QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name on each exchange on which registered | ||||||||||||
$0.01 par value per share |
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
March 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable (less allowance for credit losses of $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Customer relationships, net | |||||||||||
Other intangibles, net | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Current maturities of long-term debt | $ | $ | |||||||||
Current maturities of operating lease obligations | |||||||||||
Current maturities of finance lease obligations | |||||||||||
Accounts payable | |||||||||||
Accrued compensation | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Operating lease obligations | |||||||||||
Finance lease obligations | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred Stock; $ | |||||||||||
Common stock; $ | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock; at cost: | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net revenue | $ | $ | |||||||||
Cost of sales | |||||||||||
Gross profit | |||||||||||
Operating expenses | |||||||||||
Selling | |||||||||||
Administrative | |||||||||||
Amortization | |||||||||||
Operating income | |||||||||||
Other expense | |||||||||||
Interest expense, net | |||||||||||
Other | |||||||||||
Income before income taxes | |||||||||||
Income tax provision | |||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net change on cash flow hedges, net of tax (provision) benefit of $( | ( | ||||||||||
Comprehensive income | $ | $ | |||||||||
Basic net income per share | $ | $ | |||||||||
Diluted net income per share | $ | $ | |||||||||
Weighted average shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Cash dividends declared per share | $ |
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE - January 1, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock awards to employees | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Surrender of common stock awards | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation issued to directors | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
BALANCE - March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE - January 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock awards to employees | |||||||||||||||||||||||||||||||||||||||||||||||
Surrender of common stock awards | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation issued to directors | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE - March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization of property and equipment | |||||||||||
Amortization of operating lease right-of-use assets | |||||||||||
Amortization of intangibles | |||||||||||
Amortization of deferred financing costs and debt discount | |||||||||||
Provision for credit losses | |||||||||||
Gain on sale of property and equipment | ( | ( | |||||||||
Noncash stock compensation | |||||||||||
Amortization of terminated interest rate swap | |||||||||||
Changes in assets and liabilities, excluding effects of acquisitions | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Other assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Income taxes receivable/payable | |||||||||||
Other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Purchases of investments | ( | ||||||||||
Maturities of short term investments | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Acquisitions of businesses, net of cash acquired of $ | ( | ( | |||||||||
Proceeds from sale of property and equipment | |||||||||||
Other | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from vehicle and equipment notes payable | |||||||||||
Debt issuance costs | ( | ||||||||||
Principal payments on long-term debt | ( | ( | |||||||||
Principal payments on finance lease obligations | ( | ( | |||||||||
Dividends paid | ( | ||||||||||
Acquisition-related obligations | ( | ( | |||||||||
Repurchase of common stock | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net change in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes, net of refunds | |||||||||||
Supplemental disclosure of noncash activities | |||||||||||
Right-of-use assets obtained in exchange for operating lease obligations | |||||||||||
Property and equipment obtained in exchange for finance lease obligations | |||||||||||
Seller obligations in connection with acquisition of businesses | |||||||||||
Unpaid purchases of property and equipment included in accounts payable |
Standard | Effective Date | Adoption | ||||||||||||
ASU 2021-01, Reference Rate Reform (Topic 848):Scope | Effective upon issuance | This pronouncement clarifies the scope and application of ASU 2020-04, "Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)." We continue to evaluate the impact of Topic 848 and may apply other elections as applicable as additional changes in the market occur. | ||||||||||||
ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes | January 1, 2021 | This pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and improves the consistent application of GAAP by clarifying and amending existing guidance. The adoption of this standard did not impact our financial statements or have a material effect on our disclosures. |
Three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Residential new construction | $ | % | $ | % | |||||||||||||||||||
Repair and remodel | % | % | |||||||||||||||||||||
Commercial | % | % | |||||||||||||||||||||
Net revenues | $ | % | $ | % |
Three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Insulation | $ | % | $ | % | |||||||||||||||||||
Waterproofing | % | % | |||||||||||||||||||||
Shower doors, shelving and mirrors | % | % | |||||||||||||||||||||
Garage doors | % | % | |||||||||||||||||||||
Rain gutters | % | % | |||||||||||||||||||||
Fireproofing/firestopping(1) | % | % | |||||||||||||||||||||
Window blinds | % | % | |||||||||||||||||||||
Other building products | % | % | |||||||||||||||||||||
Net revenues | $ | % | $ | % |
March 31, 2021 | December 31, 2020 | ||||||||||
Contract assets | $ | $ | |||||||||
Contract liabilities | ( | ( |
March 31, 2021 | December 31, 2020 | ||||||||||
Costs incurred on uncompleted contracts | $ | $ | |||||||||
Estimated earnings | |||||||||||
Total | |||||||||||
Less: Billings to date | |||||||||||
Net under billings | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ | $ | |||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | ( | ( | |||||||||
Net under billings | $ | $ |
Balance as of January 1, 2021 | $ | ||||
Current period provision | |||||
Recoveries collected | |||||
Amounts written off | ( | ||||
Balance as of March 31, 2021 | $ |
Goodwill (Gross) | Accumulated Impairment Losses | Goodwill (Net) | |||||||||||||||
January 1, 2021 | $ | $ | ( | $ | |||||||||||||
Business Combinations | — | ||||||||||||||||
Other | — | ||||||||||||||||
March 31, 2021 | $ | $ | ( | $ |
As of March 31, | As of December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||
Amortized intangibles: | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Covenants not-to-compete | |||||||||||||||||||||||||||||||||||
Trademarks and tradenames | |||||||||||||||||||||||||||||||||||
Backlog | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Remainder of 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter |
As of March 31, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Senior Notes due 2028, net of unamortized debt issuance costs of $ | $ | $ | |||||||||
Term loan, net of unamortized debt issuance costs of $ | |||||||||||
Vehicle and equipment notes, maturing through March 2026; payable in various monthly installments, including interest rates ranging from | |||||||||||
Various notes payable, maturing through March 2025; payable in various monthly installments, including interest rates ranging from | |||||||||||
Less: current maturities | ( | ( | |||||||||
Long-term debt, less current maturities | $ | $ |
Remainder of 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter |
(in thousands) | Classification | As of March 31, 2021 | As of December 31, 2020 | |||||||||||||||||
Assets | ||||||||||||||||||||
Non-Current | ||||||||||||||||||||
Operating | Operating lease right-of-use assets | $ | $ | |||||||||||||||||
Finance | ||||||||||||||||||||
Total lease assets | $ | $ | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Operating | Current maturities of operating lease obligations | $ | $ | |||||||||||||||||
Financing | Current maturities of finance lease obligations | |||||||||||||||||||
Non-Current | ||||||||||||||||||||
Operating | Operating lease obligations | |||||||||||||||||||
Financing | Finance lease obligations | |||||||||||||||||||
Total lease liabilities | $ | $ | ||||||||||||||||||
Weighted-average remaining lease term: | ||||||||||||||||||||
Operating leases | ||||||||||||||||||||
Finance leases | ||||||||||||||||||||
Weighted-average discount rate: | ||||||||||||||||||||
Operating leases | % | % | ||||||||||||||||||
Finance leases | % | % |
Three months ended March 31, | ||||||||||||||||||||
(in thousands) | Classification | 2021 | 2020 | |||||||||||||||||
Operating lease cost(1) | Administrative | $ | $ | |||||||||||||||||
Finance lease cost | ||||||||||||||||||||
Amortization of leased assets(2) | Cost of sales | |||||||||||||||||||
Interest on finance lease obligations | Interest expense, net | |||||||||||||||||||
Total lease costs | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows for operating leases | $ | $ | |||||||||
Operating cash flows for finance leases | |||||||||||
Financing cash flows for finance leases |
Finance Leases | Operating Leases | ||||||||||||||||||||||
Related Party | Other | Total Operating | |||||||||||||||||||||
Remainder of 2021 | $ | $ | $ | $ | |||||||||||||||||||
