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 of each exchange on which registered | ||||||||||||
$0.01 par value per share |
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities | |||||
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
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 16) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred Stock; $ | |||||||||||
Common stock; $ | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock; at cost: | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Selling | |||||||||||||||||||||||
Administrative | |||||||||||||||||||||||
Amortization | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other expense, net | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Other (income) expense | ( | ( | |||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax provision | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Net change on cash flow hedges, net of tax provision of $( | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Cash dividends declared per share | $ | $ | $ | $ |
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE - July 1, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Surrender of common stock awards | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation issued to directors | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common Stock repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE - September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE - July 1, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||
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 - September 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ |
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE - January 1, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock awards to employees | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Surrender of common stock awards | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation issued to directors | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of awards previously classified as liability awards | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE - September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE - January 1, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||
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 - September 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
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 | |||||||||||
Write-off of debt issuance costs | |||||||||||
Gain on sale of property and equipment | ( | ( | |||||||||
Noncash stock compensation | |||||||||||
Other, net | ( | ||||||||||
Changes in assets and liabilities, excluding effects of acquisitions | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ||||||||||
Proceeds from termination of interest rate swap agreements | |||||||||||
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 | |||||||||||
Settlements with interest rate swap counterparties | |||||||||||
Other | ( | ( | |||||||||
Net cash used in investing activities | $ | ( | $ | ( |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from financing activities | |||||||||||
Payments on Term Loan | $ | ( | $ | ( | |||||||
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 | ( | ||||||||||
Surrender of common stock awards by employees | ( | ( | |||||||||
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 | $ | $ | |||||||||
Release of indemnification of acquisition-related debt | |||||||||||
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 2021-08, Business Combinations (Topic 805): Accounting for contract assets and contract liabilities from contracts with customers | December 15, 2022 | This pronouncement amended Topic 805 to require an acquirer to account for revenue contracts in a business combination in accordance with Topic 606 as if the acquirer had originated the contracts. This did not have a material impact on our consolidated financial statements |
Standard | Description | Effective Date | Effect on the financial statements or other significant matters | |||||||||||||||||
ASU 2023-01 Leases (Topic 842): Common Control Arrangements | This pronouncement amends Topic 842 to require all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. | Annual periods beginning after December 15, 2023, including interim periods therein. Early adoption is permitted. | The Company will adopt and apply the guidance as prescribed by this ASU to future common control arrangements that occur after the effective date. This will not materially affect our consolidated financial statements. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Installation: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential new construction | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Repair and remodel | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Commercial | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Net revenue, Installation | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Other | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Net revenue, as reported | $ | % | $ | % | $ | % | $ | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Installation: | |||||||||||||||||||||||||||||||||||||||||||||||
