31, 2016 2015 2014 Sales $ 7,914 $ 6,720 $ 6,026 Purchases 579 480 3,100 Rent 635 598 600 At December 31, 2016 and 2015, we had related party balances of approximately $1.5 million and $1.8 million, respectively, included in accounts receivable on our Consolidated Balance Sheets. These balances primarily represent trade accounts receivable arising during the normal course of business with various related parties. M/I Homes, Inc., a customer whose Chairman, President and Chief Executive Officer is a member of our Board of Directors, accounted for $0.8 million and $1.0 million of these balances as of December 31, 2016 and 2015, respectively. On March 13, 2015, we entered into a share repurchase agreement with IBS for the purchase of 315 thousand shares of our common stock. Jeff Edwards, our Chief Executive Officer, is the President of IBS and, in such role, has sole voting and dispositive power over the shares held by IBS and is deemed the beneficial owner of the shares of our common stock held by IBS. For additional information, see Note 7, Stockholders’ Equity. As a result of our acquisition of TCI Contracting, LLC (“TCI”) in 2012, one of our existing suppliers became classified as a related party until a change in ownership of the supplier resulted in an end to related party classification during 2014. While still classified as a related party to us, purchases made from this supplier during the year ended December 31, 2014 were approximately $2.6 million and is included in total related party purchases in the preceding table. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES Accrued General Liability Accrued general insurance reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2016 2015 Included in other current liabilities $ 1,949 $ 1,304 Included in other long-term liabilities 7,104 6,879 $ 9,053 $ 8,183 We also had insurance receivables included on the Consolidated Balance Sheets that, in aggregate, offset an equal liability included within the reserve amounts noted above. The amounts were as follows (in thousands): As of December 31, 2016 2015 Insurance receivable and indemnification asset for claims under a fully insured policy $ 2,773 $ 2,815 Insurance receivable for claims that exceeded the stop loss limit 26 821 Total insurance receivables included in other non-current $ 2,799 $ 3,636 Leases We are obligated under capital leases covering vehicles and certain equipment. Total assets relating to capital leases were approximately $64.2 million and $64.9 million as of December 31, 2016 and 2015, respectively, and a total of approximately $22.8 million and $19.1 million were fully depreciated as of December 31, 2016 and 2015, respectively. The vehicle and equipment leases generally have terms ranging from four to six years. The net book value of assets under capital leases was approximately $16.4 million and $22.1 million as of December 31, 2016 and 2015, respectively. Amortization of assets held under capital leases is included within cost of sales 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. 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, 2016 are as follows (in thousands): Capital Leases Operating Leases Related Party Other Total Operating 2017 $ 7,858 $ 640 $ 9,300 $ 9,940 2018 4,895 434 6,306 6,740 2019 3,272 260 4,737 4,997 2020 823 — 3,603 3,603 2021 12 — 2,166 2,166 Thereafter — — 2,718 2,718 16,860 $ 1,334 $ 28,830 $ 30,164 Less: Amounts representing executory costs (414 ) Less: Amounts representing interest (1,153 ) Total obligation under capital leases 15,293 Less: Current portion of capital leases (6,929 ) Long term capital lease obligation $ 8,364 Total rent expense under these operating leases for the years ended December 31, 2016, 2015 and 2014 was approximately $11.6 million, $9.4 million and $7.9 million, respectively, which is included in the Consolidated Statements of Operations as follows (in thousands): Years ended December 31, 2016 2015 2014 Cost of Sales $ 848 $ 855 $ 733 Administrative 10,732 8,507 7,138 Total $ 11,580 $ 9,362 $ 7,871 Supply Contract Commitments During 2016, we were a party to two product supply contracts, one of which expired by its terms on December 31, 2016 and one that extends through August 31, 2017 but was suspended during 2016. No purchases were made under the suspended contract extending through August 31, 2017 during the year ended December 31, 2016. Our obligations under both contracts were based on quantity without a specific rate applied and therefore are not quantifiable. Our purchases under the contract exceed the minimum commitments for all years covered. Other Commitments and Contingencies From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. As litigation is subject to inherent uncertainties, we cannot be certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 12 – BUSINESS COMBINATIONS As part of our ongoing strategy to increase market share in certain markets, we completed multiple business combinations during each of the years ended December 31, 2016, 2015 and 2014. Acquisition-related costs amounted to $2.3 million and $1.1 million for the years ended December 31, 2016 and 2015, respectively, and are included in Administrative expenses on the Consolidated Statements of Operations. Acquisition-related costs for the year ended December 31, 2014 were insignificant. Costs for the year ended December 31, 2016 include expenses related to our acquisition of Alpha consummated in January 2017. For more information, see Note 14, Subsequent Events. The goodwill to be recognized in conjunction with these business combinations is attributable to expected improvement in the business of these acquired companies. We expect to deduct $17.2 million of goodwill for tax purposes as a result of 2016 acquisitions. 2016 On January 25, 2016, we acquired substantially all of the assets of Key Green Builder Services, LLC d/b/a Key Insulation. The purchase price consisted of cash of $5.0 million and seller obligations of $0.7 million. Revenue and net (loss) since the date of acquisition included in our Consolidated Statements of Operations for the year ended December 31, 2016 were $8.6 million and $(0.4) million, respectively. On February 2, 2016, we acquired substantially all of the assets of Marshall Insulation, LLC (“Marshall”). The purchase price consisted of cash of $0.9 million and seller obligations of $0.1 million. Revenue and net (loss) since the date of acquisition included in our Consolidated Statements of Operations for the year ended December 31, 2016 were $3.8 million and $(0.3) million, respectively. On February 29, 2016, we acquired substantially all of the assets of Kern Door Company, Inc. (“Kern”). The purchase price consisted of cash of $2.9 million and seller obligations of $0.1 million. Revenue and net (loss) since the date of acquisition included in our Consolidated Statements of Operations for the year ended December 31, 2016 were $2.7 million and $(0.3) million, respectively. On April 12, 2016, we acquired substantially all of the assets of Alpine Insulation Co., Inc. (“Alpine”). The purchase price consisted of cash of $21.1 million and seller obligations of $1.6 million. Revenue and net income since the date of acquisition included in our Consolidated Statements of Operations for the year ended December 31, 2016 were $21.4 million and $1.4 million, respectively. On July 25, 2016, we acquired substantially all of the assets of FireClass, LLC (“FireClass”). The purchase price consisted of cash of $2.3 million. Revenue and net income since the date of acquisition included in our Consolidated Statements of Operations for the year ended December 31, 2016 were $2.1 million and $69 thousand, respectively. On August 15, 2016, we acquired substantially all of the assets of Southern Insulators & Specialties, LLC (“Southern”). The purchase price consisted of cash of $4.2 million and seller obligations of $0.4 million. Revenue and net income since the date of acquisition included in our Consolidated Statements of Operations for the year ended December 31, 2016 were $1.9 million and $0.3 million, respectively. On October 17, 2016, we acquired substantially all of the assets of East Coast Insulators II, L.L.C. (“East Coast”). The purchase price consisted of cash of $15.6 million and seller obligations of $0.6 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2016 were $4.7 million and $21 thousand, respectively. On November 1, 2016, we acquired substantially all of the assets of Mike’s Garage Door, L.L.C. (“Mike’s Garage Door”). The purchase price consisted of cash of $0.2 million and seller obligations of $0.4 million. Revenue and net (loss) since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2016 were $0.2 million and $(2) thousand, respectively. On November 14, 2016, we acquired substantially all of the assets of 3R Products & Services, LLC. (“3R”). The purchase price consisted of cash of $3.3 million and seller obligations of $0.6 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2016 were $0.7 million and $40 thousand, respectively. 2015 On March 12, 2015, we acquired 100% of the stock and membership interests of nine different legal entities, collectively referred to as BDI Insulation (“BDI”). The purchase price consisted of cash of $30.7 million and seller obligations of $5.8 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2015 were $32.5 million and $2.0 million, respectively. On April 6, 2015, we acquired 100% of the common stock of C.Q. Insulation Inc. (“CQ”). The purchase price consisted of cash of $5.2 million and seller obligations of $2.3 million, of which approximately $1.8 million was contingent upon certain requirements of the seller. All requirements were met and the full amount was paid during the year ended December 31, 2016. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2015 were $7.8 million and $0.6 million, respectively. On June 1, 2015, we acquired substantially all of the assets of Layman Brothers Contracting (“Layman”). The purchase price consisted of cash of $9.1 million and seller obligations of $0.6 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2015 were $8.2 million and $0.5 million, respectively. On July 1, 2015, we acquired substantially all of the assets of EcoLogic Energy Solutions (“EcoLogic”). The purchase price consisted of cash of $3.0 million and seller obligations of $0.5 million. Revenue and net (loss) since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2015 were $3.9 million and $(0.2) million, respectively. On August 10, 2015, we acquired 100% of the common stock of Eastern Contractor Services (“Eastern”). The purchase price consisted of cash of $24.2 million and seller obligations of $2.9 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2015 were $7.4 million and $0.3 million, respectively. On November 9, 2015, we acquired substantially all of the assets of Sierra Insulation Contractors, Inc. (“Sierra”) and Eco-Tect (“Eco-Tect”). On November 10, 2015, we acquired substantially all of the assets of Overhead Door Company of Burlington (“Overhead Door”). The purchase price consisted of cash of $5.1 million and seller obligations of $0.1 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2015 were $1.0 million and $14 thousand, respectively. On December 7, 2015, we acquired substantially all of the assets of BioFoam of North Carolina, LLC, d/b/a Prime Energy Group (“Prime Energy”). The purchase price consisted of cash of $4.7 million and seller obligations of $0.5 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2015 were $0.6 million and $20 thousand, respectively. 