2022 | |||||||||||||||||||||||
2023 | |||||||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
Total minimum lease payments | $ | $ | |||||||||||||||||||||
Less: Amounts representing executory costs | ( | — | |||||||||||||||||||||
Less: Amounts representing interest | ( | ( | |||||||||||||||||||||
Present value of future minimum lease payments | |||||||||||||||||||||||
Less: Current obligation under leases | ( | ( | |||||||||||||||||||||
Long-term lease obligations | $ | $ |
As of March 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Contingent consideration liability - January 1, 2021 | $ | ||||
Preliminary purchase price | |||||
Fair value adjustments | ( | ||||
Accretion in value | |||||
Amounts cancelled | ( | ||||
Amounts paid to sellers | ( | ||||
Contingent consideration liability - March 31, 2021 | $ |
As of March 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Senior Notes(1) | $ | $ | $ | $ |
Declaration Date | Record Date | Payment Date | Dividend Per Share | Amount Declared | Amount Paid | |||||||||||||||||||||||||||
2/23/2021 | 3/15/2021 | 3/31/2021 | $ | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Included in other current liabilities | $ | $ | |||||||||
Included in other long-term liabilities | |||||||||||
$ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Included in other non-current assets | $ | $ |
Common Stock Awards | Performance-Based Stock Awards | Performance-Based Restricted Stock Units | |||||||||||||||||||||||||||||||||
Awards | Weighted Average Grant Date Fair Value Per Share | Awards | Weighted Average Grant Date Fair Value Per Share | Units | Weighted Average Grant Date Fair Value Per Share | ||||||||||||||||||||||||||||||
Nonvested awards/units at December 31, 2020 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Forfeited/Cancelled | ( | ( | |||||||||||||||||||||||||||||||||
Nonvested awards/units at March 31, 2021 | $ | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Common Stock Awards | $ | $ | |||||||||
Non-Employee Common Stock Awards | |||||||||||
Performance-Based Stock Awards | |||||||||||
Liability Performance-Based Stock Awards | |||||||||||
Performance-Based Restricted Stock Units | |||||||||||
$ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cost of sales | $ | $ | |||||||||
Selling | |||||||||||
Administrative | |||||||||||
$ | $ |
As of March 31, 2021 | |||||||||||
Unrecognized Compensation Expense on Unvested Awards | Weighted Average Remaining Vesting Period | ||||||||||
Common Stock Awards | $ | ||||||||||
Performance-Based Stock Awards | |||||||||||
Performance-Based Restricted Stock Units | |||||||||||
Total unrecognized compensation expense related to unvested awards | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Sales | $ | $ | |||||||||
Purchases | |||||||||||
Rent |
March 31, 2021 | December 31, 2020 | ||||||||||
Included in other current liabilities | $ | $ | |||||||||
Included in other long-term liabilities | |||||||||||
$ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Insurance receivables and indemnification assets for claims under fully insured policies | $ | $ | |||||||||
Insurance receivables for claims that exceeded the stop loss limit | |||||||||||
Total insurance receivables and indemnification assets included in other non-current assets | $ | $ |
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
2021 Acquisition | Date | Acquisition Type | Cash Paid | Seller Obligations | Total Purchase Price | Revenue | Net Income | |||||||||||||||||||||||||||||||||||||
Intermountain West | 3/1/2021 | Share | $ | $ | $ | $ | $ |
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
2020 Acquisitions | Date | Acquisition Type | Cash Paid | Seller Obligations | Total Purchase Price | Revenue | Net Loss | |||||||||||||||||||||||||||||||||||||
Royals | 2/29/2020 | Asset | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Other | 1/13/2020 | Asset | ( | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( |
As of March 31, 2021 | As of March 31, 2020 | ||||||||||||||||||||||
Intermountain West | Royals | Other | Total | ||||||||||||||||||||
Estimated fair values: | |||||||||||||||||||||||
Cash | $ | $ | $ | $ | |||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||
Inventories | |||||||||||||||||||||||
Other current assets | |||||||||||||||||||||||
Property and equipment | |||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other non-current assets | |||||||||||||||||||||||
Accounts payable and other current liabilities | ( | ( | ( | ( | |||||||||||||||||||
Deferred income tax liabilities | ( | ||||||||||||||||||||||
Long-term debt | ( | ||||||||||||||||||||||
Other long-term liabilities | ( | ( | ( | ||||||||||||||||||||
Fair value of assets acquired and purchase price | |||||||||||||||||||||||
Less seller obligations | |||||||||||||||||||||||
Cash paid | $ | $ | $ | $ |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Acquired intangibles assets | Estimated Fair Value | Weighted Average Estimated Useful Life (yrs.) | Estimated Fair Value | Weighted Average Estimated Useful Life (yrs.) | |||||||||||||||||||
Customer relationships | $ | $ | |||||||||||||||||||||
Trademarks and tradenames | |||||||||||||||||||||||
Non-competition agreements | |||||||||||||||||||||||
Backlog |
Unaudited pro forma for the three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net revenue | $ | $ | |||||||||
Net income | |||||||||||
Basic net income per share | |||||||||||
Diluted net income per share |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Period-over-period Growth | |||||||||||
Sales Growth | 10.0 | % | 16.1 | % | |||||||
Same Branch Sales Growth (1) | 2.2 | % | 12.1 | % | |||||||
Single-Family Sales Growth (2) | 7.8 | % | 11.0 | % | |||||||
Single-Family Same Branch Sales Growth (1)(2) | 3.2 | % | 5.9 | % | |||||||
Multi-Family Sales Growth (3) | 18.8 | % | 34.9 | % | |||||||
Multi-Family Same Branch Sales Growth (1)(3) | 6.6 | % | 34.1 | % | |||||||
Residential Sales Growth (4) | 9.6 | % | 14.2 | % | |||||||
Residential Same Branch Sales Growth (1)(4) | 3.7 | % | 9.7 | % | |||||||
Commercial Sales Growth (5) | 2.3 | % | 26.4 | % | |||||||
Commercial Same Branch Sales Growth (1)(5) | (14.5) | % | 24.0 | % | |||||||
Same Branch Sales Growth (6) | |||||||||||
Volume Growth (1)(7) | 10.1 | % | (0.2) | % | |||||||
Price/Mix Growth (1)(8) | (6.1) | % | 12.1 | % | |||||||
Large Commercial Same Branch Sales Growth(1)(9) | (13.1) | % | 14.1 | % | |||||||
U.S. Housing Market (10) | |||||||||||
Total Completions Growth | 11.4 | % | (0.5) | % | |||||||
Single-Family Completions Growth (2) | 14.1 | % | 4.4 | % | |||||||
Multi-Family Completions Growth (3) | 4.2 | % | (11.7) | % |
Three months ended March 31, | |||||||||||||||||
2021 | Change | 2020 | |||||||||||||||
Net revenue | $ | 437,066 | 10.0 | % | $ | 397,331 | |||||||||||
Cost of sales | 311,639 | 10.9 | % | 281,071 | |||||||||||||
Gross profit | $ | 125,427 | 7.9 | % | $ | 116,260 | |||||||||||
Gross profit percentage | 28.7 | % | 29.3 | % |
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Selling | $ | 20,858 | 2.5 | % | $ | 20,355 | |||||||||||
Percentage of total net revenue | 4.8 | % | 5.1 | % | |||||||||||||
Administrative | $ | 65,077 | 8.1 | % | $ | 60,195 | |||||||||||
Percentage of total net revenue | 14.9 | % | 15.1 | % | |||||||||||||
Amortization | $ | 8,396 | 25.7 | % | $ | 6,680 | |||||||||||
Percentage of total net revenue | 1.9 | % | 1.7 | % |
Three months ended March 31, | |||||||||||||||||
2021 | Change | 2020 | |||||||||||||||
Interest expense, net | $ | 7,574 | 2.9 | % | $ | 7,358 | |||||||||||
Other | 81 | 100.0 | % | — | |||||||||||||
Total other expense, net | $ | 7,655 | $ | 7,358 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Income tax provision | $ | 6,150 | $ | 5,684 | |||||||
Effective tax rate | 26.2 | % | 26.2 | % |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net change on cash flow hedges, net of taxes | $ | 10,157 | $ | (5,608) |
As of March 31, 2021 | As of December 31, 2020 | ||||||||||
Cash and cash equivalents | $ | 207,343 | $ | 231,520 | |||||||
ABL Revolver | 200,000 | 200,000 | |||||||||
Less: outstanding letters of credit | (38,772) | (38,772) | |||||||||
Total liquidity(1) | $ | 368,571 | $ | 392,748 |
As of March 31, 2021 | |||||
Performance bonds | $ | 36,014 | |||
Insurance letters of credit and cash collateral | 45,216 | ||||
Permit and license bonds | 8,122 | ||||
Total bonds and letters of credit | $ | 89,352 |
Standard | Adoption | ||||||||||
ASU 2021-01, Reference Rate Reform (Topic 848):Scope | This pronouncement clarifies the scope and application of ASU 2020-04, "Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)." We continue to evaluate the impact of Topic 848 and may apply other elections as applicable as additional changes in the market occur. | ||||||||||
ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes | This pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and improves the consistent application of GAAP by clarifying and amending existing guidance. The adoption of this standard did not impact our financial statements or have a material effect on our disclosures. |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs (1) | ||||||||||||||||||||
January 1 - 31, 2021 | — | $ | — | — | — | ||||||||||||||||||
February 1 - 28, 2021 | — | — | — | — | |||||||||||||||||||
March 1 - 31, 2021 | — | — | — | — | |||||||||||||||||||
— | $ | — | — | $ | 100.0 | million |
Exhibit Number | Description | |||||||
10.1*# | ||||||||
10.2*# | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101** | The following financial statements from the Company's Annual Report on Form 10-Q for the period ended March 31, 2021, formatted in inline XBRL, include: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) the Notes to the Condensed Consolidated Financial Statements. | |||||||
104** | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
INSTALLED BUILDING PRODUCTS, INC. | ||||||||
By: | /s/ Jeffrey W. Edwards | |||||||
Jeffrey W. Edwards | ||||||||
President and Chief Executive Officer | ||||||||
By: | /s/ Michael T. Miller | |||||||
Michael T. Miller | ||||||||
Executive Vice President and Chief Financial Officer |
INSTALLED BUILDING PRODUCTS, INC. | INDEMNITEE | ||||||||||||||||||||||||||||||||||||||||
By: | By: | ||||||||||||||||||||||||||||||||||||||||
Name: | Name: | ||||||||||||||||||||||||||||||||||||||||
Title: | Address: | ||||||||||||||||||||||||||||||||||||||||
Dated: | May 7, 2021 | By: | /s/ Jeffrey W. Edwards | |||||||||||
Jeffrey W. Edwards | ||||||||||||||
President and Chief Executive Officer |
Dated: | May 7, 2021 | By: | /s/ Michael T. Miller | |||||||||||
Michael T. Miller | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Dated: | May 7, 2021 | By: | /s/ Jeffrey W. Edwards | |||||||||||
Jeffrey W. Edwards | ||||||||||||||
President and Chief Executive Officer |
Dated: | May 7, 2021 | By: | /s/ Michael T. Miller | |||||||||||
Michael T. Miller | ||||||||||||||
Executive Vice President and Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Current assets | ||
Allowance for credit losses | $ 8,615 | $ 8,789 |
Stockholders’ equity | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 33,208,082 | 33,141,879 |
Common stock, shares outstanding (in shares) | 29,689,201 | 29,623,272 |
Treasury Stock (in shares) | 3,518,881 | 3,518,607 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement [Abstract] | ||
Unrealized loss on cash flow hedge, tax benefit | $ 3,428 | $ (1,939) |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared (in USD per share) | $ 0.30 | $ 0 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Cash flows from investing activities | ||
Cash acquired, net | $ 168 | $ 0 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Installed Building Products (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly-owned subsidiaries (collectively referred to as the “Company,” and “we,” “us” and “our”) primarily install insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company operates in over 190 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 are derived from the service-based installation of various products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. Each of our branches has the capacity to serve all of our end markets. See Note 3, Revenue Recognition, for information on our revenues by product and end market. The COVID-19 pandemic ("COVID-19") has caused significant volatility, uncertainty and economic disruption. Many public health organizations and international, federal, state and local governments implemented measures to combat the spread of COVID-19 during portions of 2020 and 2021 with some of these restrictions still in place as of the date of filing of this Quarterly Report on Form 10-Q. Some of these measures include restrictions on movement such as quarantines, “stay-at-home” orders and social distancing ordinances and restricting or prohibiting outright some or all forms of commercial and business activity. We do not believe the various orders and restrictions or COVID-19 itself significantly impacted our business in the first three months of 2021. However, the extent to which COVID-19 will impact our future operations, customers, suppliers, employees and financial results is uncertain. The future impact of COVID-19 on our financial results depends on numerous factors including government actions and the resulting impact on construction activity, the effect on our customers’ demand for our services, the effects on our supply chain for materials, and the ability of our customers to pay for our services.
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Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The information furnished in the Condensed Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our audited consolidated financial statements and the notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “2020 Form 10-K”), as filed with the SEC on February 24, 2021. The December 31, 2020 Condensed Consolidated Balance Sheet data herein was derived from the audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. Our interim operating results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected in future operating quarters. Note 2 to the audited consolidated financial statements in our 2020 Form 10-K describes the significant accounting policies and estimates used in preparation of the audited consolidated financial statements. Other than the recently implemented accounting policies described below, there have been no changes to our significant accounting policies during the three months ended March 31, 2021. Recently Adopted Accounting Pronouncements
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Revenue Recognition |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE RECOGNITION Our revenues are derived primarily through contracts with customers whereby we install insulation and other complementary building products and are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. An insignificant portion of our sales, primarily retail sales, is accounted for on a point-in-time basis when the sale occurs, adjusted accordingly for any return provisions. We do offer assurance-type warranties on certain of our installed products and services that do not represent a separate performance obligation and, as such, do not impact the timing or extent of revenue recognition. For contracts that are not complete at the reporting date, we recognize revenue over time utilizing a cost-to-cost input method as we believe this represents the best measure of when goods and services are transferred to the customer. When this method is used, we estimate the costs to complete individual contracts and record as revenue that portion of the total contract price that is considered complete based on the relationship of costs incurred to date to total anticipated costs. Under the cost-to-cost method, the use of estimated costs to complete each contract is a significant variable in the process of determining recognized revenue, requires judgment and can change throughout the duration of a contract due to contract modifications and other factors impacting job completion. The costs of earned revenue include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools and repairs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Our long-term contracts can be subject to modification to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Payment terms typically do not exceed 30 days for short-term contracts and typically do not exceed 60 days for long-term contracts with customers. All contracts are billed either contractually or as work is performed. Billing on our long-term contracts occurs primarily on a monthly basis throughout the contract period whereby we submit invoices for customer payment based on actual or estimated costs incurred during the billing period. On certain of our long-term contracts the customer may withhold payment on an invoice equal to a percentage of the invoice amount, which will be subsequently paid after satisfactory completion of each installation project. This amount is referred to as retainage and is common practice in the construction industry, as it allows for customers to ensure the quality of the service performed prior to full payment. Retainage receivables are classified as current or long-term assets based on the expected time to project completion. We disaggregate our revenue from contracts with customers by end market and product, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following tables present our revenues disaggregated by end market and product (in thousands):
(1)Combined with "Other building products" in previous years but shown separately to conform with updated disclosures. Contract Assets and Liabilities Our contract assets consist of unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized, based on costs incurred, exceeds the amount billed to the customer. Our contract assets are recorded in other current assets in our Condensed Consolidated Balance Sheets. Our contract liabilities consist of customer deposits and billings in excess of revenue recognized, based on costs incurred and are included in other current liabilities in our Condensed Consolidated Balance Sheets. Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in thousands):
Uncompleted contracts were as follows (in thousands):
Net under billings were as follows (in thousands):
The difference between contract assets and contract liabilities as of March 31, 2021 compared to December 31, 2020 is primarily the result of timing differences between our performance of obligations under contracts and customer payments. During the three months ended March 31, 2021, we recognized $7.6 million of revenue that was included in the contract liability balance at December 31, 2020. We did not recognize any impairment losses on our receivables and contract assets during the three months ended March 31, 2021 or 2020. Remaining performance obligations represent the transaction price of contracts for which work has not been performed and excludes unexercised contract options and potential modifications. As of March 31, 2021, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $93.2 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months. Practical Expedients and Exemptions We generally expense sales commissions and other incremental costs of obtaining a contract when incurred because the amortization period is usually one year or less. Sales commissions are recorded within selling expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.