Insulation | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Shower doors, shelving and mirrors | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Garage doors | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Waterproofing | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Rain gutters | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Fireproofing/firestopping | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Window blinds | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Other building products | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Net revenue, Installation | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Other | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Net revenue, as reported | $ | % | $ | % | $ | % | $ | % |
September 30, 2023 | December 31, 2022 | ||||||||||
Contract assets | $ | $ | |||||||||
Contract liabilities | ( | ( |
September 30, 2023 | December 31, 2022 | ||||||||||
Costs incurred on uncompleted contracts | $ | $ | |||||||||
Estimated earnings | |||||||||||
Total | |||||||||||
Less: Billings to date | |||||||||||
Net under billings | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
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, 2023 | $ | ||||
Current period provision | |||||
Recoveries collected and additions | |||||
Amounts written off | ( | ||||
Balance as of September 30, 2023 | $ |
Installation | Other | Consolidated | |||||||||||||||
Goodwill (gross) - January 1, 2023 | $ | $ | $ | ||||||||||||||
Business combinations | |||||||||||||||||
Other | |||||||||||||||||
Goodwill (gross) - September 30, 2023 | |||||||||||||||||
Accumulated impairment losses | ( | ( | |||||||||||||||
Goodwill (net) - September 30, 2023 | $ | $ | $ | ||||||||||||||
As of September 30, | As of December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
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 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter |
As of September 30, | As of December 31, | ||||||||||
2023 | 2022 | ||||||||||
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 September 2028; payable in various monthly installments, including interest rates ranging from | |||||||||||
Note payable, maturing April 2025; payable in annual installments, including interest rate at | |||||||||||
Less: current maturities | ( | ( | |||||||||
Long-term debt, less current maturities | $ | $ |
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter |
As of September 30, | As of December 31, | |||||||||||||||||||
(in thousands) | Classification | 2023 | 2022 | |||||||||||||||||
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 September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
(in thousands) | Classification | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
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 2023 | $ | $ | $ | $ | |||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
2026 | |||||||||||||||||||||||
2027 | |||||||||||||||||||||||
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 September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Contingent consideration liability - January 1, 2023 | $ | ||||
Accretion in value | |||||
Amounts paid to sellers | ( | ||||
Contingent consideration liability - September 30, 2023 | $ |
As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Senior Notes(1) | $ | $ | $ | $ |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Installation | Other | Eliminations | Consolidated | Installation | Other | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Revenue | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Cost of sales (1) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Segment gross profit | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Segment gross profit percentage | % | % | % | % | % | % | % | % |
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Installation | Other | Eliminations | Consolidated | Installation | Other | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Revenue | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Cost of sales (1) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Segment gross profit | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Segment gross profit percentage | % | % | % | % | % | % | % | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Segment gross profit - consolidated | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and amortization (1) | |||||||||||||||||||||||
Gross profit, as reported | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other expense, net | |||||||||||||||||||||||
Income before income taxes | $ | $ | $ | $ |
Effective Date | Notional Amount | Fixed Rate | Maturity Date | |||||||||||||||||
(in millions) | ||||||||||||||||||||
April 28, 2023 | $ | % | December 31, 2025 | |||||||||||||||||
April 28, 2023 | % | December 31, 2025 | ||||||||||||||||||
April 28, 2023 | % | December 31, 2025 | ||||||||||||||||||
December 31, 2025 | % | December 14, 2028 | ||||||||||||||||||
December 31, 2025 | % | December 14, 2028 |
Effective Date | Notional Amount | Fixed Rate | Maturity Date | |||||||||||||||||
(in millions) | ||||||||||||||||||||
July 30, 2021 | $ | % | December 31, 2025 | |||||||||||||||||
December 31, 2021 | % | December 31, 2025 | ||||||||||||||||||
December 31, 2021 | % | December 31, 2025 | ||||||||||||||||||
December 31, 2025 | % | December 14, 2028 | ||||||||||||||||||