2014 On March 24, 2014, we acquired 100% of the common stock of U.S. Insulation Corp. (“U.S. Insulation”). The purchase price consisted of cash of $2.0 million and seller obligations of $0.3 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2014 were $9.7 million and $0.8 million, respectively. On August 11, 2014, we acquired 100% of the common stock of Marv’s Insulation, Inc. (“Marv’s Insulation”). The purchase price consisted of cash of $1.4 million and seller obligations of $0.2 million. Revenue and net income since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2014 were $1.5 million and $0.2 million, respectively. On November 10, 2014, we acquired substantially all of the assets of Installed Building Systems (“IBS”). The purchase price consisted of cash of $9.0 million and seller obligations of $3.0 million. Revenue and net (loss) since the date of acquisition included in our Consolidated Statement of Operations for the year ended December 31, 2014 were $2.3 million and $(5) thousand, respectively. Purchase Price Allocations The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following (in thousands): 2016 Alpine East Coast Other Total Estimated fair values: Cash $ — $ 2,181 $ — $ 2,181 Accounts receivable 3,959 3,093 2,502 9,554 Inventories 700 332 1,183 2,215 Other current assets — 1 29 30 Property and equipment 656 666 1,615 2,937 Intangibles 12,800 6,400 11,067 30,267 Goodwill 6,642 4,348 5,928 16,918 Other non-current — 116 345 461 Accounts payable and other current liabilities (2,046 ) (948 ) (1,617 ) (4,611 ) Fair value of assets acquired 22,711 16,189 21,052 59,952 Less seller obligations 1,560 600 2,299 4,459 Cash paid $ 21,151 $ 15,589 $ 18,753 $ 55,493 2015 BDI CQ Layman Eastern Other Total Estimated fair values: Cash $ 661 $ 100 $ — $ 165 $ — $ 926 Accounts receivable 4,735 1,423 1,245 2,768 4,093 14,264 Inventories 980 152 267 335 720 2,454 Other current assets 368 39 — 109 32 548 Property and equipment 1,006 190 733 1,364 1,574 4,867 Intangibles 21,280 4,350 5,330 13,871 10,534 55,365 Goodwill 16,213 3,035 3,143 9,904 4,809 37,104 Other non-current 3,736 — — 322 60 4,118 Accounts payable and other current liabilities (3,303 ) (1,539 ) (1,030 ) (1,681 ) (2,220 ) (9,773 ) Deferred income tax liabilities (5,495 ) — — — (825 ) (6,320 ) Long-term debt — — — (82 ) — (82 ) Other long-term liabilities (3,736 ) (238 ) — (1 ) — (3,975 ) Fair value of assets acquired 36,445 7,512 9,688 27,074 18,777 99,496 Gain on bargain purchase — — — — (1,116 ) (1,116 ) Total purchase price 36,445 7,512 9,688 27,074 17,661 98,380 Less seller obligations 5,765 2,319 600 2,875 1,621 13,180 Cash paid $ 30,680 $ 5,193 $ 9,088 $ 24,199 $ 16,040 $ 85,200 2014 Estimated fair values: Cash $ 53 Accounts receivable 4,666 Inventories 1,315 Other current assets 195 Property and equipment 1,576 Intangibles 7,111 Goodwill 4,065 Accounts payable and other current liabilities (2,470 ) Deferred income tax liabilities (515 ) Other long-term liabilities (35 ) Fair value of assets acquired 15,961 Less seller obligations 3,544 Cash paid $ 12,417 Further adjustments to the allocation for each acquisition still under its measurement period are expected as third-party or internal valuations are finalized, certain tax aspects of the transaction are completed, and customary post-closing reviews are concluded during the measurement period attributable to each individual business combination. As a result, insignificant adjustments to the fair value of assets acquired, and in some cases total purchase price, have been made to certain business combinations since the date of acquisition and future adjustments may be made through the end of each measurement period. Goodwill and intangibles per the above table do not agree to the total gross increases of these assets as shown in Note 4—Goodwill and Intangibles during the years ended December 31, 2016 and 2015 due to minor adjustments to goodwill for the allocation of certain acquisitions still under measurement, an immaterial goodwill reclassification in the year ended December 31, 2016 related to the prior period, as well as other immaterial intangible assets added during the ordinary course of business. In addition, goodwill and intangibles increased during the year ended 2015 due to an immaterial tuck-in The fair value of the net assets acquired, including identifiable intangible assets, relating to one of the 2015 business combinations included in the “Other” column in the above table was approximately $4.8 million, which exceeds the purchase price of $3.7 million. Accordingly, we recognized the excess of the fair value of the net assets acquired over purchase price paid of approximately $1.1 million as a gain on bargain purchase. The gain on bargain purchase is included in other income in our Consolidated Statements of Operations. Prior to recognizing the gain, we reassessed the fair value of the assets acquired and liabilities assumed in the business combination including consultation with our external valuation experts. Assets were valued using the same methodology as our other business combinations, including the use of a discounted cash flow model as well as several other factors. We believe we were able to acquire this entity for less than the fair value of its net assets due to an absence of multiple bidders combined with the significant improvement of our purchasing power. Included in other noncurrent assets in the above table as of the year ended December 31, 2015 is an insurance receivable of $2.0 million and an indemnification asset in the amount of $1.7 million associated with the 2015 acquisition of BDI. These assets offset equal liabilities included in other long-term liabilities in the above table, which represent additional insurance reserves and an uncertain tax position liability for which we may be liable. All amounts are measured at their acquisition date fair value. Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands): 2016 2015 2014 Acquired intangibles assets Estimated Weighted Estimated Weighted Estimated Weighted Customer relationships $ 18,511 9 $ 36,129 8 $ 4,708 14 Trademarks and trade names 8,983 15 14,567 15 1,799 15 Non-competition 2,773 5 4,668 5 604 5 Pro Forma Information (unaudited) The unaudited pro forma information has been prepared as if the 2016 acquisitions had taken place on January 1, 2015, the 2015 acquisitions had taken place on January 1, 2014 and the 2014 acquisitions had taken place on January 1, 2013. 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, 2015 and 2014 and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except for per share data). Pro Forma for the years ended December 31, 2016 2015 2014 Net revenue $ 896,853 $ 786,144 $ 637,434 Net income $ 39,752 $ 29,463 $ 15,219 Accretion charges on Series A Redeemable Preferred Stock — — (19,897 ) Net income (loss) attributable to common stockholders $ 39,752 $ 29,463 $ (4,678 ) Net income (loss) per share attributable to common stockholders (basic and diluted) $ 1.27 $ 0.94 $ (0.16 ) Unaudited pro forma net income attributable to common stockholders reflects additional intangible asset amortization expense of $1.4 million, $6.6 million and $6.8 million for the years ended December 31, 2016, 2015 and 2014, respectively, as well as additional income tax expense of $0.7 million, $1.7 million and $0.8 million for the years ended December 31, 2016, 2015 and 2014, respectively, that would have been recorded had the 2016 acquisitions taken place on January 1, 2015, the 2015 acquisitions taken place on January 1, 2014 and the 2014 acquisitions taken place on January 1, 2013. We included approximately $1.0 million in transaction costs incurred by a seller resulting from a business combination occurring in the year ended December 31, 2015 in earnings for the year ended December 31, 2014 as though the acquisition occurred as of the beginning of the comparable period. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Common Share | NOTE 13 – INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common 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. Diluted net income (loss) per common share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income (loss) per common share calculation when dilutive. Basic and diluted income (loss) per common share was as follows (in thousands, except share and per share data): Years ended December 31, 2016 2015 2014 Net income (loss) attributable to common stockholders—basic and diluted $ 38,436 $ 26,517 $ (5,965 ) Weighted average number of common shares outstanding 31,301,887 31,298,163 30,106,862 Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method 61,403 36,406 — Diluted shares outstanding 31,363,290 31,334,569 30,106,862 Basic and diluted income (loss) per share attributable to common stockholders $ 1.23 $ 0.85 $ (0.20 ) There were no common stock equivalents with a dilutive effect during the year ended December 31, 2014. Loss attributable to common stockholders includes the accretion of Redeemable Preferred Stock in 2014. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 14 – SUBSEQUENT EVENTS On January 5, 2017, we consummated our previously announced acquisition of all of the outstanding shares of Trilok Industries, Inc., Alpha Insulation & Waterproofing, Inc. and Alpha Insulation & Waterproofing Company (“Alpha”) for consideration of approximately $81.9 million in cash, $12.2 million by issuing 282,577 shares of our common stock and seller obligations totaling $1.9 million. In addition, the purchase price is subject to customary adjustments for cash and net working capital and we may also be required to pay an additional amount in cash as earnout consideration based on Alpha’s change in EBITDA from 2015. We estimate these potential additional payments to be in the range of $20—$25 million. The initial accounting for the business combination was not complete at the time the financial statements were issued due to the timing of the acquisition and the filing of this Annual Report on Form 10-K. 805-10-50, |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | NOTE 15 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Summarized unaudited quarterly financial results for 2016 and 2015 is as follows (in thousands, except per share data): 2016 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 191,698 $ 211,913 $ 225,392 $ 233,977 $ 862,980 Gross profit 54,591 62,243 67,260 68,354 252,448 Net income 5,813 9,993 11,549 11,081 38,436 Net income attributable to common stockholders 5,813 9,993 11,549 11,081 38,436 Net income per share (basic and diluted): Income per share attributable to common stockholders $ 0.19 $ 0.32 $ 0.37 $ 0.35 $ 1.23 2015 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 129,948 $ 159,693 $ 181,579 $ 191,499 $ 662,719 Gross profit 34,126 46,282 53,417 54,468 188,293 Net income 1,242 6,507 9,481 9,287 26,517 Net income attributable to common stockholders 1,242 6,507 9,481 9,287 26,517 Net income per share (basic and diluted): Income per share attributable to common stockholders $ 0.04 $ 0.21 $ 0.30 $ 0.30 $ 0.85 Earnings-per-share per-share per-share |
Significant Accounting Polici23
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements include all of our wholly-owned subsidiaries and majority-owned subsidiary. The non-controlling |
Use of Estimates | Use of Estimates Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the 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 and workers’ compensation and medical insurance. 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, 2016 or 2015. Substantially all cash is held in banks providing FDIC coverage of $0.25 million per depositor. |
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 At times, the total purchase price for a business combination could be less than the estimated fair values of acquired tangible and intangible assets. In these cases, we record a gain on bargain purchase within Other Expenses in the Consolidated Statements of Operations rather than goodwill in accordance with U.S. GAAP. |