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Credit Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||
Credit Losses | CREDIT LOSSES Our expected loss allowance methodology for accounts receivable is developed using historical losses, current economic conditions and future market forecasts. We also perform ongoing evaluations of our existing and potential customer’s creditworthiness. To date, the COVID-19 pandemic has not had a material impact on the collectability of our existing trade receivables. Changes in our allowance for credit losses were as follows (in thousands):
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Investments |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTSCash and cash equivalents includes investments in money market funds that are valued based on the net asset value of the funds. The investments in these funds were $175.5 million and $170.4 million as of March 31, 2021 and December 31, 2020, respectively. See Note 9, Fair Value Measurements, for additional information. |
Goodwill and Intangibles |
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Goodwill and Intangibles | GOODWILL AND INTANGIBLES We anticipate that the COVID-19 pandemic could continue to have an impact on the homebuilding industry in general, as it could result in further business interruptions (government-mandated or otherwise) and could affect, among other factors, employment levels, consumer spending and consumer confidence, which could decrease demand for homes, adversely affecting our business. As such, we considered whether impairment indicators arose through the date of filing of this Quarterly Report on Form 10-Q for our goodwill, long-lived assets and other intangible assets and concluded that no such factors existed to cause us to test for goodwill impairment during the three months ended March 31, 2021. While we ultimately concluded that our goodwill, long-lived assets and other intangibles assets were not impaired as of March 31, 2021, we will continue to assess impairment indicators related to the impact of the COVID-19 pandemic on our business. Goodwill The change in carrying amount of goodwill was as follows (in thousands):
Other changes included in the above table include minor adjustments for the purchase price allocation of certain acquisitions still under measurement. For additional information regarding changes to goodwill resulting from acquisitions, see Note 16, Business Combinations. We test goodwill for impairment annually during the fourth quarter of our fiscal year or earlier if there is an impairment indicator. Accumulated impairment losses included within the above table were incurred over multiple periods, with the latest impairment charge being recorded during the year ended December 31, 2010. Intangibles, net The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in thousands):
The gross carrying amount of intangibles increased approximately $25.2 million during the three months ended March 31, 2021 primarily due to business combinations. For more information, see Note 16, Business Combinations. Remaining estimated aggregate annual amortization expense is as follows (amounts, in thousands, are for the fiscal year ended):
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Long-term debt consisted of the following (in thousands):
Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of March 31, 2021 are as follows (in thousands):
5.75% Senior Notes due 2028 In September 2019, we issued $300.0 million in aggregate principal amount of 5.75% senior unsecured notes (the “Senior Notes”). The Senior Notes will mature on February 1, 2028 and interest is payable semi-annually in cash in arrears on February 1 and August 1 each year until maturity. The indenture covering the Senior Notes contains restrictive covenants that, among other things, limit the ability of the Company and certain of our subsidiaries (subject to certain exceptions) to: (i) incur additional debt and issue preferred stock; (ii) pay dividends on, redeem or repurchase stock in an aggregate amount exceeding 2.0% of market capitalization per fiscal year, or in an aggregate amount exceeding certain applicable restricted payment baskets; (iii) prepay subordinated debt; (iv) create liens; (v) make specified types of investments; (vi) apply net proceeds from certain asset sales; (vii) engage in transactions with affiliates; (viii) merge, consolidate or sell substantially all of our assets; and (ix) pay dividends and make other distributions from subsidiaries. Credit Facilities In December 2019, we amended and restated our $400.0 million, seven-year term loan facility due April 2025 (the “Term Loan”) under our credit agreement (the “Term Loan Agreement”), dated as of April 13, 2017 (as previously amended by the First Amendment thereto dated November 30, 2017 and by the Second Amendment thereto dated June 19, 2018). The amended Term Loan (i) effects a repricing of the interest rate applicable to the term loans thereunder from LIBOR plus 2.50% to LIBOR plus 2.25% and (ii) replaces Royal Bank of Canada with Bank of America, N.A. as the administrative agent and collateral agent thereunder. As of March 31, 2021, we had $198.7 million, net of unamortized debt issuance costs, due on our Term Loan. The amended Term Loan also has a margin of 1.25% in the case of base rate loans. In September 2019, we entered into a new asset-based lending credit agreement (the “ABL Credit Agreement”). The ABL Credit Agreement provides for an asset-based lending credit facility (the “ABL Revolver”) of up to $200.0 million with a five-year maturity, which replaced the Company’s previous revolving credit facility. Borrowing availability under the ABL Revolver is based on a percentage of the value of certain assets securing the Company’s obligations and those of the subsidiary guarantors thereunder. In connection with the Amended and Restated Term Loan, we entered into a Second Amendment (the “Second Amendment”) to the ABL/Term Loan Intercreditor Agreement with Bank of America, N.A., as ABL Agent for the lenders under the ABL Credit Agreement, and Bank of America, N.A., as Term Loan Agent for the lenders under the Amended and Restated Term Loan. Including outstanding letters of credit, our remaining availability under the ABL Revolver as of March 31, 2021 was $161.2 million. All of the obligations under the Term Loan and ABL Revolver are guaranteed by all of the Company’s existing restricted subsidiaries and will be guaranteed by the Company’s future restricted subsidiaries. Additionally, all obligations under the Term Loan and ABL Revolver, and the guarantees of those obligations, are secured by substantially all of the assets of the Company and the guarantors, subject to certain exceptions and permitted liens, including a first-priority security interest in such assets that constitute ABL Priority Collateral, as defined in the ABL Credit Agreement, and a second-priority security interest in such assets that constitute Term Loan Priority Collateral, as defined in the Term Loan Agreement. The ABL Revolver bears interest at either the Eurodollar rate or the base rate (which approximated the prime rate), at the Company’s election, plus a margin of (A) 1.25% or 1.50% in the case of Eurodollar rate loans (based on a measure of availability under the ABL Credit Agreement) and (B) 0.25% or 0.50% in the case of base rate loans (based on a measure of availability under the ABL Credit Agreement). The ABL Revolver also provides incremental revolving credit facility commitments of up to $50.0 million. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the terms of the ABL Revolver. The ABL Revolver also allows for the issuance of letters of credit of up to $75.0 million in aggregate and borrowing of swingline loans of up to $20.0 million in aggregate. The ABL Credit Agreement contains a financial covenant requiring the satisfaction of a minimum fixed charge coverage ratio of 1.0x in the event that we do not meet a minimum measure of availability under the ABL Revolver. The ABL Credit Agreement and the Term Loan Agreement contain restrictive covenants that, among other things, limit the ability of the Company and certain of our subsidiaries (subject to certain exceptions) to: (i) incur additional debt and issue preferred stock; (ii) pay dividends on, redeem or repurchase stock in an aggregate amount exceeding 2.0% of market capitalization per fiscal year, or in an aggregate amount exceeding certain applicable restricted payment baskets; (iii) prepay subordinated debt; (iv) create liens; (v) make specified types of investments; (vi) apply net proceeds from certain asset sales; (vii) engage in transactions with affiliates; (viii) merge, consolidate or sell substantially all of our assets; and (ix) pay dividends and make other distributions from subsidiaries. Vehicle and Equipment Notes We are party to a Master Loan and Security Agreement (“Master Loan and Security Agreement”), a Master Equipment Lease Agreement (“Master Equipment Agreement”) and one or more Master Loan Agreements (“Master Loan Agreements” and together with the Master Loan and Security Agreement and Master Equipment Agreement, the “Master Loan and Equipment Agreements”) with various lenders to provide financing for the purpose of purchasing or leasing vehicles and equipment used in the normal course of business. Each financing arrangement under these agreements constitutes a separate note and obligation. Vehicles and equipment purchased or leased under each financing arrangement serve as collateral for the note applicable to such financing arrangement. Regular payments are due under each note for a period of typically 60 consecutive months after the incurrence of the obligation. The specific terms of each note are based on specific criteria, including the type of vehicle or equipment and the market interest rates at the time. No termination date applies to these agreements. As of March 31, 2021, approximately $56.3 million of the various loan agreements was available for purchases of equipment. Total gross assets relating to our Master Loan and Equipment Agreements were $134.5 million and $132.2 million as of March 31, 2021 and December 31, 2020, respectively. The net book value of assets under these agreements was $66.5 million and $65.7 million as of March 31, 2021 and December 31, 2020, respectively. Depreciation of assets held under these agreements is included within cost of sales on the Condensed Consolidated Statements of Operations and Comprehensive Income.