December 31, 2025 | % | December 14, 2028 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Benefit) associated with swap net settlements | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Expense associated with amortization of amended/terminated swaps |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Accumulated gain (loss) at beginning of period | $ | $ | $ | $ | ( | ||||||||||||||||||
Unrealized gains in fair value | |||||||||||||||||||||||
Reclassifications of realized net losses to earnings | |||||||||||||||||||||||
Accumulated gain at end of period | $ | $ | $ | $ |
Declaration Date | Record Date | Payment Date | Dividend Per Share | Amount Declared | Amount Paid | |||||||||||||||||||||||||||
2/22/2023 | 3/15/2023 | 3/31/2023 | $ | $ | $ | |||||||||||||||||||||||||||
2/22/2023 | 3/15/2023 | 3/31/2023 | ||||||||||||||||||||||||||||||
5/5/2023 | 6/15/2023 | 6/30/2023 | ||||||||||||||||||||||||||||||
8/2/2023 | 9/15/2023 | 9/30/2023 |
Declaration Date | Record Date | Payment Date | Dividend Per Share | Amount Declared | Amount Paid | |||||||||||||||||||||||||||
2/24/2022 | 3/15/2022 | 3/31/2022 | $ | $ | $ | |||||||||||||||||||||||||||
2/24/2022 | 3/15/2022 | 3/31/2022 | ||||||||||||||||||||||||||||||
5/5/2022 | 6/15/2022 | 6/30/2022 | ||||||||||||||||||||||||||||||
8/4/2022 | 9/15/2022 | 9/30/2022 |
September 30, 2023 | December 31, 2022 | ||||||||||
Included in other current liabilities | $ | $ | |||||||||
Included in other long-term liabilities | |||||||||||
$ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
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, 2022 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited/Cancelled | ( | ( | |||||||||||||||||||||||||||||||||
Nonvested awards/units at September 30, 2023 | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||||||||||
Selling | |||||||||||||||||||||||
Administrative | |||||||||||||||||||||||
$ | $ | $ | $ |
As of September 30, 2023 | |||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | $ | $ | $ | $ | |||||||||||||||||||
Purchases | |||||||||||||||||||||||
Rent |
September 30, 2023 | December 31, 2022 | ||||||||||
Included in other current liabilities | $ | $ | |||||||||
Included in other long-term liabilities | |||||||||||
$ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
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 September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Acquisitions | Date | Acquisition Type | Cash Paid | Seller Obligations | Total Purchase Price | Revenue | Net Income | Revenue | Net Income | |||||||||||||||||||||||||||||||||||||||||||||||
Anchor | 3/12/2023 | Share | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Other | Various | Asset | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Acquisitions | Date | Acquisition Type | Cash Paid | Seller Obligations | Total Purchase Price | Revenue | Net Income (Loss) | Revenue | Net Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||
CAS | 4/11/2022 | Share | $ | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other | Various | Share/Asset | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | $ | $ | ( |
Nine months ended September 30, 2023 | |||||||||||||||||
Anchor | Other | Total | |||||||||||||||
Estimated fair values: | |||||||||||||||||
Cash | $ | $ | $ | ||||||||||||||
Accounts receivable | |||||||||||||||||
Inventories | |||||||||||||||||
Other current assets | |||||||||||||||||
Property and equipment | |||||||||||||||||
Operating lease right-of-use asset | |||||||||||||||||
Intangibles | |||||||||||||||||
Goodwill | |||||||||||||||||
Other non-current assets | |||||||||||||||||
Accounts payable and other current liabilities | ( | ( | ( | ||||||||||||||
Other long-term liabilities | ( | ( | |||||||||||||||
Fair value of assets acquired and purchase price | |||||||||||||||||
Less seller obligations | |||||||||||||||||
Cash paid | $ | $ | $ |
Nine months ended September 30, 2022 | |||||||||||||||||
CAS | Other | Total | |||||||||||||||
Estimated fair values: | |||||||||||||||||
Cash | $ | $ | $ | ||||||||||||||
Accounts receivable | |||||||||||||||||
Inventories | |||||||||||||||||
Other current assets | |||||||||||||||||
Property and equipment | |||||||||||||||||
Operating lease right-of-use asset | |||||||||||||||||
Intangibles | |||||||||||||||||
Goodwill | |||||||||||||||||
Other non-current assets | |||||||||||||||||
Accounts payable and other current liabilities | ( | ( | ( | ||||||||||||||
Other long-term liabilities | ( | ( | ( | ||||||||||||||
Fair value of assets acquired and purchase price | |||||||||||||||||
Less seller obligations | |||||||||||||||||
Cash paid | $ | $ | $ |
For the nine months ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
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 September 30, | Unaudited pro forma for the nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Basic net income per share | |||||||||||||||||||||||
Diluted net income per share |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Period-over-period Growth | |||||||||||||||||||||||
Consolidated Sales Growth | (1.8) | % | 41.1 | % | 3.8 | % | 38.2 | % | |||||||||||||||
Consolidated Same Branch Sales Growth (1) | (5.2) | % | 28.5 | % | (0.3) | % | 26.2 | % | |||||||||||||||
Installation | |||||||||||||||||||||||
Sales Growth (2) | (1.7) | % | 33.5 | % | 3.4 | % | 31.9 | % | |||||||||||||||
Same Branch Sales Growth (1)(2) | (5.4) | % | 28.4 | % | (0.5) | % | 26.2 | % | |||||||||||||||
Single-Family Sales Growth (3) | (8.7) | % | 39.2 | % | (6.0) | % | 38.4 | % | |||||||||||||||