Accounts Receivable | Accounts Receivable We account for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. We do not accrue interest on any of our trade receivables. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The allowance is determined by management based on our historical losses, specific customer circumstances and general economic conditions. We analyze aged accounts receivable and generally increase the allowance as receivables age. Management reviews accounts receivable and records an allowance for specific customers based on current circumstances and charges off the receivable against the allowance when all attempts to collect the receivable have failed. This analysis is performed regularly and the allowance is adjusted accordingly. The following table sets forth our allowance for doubtful accounts (in thousands): Allowance for doubtful accounts receivable January 1, 2014 $ 1,738 Charged to costs and expenses 1,900 Charged to other accounts (1) 292 Deductions (2) (1,269 ) December 31, 2014 $ 2,661 Charged to costs and expenses 919 Charged to other accounts (1) 533 Deductions (2) (1,627 ) December 31, 2015 $ 2,486 Charged to costs and expenses 2,928 Charged to other accounts (1) 435 Deductions (2) (2,452 ) December 31, 2016 $ 3,397 (1) Recovery of receivables previously written off as bad debt and other (2) Write-off |
Concentration of Credit Risk | Concentration of Credit Risk Credit risk is our risk of financial loss from the non-performance |
Inventories | Inventories Inventories consist of insulation, 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 |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. We provide for depreciation and amortization of property and equipment using the straight-line method over the expected useful lives of the assets. Expected useful lives of property and equipment vary but generally are the shorter of lease life or five years for vehicles and leasehold improvements, three to five years for furniture, fixtures and equipment and 30 years for buildings. Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recorded. |
Goodwill | Goodwill Goodwill results from business combinations and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Annually, on October 1, or if conditions indicate an earlier review is necessary, we either perform a quantitative test or assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount and if it is necessary to perform the quantitative two-step |
Impairment of Other Intangible and Long-Lived Assets | Impairment of Other Intangible and Long-Lived Assets Other intangible assets consist of customer relationships, non-competition non-competition 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. There was no impairment loss for the years ended December 31, 2016, 2015 and 2014. |
Other Liabilities | Other Liabilities Our workers’ compensation insurance program is considered a high deductible program whereby we are responsible for the cost of claims under approximately $0.8 million. If we do not pay these claims, our workers’ compensation insurance carriers are required to make these payments to the claimants on our behalf. Effective with the plan year beginning October 1, 2015, our general liability insurance program is considered a high retention program whereby we are responsible for the cost of claims up to approximately $2.0 million, subject to an aggregate cap of $8.0 million. If we do not pay these claims, our general liability insurance carrier is required to make these payments to the claimants on our behalf. Prior to the claim year beginning October 1, 2015, our general liability insurance program has a self-incurred retention (“SIR”) of $0.35 million whereby we continue to be responsible for all claims below the SIR and the insurance company continues to be responsible for all liabilities above the 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, 2016 and 2015. We establish case reserves for reported claims using case-basis evaluation of the underlying claims data and we update as information becomes known. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals and adjust our recorded provisions. The assumptions underlying the ultimate costs of existing claim losses are subject to a high degree of unpredictability, which can affect the liability recorded for such claims. For example, variability in inflation rates of health care costs inherent in workers’ compensation claims can affect the ultimate costs. Similarly, changes in legal trends and interpretations, as well as a change in the nature and method of how claims are settled, can affect ultimate costs. Our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables and any changes could have a considerable effect on future claim costs and currently recorded liabilities. We carry insurance for a number of risks, including, but not limited to, workers’ compensation, general liability, vehicle liability, property and our obligation for employee-related health care benefits. Liabilities relating to claims associated with these risks are estimated by considering historical claims experience, including frequency, severity, demographic factors and other actuarial assumptions. In estimating our liability for such claims, we periodically analyze our historical trends, including loss development, and apply appropriate loss development factors to the incurred costs associated with the claims with the assistance of external actuarial consultants. While we do not expect the amounts ultimately paid to differ significantly from our estimates, our reserves and corresponding expenses could be affected if future claim experience differs significantly from historical trends and actuarial assumptions. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expense was approximately $3.0 million, $2.3 million and $1.6 million for the years ended December 31, 2016, 2015 and 2014, respectively, and is included in selling expense on the Consolidated Statements of Operations. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs and debt issuance costs combined, totaling $1.7 million and $1.1 million, net of accumulated amortization as of December 31, 2016 and 2015, respectively, are amortized over the term of the related debt on a straight-line basis which approximates the effective interest method. The deferred financing costs are included in other non-current |
Share-Based Compensation | Share-Based Compensation Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. Restricted stock awards are periodically granted to certain employees, officers and non-employee 2016-09 |
Income Taxes | Income Taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable are accrued and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, the ability to produce future taxable income, prudent and feasible tax planning strategies and recent financial operations. In projecting future taxable income, we 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 other current liabilities on the Consolidated Balance Sheets. Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States, which includes numerous state and local jurisdictions. Significant judgments and estimates are required in determining the income tax expense, deferred tax assets and liabilities and the reserve for unrecognized tax benefits. |
Estimated Fair Value of Financial Instruments | Estimated Fair Value of Financial Instruments Accounts receivable, accounts payable and accrued liabilities as of December 31, 2016 and 2015 approximate their fair value due to the short-term maturities of these financial instruments. The carrying amounts of our long-term debt, including the term loan, delayed draw term loan and revolving line of credit under the current and previous credit agreements approximate their fair values as of December 31, 2016 and 2015 due to the short term maturities of the underlying variable rate LIBOR agreements. The carrying amount of the obligations associated with our capital leases and vehicle and equipment notes approximate fair value as of December 31, 2016 and 2015 because we have incurred the obligations within the last two fiscal years when the interest rate markets have been low and stable. Refinancing these obligations at current market rates would result in similar balances. All debt classifications represent Level 2 fair value measurements. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, 2015-03, non-current In August 2015, the FASB issued ASU 2015-15, 835-30).” 2015-03 In September 2015, the FASB issued ASU 2015-16, In March 2016, the FASB issued ASU No. 2016-09, 2016-09, paid-in In December 2016, the FASB issued ASU 2016-19, Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, 2014-09 In July 2015, the FASB issued ASU 2015-11, In February 2016, the FASB issued ASU 2016-02, 2016-02 In March 2016, the FASB issued ASU 2016-06, In April 2016, the FASB issued ASU No. 2016-10, 2014-09. 2016-10 2014-09. In May 2016, the FASB issued ASU No. 2016-11, 2014-09 2014-16 In May 2016, the FASB issued ASU 2016-12, 2014-09. 2014-09, In June 2016, the FASB issued ASU 2016-13, available-for-sale In August 2016, the FASB issued ASU 2016-15, In October 2016, the FASB issued ASU 2016-16, In December 2016, the FASB issued ASU 2016-20, 2014-09 In January 2017, the FASB issued ASU 2017-01, In January 2017, the FASB issued ASU 2017-03, 2014-09, 2016-02, 2016-13) 2014-09 2016-02 2016-13 In January 2017, the FASB issued ASU 2017-04, one-step |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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: Years ended December 31, 2016 2015 2014 Insulation 77 % 78 % 76 % Garage doors 6 6 7 Shower doors, shelving and mirrors 5 5 6 Rain gutters 4 5 6 Other building products 8 6 5 100 % 100 % 100 % |
Significant Accounting Polici25
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts | The following table sets forth our allowance for doubtful accounts (in thousands): Allowance for doubtful accounts receivable January 1, 2014 $ 1,738 Charged to costs and expenses 1,900 Charged to other accounts (1) 292 Deductions (2) (1,269 ) December 31, 2014 $ 2,661 Charged to costs and expenses 919 Charged to other accounts (1) 533 Deductions (2) (1,627 ) December 31, 2015 $ 2,486 Charged to costs and expenses 2,928 Charged to other accounts (1) 435 Deductions (2) (2,452 ) December 31, 2016 $ 3,397 (1) Recovery of receivables previously written off as bad debt and other (2) Write-off |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): As of December 31, 2016 2015 Land $ 66 $ 66 Buildings 218 218 Leasehold improvements 5,235 4,431 Furniture, fixtures and equipment 26,344 23,177 Vehicles and equipment 124,861 100,657 156,724 128,549 Less: accumulated depreciation and amortization (88,936 ) (70,957 ) $ 67,788 $ 57,592 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Amount of Goodwill | The change in carrying amount of goodwill was as follows (in thousands): Goodwill Accumulated Goodwill January 1, 2015 $ 123,397 $ (70,004 ) $ 53,393 Business combinations 37,104 — 37,104 Other 15 — 15 December 31, 2015 160,516 (70,004 ) 90,512 Business combinations 16,918 — 16,918 Other (344 ) — (344 ) December 31, 2016 $ 177,090 $ (70,004 ) $ 107,086 |
Schedule of Gross Carrying Amount, Accumulated Amortization and Net Book Value | The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in thousands): As of December 31, 2016 2015 Gross Accumulated Net Book Gross Accumulated Net Book Amortized intangibles: Customer relationships $ 80,909 $ 27,533 $ 53,376 $ 62,399 $ 20,231 $ 42,168 Covenants not-to-compete 8,602 2,466 6,136 5,729 847 4,882 Trademarks and tradenames 37,303 10,498 26,805 28,320 8,152 20,168 $ 126,814 $ 40,497 $ 86,317 $ 96,448 $ 29,230 $ 67,218 |