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Leases |
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Leases | LEASES We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment. The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:
Lease Costs The table below presents certain information related to the lease costs for finance and operating leases:
(1)Includes variable lease costs of $0.7 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively, and short-term lease costs of $0.3 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. (2)Includes variable lease costs of $0.2 million for each of the three months ended March 31, 2021 and 2020. Other Information The table below presents supplemental cash flow information related to leases (in thousands):
Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of March 31, 2021 (in thousands):
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Leases | LEASES We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment. The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:
Lease Costs The table below presents certain information related to the lease costs for finance and operating leases:
(1)Includes variable lease costs of $0.7 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively, and short-term lease costs of $0.3 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. (2)Includes variable lease costs of $0.2 million for each of the three months ended March 31, 2021 and 2020. Other Information The table below presents supplemental cash flow information related to leases (in thousands):
Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of March 31, 2021 (in thousands):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. Assets Measured at Fair Value on a Nonrecurring Basis Certain assets, specifically other intangible and long-lived assets, are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020 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 three months ended March 31, 2021 and 2020, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis. Estimated Fair Value of Financial Instruments Accounts receivable, accounts payable and accrued liabilities as of March 31, 2021 and December 31, 2020 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of certain long-term debt, including the Term Loan and ABL Revolver as of March 31, 2021 and December 31, 2020, approximate fair value due to the variable rate nature of the agreements. The carrying amounts of our operating lease right-of-use assets and the obligations associated with our operating and finance leases as well as our vehicle and equipment notes approximate fair value as of March 31, 2021 and December 31, 2020. All debt classifications represent Level 2 fair value measurements. Derivative financial instruments are measured at fair value based on observable market information and appropriate valuation methods. Contingent consideration liabilities arise from future earnout payments to the sellers associated with certain acquisitions and are based on predetermined calculations of certain future results. These future payments are estimated by considering various factors, including business risk and projections. The contingent consideration liabilities are measured at fair value by discounting estimated future payments, calculated based on a weighted average of various future forecast scenarios, to their net present value. The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in thousands):
See Note 5, Investments, for more information on cash equivalents included in the table above. Also see Note 10, Derivatives and Hedging Activities, for more information on derivative financial instruments. The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands):
The accretion in value of contingent consideration liabilities is included within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income. The carrying values and associated fair values of financial assets and liabilities that are not recorded at fair value in the Condensed Consolidated Balance Sheets and not described above include our Senior Notes and investments. To estimate fair values of these items, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. Both represent a Level 2 fair value measurement and are as follows (in thousands):
(1)Excludes the impact of unamortized debt issuance costs. See Note 7, Long-Term Debt, for more information on our Senior Notes.
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Derivatives and Hedging Activities |
3 Months Ended |
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Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES Cash Flow Hedges of Interest Rate Risk Our purpose for using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. During the three months ended March 31, 2021, we used interest rate swaps to hedge the variable cash flows associated with existing variable-rate debt. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We do not use derivatives for trading or speculative purposes and we currently do not have any derivatives that are not designated as hedges. As of March 31, 2021, we have not posted any collateral related to these agreements. In August 2020, we terminated our two existing interest rate swaps and our forward interest rate swap and simultaneously entered into a new forward interest rate swap beginning July 30, 2021. The unrealized loss included in accumulated other comprehensive income (loss) associated with the terminated swaps of $17.8 million at the time of termination will be amortized to interest expense over the course of the originally scheduled settlement dates of the terminated swaps. During the three months ended March 31, 2021, we amortized $0.8 million of the unrealized loss to interest expense, net. The new forward interest rate swap has a beginning notional amount of $200.0 million, a fixed rate of 0.51% and a maturity date of April 15, 2030. Upon commencement, this forward swap will serve to hedge substantially all of the variable cash flows on our Term Loan until its maturity and if extended. The assets and liabilities associated with the forward interest rate swap are included in other long-term assets and other current liabilities on the Condensed Consolidated Balance Sheets at their fair value amounts as described in Note 9, Fair Value Measurements. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in other comprehensive income, net of tax on the Condensed Consolidated Statements of Operations and Comprehensive Income and in accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. We had no such changes during the three months ended March 31, 2021 or 2020. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense, net as interest payments are made on our variable-rate debt. Over the next twelve months, we estimate that an additional $3.7 million will be reclassified as an increase to interest expense, net. LIBOR is used as a reference rate for our interest rate swap agreement we use to hedge our interest rate exposure. The Intercontinental Exchange Benchmark Administration, the administrator of LIBOR, announced in March 2021 its intention to extend the publication of certain LIBOR settings, including the setting we use as a reference rate, to June 2023. In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) and in January 2021, the FASB subsequently issued ASU 2021-01, Reference Rate Reform - Scope, which clarified the scope and application of the original guidance. The purpose of this guidance is to provide relief for impacted areas as it relates to impending reference rate reform. We elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation.
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Stockholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ EQUITY As of March 31, 2021, we had a gain of $1.4 million and as of December 31, 2020, we had a loss of $8.8 million, respectively, in accumulated other comprehensive income (loss) on our Condensed Consolidated Balance Sheets. The gain as of March 31, 2021 represented the effective portion of the unrealized gain on our forward interest rate swap of $12.5 million, net of taxes, less the unrealized loss on our terminated interest rate swaps of $11.1 million, net of taxes. The loss as of December 31, 2020 represented the unrealized loss on our terminated interest rate swaps of $12.2 million, net of taxes, less the effective portion of the unrealized gain on our forward interest rate swap of $3.4 million, net of taxes. For additional information, see Note 10, Derivatives and Hedging Activities. During the three months ended March 31, 2020, we repurchased approximately 443 thousand shares of our common stock with an aggregate price of approximately $15.8 million, or $35.59 average price per share. We did not repurchase any shares during the three months ended March 31, 2021. On February 22, 2021, our board of directors authorized an extension of our stock repurchase program through March 1, 2022 and concurrently authorized an increase in the total amount of our outstanding common stock we can purchase up to $100.0 million. As of March 31, 2021, we have $100.0 million remaining on our current stock repurchase program. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. Dividends During the three months ended March 31, 2021, we declared and paid the following cash dividend (amount declared and amount paid in thousands):
The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock awards and performance share awards, which accrue dividend equivalent rights that are paid when the award vests. The payment of future dividends will be at the discretion of our board of directors and will depend on our future earnings, capital requirements, financial condition, future prospects, results of operations, contractual restrictions, legal requirements, and other factors deemed relevant by our board of directors. We did not declare or pay any cash dividends on our capital stock during the three months ended March 31, 2020.