Single-Family Same Branch Sales Growth (1)(3) | (12.2) | % | 35.3 | % | (9.7) | % | 32.9 | % | |||||||||||||||
Multi-Family Sales Growth (4) | 30.9 | % | 33.9 | % | 36.4 | % | 29.7 | % | |||||||||||||||
Multi-Family Same Branch Sales Growth (1)(4) | 28.4 | % | 32.9 | % | 34.7 | % | 28.9 | % | |||||||||||||||
Residential Sales Growth (5) | (2.7) | % | 38.4 | % | 0.6 | % | 37.0 | % | |||||||||||||||
Residential Same Branch Sales Growth (1)(5) | (6.0) | % | 34.9 | % | (2.8) | % | 32.3 | % | |||||||||||||||
Commercial Sales Growth (6) | 3.7 | % | 16.0 | % | 17.7 | % | 14.4 | % | |||||||||||||||
Commercial Same Branch Sales Growth (1)(6) | (1.3) | % | 2.8 | % | 11.8 | % | 4.4 | % | |||||||||||||||
Other | |||||||||||||||||||||||
Sales Growth (7) | (0.7) | % | 657.3 | % | 12.0 | % | 567.5 | % | |||||||||||||||
Same Branch Sales Growth (1)(7) | (0.7) | % | 44.3 | % | 4.5 | % | 43.8 | % | |||||||||||||||
Same Branch Sales Growth - Installation (8) | |||||||||||||||||||||||
Volume Growth (1)(9) | (10.8) | % | 7.5 | % | (10.1) | % | 8.0 | % | |||||||||||||||
Price/Mix Growth (1)(10) | 3.5 | % | 27.1 | % | 8.6 | % | 22.5 | % | |||||||||||||||
U.S. Housing Market (11) | |||||||||||||||||||||||
Total Completions Growth | (1.8) | % | 7.0 | % | 4.8 | % | 2.4 | % | |||||||||||||||
Single-Family Completions Growth | (4.7) | % | 8.7 | % | (2.2) | % | 5.7 | % | |||||||||||||||
Multi-Family Completions Growth | 3.9 | % | 4.8 | % | 24.1 | % | (6.0) | % |
(1) | Same-branch basis represents period-over-period growth for branch locations owned greater than 12 months as of each financial statement date. | ||||
(2) | Calculated based on period-over-period growth of all end markets for our Installation segment. | ||||
(3) | Calculated based on period-over-period growth in the single-family subset of the residential new construction end market for our Installation segment. | ||||
(4) | Calculated based on period-over-period growth in the multi-family subset of the residential new construction end market for our Installation segment. | ||||
(5) | Calculated based on period-over-period growth in the residential new construction end market for our Installation segment. | ||||
(6) | Calculated based on period-over-period growth in the total commercial end market for our Installation segment. Our commercial end market consists of heavy and light commercial projects. | ||||
(7) | Calculated based on period-over-period growth in our Other category which consists of our Manufacturing and Distribution operating segments. Our distribution businesses were acquired in December, 2021 and April, 2022. | ||||
(8) | The heavy commercial end market, a subset of our total commercial end market, comprises projects that are much larger than our average installation job. This end market is excluded from the volume growth and price/mix growth calculations for our Installation segment as to not skew the growth rates given its much larger per-job revenue compared to the average jobs in our remaining end markets. | ||||
(9) | Calculated as period-over-period change in the number of completed same-branch jobs within our Installation segment for all markets we serve except the heavy commercial end market. | ||||
(10) | Defined as change in the mix of products sold and related pricing changes and calculated as the change in period-over-period average selling price per same-branch jobs within our Installation segment for all markets we serve except the heavy commercial market, multiplied by total current year jobs. The mix of end customer and product would have an impact on the year-over-year price per job. | ||||
(11) | U.S. Census Bureau data, as revised. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | Change | 2022 | 2023 | Change | 2022 | ||||||||||||||||||||||||||||||
Net revenue | $ | 706,465 | (1.8) | % | $ | 719,114 | $ | 2,057,874 | 3.8 | % | $ | 1,983,355 | |||||||||||||||||||||||
Cost of sales | 464,371 | (6.7) | % | 497,837 | 1,372,883 | — | % | 1,372,966 | |||||||||||||||||||||||||||
Gross profit | $ | 242,094 | 9.4 | % | $ | 221,277 | $ | 684,991 | 12.2 | % | $ | 610,389 | |||||||||||||||||||||||
Gross profit percentage | 34.3 | % | 30.8 | % | 33.3 | % | 30.8 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | Change | 2022 | 2023 | Change | 2022 | ||||||||||||||||||||||||||||||
Selling | $ | 31,966 | 1.0 | % | $ | 31,651 | $ | 97,475 | 13.1 | % | $ | 86,214 | |||||||||||||||||||||||
Percentage of total net revenue | 4.5 | % | 4.4 | % | 4.7 | % | 4.3 | % | |||||||||||||||||||||||||||
Administrative | $ | 96,789 | 14.8 | % | $ | 84,345 | $ | 282,277 | 14.0 | % | $ | 247,519 | |||||||||||||||||||||||
Percentage of total net revenue | 13.7 | % | 11.7 | % | 13.7 | % | 12.5 | % | |||||||||||||||||||||||||||
Amortization | $ | 11,031 | (3.0) | % | $ | 11,370 | $ | 33,722 | — | % | $ | 33,728 | |||||||||||||||||||||||
Percentage of total net revenue | 1.6 | % | 1.6 | % | 1.6 | % | 1.7 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | Change | 2022 | 2023 | Change | 2022 | ||||||||||||||||||||||||||||||
Interest expense, net | $ | 9,718 | (8.9) | % | $ | 10,668 | $ | 29,216 | (7.7) | % | $ | 31,669 | |||||||||||||||||||||||
Other (income) expense | (205) | (210.8) | % | 185 | (544) | (177.9) | % | 698 | |||||||||||||||||||||||||||
Total other expense, net | $ | 9,513 | $ | 10,853 | $ | 28,672 | $ | 32,367 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Income tax provision | $ | 24,803 | $ | 22,080 | $ | 63,982 | $ | 55,857 | |||||||||||||||