Schedule of Estimated Aggregate Annual Amortization | Remaining estimated aggregate annual amortization expense is as follows (in thousands): 2017 $ 12,034 2018 11,730 2019 11,218 2020 10,612 2021 9,594 Thereafter 31,129 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Long-term debt consisted of the following (in thousands): As of December 31, 2016 2015 Term loans, in effect, net of unamortized debt issuance costs of $447 and $249, respectively $ 95,803 $ 47,876 Delayed draw term loans, in effect, net of unamortized debt issuance costs of $50 and $261, respectively 12,450 49,739 Vehicle and equipment notes, maturing September 2021; payable in various monthly installments, including interest rates ranging from 2% to 4% 38,186 21,091 Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% 4,988 4,529 151,427 123,235 Less: current maturities (17,192 ) (10,021 ) Long-term debt, less current maturities $ 134,235 $ 113,214 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
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 year ended December 31, 2014 were as follows (in thousands): Balance as of January 1, 2014 $ 81,500 Adjustments to fair value measurement impacting the Consolidated Statements of Stockholders’ (Deficit) Equity and Redeemable Instruments 8,357 Adjustments to fair value measurement impacting the Consolidated Statements of Operations (490 ) Termination of Redemption Feature on common stock and put option (89,367 ) Balance as of December 31, 2014 $ — |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Summary of Workers' Compensation Known Claims and IBNR Reserves | Workers’ compensation known claims and IBNR reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2016 2015 Included in other current liabilities $ 4,595 $ 3,263 Included in other long-term liabilities 7,052 7,132 $ 11,647 $ 10,395 |
Schedule of Insurance Receivable for Claims | That receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands): As of December 31, 2016 2015 Included in other non-current $ 1,249 $ 1,542 |
Summary of Nonvested Restricted Stock Awards and Changes During Period | Nonvested restricted stock for employees as of December 31, 2016 was as follows: Restricted Weighted Nonvested restricted stock at December 31, 2015 129,053 $ 21.52 Granted 143,528 26.98 Vested (109,473 ) 21.48 Forfeited (1,934 ) 25.75 Nonvested restricted stock at December 31, 2016 161,174 $ 26.36 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes from Continuing Operations | The provision for income taxes from continuing operations is comprised of (in thousands): Years ended December 31, 2016 2015 2014 Current: Federal $ 18,307 $ 13,939 $ 7,616 State 3,472 2,989 1,369 21,779 16,928 8,985 Deferred: Federal (338 ) (1,255 ) (676 ) State (267 ) (260 ) 298 (605 ) (1,515 ) (378 ) Total tax expense $ 21,174 $ 15,413 $ 8,607 |
Reconciliation Between Effective Tax Rate on Net Income (Loss) from Continuing Operations and Federal Statutory Tax Rate | The reconciliation between our effective tax rate on net income from continuing operations and the federal statutory rate is as follows (dollars in thousands): Years ended December 31, 2016 2015 2014 Income tax at federal statutory rate $ 20,864 35.0 % $ 14,676 35.0 % $ 7,905 35.0 % Stock compensation (227 ) (0.4 %) — 0.0 % — 0.0 % Qualified Production Activity Deduction (1,776 ) (3.0 %) (1,347 ) (3.2 %) (694 ) (3.1 %) Other permanent items (92 ) (0.1 %) (69 ) (0.2 %) (272 ) (1.2 %) Change in valuation allowance 442 0.7 % 467 1.1 % 585 2.6 % Change in uncertain tax positions 66 0.1 % (559 ) (1.3 %) — 0.0 % State income taxes, net of federal benefit 1,897 3.2 % 2,245 5.4 % 1,083 4.8 % Total tax expense $ 21,174 35.5 % $ 15,413 36.8 % $ 8,607 38.1 % |
Net Deferred Tax Asset or Liability | Components of the net deferred tax asset or liability are as follows (in thousands): As of December 31, 2016 2015 Deferred Tax Assets Long-term Accrued reserves and allowances $ 2,314 $ 648 Inventories 284 88 Intangibles 806 180 Net operating loss carryforwards 2,921 2,999 Other current and long-term 2 2 Long-term deferred tax assets 6,327 3,917 Less: Valuation allowance (2,415 ) (1,974 ) Net deferred tax assets 3,912 1,943 Deferred Tax Liabilities Long-term Accrued reserves and allowances (565 ) (136 ) Property and equipment (1,505 ) (1,475 ) Intangibles (4,899 ) (5,626 ) Investment in partnership (9,530 ) (8,757 ) Other (62 ) (59 ) Long-term deferred tax liabilities (16,561 ) (16,053 ) Net deferred tax liabilities $ (12,649 ) $ (14,110 ) |
Rollforward of Gross Unrecognized Tax Benefits | A rollforward of the gross unrecognized tax benefits is as follows (in thousands): Unrecognized tax benefit, January 1, 2015 $ 2,817 Increase as a result of tax positions taken during the period 2,647 Decrease as a result of tax positions taken during the period (1,415 ) Decrease as a result of expiring statutes (463 ) Unrecognized tax benefit, December 31, 2015 3,586 Increase as a result of tax positions taken during the period 2,354 Decrease as a result of tax positions taken during the period (1,356 ) Decrease as a result of expiring statutes (487 ) Unrecognized tax benefit, December 31, 2016 $ 4,097 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Common or Related Party Transactions | For the years ended December 31, 2016, 2015 and 2014, the amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in thousands): Years ended December 31, 2016 2015 2014 Sales $ 7,914 $ 6,720 $ 6,026 Purchases 579 480 3,100 Rent 635 598 600 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrued General Insurance Reserves | Accrued general insurance reserves included on the Consolidated Balance Sheets were as follows (in thousands): As of December 31, 2016 2015 Included in other current liabilities $ 1,949 $ 1,304 Included in other long-term liabilities 7,104 6,879 $ 9,053 $ 8,183 |
Schedule of Insurance Receivable for Claims | We also had insurance receivables included on the Consolidated Balance Sheets that, in aggregate, offset an equal liability included within the reserve amounts noted above. The amounts were as follows (in thousands): As of December 31, 2016 2015 Insurance receivable and indemnification asset for claims under a fully insured policy $ 2,773 $ 2,815 Insurance receivable for claims that exceeded the stop loss limit 26 821 Total insurance receivables included in other non-current $ 2,799 $ 3,636 |
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, 2016 are as follows (in thousands): Capital Leases Operating Leases Related Party Other Total Operating 2017 $ 7,858 $ 640 $ 9,300 $ 9,940 2018 4,895 434 6,306 6,740 2019 3,272 260 4,737 4,997 2020 823 — 3,603 3,603 2021 12 — 2,166 2,166 Thereafter — — 2,718 2,718 16,860 $ 1,334 $ 28,830 $ 30,164 Less: Amounts representing executory costs (414 ) Less: Amounts representing interest (1,153 ) Total obligation under capital leases 15,293 Less: Current portion of capital leases (6,929 ) Long term capital lease obligation $ 8,364 |
Future Minimum Capital Lease Payment | Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2016 are as follows (in thousands): Capital Leases Operating Leases Related Party Other Total Operating 2017 $ 7,858 $ 640 $ 9,300 $ 9,940 2018 4,895 434 6,306 6,740 2019 3,272 260 4,737 4,997 2020 823 — 3,603 3,603 2021 12 — 2,166 2,166 Thereafter — — 2,718 2,718 16,860 $ 1,334 $ 28,830 $ 30,164 Less: Amounts representing executory costs (414 ) Less: Amounts representing interest (1,153 ) Total obligation under capital leases 15,293 Less: Current portion of capital leases (6,929 ) Long term capital lease obligation $ 8,364 |
Total Rent Expense under Operating Leases | Total rent expense under these operating leases for the years ended December 31, 2016, 2015 and 2014 was approximately $11.6 million, $9.4 million and $7.9 million, respectively, which is included in the Consolidated Statements of Operations as follows (in thousands): Years ended December 31, 2016 2015 2014 Cost of Sales $ 848 $ 855 $ 733 Administrative 10,732 8,507 7,138 Total $ 11,580 $ 9,362 $ 7,871 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, as well as total purchase prices and cash paid, approximated the following (in thousands): 2016 Alpine East Coast Other Total Estimated fair values: Cash $ — $ 2,181 $ — $ 2,181 Accounts receivable 3,959 3,093 2,502 9,554 Inventories 700 332 1,183 2,215 Other current assets — 1 29 30 Property and equipment 656 666 1,615 2,937 Intangibles 12,800 6,400 11,067 30,267 Goodwill 6,642 4,348 5,928 16,918 Other non-current — 116 345 461 Accounts payable and other current liabilities (2,046 ) (948 ) (1,617 ) (4,611 ) Fair value of assets acquired 22,711 16,189 21,052 59,952 Less seller obligations 1,560 600 2,299 4,459 Cash paid $ 21,151 $ 15,589 $ 18,753 $ 55,493 2015 BDI CQ Layman Eastern Other Total Estimated fair values: Cash $ 661 $ 100 $ — $ 165 $ — $ 926 Accounts receivable 4,735 1,423 1,245 2,768 4,093 14,264 Inventories 980 152 267 335 720 2,454 Other current assets 368 39 — 109 32 548 Property and equipment 1,006 190 733 1,364 1,574 4,867 Intangibles 21,280 4,350 5,330 13,871 10,534 55,365 Goodwill 16,213 3,035 3,143 9,904 4,809 37,104 Other non-current 3,736 — — 322 60 4,118 Accounts payable and other current liabilities (3,303 ) (1,539 ) (1,030 ) (1,681 ) (2,220 ) (9,773 ) Deferred income tax liabilities (5,495 ) — — — (825 ) (6,320 ) Long-term debt — — — (82 ) — (82 ) Other long-term liabilities (3,736 ) (238 ) — (1 ) — (3,975 ) Fair value of assets acquired 36,445 7,512 9,688 27,074 18,777 99,496 Gain on bargain purchase — — — — (1,116 ) (1,116 ) Total purchase price 36,445 7,512 9,688 27,074 17,661 98,380 Less seller obligations 5,765 2,319 600 2,875 1,621 13,180 Cash paid $ 30,680 $ 5,193 $ 9,088 $ 24,199 $ 16,040 $ 85,200 2014 Estimated fair values: Cash $ 53 Accounts receivable 4,666 Inventories 1,315 Other current assets 195 Property and equipment 1,576 Intangibles 7,111 Goodwill 4,065 Accounts payable and other current liabilities (2,470 ) Deferred income tax liabilities (515 ) Other long-term liabilities (35 ) Fair value of assets acquired 15,961 Less seller obligations 3,544 Cash paid $ 12,417 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands): 2016 2015 2014 Acquired intangibles assets Estimated Weighted Estimated Weighted Estimated Weighted Customer relationships $ 18,511 9 $ 36,129 8 $ 4,708 14 Trademarks and trade names 8,983 15 14,567 15 1,799 15 Non-competition 2,773 5 4,668 5 604 5 |
Pro Forma Results of Operations | The unaudited pro forma information has been prepared as if the 2016 acquisitions had taken place on January 1, 2015, the 2015 acquisitions had taken place on January 1, 2014 and the 2014 acquisitions had taken place on January 1, 2013. 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, 2015 and 2014 and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except for per share data). Pro Forma for the years ended December 31, 2016 2015 2014 Net revenue $ 896,853 $ 786,144 $ 637,434 Net income $ 39,752 $ 29,463 $ 15,219 Accretion charges on Series A Redeemable Preferred Stock — — (19,897 ) Net income (loss) attributable to common stockholders $ 39,752 $ 29,463 $ (4,678 ) Net income (loss) per share attributable to common stockholders (basic and diluted) $ 1.27 $ 0.94 $ (0.16 ) |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Income (Loss) Per Common Share | Basic and diluted income (loss) per common share was as follows (in thousands, except share and per share data): Years ended December 31, 2016 2015 2014 Net income (loss) attributable to common stockholders—basic and diluted $ 38,436 $ 26,517 $ (5,965 ) Weighted average number of common shares outstanding 31,301,887 31,298,163 30,106,862 Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method 61,403 36,406 — Diluted shares outstanding 31,363,290 31,334,569 30,106,862 Basic and diluted income (loss) per share attributable to common stockholders $ 1.23 $ 0.85 $ (0.20 ) |
Quarterly Financial Informati36