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Employee Benefits |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | EMPLOYEE BENEFITS Healthcare We participate in multiple healthcare plans, the largest of which is partially self-funded with an insurance company paying benefits in excess of stop loss limits per individual/family. Our healthcare benefit expense (net of employee contributions) was approximately $7.2 million and $7.0 million for the three months ended March 31, 2021 and 2020, respectively, for all plans. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $3.3 million and $3.1 million as of March 31, 2021 and December 31, 2020, respectively. Workers’ Compensation Workers’ compensation expense totaled $4.2 million and $4.4 million for the three months ended March 31, 2021 and 2020, respectively. Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands):
We also had an insurance receivable for claims that exceeded the stop loss limit for fully insured policies included on the Condensed Consolidated Balance Sheets. This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands):
Retirement Plans We participate in multiple 401(k) plans, whereby we provide a matching contribution of wages deferred by employees and can also make discretionary contributions to each plan. Certain plans allow for discretionary employer contributions only. These plans cover substantially all our eligible employees. We recognized 401(k) plan expenses of $0.7 million and $0.6 million during the three months ended March 31, 2021 and 2020, respectively. These expenses are included in administrative expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. Multiemployer Pension Plans We participate in various multiemployer pension plans under collective bargaining agreements in Washington, Oregon and Illinois with other companies in the construction industry. These plans cover our union-represented employees and contributions to these plans are expensed as incurred. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. We do not participate in any multiemployer pension plans that are considered to be individually significant. Share-Based Compensation Common Stock Awards We periodically grant shares of our common stock to non-employee members of our board of directors and our employees. We did not grant any such shares in the three months ended March 31, 2021. During the three months ended March 31, 2020, we granted 316 shares of our common stock to a non-employee member of our board of directors. The stock will vest on the date of our 2021 annual meeting. Employees – Performance-Based Stock Awards During the three months ended March 31, 2021, we issued approximately 0.1 million shares of our common stock to certain officers, which vest in two equal installments on each of April 20, 2022 and April 20, 2023. In addition, during the three months ended March 31, 2021, we established, and our board of directors approved, performance-based targets in connection with common stock awards to be issued to certain officers in 2022 contingent upon achievement of these targets. In addition, there are long-term performance-based restricted stock awards to be issued to certain employees annually through 2022 contingent upon achievement of certain performance targets. These awards are accounted for as liability-based awards since they represent a predominantly-fixed monetary amount that will be settled with a variable number of common shares in the first quarter of 2022 and as such are included in other current liabilities on the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2021 and 2020, we granted approximately five thousand and seven thousand shares of our common stock, respectively, all of which will vest in 2022. Employees – Performance-Based Restricted Stock Units During 2020, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards to be issued to certain employees in 2021 based upon achievement of a performance target. These units will be accounted for as equity-based awards that will be settled with a fixed number of common shares. Share-Based Compensation Summary Amounts and changes for each category of equity-based award were as follows:
The following table summarizes the share-based compensation expense recognized under our 2014 Omnibus Incentive Plan (in thousands):
We recorded the following stock compensation expense by income statement category (in thousands):
Administrative stock compensation expense includes all stock compensation earned by our administrative personnel, while cost of sales and selling stock compensation represents all stock compensation earned by our installation and sales employees, respectively. The difference between the sum of the expenses described above and the amount in the table is comprised of expenses related to immaterial nonrecurring awards. Unrecognized share-based compensation expense related to unvested awards was as follows (in thousands):
Total unrecognized compensation expense is subject to future adjustments for forfeitures. This expense is expected to be recognized over the remaining weighted-average period shown above on a straight-line basis except for the Performance-Based Stock Awards which uses the graded-vesting method. Shares forfeited are returned as treasury shares and available for future issuances. As of March 31, 2021, approximately 1.9 million of the 3.0 million shares of common stock authorized for issuance were available for issuance under the 2014 Omnibus Incentive Plan.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Our provision for income taxes as a percentage of pretax earnings is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. During the three months ended March 31, 2021 and 2020, our effective tax rate was 26.2%. The rate for the three months ended March 31, 2021 was unfavorably impacted by certain expenses not being deductible for income tax reporting purposes, while the rate for the three months ended March 31, 2020 was unfavorably impacted by separate tax filing entities in a loss position for which a full valuation allowance is required, resulting in no tax benefit for recognized losses.
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Related Party Transactions |
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Related Party Transactions | 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 affiliated ownership. We lease our headquarters and certain other facilities from related parties. See Note 8, Leases, for future minimum lease payments to be paid to these related parties. 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):
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Commitments and Contingencies |
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Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Accrued General Liability and Auto Insurance Accrued general liability and auto insurance reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands):
We also had insurance receivables and indemnification assets included on the Condensed Consolidated Balance Sheets that, in aggregate, offset equal liabilities included within the reserve amounts noted above. The amounts were as follows (in thousands):
Leases See Note 8, Leases, for further information regarding our lease commitments. Other Commitments and Contingencies From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. As litigation is subject to inherent uncertainties, we cannot be certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows. We have certain collateral requirements for our workers’ compensation and general liability insurance policies. We have a contractual commitment to increase these collateral requirements by $5.2 million which we expect to remit in the second quarter of 2021. During the year ended December 31, 2018, we entered into an agreement with one of our suppliers to purchase a portion of the insulation materials we utilize across our business. This agreement is effective January 1, 2019 through December 31, 2021 with a purchase obligation of $14.9 million for 2021. For the three months ended March 31, 2021, we have satisfied $3.2 million of our purchase obligation under this agreement. In addition, the entity we acquired during the three months ended March 31, 2021 has an existing agreement with one of our suppliers to purchase a portion of the insulation materials it utilizes. This agreement is effective through December 31, 2021 with a total purchase obligation of $3.3 million. In addition to what this entity purchased prior to our acquisition on March 1, 2021, we purchased $0.3 million under this agreement during the three months ended March 31, 2021. See Note 16, Business Combinations, for more information on this acquisition.
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Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | BUSINESS COMBINATIONS As part of our ongoing strategy to expand geographically and increase market share in certain markets, we completed one business combination during the three months ended March 31, 2021 and two business combinations during the three months ended March 31, 2020. The largest of these acquisitions were I.W. International Insulation, Inc., dba Intermountain West Insulation (“Intermountain West”) in March 2021 and Royals Commercial Services, Inc. (“Royals”) in February 2020. Below is a summary of each significant acquisition by year, including revenue and net income (loss) since date of acquisition, shown for the year of acquisition. Where noted, “Other” represents acquisitions that were individually immaterial in that year. Net income (loss) includes amortization, taxes and interest allocations when appropriate. For the three months ended March 31, 2021 (in thousands):
For the three months ended March 31, 2020 (in thousands):
Acquisition-related costs recorded within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income amounted to $1.2 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. The goodwill recognized in conjunction with these business combinations represents the excess cost of the acquired entity over the net amount assigned to assets acquired and liabilities assumed. We do not expect to take any tax deductions for the goodwill associated with the 2021 business combination unless we decide to make an asset election in the future which would make a portion of the goodwill deductible for tax purposes. 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):
Contingent consideration is included as “seller obligations” in the above table or within “fair value of assets acquired” if subsequently paid during the period presented. These contingent payments consist primarily of earnouts based on performance that are recorded at fair value at the time of acquisition, and/or non-compete agreements and amounts based on working capital calculations. When these payments are expected to be made over one year from the acquisition date, the contingent consideration is discounted to net present value of future payments based on a weighted average of various future forecast scenarios. Further adjustments to the allocation for each acquisition still under its measurement period are expected as third-party or internal valuations are finalized, certain tax aspects of the transaction are completed, contingent consideration is settled and customary post-closing reviews are concluded during the measurement period attributable to each individual business combination. As a result, insignificant adjustments to the fair value of assets acquired, and in some cases total purchase price, have been made to certain business combinations since the date of acquisition and future adjustments may be made through the end of each measurement period. Goodwill and intangibles per the above table may not agree to the total gross increases of these assets as shown in Note 6, Goodwill and Intangibles, during each of the three months ended March 31, 2021 and 2020 due to minor adjustments to goodwill for the allocation of certain acquisitions still under measurement as well as other immaterial intangible assets added during the ordinary course of business. Estimates of acquired intangible assets related to the acquisitions are as follows (in thousands):
Pro Forma Information The unaudited pro forma information for the combined results of the Company has been prepared as if the 2021 acquisitions had taken place on January 1, 2020 and the 2020 acquisitions had taken place on January 1, 2019. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2020 and 2019, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except per share data):
Unaudited pro forma net income reflects additional intangible asset amortization expense of $0.4 million and $2.5 million for the three months ended March 31, 2021, and 2020, respectively, as well as additional income tax expense of $0.4 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively, that would have been recorded had the 2021 acquisitions taken place on January 1, 2020 and the 2020 acquisitions taken place on January 1, 2019.
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Income Per Common Share |
3 Months Ended |
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Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | INCOME PER COMMON SHARE Basic net income per common share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per common share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income per common share calculation when dilutive. The dilutive effect of outstanding restricted stock awards after application of the treasury stock method was 327 thousand and 209 thousand shares for the three months ended March 31, 2021 and 2020, respectively. Approximately 30 thousand and 5 thousand shares of potential common stock was not included in the calculation of diluted net income per common share for the three months ended March 31, 2021 and 2020, respectively, because the effect would have been anti-dilutive.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18 - SUBSEQUENT EVENTS On April 12, 2021, we acquired substantially all of the assets of Alert Insulation for total consideration of approximately $6.6 million and on April 19, 2021, we acquired substantially all of the assets of Alpine Construction Services, LLC for total consideration of approximately $8.3 million. The initial accounting for the business combinations was not complete at the time the financial statements were issued due to the timing of the acquisitions and the filing of this Quarterly Report on Form 10-Q. As a result, disclosures required under ASC 805-10-50, Business Combinations cannot be made at this time. In addition, we recently announced that our board of directors declared a quarterly dividend, payable on June 30, 2021 to stockholders of record on June 15, 2021, at a rate of $0.30 per share.