Effective tax rate | 26.7 | % | 26.6 | % | 26.3 | % | 26.5 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net change on cash flow hedges, net of taxes | $ | 5,482 | $ | 14,379 | $ | 4,575 | $ | 42,640 |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities | $ | 250,539 | $ | 198,667 | |||||||
Net cash used in investing activities | (77,878) | (139,935) | |||||||||
Net cash used in financing activities | (62,529) | (188,815) |
As of September 30, 2023 | |||||
Performance bonds | $ | 97,323 | |||
Insurance letters of credit and cash collateral | 68,488 | ||||
Permit and license bonds | 10,701 | ||||
Total bonds and letters of credit | $ | 176,512 |
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 (2) | ||||||||||||||||||||
July 1 - July 31, 2023 | — | $ | — | — | $ | — | |||||||||||||||||
August 1 - August 31, 2023 (1) | 17 | 151.78 | — | — | |||||||||||||||||||
September 1 - September 30, 2023 (1) | 80 | 124.89 | — | 200.0 | million | ||||||||||||||||||
97 | $ | 129.60 | — | $ | 200.0 | million |
Exhibit Number | Description | |||||||
10.1 | Second Amendment to Term Loan Credit Agreement, dated as of August 14, 2023, by and among Installed Building Products, Inc, the other loan parties thereto, Royal Bank of Canada, as term administrative agent and as term collateral agent and the lenders party thereto (incorporated by reference to the Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 14, 2023). | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101** | The following financial statements from the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2023, 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 |
Dated: | November 8, 2023 | By: | /s/ Jeffrey W. Edwards | |||||||||||
Jeffrey W. Edwards | ||||||||||||||
President and Chief Executive Officer |
Dated: | November 8, 2023 | By: | /s/ Michael T. Miller | |||||||||||
Michael T. Miller | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Dated: | November 8, 2023 | By: | /s/ Jeffrey W. Edwards | |||||||||||
Jeffrey W. Edwards | ||||||||||||||
President and Chief Executive Officer |
Dated: | November 8, 2023 | By: | /s/ Michael T. Miller | |||||||||||
Michael T. Miller | ||||||||||||||
Executive Vice President and Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Current assets | ||
Allowance for credit losses | $ 10,919 | $ 9,549 |
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) | 33,582,449 | 33,429,557 |
Common stock, shares outstanding (in shares) | 28,409,655 | 28,306,482 |
Treasury stock (in shares) | 5,172,794 | 5,123,075 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Net revenue | $ 706,465 | $ 719,114 | $ 2,057,874 | $ 1,983,355 |
Cost of sales | 464,371 | 497,837 | 1,372,883 | 1,372,966 |
Gross profit | 242,094 | 221,277 | 684,991 | 610,389 |
Operating expenses | ||||
Selling | 31,966 | 31,651 | 97,475 | 86,214 |
Administrative | 96,789 | 84,345 | 282,277 | 247,519 |
Amortization | 11,031 | 11,370 | 33,722 | 33,728 |
Operating income | 102,308 | 93,911 | 271,517 | 242,928 |
Other expense, net | ||||
Interest expense, net | 9,718 | 10,668 | 29,216 | 31,669 |
Other (income) expense | (205) | 185 | (544) | 698 |
Income before income taxes | 92,795 | 83,058 | 242,845 | 210,561 |
Income tax provision | 24,803 | 22,080 | 63,982 | 55,857 |
Net income | 67,992 | 60,978 | 178,863 | 154,704 |
Other comprehensive income, net of tax: | ||||
Net change on cash flow hedges, net of tax provision of $(1,956) and $(5,105) for the three months ended September 30, 2023 and 2022, respectively, and $(1,633) and $(15,138) for the nine months ended September 30, 2023 and 2022, respectively | 5,482 | 14,379 | 4,575 | 42,640 |
Comprehensive income | $ 73,474 | $ 75,357 | $ 183,438 | $ 197,344 |
Earnings Per Share: | ||||
Basic (in USD per share) | $ 2.41 | $ 2.14 | $ 6.35 | $ 5.36 |
Diluted (in USD per share) | $ 2.40 | $ 2.13 | $ 6.32 | $ 5.33 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 28,204,328 | 28,478,954 | 28,151,899 | 28,851,389 |
Diluted (in shares) | 28,318,633 | 28,595,707 | 28,290,533 | 29,020,509 |
Cash dividends declared per share (in USD per share) | $ 0.33 | $ 0.32 | $ 1.89 | $ 1.85 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Unrealized loss on cash flow hedge, tax (benefit) expense | $ 1,956 | $ 5,105 | $ 1,633 | $ 15,138 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 04, 2022 |
May 05, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared (in USD per share) | $ 0.315 | $ 0.315 | $ 0.33 | $ 0.32 | $ 1.89 | $ 1.85 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
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Sep. 30, 2023 |
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Cash flows from investing activities | ||
Cash acquired, net | $ 10 | $ 330 |
Organization |
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Sep. 30, 2023 | |
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 more than 240 locations and its corporate office is located in Columbus, Ohio. The vast majority of our sales originate from our one reportable segment, Installation. Substantially all of our Installation segment 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 Installation 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, and see Note 10, Information on Segments, for information on how we segment the business.