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Summarized unaudited quarterly financial results for 2016 and 2015 is as follows (in thousands, except per share data): 2016 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 191,698 $ 211,913 $ 225,392 $ 233,977 $ 862,980 Gross profit 54,591 62,243 67,260 68,354 252,448 Net income 5,813 9,993 11,549 11,081 38,436 Net income attributable to common stockholders 5,813 9,993 11,549 11,081 38,436 Net income per share (basic and diluted): Income per share attributable to common stockholders $ 0.19 $ 0.32 $ 0.37 $ 0.35 $ 1.23 2015 Three months ended March 31 June 30 September 30 December 31 Total Year Net revenue $ 129,948 $ 159,693 $ 181,579 $ 191,499 $ 662,719 Gross profit 34,126 46,282 53,417 54,468 188,293 Net income 1,242 6,507 9,481 9,287 26,517 Net income attributable to common stockholders 1,242 6,507 9,481 9,287 26,517 Net income per share (basic and diluted): Income per share attributable to common stockholders $ 0.04 $ 0.21 $ 0.30 $ 0.30 $ 0.85 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 17, 2014USD ($)$ / sharesshares | Feb. 19, 2014USD ($)$ / sharesshares | Feb. 10, 2014shares | Dec. 31, 2016USD ($)LocationSegment$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) |
Basis Of Presentation And Organization [Line Items] | ||||||
Number of operating segment | Segment | 1 | |||||
Stock split description | 19.5-for-one | |||||
Stock split ratio | 19.5 | |||||
Common stock, shares issued | 32,135,176 | 31,982,888 | ||||
Common stock, shares outstanding | 31,484,774 | 31,366,328 | ||||
Proceeds from initial public offering of common stock, net of costs | $ | $ 87,645 | |||||
Payment to redeem redeemable preferred stock | $ | 75,735 | |||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||
Payment of revolving credit facility | $ | $ 37,975 | $ 149,350 | ||||
Proceeds from secondary public offering of common stock, net of costs | $ | $ 14,418 | |||||
IPO [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Common stock, shares issued | 8,600,000 | |||||
Proceeds from initial public offering of common stock, net of costs | $ | $ 94,200 | |||||
Common stock, price per share | $ / shares | $ 11 | |||||
Proceeds from IPO used to pay underwriting fees | $ | $ 6,600 | |||||
Payment to redeem redeemable preferred stock | $ | 75,700 | |||||
IPO [Member] | Revolving Credit Facility [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Payment of revolving credit facility | $ | $ 11,900 | |||||
Secondary Public Offering [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Secondary Public Offering, Shares | 9,300,000 | |||||
Secondary Public Offering, Share Price | $ / shares | $ 12.50 | |||||
Proceeds from secondary public offering of common stock, net of costs | $ | $ 14,400 | |||||
Secondary Public Offering [Member] | Selling Stockholder [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Secondary Public Offering, Shares | 8,100,000 | |||||
Secondary Public Offering [Member] | Underwriters Option To Purchase Additional Shares [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Secondary Public Offering, Shares | 1,200,000 | |||||
Shares Prior to Stock Split [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Common stock, shares issued | 1,100,000 | |||||
Common stock, shares outstanding | 1,100,000 | |||||
Stock Split [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Common stock, shares issued | 22,000,000 | |||||
Common stock, shares outstanding | 22,000,000 | |||||
Series A Preferred Stock [Member] | IPO [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Preferred stock, par value | $ / shares | $ 0.01 | |||||
Revenue [Member] | Customer Concentration Risk [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Net revenues percentage | 100.00% | 100.00% | 100.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Residential New Construction and Repair and Remodel [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Net revenues percentage | 88.00% | 89.00% | 89.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Commercial New Construction and Repair and Remodel [Member] | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Net revenues percentage | 12.00% | 11.00% | 11.00% | |||
UNITED STATES | ||||||
Basis Of Presentation And Organization [Line Items] | ||||||
Number of locations the company operates | Location | 100 |
Organization - Summary of Annua
Organization - Summary of Annual Percentage of Installation Net Revenue by Product Category (Detail) - Customer Concentration Risk [Member] - Revenue [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||
Net revenues percentage | 100.00% | 100.00% | 100.00% |
Insulation [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 77.00% | 78.00% | 76.00% |
Garage Doors [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 6.00% | 6.00% | 7.00% |
Shower Doors, Shelving and Mirrors [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 5.00% | 5.00% | 6.00% |
Rain Gutters [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 4.00% | 5.00% | 6.00% |
Other Building Products [Member] | |||
Concentration Risk [Line Items] | |||
Net revenues percentage | 8.00% | 6.00% | 5.00% |
Significant Accounting Polici39
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies and General Information [Line Items] | |||
Amount insured by FDIC | $ 250,000 | ||
Impairment of long-lived assets | 0 | $ 0 | $ 0 |
Insurance cost of claims | 11,647,000 | 10,395,000 | |
Advertising expenses | 3,000,000 | 2,300,000 | 1,600,000 |
Amortization expense related to financing costs | 400,000 | 300,000 | 200,000 |
Deferred debt issuance costs, net of accumulated amortization | 1,700,000 | 1,100,000 | |
Write-off of debt issuance costs, included in interest expense | $ 286,000 | $ 233,000 | |
Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 6 years | ||
Minimum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 4 years | ||
ASU 2015-03 [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Deferred debt issuance costs, net of accumulated amortization | $ 1,200,000 | $ 600,000 | |
Debt issuance costs | $ 500,000 | ||
Customer Relationships [Member] | Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 15 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 8 years | ||
Covenants Not-to-compete [Member] | Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 5 years | ||
Covenants Not-to-compete [Member] | Minimum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 1 year | ||
Trademarks and Trade Names [Member] | Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 15 years | ||
Trademarks and Trade Names [Member] | Minimum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 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 | ||
Equipment [Member] | Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 5 years | ||
Equipment [Member] | Minimum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 3 years | ||
Leasehold Improvements [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life, description | The shorter of lease life or five years | ||
Building [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Estimated useful life | 30 years | ||
Revenue [Member] | Customer Concentration Risk [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Customer concentration risk, percentage | 100.00% | 100.00% | 100.00% |
Revenue [Member] | Customer Concentration Risk [Member] | Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Customer concentration risk, percentage | 4.00% | 4.00% | 4.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Customer concentration risk, percentage | 3.00% | 3.00% | 3.00% |
Workers' Compensation Insurance [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Insurance cost of claims | $ 800,000 | $ 800,000 | |
General Liability Insurance Program [Member] | Maximum [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Insurance cost of claims | 2,000,000 | 2,000,000 | |
Aggregate cap of insurance cost of claims | 8,000,000 | 8,000,000 | |
Self-incurred retention | 350,000 | $ 350,000 | |
Credit and Security Agreement [Member] | |||
Accounting Policies and General Information [Line Items] | |||
Deferred debt issuance costs, net of accumulated amortization | $ 300,000 |
Significant Accounting Polici40
Significant Accounting Policies - Allowance for Doubtful Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | $ 2,486 | $ 2,661 | $ 1,738 |
Charged to costs and expenses | 2,928 | 919 | 1,900 |
Charged to other accounts | 435 | 533 | 292 |
Deductions | (2,452) | (1,627) | (1,269) |
Ending Balance | $ 3,397 | $ 2,486 | $ 2,661 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 156,724 | $ 128,549 |
Less: accumulated depreciation and amortization | (88,936) | (70,957) |
Property Plant And Equipment Net | 67,788 | 57,592 |
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 | 5,235 | 4,431 |
Furniture, Fixtures and Equipment[Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | 26,344 | 23,177 |
Vehicles and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 124,861 | $ 100,657 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Property and equipment fully depreciated | $ 42,700 | $ 36,500 | |
Depreciation and amortization of property and equipment | $ 23,571 | $ 16,975 | $ 12,174 |
Goodwill and Intangibles - Summ
Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill (Gross), beginning balance | $ 160,516 | $ 123,397 |
Business combinations | 16,918 | 37,104 |
Other | (344) | 15 |
Goodwill (Gross), ending balance | 177,090 | 160,516 |
Accumulated Impairment Losses, beginning balance | (70,004) | (70,004) |
Accumulated Impairment Losses, ending balance | (70,004) | (70,004) |
Goodwill (Net), beginning balance | 90,512 | 53,393 |
Business combinations | 16,918 | 37,104 |
Other | (344) | 15 |
Goodwill (Net), ending balance | $ 107,086 | $ 90,512 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Intangible asset impairment | 0 | 0 | 0 |
Increase in gross carrying amount of intangibles | 30,400,000 | 55,800,000 | |
Amortization expense on intangible assets | 11,259,000 | 6,264,000 | $ 2,837,000 |
Intangibles on business combination | $ 30,300,000 | $ 55,400,000 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Gross Carrying Amount, Accumulated Amortization and Net Book Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 126,814 | $ 96,448 |
Accumulated Amortization | 40,497 | 29,230 |
Net Book Value | 86,317 | 67,218 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 80,909 | 62,399 |
Accumulated Amortization | 27,533 | 20,231 |
Net Book Value | 53,376 | 42,168 |
Covenants Not-to-compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,602 | 5,729 |
Accumulated Amortization | 2,466 | 847 |
Net Book Value | 6,136 | 4,882 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 37,303 | 28,320 |
Accumulated Amortization | 10,498 | 8,152 |
Net Book Value | $ 26,805 | $ 20,168 |
Goodwill and Intangibles - Sc46
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
2,017 | $ 12,034 |
2,018 | 11,730 |
2,019 | 11,218 |
2,020 | 10,612 |
2,021 | 9,594 |
Thereafter | $ 31,129 |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Term loans, in effect, net of unamortized debt issuance costs of $447 and $249, respectively | $ 95,803 | $ 47,876 |
Vehicle and equipment notes, maturing September 2021; payable in various monthly installments, including interest rates ranging from 2% to 4% | 38,186 | 21,091 |
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from 4% to 6% | 4,988 | 4,529 |
Total long term debt | 151,427 | 123,235 |
Total long term debt | 151,427 | 123,235 |
Less: current maturities | (17,192) | (10,021) |
Long-term debt, less current maturities | 134,235 | 113,214 |
Delayed Draw [Member] | ||
Debt Instrument [Line Items] | ||
Delayed draw term loans, in effect, net of unamortized debt issuance costs of $50 and $261, respectively | $ 12,450 | $ 49,739 |