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation | The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | The information furnished in the Condensed Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been omitted pursuant to such rules and regulations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Adopted Accounting Pronouncements |
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Fair Value Measurements | In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels. Assets Measured at Fair Value on a Nonrecurring Basis Certain assets, specifically other intangible and long-lived assets, are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020 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 three months ended March 31, 2021 and 2020, we did not record any impairments on these assets required to be measured at fair value on a nonrecurring basis. Estimated Fair Value of Financial Instruments Accounts receivable, accounts payable and accrued liabilities as of March 31, 2021 and December 31, 2020 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of certain long-term debt, including the Term Loan and ABL Revolver as of March 31, 2021 and December 31, 2020, approximate fair value due to the variable rate nature of the agreements. The carrying amounts of our operating lease right-of-use assets and the obligations associated with our operating and finance leases as well as our vehicle and equipment notes approximate fair value as of March 31, 2021 and December 31, 2020. All debt classifications represent Level 2 fair value measurements. Derivative financial instruments are measured at fair value based on observable market information and appropriate valuation methods. Contingent consideration liabilities arise from future earnout payments to the sellers associated with certain acquisitions and are based on predetermined calculations of certain future results. These future payments are estimated by considering various factors, including business risk and projections. The contingent consideration liabilities are measured at fair value by discounting estimated future payments, calculated based on a weighted average of various future forecast scenarios, to their net present value.
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Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Adopted Accounting Pronouncements |
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Revenues Disaggregated by End Market and Product | The following tables present our revenues disaggregated by end market and product (in thousands):
(1)Combined with "Other building products" in previous years but shown separately to conform with updated disclosures.
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Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits | Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in thousands):
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Schedule of Cost and Estimated Earnings on Uncompleted Contracts | Uncompleted contracts were as follows (in thousands):
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Schedule of Net Under Billings | Net under billings were as follows (in thousands):
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Credit Losses (Tables) |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Allowance For Credit Losses | Changes in our allowance for credit losses were as follows (in thousands):
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Goodwill and Intangibles (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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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):
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Schedule of Estimated Aggregate Annual Amortization | Remaining estimated aggregate annual amortization expense is as follows (amounts, in thousands, are for the fiscal year ended):
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Long-term debt consisted of the following (in thousands):
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Schedule of Maturities of Long-term Debt | Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of March 31, 2021 are as follows (in thousands):
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease-Related Assets and Liabilities | The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:
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Schedule of Lease Costs for Finance and Operating Leases | The table below presents certain information related to the lease costs for finance and operating leases:
(1)Includes variable lease costs of $0.7 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively, and short-term lease costs of $0.3 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. (2)Includes variable lease costs of $0.2 million for each of the three months ended March 31, 2021 and 2020. The table below presents supplemental cash flow information related to leases (in thousands):
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Schedule of Undiscounted Cash Flows Finance Lease Obligations | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of March 31, 2021 (in thousands):
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Schedule of Undiscounted Cash Flows Operating Lease Obligations | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of March 31, 2021 (in thousands):
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values of Financial Assets and Liabilities | The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in thousands):
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Summary of Change in Fair Value of Contingent Consideration | The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands):
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Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities | To estimate fair values of these items, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. Both represent a Level 2 fair value measurement and are as follows (in thousands):
(1)Excludes the impact of unamortized debt issuance costs.
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Stockholder's Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared and Paid | During the three months ended March 31, 2021, we declared and paid the following cash dividend (amount declared and amount paid in thousands):
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Employee Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Workers' Compensation Known Claims and IBNR Reserves | Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands):
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Schedule of Insurance Receivable for Claims | This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands):
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Summary of Equity-based Awards for Employees | Amounts and changes for each category of equity-based award were as follows:
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Summary of Stock Compensation Expenses | The following table summarizes the share-based compensation expense recognized under our 2014 Omnibus Incentive Plan (in thousands):
We recorded the following stock compensation expense by income statement category (in thousands):
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Unrecognized Share-Based Compensation Expense Related to Unvested Awards | Unrecognized share-based compensation expense related to unvested awards was as follows (in thousands):
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Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common or Related Party Transactions | 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):
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued General Insurance Reserves | Accrued general liability and auto insurance reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands):
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Schedule of Insurance Receivable for Claims | We also had insurance receivables and indemnification assets included on the Condensed Consolidated Balance Sheets that, in aggregate, offset equal liabilities included within the reserve amounts noted above. The amounts were as follows (in thousands):
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Business Combinations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Combinations | For the three months ended March 31, 2021 (in thousands):
For the three months ended March 31, 2020 (in thousands):
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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):
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Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (in thousands):
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Pro Forma Results of Operations | The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2020 and 2019, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except per share data):
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Organization - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
segment
location
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of locations the company operates | location | 190 |
Number of operating segment | 1 |
Number of reportable segment | 1 |
Revenue Recognition - Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 27,641 | $ 24,334 |
Contract liabilities | $ (9,724) | $ (8,965) |
Revenue Recognition - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Costs incurred on uncompleted contracts | $ 182,748 | $ 169,544 |
Estimated earnings | 94,802 | 90,737 |
Total | 277,550 | 260,281 |
Less: Billings to date | 254,840 | 240,665 |
Net under billings | $ 22,710 | $ 19,616 |
Revenue Recognition - Schedule of Net Under (Over) Billings (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ 27,641 | $ 24,334 |
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (4,931) | (4,718) |
Net under billings | $ 22,710 | $ 19,616 |
Revenue Recognition - Additional Information (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Contract liability revenue recognized | $ 7,600,000 | |
Impairment losses on contract assets | 0 | $ 0 |
Transaction price allocated to uncompleted contracts | $ 93,200,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Expected time of revenue recognition | 18 months |
Credit Losses (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 8,789 |
Current period provision | 127 |
Recoveries collected | 253 |
Amounts written off | (554) |
Ending balance | $ 8,615 |
Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Cash and cash equivalents | $ 175.5 | $ 170.4 |
Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill (Gross), beginning balance | $ 286,874 |
Accumulated Impairment Losses, beginning balance | (70,004) |
Goodwill (Net), beginning balance | 216,870 |
Business Combinations | 25,141 |
Other | 25 |