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Significant Accounting Policies |
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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, 2022 (“2022 Form 10-K”), as filed with the SEC on February 22, 2023. The December 31, 2022 Condensed Consolidated Balance Sheet data herein was derived from the audited consolidated financial statements but the related footnotes do not include all disclosures required by U.S. GAAP. Our interim operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected in future operating quarters. Note 2 to the audited consolidated financial statements in our 2022 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 policy described below, there have been no changes to our significant accounting policies during the nine months ended September 30, 2023. Reclassifications In order to conform with the current year presentation, we reclassified $1.3 million of the financing component of interest rate swaps for the nine months ended September 30, 2022 from “Other” to “Settlements with interest rate swap counterparties” within the investing activities section of our Condensed Consolidated Statements of Cash Flows. Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements Not Yet Adopted We are currently evaluating the impact of the following Accounting Standards Update ("ASU") on our Condensed Consolidated Financial Statements or Notes to Condensed Consolidated Financial Statements:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE RECOGNITION We disaggregate our revenue from contracts with customers for our Installation segment 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. Revenues for the Other category are presented net of intercompany sales in the tables below. The following tables present our net revenues disaggregated by end market and product (in thousands):
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 September 30, 2023 compared to December 31, 2022 is primarily the result of timing differences between our performance of obligations under contracts and customer payments and billings. During the three and nine months ended September 30, 2023, we recognized $0.4 million and $17.8 million of revenue that was included in the contract liability balance at December 31, 2022. We did not recognize any impairment losses on our receivables and contract assets during the three and nine months ended September 30, 2023 or 2022. 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 September 30, 2023, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $124.0 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.
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Credit Losses |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||
Credit Losses | CREDIT LOSSES Our expected loss allowance methodology for accounts receivable is developed using historical experience, present economic conditions and other factors management considers relevant to estimate expected credit losses. We also perform ongoing evaluations of creditworthiness of our existing and potential customers. Changes in our allowance for credit losses were as follows (in thousands):
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Cash and Cash Equivalents |
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Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTSCash and cash equivalents include highly liquid instruments with insignificant interest rate risk and original or remaining maturities of three months or less at the time of purchase. These instruments amounted to approximately $307.4 million and $191.9 million as of September 30, 2023 and December 31, 2022, respectively. See Note 9, Fair Value Measurements, for additional information. |
Goodwill and Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangibles | GOODWILL AND INTANGIBLES Goodwill The change in carrying amount of goodwill by reporting segment was as follows (in thousands):
Other changes presented in the above table primarily include one immaterial acquisition and adjustments for the allocation of certain acquisitions still under measurement made during the nine months ended September 30, 2023, including measurement period adjustments primarily associated with a tax election that resulted in a $4.4 million change in purchase price for a 2022 acquisition. For additional information regarding changes to goodwill resulting from acquisitions, see Note 17, 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 and were all associated with the Installation segment, 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 $21.6 million during the nine months ended September 30, 2023 primarily due to business combinations. For more information, see Note 17, 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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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 September 30, 2023 are as follows (in thousands):
Term Loan Benchmark Replacement In April 2023, we notified the lenders on our $500.0 million, -year term loan facility due December 2028 (the "Term Loan") under our credit agreement (the "Term Loan Agreement") that we have elected to trigger a benchmark replacement from LIBOR to the Secured Overnight Financing Rate ("Term SOFR"). The Term Loan was subsequently amended on April 28, 2023 (the "First Amendment") to implement Term SOFR as the benchmark rate and includes a credit spread adjustment of 0.11%, 0.26% and 0.43% for interest periods of one month, three months and six months, respectively, and it is subject to the same floor as currently set forth in the Term Loan Agreement. . Term Loan Agreement Amendment In August 2023, we amended our Term Loan ("the Second Amendment"). The amended Term Loan effects a repricing of the interest rate applicable to the existing term loans thereunder from Term SOFR plus 2.25% to Term SOFR plus 2.00%. The Second Amendment also establishes an alternate base rate equal to the highest of (i) the federal funds rate plus 1/2 of 1.00%, (ii) the prime rate and (iii) the Term SOFR rate for an interest period of one month plus 1.00%. The Second Amendment also states that there will be a six-month protection provision during which a 1.00% premium would be charged in connection with certain repricing transactions. As of September 30, 2023, we had $486.7 million, net of unamortized debt issuance costs, due on our Term Loan.