Long-term Debt - Schedule of 48
Long-term Debt - Schedule of Maturities of Long-term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 447 | $ 249 |
Notes payable maturity date | 2025-03 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 4.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 6.00% | |
Delayed Draw [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 50 | $ 261 |
Vehicle and Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity date | 2021-09 | |
Vehicle and Equipment [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 2.00% | |
Vehicle and Equipment [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable Interest rate | 4.00% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Assets relating to master loan agreements, Gross | $ 64,200,000 | $ 64,900,000 | |
Capital leased assets, net book value | $ 16,400,000 | 22,100,000 | |
Master Loan Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Payment Period, typical | 60 months | ||
Assets relating to master loan agreements, Gross | $ 48,700,000 | 25,400,000 | |
Capital leased assets, net book value | 38,000,000 | $ 22,400,000 | |
Credit and Security Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 325,000,000 | ||
Issuance of letters of credit | $ 17,900,000 | ||
Principal amount of term loans or additional revolving credit commitments | $ 75,000,000 | ||
Percentage of capital stock or other equity interest pledged per credit agreement | 100.00% | ||
Credit facility, covenant terms | The Credit and Security Agreement contains covenants that require us to (1) maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 and (2) maintain a leverage ratio of no greater than (a) 3.50 to 1.00 through December 30, 2016; (b) 3.25 to 1.00 on December 31, 2016 through June 29, 2017; (c) 3.00 to 1.00 on June 30, 2017 through December 30, 2017; (d) 2.75 to 1.00 on December 31, 2017 through June 29, 2018; and (e) 2.50 to 1.00 on June 30, 2018 and thereafter. | ||
Credit facility, interest rate description | The Credit and Security Agreement also contains various restrictive non-financialcovenants and a provision that, upon an event of default (as defined by the Credit and Security Agreement), amounts outstanding under the Credit and Security Agreement would bear interest at the rate as determined above plus 2.0% per annum. | ||
Contingent interest rate increase | 2.00% | ||
Credit and Security Agreement [Member] | Minimum [Member] | Through the First Quarter Ending June 30, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed coverage ratio, covenants requirements | 110.00% | ||
Credit and Security Agreement [Member] | Maximum [Member] | Through December 30, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Leverage Ratio, covenants requirements | 350.00% | ||
Credit and Security Agreement [Member] | Maximum [Member] | December 31, 2016 Through June 29, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Leverage Ratio, covenants requirements | 325.00% | ||
Credit and Security Agreement [Member] | Maximum [Member] | June 30, 2017 Through December 30, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Leverage Ratio, covenants requirements | 300.00% | ||
Credit and Security Agreement [Member] | Maximum [Member] | December 31, 2017 Through June 29, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Leverage Ratio, covenants requirements | 275.00% | ||
Credit and Security Agreement [Member] | Maximum [Member] | June 30, 2018 and Thereafter [Member] | |||
Debt Instrument [Line Items] | |||
Leverage Ratio, covenants requirements | 250.00% | ||
Credit and Security Agreement [Member] | Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility term | 5 years | ||
Credit and Security Agreement [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit maximum borrowing capacity | $ 100,000,000 | ||
Issuance of letters of credit | $ 20,000,000 | ||
Line of credit outstanding | $ 0 | ||
Credit and Security Agreement [Member] | Revolving Credit Facility [Member] | February 29, 2016 Through August 31, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee | 0.225% | ||
Credit and Security Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee | 0.20% | ||
Credit and Security Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee | 0.30% | ||
Credit and Security Agreement [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 100,000,000 | ||
Credit and Security Agreement [Member] | Term Loan [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Margin interest rate percentage | 2.50% | 1.95% | |
Interest rate terms | 1-month LIBOR | ||
Credit and Security Agreement [Member] | Delayed Draw Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 125,000,000 | ||
Ticking fee | 0.375% | ||
Maturity date | Feb. 28, 2017 | ||
Credit and Security Agreement [Member] | Delayed Draw Term Loan [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Margin interest rate percentage | 1.95% | ||
Interest rate terms | 1-month LIBOR | ||
Credit and Security Agreement [Member] | Swing Lines Loan [Member] | |||
Debt Instrument [Line Items] | |||
Issuance of letters of credit | $ 5,000,000 | ||
Credit and Security Agreement [Member] | Term Loan And Delayed Draw Term Loan [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Feb. 28, 2021 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ||||
Redeemable preferred stock fair value | $ 0 | $ 0 | ||
Rate of weighted average cost of capital | 18.00% | |||
Intangible asset impairment | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Fair Value Disclosures [Abstract] | |
Beginning balance | $ 81,500 |
Adjustments to fair value measurement impacting the Consolidated Statements of Stockholders' (Deficit) Equity and Redeemable Instruments | 8,357 |
Adjustments to fair value measurement impacting the Consolidated Statements of Operations | (490) |
Termination of Redemption Feature on common stock and put option | $ (89,367) |
Stockholders' Equity and Rede52
Stockholders' Equity and Redeemable Instruments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 13, 2015 | Dec. 11, 2014 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 |
Statement Of Shareholders Equity [Line Items] | ||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||
Common stock, shares issued | 31,982,888 | 32,135,176 | ||||
Common stock, shares outstanding | 31,366,328 | 31,484,774 | ||||
Treasury stock, shares | 616,560 | 650,402 | ||||
Share repurchase, amount | $ 6,100 | $ 5,283 | ||||
IBS [Member] | ||||||
Statement Of Shareholders Equity [Line Items] | ||||||
Common Stock Repurchase, Shares | 315,000 | 315,000 | ||||
Share repurchase, amount | $ 6,100 | |||||
Share repurchase, price per share | $ 19.23 | |||||
Discount from last reported price of our common stock | 7.50% | |||||
Cetus Capital II, LLC [Member] | ||||||
Statement Of Shareholders Equity [Line Items] | ||||||
Common Stock Repurchase, Shares | 300,000 | |||||
Share repurchase, amount | $ 5,300 | |||||
Share repurchase, price per share | $ 17.61 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Installment$ / sharesshares | Dec. 31, 2015USD ($)Installment$ / sharesshares | Dec. 31, 2014USD ($) | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Healthcare benefit expense, net of employee contributions | $ 15,200,000 | $ 11,800,000 | $ 8,100,000 |
Accrued compensation | 18,212,000 | 14,488,000 | |
Workers' compensation expense | 12,100,000 | 12,000,000 | 9,800,000 |
Administration expense related to employee contribution plan | 1,300,000 | $ 800,000 | $ 700,000 |
Unrecognized compensation expense | $ 3,100,000 | ||
Common nonvested shares, compensation cost not yet recognized, period for recognition | 2 years 2 months 12 days | ||
2014 Omnibus Incentive Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Common stock granted, shares | shares | 100,000 | 100,000 | |
Share based compensation expenses | $ 1,600,000 | $ 1,800,000 | |
Number of equal installments for vesting common stock | Installment | 3,000,000 | 3,000,000 | |
Number of shares surrendered to satisfy tax withholding obligations | shares | 32,000 | ||
Share based compensation, recognized tax benefits | $ 300,000 | $ 0 | |
Common stock shares available for issuance | shares | 2,700,000 | ||
Common stock shares authorized | shares | 3,000,000 | ||
2014 Omnibus Incentive Plan [Member] | Directors [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Common stock granted, shares | shares | 9,000 | 13,000 | |
Grant date fair value for restricted stock granted | $ / shares | $ 34.23 | $ 22.74 | |
Share based compensation expenses | $ 300,000 | $ 300,000 | |
Medical IBNR Included in Accrued Compensation [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Accrued compensation | $ 1,700,000 | $ 1,500,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Employee-related Liabilities [Abstract] | ||
Included in other current liabilities | $ 4,595 | $ 3,263 |
Included in other long-term liabilities | 7,052 | 7,132 |
Workers' Compensation Liability | $ 11,647 | $ 10,395 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Insurance Receivable for Claims (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Workers' Compensation [Member] | ||
Malpractice Insurance [Line Items] | ||
Included in other non-current assets | $ 1,249 | $ 1,542 |
Employee Benefits - Summary o56
Employee Benefits - Summary of Nonvested Restricted Stock Awards and Changes During Period (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested restricted stock, Beginning balance | shares | 129,053 |
Granted | shares | 143,528 |
Vested | shares | (109,473) |
Forfeited | shares | (1,934) |
Nonvested restricted stock, Ending balance | shares | 161,174 |
Nonvested restricted stock, Beginning balance | $ / shares | $ 21.52 |
Granted | $ / shares | 26.98 |
Vested | $ / shares | 21.48 |
Forfeited | $ / shares | 25.75 |
Nonvested restricted stock, Ending balance | $ / shares | $ 26.36 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 18,307 | $ 13,939 | $ 7,616 |
State | 3,472 | 2,989 | 1,369 |
Current Income Tax Expense (Benefit), Total | 21,779 | 16,928 | 8,985 |
Deferred: | |||
Federal | (338) | (1,255) | (676) |
State | (267) | (260) | 298 |
Deferred Income Tax Expense (Benefit), Total | (605) | (1,515) | (378) |
Total tax expense | $ 21,174 | $ 15,413 | $ 8,607 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate on Net Income (Loss) from Continuing Operations and Federal Statutory Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 20,864 | $ 14,676 | $ 7,905 |
Stock compensation | (227) | ||
Qualified Production Activity Deduction | (1,776) | (1,347) | (694) |
Other permanent items | (92) | (69) | (272) |
Change in valuation allowance | 442 | 467 | 585 |
Change in uncertain tax positions | 66 | (559) | |
State income taxes, net of federal benefit | 1,897 | 2,245 | 1,083 |
Total tax expense | $ 21,174 | $ 15,413 | $ 8,607 |
Income tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
Stock compensation | (0.40%) | (0.00%) | (0.00%) |
Qualified Production Activity Deduction | (3.00%) | (3.20%) | (3.10%) |
Other permanent items | (0.10%) | (0.20%) | (1.20%) |
Change in valuation allowance | 0.70% | 1.10% | 2.60% |
Change in uncertain tax positions | 0.10% | (1.30%) | 0.00% |
State income taxes, net of federal benefit | 3.20% | 5.40% | 4.80% |
Total tax expense | 35.50% | 36.80% | 38.10% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset or Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Accrued reserves and allowances | $ 2,314 | $ 648 |
Inventories | 284 | 88 |
Intangibles | 806 | 180 |
Net operating loss carryforwards | 2,921 | 2,999 |
Other current and long-term | 2 | 2 |
Long-term deferred tax assets | 6,327 | 3,917 |
Less: Valuation allowance | (2,415) | (1,974) |
Net deferred tax assets | 3,912 | 1,943 |
Deferred Tax Liabilities | ||
Accrued reserves and allowances | (565) | (136) |
Property and equipment | (1,505) | (1,475) |