Goodwill (Gross), ending balance | 312,040 |
Accumulated Impairment Losses, ending balance | (70,004) |
Goodwill (Net), ending balance | $ 242,036 |
Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 341,659 | $ 316,454 |
Accumulated Amortization | 153,457 | 145,061 |
Net Book Value | 188,202 | 171,393 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 215,841 | 197,641 |
Accumulated Amortization | 94,790 | 89,137 |
Net Book Value | 121,051 | 108,504 |
Covenants not-to-compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,914 | 20,309 |
Accumulated Amortization | 14,127 | 13,436 |
Net Book Value | 8,787 | 6,873 |
Trademarks and tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 84,057 | 79,657 |
Accumulated Amortization | 28,488 | 27,245 |
Net Book Value | 55,569 | 52,412 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,847 | 18,847 |
Accumulated Amortization | 16,052 | 15,243 |
Net Book Value | $ 2,795 | $ 3,604 |
Goodwill and Intangibles - Additional Information (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Increase in gross carrying amount of intangibles | $ 25.2 |
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
Remainder of 2021 | $ 25,886 |
2022 | 31,215 |
2023 | 27,778 |
2024 | 24,265 |
2025 | 18,860 |
Thereafter | $ 60,198 |
Long-Term Debt - Schedule Of Maturities Of Long Term Debt (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Maturities of Long-term Debt [Abstract] | |
Remainder of 2021 | $ 18,264 |
2022 | 23,154 |
2023 | 15,963 |
2024 | 10,095 |
2025 | 206,494 |
Thereafter | $ 300,279 |
Leases - Schedule of Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Non-Current | ||
Operating | $ 54,442 | $ 53,766 |
Finance | 4,591 | 4,946 |
Total lease assets | $ 59,033 | $ 58,712 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Capital leased assets, net book value | Capital leased assets, net book value |
Current | ||
Operating | $ 19,210 | $ 18,758 |
Financing | 1,875 | 2,073 |
Non-Current | ||
Operating | 34,618 | 34,413 |
Financing | 2,367 | 2,430 |
Total lease liabilities | $ 58,070 | $ 57,674 |
Weighted-average remaining lease term: | ||
Operating leases (in years) | 4 years | 4 years 1 month 6 days |
Finance leases (in years) | 2 years 7 months 6 days | 2 years 7 months 6 days |
Weighted-average discount rate: | ||
Operating leases (as percent) | 3.56% | 3.67% |
Finance leases (as percent) | 5.11% | 5.08% |
Leases - Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | $ 6,350 | $ 5,572 |
Finance lease cost | ||
Amortization of leased assets | 792 | 965 |
Interest on finance lease obligations | 55 | 73 |
Total lease costs | 7,197 | 6,610 |
Operating Lease | ||
Finance lease cost | ||
Variable lease costs | 700 | 600 |
Short-term lease costs | 300 | 200 |
Finance Lease | ||
Finance lease cost | ||
Variable lease costs | $ 200 | $ 200 |
Leases - Other Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 5,324 | $ 4,746 |
Operating cash flows for finance leases | 55 | 73 |
Financing cash flows for finance leases | $ 530 | $ 738 |
Fair value measurements - Summary of Change in Fair Value of Contingent Consideration (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 4,004 |
Preliminary purchase price | 4,000 |
Fair value adjustments | (200) |
Accretion in value | 561 |
Amounts cancelled | (36) |
Amounts paid to sellers | (819) |
Ending balance | $ 7,510 |
Fair Value measurements - Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities (Details) - 5.75% Senior Notes Due 2028 - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Level 2 | ||
Financial assets: | ||
Senior Notes | $ 313,287 | $ 320,013 |
Carrying Value | ||
Financial assets: | ||
Senior Notes | $ 300,000 | $ 300,000 |
Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Feb. 22, 2021 |
|
Statement Of Shareholders Equity [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ 1,394,000 | $ (8,763,000) | ||
Cash flow hedge gain (loss) to be reclassified | 12,500,000 | 3,400,000 | ||
Unrealized gain (loss) interest rate swaps | 11,100,000 | $ 12,200,000 | ||
Share repurchase, amount | $ 15,759,000 | |||
2018 Stock Repurchase Plan | ||||
Statement Of Shareholders Equity [Line Items] | ||||
Common stock repurchase (in shares) | 443 | |||
Share repurchase, amount | $ 15,800,000 | |||
Share repurchase, price per share | $ 35.59 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 100,000,000.0 | |||
2018 Stock Repurchase Plan | Maximum | Board of Directors | ||||
Statement Of Shareholders Equity [Line Items] | ||||
Stock repurchase program, authorized | $ 100,000,000.0 |
Stockholder's Equity - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Equity [Abstract] | ||
Cash dividends declared per share (in USD per share) | $ 0.30 | $ 0 |
Amount Declared | $ 8,907 | |
Amount Paid | $ 8,786 | $ 0 |
Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Postemployment Benefits [Abstract] | ||
Included in other current liabilities | $ 6,876 | $ 7,703 |
Included in other long-term liabilities | 12,618 | 11,986 |
Workers' Compensation Liability | $ 19,494 | $ 19,689 |
Employee Benefits - Schedule of Insurance Receivable for Claims (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Postemployment Benefits [Abstract] | ||
Included in other non-current assets | $ 1,997 | $ 1,854 |
Employee Benefits - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 3,196 | $ 2,681 |
Cost of sales | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 62 | 96 |
Selling | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 51 | 49 |
Administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 3,083 | $ 2,536 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as percent) | 26.20% | 26.20% |
Related Party Transactions - Schedule of Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Related Party Transaction [Line Items] | ||
Sales | $ 278 | $ 3,282 |
Purchases | 392 | 607 |
Rent | $ 306 | $ 272 |
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties | $ 0.5 | $ 0.7 |
Commitments and Contingencies - Schedule of Accrued General Insurance Reserves (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Included in other current liabilities | $ 4,901 | $ 5,102 |
Included in other long-term liabilities | 19,037 | 16,440 |
Total | $ 23,938 | $ 21,542 |
Commitments and Contingencies - Schedule of Insurance Receivable for Claims (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments And Contingencies Disclosure [Line Items] | ||
Total insurance receivables and indemnification assets included in other non-current assets | $ 1,997 | $ 1,854 |
General Liability | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Insurance receivables and indemnification assets for claims under fully insured policies | 4,845 | 4,400 |
Insurance receivables for claims that exceeded the stop loss limit | 328 | 328 |
Total insurance receivables and indemnification assets included in other non-current assets | $ 5,173 | $ 4,728 |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Commitments And Contingencies Disclosure [Line Items] | |
Increase in workers' compensation collateral requirements | $ 5.2 |
Purchase obligation, 2021 | 14.9 |
Payments for purchase obligation | 3.2 |
Intermountain West | |
Commitments And Contingencies Disclosure [Line Items] | |
Reduced purchase obligation | 3.3 |
Payments for purchase obligation | $ 0.3 |
Business Combinations - Additional Information (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
business
|
Mar. 31, 2020
USD ($)
business
|
|
Business Acquisition [Line Items] | ||
Number of businesses acquired | business | 1 | 2 |
Acquisition-related costs | $ 1,200 | $ 700 |
Amortization | 8,396 | 6,680 |
Income tax expense | 6,150 | 5,684 |
Combined Business Acquisitions | ||
Business Acquisition [Line Items] | ||
Amortization | 400 | 2,500 |
Income tax expense | $ 400 | $ 600 |
Business Combinations - Summary of Business Acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 01, 2021 |
Feb. 29, 2020 |
Jan. 13, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Business Acquisition [Line Items] | |||||
Cash Paid | $ 8,501 | ||||
Seller Obligations | 2,570 | ||||
Total Purchase Price | 11,071 | ||||
Revenue | 1,010 | ||||
Net Income | (108) | ||||
Intermountain West | |||||
Business Acquisition [Line Items] | |||||
Cash Paid | $ 42,098 | $ 42,098 | |||
Seller Obligations | 5,959 | 5,959 | |||
Total Purchase Price | $ 48,057 | ||||
Revenue | 3,608 | ||||
Net Income | $ 450 | ||||
Royals | |||||
Business Acquisition [Line Items] | |||||
Cash Paid | $ 7,590 | 7,590 | |||
Seller Obligations | 2,500 | 2,500 | |||
Total Purchase Price | $ 10,090 | ||||
Revenue | 784 | ||||
Net Income | (87) | ||||
Other | |||||
Business Acquisition [Line Items] | |||||
Cash Paid | $ 911 | 911 | |||
Seller Obligations | 70 | 70 | |||
Total Purchase Price | $ 981 | ||||
Revenue | 226 | ||||
Net Income | $ (21) |
Business Combinations - Estimates of Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 18,200 | $ 2,611 |
Weighted Average Estimated Useful Life (in years) | 12 years | 8 years |
Trademarks and tradenames | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 4,400 | $ 1,145 |
Weighted Average Estimated Useful Life (in years) | 15 years | 15 years |
Covenants not-to-compete | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 2,600 | $ 227 |
Weighted Average Estimated Useful Life (in years) | 5 years | 5 years |
Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 0 | $ 529 |
Weighted Average Estimated Useful Life (in years) | 0 years | 2 years |
Business Combinations - Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Business Acquisition, Pro Forma Information [Abstract] | ||
Net revenue | $ 443,217 | $ 431,379 |
Net income | $ 18,403 | $ 17,638 |
Basic net income per share (in USD per share) | $ 0.63 | $ 0.59 |
Diluted net income per share (in USD per share) | $ 0.62 | $ 0.59 |
Income Per Common Share - Additional Information (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method (in shares) | 327 | 209 |
Common stock shares excluded from calculation of diluted net income per common share (in shares) | 30 | 5 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
May 07, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Apr. 19, 2021 |
Apr. 12, 2021 |
|
Subsequent Event [Line Items] | |||||
Fair value of assets acquired and purchase price | $ 11,071 | ||||
Cash dividends declared per share (in USD per share) | $ 0.30 | $ 0 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends declared per share (in USD per share) | $ 0.30 | ||||
Subsequent Event | Alert Insulation | |||||
Subsequent Event [Line Items] | |||||
Fair value of assets acquired and purchase price | $ 6,600 | ||||
Subsequent Event | Alpine Construction Services LLC | |||||
Subsequent Event [Line Items] | |||||
Fair value of assets acquired and purchase price | $ 8,300 |
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