Intangibles | (4,899) | (5,626) |
Investment in partnership | (9,530) | (8,757) |
Other | (62) | (59) |
Long-term deferred tax liabilities | (16,561) | (16,053) |
Net deferred tax liabilities | $ (12,649) | $ (14,110) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 2,900,000 |
Unrecognized tax benefit that would affect the effective tax rate | 1,700,000 |
Uncertain tax positions, interest expense and penalties accrued | 200,000 |
Minimum [Member] | |
Income Taxes [Line Items] | |
Decrease in unrecognized tax benefits, net of penalties and interest | 0 |
Maximum [Member] | |
Income Taxes [Line Items] | |
Decrease in unrecognized tax benefits, net of penalties and interest | $ 1,600,000 |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefit beginning balance | $ 3,586 | $ 2,817 |
Increase as a result of tax positions taken during the period | 2,354 | 2,647 |
Decrease as a result of tax positions taken during the period | (1,356) | (1,415) |
Decrease as a result of expiring statutes | (487) | (463) |
Unrecognized tax benefit ending balance | $ 4,097 | $ 3,586 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - Affiliated Entity [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Sales | $ 7,914 | $ 6,720 | $ 6,026 |
Purchases | 579 | 480 | 3,100 |
Rent | $ 635 | $ 598 | $ 600 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Mar. 13, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable, related parties | $ 1,500 | $ 1,800 | |||
Related party purchases | 579 | 480 | $ 3,100 | ||
M/I Homes Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable, related parties | $ 800 | $ 1,000 | |||
IBS [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common Stock Repurchase, Shares | 315 | 315 | |||
TCI Contracting, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party purchases | $ 2,600 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Accrued General Insurance Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Included in other current liabilities | $ 1,949 | $ 1,304 |
Included in other long-term liabilities | 7,104 | 6,879 |
Total | $ 9,053 | $ 8,183 |
Commitments and Contingencies65
Commitments and Contingencies - Schedule of Insurance Receivable for Claims (Detail) - General Liability [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments And Contingencies Disclosure [Line Items] | ||
Insurance receivable and indemnification asset for claims under a fully insured policy | $ 2,773 | $ 2,815 |
Insurance receivable for claims that exceeded the stop loss limit | 26 | 821 |
Total insurance receivables included in other non-current assets | $ 2,799 | $ 3,636 |
Commitments and Contingencies66
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Contracts | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | |||
Capital lease assets | $ 64,200,000 | $ 64,900,000 | |
Assets fully depreciated | 22,800,000 | 19,100,000 | |
Capital leased assets, net book value | 16,400,000 | 22,100,000 | |
Rent expense under operating leases | $ 11,580,000 | $ 9,362,000 | $ 7,871,000 |
Contract One [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Extended term of contract | Dec. 31, 2016 | ||
Contract Two [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Extended term of contract | Aug. 31, 2017 | ||
Number of product supply contracts | Contracts | 0 | ||
Purchases made under contract | $ 0 | ||
Minimum [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Estimated life of capital lease | 4 years | ||
Noncancellable operating leases, renewal period | 1 year | ||
Maximum [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Estimated life of capital lease | 6 years | ||
Noncancellable operating leases, renewal period | 5 years |
Commitments and Contingencies67
Commitments and Contingencies - Future Minimum Lease Payments Under Noncancellable Operating Leases and Capital Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Or Remaining Lease Terms In Excess Of One Year And Future Minimum Capital Lease Payments [Line Items] | ||
2,017 | $ 7,858 | |
2,018 | 4,895 | |
2,019 | 3,272 | |
2,020 | 823 | |
2,021 | 12 | |
Thereafter | 0 | |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Total | 16,860 | |
Less: Amounts representing executory costs | (414) | |
Less: Amounts representing interest | (1,153) | |
Total obligation under capital leases | 15,293 | |
Total obligation under capital leases | 15,293 | |
Less: Current portion of capital leases | (6,929) | $ (8,411) |
Long term capital lease obligation | 8,364 | $ 12,031 |
2,017 | 9,940 | |
2,018 | 6,740 | |
2,019 | 4,997 | |
2,020 | 3,603 | |
2,021 | 2,166 | |
Thereafter | 2,718 | |
Operating Leases, Future Minimum Payments Due, Total | 30,164 | |
Related Party Operating Lease [Member] | ||
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Or Remaining Lease Terms In Excess Of One Year And Future Minimum Capital Lease Payments [Line Items] | ||
2,017 | 640 | |
2,018 | 434 | |
2,019 | 260 | |
Operating Leases, Future Minimum Payments Due, Total | 1,334 | |
Other Operating Leases [Member] | ||
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Or Remaining Lease Terms In Excess Of One Year And Future Minimum Capital Lease Payments [Line Items] | ||
2,017 | 9,300 | |
2,018 | 6,306 | |
2,019 | 4,737 | |
2,020 | 3,603 | |
2,021 | 2,166 | |
Thereafter | 2,718 | |
Operating Leases, Future Minimum Payments Due, Total | $ 28,830 |
Commitments and Contingencies68
Commitments and Contingencies - Total Rent Expense under Operating Lease (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
Rent expense under operating leases | $ 11,580 | $ 9,362 | $ 7,871 |
Cost of Sales [Member] | |||
Operating Leased Assets [Line Items] | |||
Rent expense under operating leases | 848 | 855 | 733 |
Administrative [Member] | |||
Operating Leased Assets [Line Items] | |||
Rent expense under operating leases | $ 10,732 | $ 8,507 | $ 7,138 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 14, 2016 | Nov. 01, 2016 | Oct. 17, 2016 | Aug. 15, 2016 | Jul. 25, 2016 | Apr. 12, 2016 | Feb. 29, 2016 | Feb. 02, 2016 | Jan. 25, 2016 | Dec. 07, 2015 | Nov. 10, 2015 | Nov. 09, 2015 | Aug. 10, 2015 | Jul. 01, 2015 | Jun. 01, 2015 | Apr. 06, 2015 | Mar. 12, 2015 | Nov. 10, 2014 | Aug. 11, 2014 | Mar. 24, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Goodwill acquired expected to be tax deductible | $ 17,200 | $ 17,200 | |||||||||||||||||||||||||||||
Purchase price paid in cash | 53,312 | $ 84,274 | $ 12,364 | ||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | 4,459 | 13,180 | 3,544 | ||||||||||||||||||||||||||||
Revenue | 233,977 | $ 225,392 | $ 211,913 | $ 191,698 | $ 191,499 | $ 181,579 | $ 159,693 | $ 129,948 | 862,980 | 662,719 | 518,020 | ||||||||||||||||||||
Net income (loss) | 11,081 | $ 11,549 | $ 9,993 | $ 5,813 | 9,287 | $ 9,481 | $ 6,507 | $ 1,242 | 38,436 | 26,517 | 13,932 | ||||||||||||||||||||
Gain on bargain purchase | 1,116 | ||||||||||||||||||||||||||||||
Amortization of intangibles | 11,259 | 6,264 | 2,837 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | 21,174 | 15,413 | 8,607 | ||||||||||||||||||||||||||||
Administrative [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Acquisition-related costs | 2,300 | 1,100 | |||||||||||||||||||||||||||||
Key Insulation [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 5,000 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 700 | ||||||||||||||||||||||||||||||
Revenue | 8,600 | ||||||||||||||||||||||||||||||
Net income (loss) | (400) | ||||||||||||||||||||||||||||||
Marshall Insulation LLC [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 900 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 100 | ||||||||||||||||||||||||||||||
Revenue | 3,800 | ||||||||||||||||||||||||||||||
Net income (loss) | (300) | ||||||||||||||||||||||||||||||
Kern Door Company [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 2,900 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 100 | ||||||||||||||||||||||||||||||
Revenue | 2,700 | ||||||||||||||||||||||||||||||
Net income (loss) | (300) | ||||||||||||||||||||||||||||||
BDI Insulation [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 30,700 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 5,800 | 5,765 | |||||||||||||||||||||||||||||
Revenue | 32,500 | ||||||||||||||||||||||||||||||
Net income (loss) | 2,000 | ||||||||||||||||||||||||||||||
Ownership percentage acquired | 100.00% | ||||||||||||||||||||||||||||||
Fair value of assets acquired | 36,445 | 36,445 | |||||||||||||||||||||||||||||
Insurance receivable for claims under a fully insured policy | 2,000 | 2,000 | |||||||||||||||||||||||||||||
Indemnification asset associated with the acquisition | 1,700 | 1,700 | |||||||||||||||||||||||||||||
Combined Business Acquisitions [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | 4,459 | 13,180 | 3,544 | ||||||||||||||||||||||||||||
Fair value of assets acquired | 59,952 | 99,496 | 59,952 | 99,496 | 15,961 | ||||||||||||||||||||||||||
Gain on bargain purchase | 1,116 | ||||||||||||||||||||||||||||||
Amortization of intangibles | 1,400 | 6,600 | 6,800 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | 700 | 1,700 | 800 | ||||||||||||||||||||||||||||
Transaction costs | 1,000 | 1,000 | |||||||||||||||||||||||||||||
Alpine [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 21,100 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 1,600 | 1,560 | |||||||||||||||||||||||||||||
Revenue | 21,400 | ||||||||||||||||||||||||||||||
Net income (loss) | 1,400 | ||||||||||||||||||||||||||||||
Fair value of assets acquired | 22,711 | 22,711 | |||||||||||||||||||||||||||||
FireClass, LLC [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 2,300 | ||||||||||||||||||||||||||||||
Revenue | 2,100 | ||||||||||||||||||||||||||||||
Net income (loss) | 69 | ||||||||||||||||||||||||||||||
Southern Insulators & Specialties LLC [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 4,200 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 400 | ||||||||||||||||||||||||||||||
Revenue | 1,900 | ||||||||||||||||||||||||||||||
Net income (loss) | 300 | ||||||||||||||||||||||||||||||
CQ Insulation [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 5,200 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 2,300 | 2,319 | |||||||||||||||||||||||||||||
Revenue | 7,800 | ||||||||||||||||||||||||||||||
Net income (loss) | 600 | ||||||||||||||||||||||||||||||
Ownership percentage acquired | 100.00% | ||||||||||||||||||||||||||||||
Contingent upon certain requirements of the seller | $ 1,800 | ||||||||||||||||||||||||||||||
Fair value of assets acquired | 7,512 | 7,512 | |||||||||||||||||||||||||||||
Layman Brothers Contracting [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 9,100 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 600 | 600 | |||||||||||||||||||||||||||||
Revenue | 8,200 | ||||||||||||||||||||||||||||||
Net income (loss) | 500 | ||||||||||||||||||||||||||||||
Fair value of assets acquired | 9,688 | 9,688 | |||||||||||||||||||||||||||||
EcoLogic Energy Solutions [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 3,000 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 500 | ||||||||||||||||||||||||||||||
Revenue | 3,900 | ||||||||||||||||||||||||||||||
Net income (loss) | (200) | ||||||||||||||||||||||||||||||
East Coast Insulators II, L.L.C [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 15,600 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 600 | 600 | |||||||||||||||||||||||||||||
Revenue | 4,700 | ||||||||||||||||||||||||||||||
Net income (loss) | 21 | ||||||||||||||||||||||||||||||
Fair value of assets acquired | $ 16,189 | 16,189 | |||||||||||||||||||||||||||||
Mike’s Garage Door, L.L.C [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 200 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 400 | ||||||||||||||||||||||||||||||
Revenue | 200 | ||||||||||||||||||||||||||||||
Net income (loss) | (2) | ||||||||||||||||||||||||||||||
3R Products & Services, LLC [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 3,300 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 600 | ||||||||||||||||||||||||||||||
Revenue | 700 | ||||||||||||||||||||||||||||||
Net income (loss) | $ 40 | ||||||||||||||||||||||||||||||
Eastern Contractor Services [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 24,200 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 2,900 | 2,875 | |||||||||||||||||||||||||||||
Revenue | 7,400 | ||||||||||||||||||||||||||||||
Net income (loss) | 300 | ||||||||||||||||||||||||||||||
Ownership percentage acquired | 100.00% | ||||||||||||||||||||||||||||||
Fair value of assets acquired | 27,074 | 27,074 | |||||||||||||||||||||||||||||
Sierra Insulation Contractors and Eco Tect Insulation [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 3,200 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 500 | ||||||||||||||||||||||||||||||
Revenue | 800 | ||||||||||||||||||||||||||||||
Net income (loss) | 40 | ||||||||||||||||||||||||||||||
Overhead Door Company [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 5,100 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 100 | ||||||||||||||||||||||||||||||
Revenue | 1,000 | ||||||||||||||||||||||||||||||
Net income (loss) | 14 | ||||||||||||||||||||||||||||||
Prime Energy [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 4,700 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 500 | ||||||||||||||||||||||||||||||
Revenue | 600 | ||||||||||||||||||||||||||||||
Net income (loss) | 20 | ||||||||||||||||||||||||||||||
U.S. Insulation [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 2,000 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 300 | ||||||||||||||||||||||||||||||
Revenue | 9,700 | ||||||||||||||||||||||||||||||
Net income (loss) | 800 | ||||||||||||||||||||||||||||||
Ownership percentage acquired | 100.00% | ||||||||||||||||||||||||||||||
Marv's Insulation [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 1,400 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 200 | ||||||||||||||||||||||||||||||
Revenue | 1,500 | ||||||||||||||||||||||||||||||
Net income (loss) | 200 | ||||||||||||||||||||||||||||||
Ownership percentage acquired | 100.00% | ||||||||||||||||||||||||||||||
IBS [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Purchase price paid in cash | $ 9,000 | ||||||||||||||||||||||||||||||
Seller obligations in connection with acquisition of businesses | $ 3,000 | ||||||||||||||||||||||||||||||
Revenue | 2,300 | ||||||||||||||||||||||||||||||
Net income (loss) | $ (5) | ||||||||||||||||||||||||||||||
Business Combination Included as "Other" [Member] | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Fair value of assets acquired | $ 4,800 | 4,800 | |||||||||||||||||||||||||||||
Total purchase price | 3,700 | ||||||||||||||||||||||||||||||
Gain on bargain purchase | $ 1,100 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Oct. 17, 2016 | Apr. 12, 2016 | Aug. 10, 2015 | Jun. 01, 2015 | Apr. 06, 2015 | Mar. 12, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||
Intangibles | $ 30,300 | $ 55,400 | |||||||
Goodwill | 107,086 | 90,512 | $ 53,393 | ||||||
Gain on bargain purchase | (1,116) | ||||||||
Less seller obligations | 4,459 | 13,180 | 3,544 | ||||||
Alpine [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 3,959 | ||||||||
Inventories | 700 | ||||||||
Property and equipment | 656 | ||||||||
Intangibles | 12,800 | ||||||||
Goodwill | 6,642 | ||||||||
Accounts payable and other current liabilities | (2,046) | ||||||||
Fair value of assets acquired | 22,711 | ||||||||
Less seller obligations | $ 1,600 | 1,560 | |||||||
Cash paid | 21,151 | ||||||||
Eastern Contractor Services [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 165 | ||||||||
Accounts receivable | 2,768 | ||||||||
Inventories | 335 | ||||||||
Other current assets | 109 | ||||||||
Property and equipment | 1,364 | ||||||||
Intangibles | 13,871 | ||||||||
Goodwill | 9,904 | ||||||||
Other non-current assets | 322 | ||||||||
Accounts payable and other current liabilities | (1,681) | ||||||||
Long-term debt | (82) | ||||||||
Other long-term liabilities | (1) | ||||||||
Fair value of assets acquired | 27,074 | ||||||||
Total purchase price | 27,074 | ||||||||
Less seller obligations | $ 2,900 | 2,875 | |||||||
Cash paid | 24,199 | ||||||||
Other Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 2,502 | 4,093 | |||||||
Inventories | 1,183 | 720 | |||||||
Other current assets | 29 | 32 | |||||||
Property and equipment | 1,615 | 1,574 | |||||||
Intangibles | 11,067 | 10,534 | |||||||
Goodwill | 5,928 | 4,809 | |||||||
Other non-current assets | 345 | 60 | |||||||
Accounts payable and other current liabilities | (1,617) | (2,220) | |||||||
Deferred income tax liabilities | (825) | ||||||||
Fair value of assets acquired | 21,052 | 18,777 | |||||||
Gain on bargain purchase | (1,116) | ||||||||
Total purchase price | 17,661 | ||||||||
Less seller obligations | 2,299 | 1,621 | |||||||
Cash paid | 18,753 | 16,040 | |||||||
Combined Business Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 2,181 | 926 | 53 | ||||||
Accounts receivable | 9,554 | 14,264 | 4,666 | ||||||
Inventories | 2,215 | 2,454 | 1,315 | ||||||
Other current assets | 30 | 548 | 195 | ||||||
Property and equipment | 2,937 | 4,867 | 1,576 | ||||||
Intangibles | 30,267 | 55,365 | 7,111 | ||||||
Goodwill | 16,918 | 37,104 | 4,065 | ||||||
Other non-current assets | 461 | 4,118 | |||||||
Accounts payable and other current liabilities | (4,611) | (9,773) | (2,470) | ||||||
Deferred income tax liabilities | (6,320) | (515) | |||||||
Long-term debt | (82) | ||||||||
Other long-term liabilities | (3,975) | (35) | |||||||
Fair value of assets acquired | 59,952 | 99,496 | 15,961 | ||||||
Gain on bargain purchase | (1,116) | ||||||||
Total purchase price | 98,380 | ||||||||
Less seller obligations | 4,459 | 13,180 | 3,544 | ||||||
Cash paid | 55,493 | 85,200 | $ 12,417 | ||||||
BDI Insulation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 661 | ||||||||
Accounts receivable | 4,735 | ||||||||
Inventories | 980 | ||||||||
Other current assets | 368 | ||||||||
Property and equipment | 1,006 | ||||||||
Intangibles | 21,280 | ||||||||
Goodwill | 16,213 | ||||||||
Other non-current assets | 3,736 | ||||||||
Accounts payable and other current liabilities | (3,303) | ||||||||
Deferred income tax liabilities | (5,495) | ||||||||
Other long-term liabilities | (3,736) | ||||||||
Fair value of assets acquired | 36,445 | ||||||||
Total purchase price | 36,445 | ||||||||
Less seller obligations | $ 5,800 | 5,765 | |||||||
Cash paid | 30,680 | ||||||||
CQ Insulation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 100 | ||||||||
Accounts receivable | 1,423 | ||||||||
Inventories | 152 | ||||||||
Other current assets | 39 | ||||||||
Property and equipment | 190 | ||||||||
Intangibles | 4,350 | ||||||||
Goodwill | 3,035 | ||||||||
Accounts payable and other current liabilities | (1,539) | ||||||||
Other long-term liabilities | (238) | ||||||||
Fair value of assets acquired | 7,512 | ||||||||
Total purchase price | 7,512 | ||||||||
Less seller obligations | $ 2,300 | 2,319 | |||||||
Cash paid | 5,193 | ||||||||
Layman Brothers Contracting [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 1,245 | ||||||||
Inventories | 267 | ||||||||
Property and equipment | 733 | ||||||||
Intangibles | 5,330 | ||||||||
Goodwill | 3,143 | ||||||||
Accounts payable and other current liabilities | (1,030) | ||||||||
Fair value of assets acquired | 9,688 | ||||||||
Total purchase price | 9,688 | ||||||||
Less seller obligations | $ 600 | 600 | |||||||
Cash paid | $ 9,088 | ||||||||
East Coast Insulators II, L.L.C [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 2,181 | ||||||||
Accounts receivable | 3,093 | ||||||||
Inventories | 332 | ||||||||
Other current assets | 1 | ||||||||
Property and equipment | 666 | ||||||||
Intangibles | 6,400 | ||||||||
Goodwill | 4,348 | ||||||||
Other non-current assets | 116 | ||||||||
Accounts payable and other current liabilities | (948) | ||||||||
Fair value of assets acquired | 16,189 | ||||||||
Less seller obligations | $ 600 | 600 | |||||||
Cash paid | $ 15,589 |
Business Combinations - Estimat
Business Combinations - Estimates of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 18,511 | $ 36,129 | $ 4,708 |
Weighted Average Estimated Useful Life (yrs) | 9 years | 8 years | 14 years |
Trademarks and Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 8,983 | $ 14,567 | $ 1,799 |
Weighted Average Estimated Useful Life (yrs) | 15 years | 15 years | 15 years |
Covenants Not-to-compete [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Fair Value | $ 2,773 | $ 4,668 | $ 604 |
Weighted Average Estimated Useful Life (yrs) | 5 years | 5 years | 5 years |
Business Combinations - Pro For
Business Combinations - Pro Forma Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Net revenue | $ 896,853 | $ 786,144 | $ 637,434 |
Net income | 39,752 | 29,463 | 15,219 |
Net income (loss) attributable to common stockholders | $ 39,752 | $ 29,463 | $ (4,678) |
Net income (loss) per share attributable to common stockholders (basic and diluted) | $ 1.27 | $ 0.94 | $ (0.16) |
Series A Redeemable Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Accretion charges on Series A Redeemable Preferred Stock | $ (19,897) |
Income (Loss) Per Common Shar73
Income (Loss) Per Common Share - Summary of Basic and Diluted Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) attributable to common stockholders-basic and diluted | $ 38,436 | $ 26,517 | $ (5,965) | ||||||||
Weighted average number of common shares outstanding | 31,301,887 | 31,298,163 | 30,106,862 | ||||||||
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method | 61,403 | 36,406 | 0 | ||||||||
Diluted shares outstanding | 31,363,290 | 31,334,569 | 30,106,862 | ||||||||
Basic and diluted income (loss) per share attributable to common stockholders | $ 0.35 | $ 0.37 | $ 0.32 | $ 0.19 | $ 0.30 | $ 0.30 | $ 0.21 | $ 0.04 | $ 1.23 | $ 0.85 | $ (0.20) |
Income (Loss) Per Common Shar74
Income (Loss) Per Common Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Dilutive common shares | 61,403 | 36,406 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Trilok Industries, Inc., Alpha Insulation & Waterproofing, Inc. and Alpha Insulation & Waterproofing Company [Member] | Jan. 05, 2017USD ($)shares |
Subsequent Event [Line Items] | |
Purchase consideration, number of shares issued | shares | 282,577 |
Purchase consideration, value of shares issued | $ 12,200,000 |
Cash consideration paid for acquisition | 81,900,000 |
Seller obligations | 1,900,000 |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Additional earn out consideration payment | 20,000,000 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Additional earn out consideration payment | $ 25,000,000 |
Quarterly Financial Informati76
Quarterly Financial Information - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net revenue | $ 233,977 | $ 225,392 | $ 211,913 | $ 191,698 | $ 191,499 | $ 181,579 | $ 159,693 | $ 129,948 | $ 862,980 | $ 662,719 | $ 518,020 |
Gross profit | 68,354 | 67,260 | 62,243 | 54,591 | 54,468 | 53,417 | 46,282 | 34,126 | 252,448 | 188,293 | 140,052 |
Net income | 11,081 | 11,549 | 9,993 | 5,813 | 9,287 | 9,481 | 6,507 | 1,242 | 38,436 | 26,517 | 13,932 |
Net income attributable to common stockholders | $ 11,081 | $ 11,549 | $ 9,993 | $ 5,813 | $ 9,287 | $ 9,481 | $ 6,507 | $ 1,242 | $ 38,436 | $ 26,517 | $ (5,965) |
Net income per share (basic and diluted): | |||||||||||
Income per share attributable to common stockholders | $ 0.35 | $ 0.37 | $ 0.32 | $ 0.19 | $ 0.30 | $ 0.30 | $ 0.21 | $ 0.04 | $ 1.23 | $ 0.85 | $ (0.20) |