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASESWe 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 $1.2 million and $0.9 million for the three months ended September 30, 2023 and 2022, respectively, and $3.5 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended September 30, 2023 and 2022, and $0.9 million for each of the nine months ended September 30, 2023 and 2022. (2)Includes variable lease costs of $0.2 million for each of the three months ended September 30, 2023 and 2022, and $0.6 million for each of the nine months ended September 30, 2023 and 2022. 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 September 30, 2023 (in thousands):
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Leases | LEASESWe 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 $1.2 million and $0.9 million for the three months ended September 30, 2023 and 2022, respectively, and $3.5 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended September 30, 2023 and 2022, and $0.9 million for each of the nine months ended September 30, 2023 and 2022. (2)Includes variable lease costs of $0.2 million for each of the three months ended September 30, 2023 and 2022, and $0.6 million for each of the nine months ended September 30, 2023 and 2022. 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 September 30, 2023 (in thousands):
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Fair Value Measurements |
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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 September 30, 2023 and December 31, 2022 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 and nine months ended September 30, 2023 and 2022, 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 September 30, 2023 and December 31, 2022 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022. 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, Cash and Cash Equivalents, for more information on cash equivalents included in the table above. Also see Note 11, 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 value and associated fair value 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. To estimate the fair value of our Senior Notes, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. The Senior Notes 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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Information on Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Segments | INFORMATION ON SEGMENTS Our segment structure includes three operating segments consisting of Installation, Distribution and Manufacturing. Our Installation operating segment represents the majority of our net revenue and gross profit and forms our one reportable segment. This operating segment represents the service-based installation of insulation and complementary building products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. These branch locations have similar economic and operating characteristics including the nature of products and services offered, operating procedures and risks, customer bases, employee incentives, material procurement and shared corporate resources and therefore combine to form one operating segment. The Other category reported below reflects the operations of our two remaining operating segments, Distribution and Manufacturing, which do not meet the quantitative thresholds for separate reporting. Our Distribution operating segment includes our businesses that sell insulation, gutters and accessories primarily to installers of these products who operate in multiple end markets. Our Manufacturing operating segment consists of our cellulose insulation manufacturing operation. In addition to sales of cellulose insulation, revenues from this operating segment consist of sales of asphalt and industrial fibers to distributors and installers of these products. The Installation reportable segment includes substantially all of our net revenue from services while net revenue included in the Other category includes substantially all of our net revenue from sales of products. The intercompany sales from the Other category to the Installation reportable segment include a profit margin while our Installation segment records these transactions at cost. The key metrics used to assess the performance of our operating segments are revenue and segment gross profit as these are the metrics used by our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), to review results, assess performance and allocate resources. We define segment gross profit as revenue less cost of sales, excluding depreciation and amortization. We do not report total assets, depreciation and amortization expenses included in reported cost of sales, operating expenses or other expense, net by segment because our CODM does not use this information to assess segment performance or allocate resources. The following tables represent our segment information for the three and nine months ended September 30, 2023 and 2022 (in thousands):
(1)Cost of sales included in segment gross profit is exclusive of depreciation and amortization for the three and nine months ended September 30, 2023 and 2022. The reconciliation between consolidated segment gross profit for each period as shown in the tables above to consolidated income before income taxes is as follows (in thousands):
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Derivatives and Hedging Activities |
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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 nine months ended September 30, 2023, 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 September 30, 2023, we have not posted any collateral related to these agreements. In April 2023, we amended the reference rates on our active and forward interest swaps from 1-month LIBOR to 1-month SOFR. We continue to account for these agreements as cash flow hedges under the expedients allowed in ASC Topic 848 for this type of amendment. As of September 30, 2023, we had the following interest rate swap derivatives:
As of December 31, 2022, we had the following interest rate swap derivatives:
As of September 30, 2023, our two forward interest rate swaps, combined with our three active swaps, serve to hedge $400.0 million of the variable cash flows on our variable rate Term Loan through maturity. The assets associated with these interest rate swaps are included in other current assets and other non-current assets on the Consolidated Balance Sheets at their fair value amounts as described in Note 9, Fair Value Measurements. In July 2022, we amended the maturity date of each of our three active interest rate swaps to December 31, 2025 with the other terms remaining unchanged. The remaining unrealized gains will be amortized as a decrease to interest expense, net through the original maturity dates of April 15, 2030 and December 15, 2028. For the three and nine months ended September 30, 2023, we amortized $1.8 million and $5.3 million, respectively, of the remaining unrealized gains as a decrease to interest expense, net. For the three and nine months ended September 30, 2022, we amortized $1.6 million of the unrealized gains to interest expense, net. The amended swaps included off-market terms at inception. This other-than-insignificant financing element will be amortized as an increase to interest expense, net through the December 31, 2025 maturity date of the amended swaps. For the three and nine months ended September 30, 2023, we amortized $1.8 million and $5.5 million, respectively, of the financing element as an increase to interest expense, net. For the three and nine months ended September 30, 2022, we amortized $1.7 million of the financing element to interest expense, net. Cash settlements are recognized through cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows due to the other-than-insignificant financing element. In August 2020, we terminated two then-existing interest rate swaps and one then-existing forward interest rate swap. During the three months ended September 30, 2023 and 2022 we amortized $1.0 million and $1.1 million, respectively, and during the nine months ended September 30, 2023 and 2022 we amortized $3.1 million and $2.8 million, respectively, of the remaining unrealized loss associated with the terminated swaps as an increase to interest expense, net. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in other comprehensive income, net of tax on the Condensed Consolidated Statements of Operations and Comprehensive Income and in accumulated other comprehensive income on the Condensed Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. We had no such changes during the nine months ended September 30, 2023 and 2022. 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, and as our terminated and amended swaps are amortized. Over the next twelve months, we estimate that an additional $12.9 million will be reclassified as a decrease to interest expense, net. The following table summarizes amounts recorded to , net included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to our interest rate swaps (in thousands):
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ EQUITY Accumulated other comprehensive income The change in accumulated other comprehensive income related to our interest rate derivatives, net of taxes, was as follows (in thousands):
The reclassifications of realized net losses to earnings in the above table are recorded within interest expense, net. Share repurchases We did not repurchase any common stock during the three and nine months ended September 30, 2023. During the three months ended September 30, 2022, we repurchased approximately 142 thousand shares of our common stock with an aggregate price of approximately $12.5 million, or $88.27 average price per share. Repurchases during the nine months ended September 30, 2022 amounted to approximately 1.2 million shares of our common stock with an aggregate price of approximately $112.2 million, or $92.98 average price per share. The effect of these treasury shares in reducing the number of common shares outstanding is reflected in our earnings per share calculation. On February 22, 2023, we announced that our board of directors authorized a new stock repurchase program that allows for the repurchase of up to $200.0 million of our outstanding common stock. The new program replaces the previous program and is in effect through March 1, 2024. Dividends During the nine months ended September 30, 2023, we declared and paid the following cash dividends (amount declared and amount paid in thousands):
During the nine months ended September 30, 2022, we declared and paid the following cash dividends (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. During the nine months ended September 30, 2023 and 2022, we also paid $0.6 million and $0.5 million, respectively, in accrued dividends not included in the table above related to the vesting of these awards. 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.
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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 $8.9 million and $6.9 million for the three months ended September 30, 2023 and 2022, respectively and $25.0 million and $23.0 million for the nine months ended September 30, 2023 and 2022, respectively. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $4.3 million and $3.8 million as of September 30, 2023 and December 31, 2022, respectively. Workers’ Compensation Workers’ compensation expense totaled $5.1 million and $5.9 million for the three months ended September 30, 2023 and 2022, respectively and $15.6 million and $14.5 million for the nine months ended September 30, 2023 and 2022, 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 under our self-insured policies as well as claims under our 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 $0.6 million during each of the three months ended September 30, 2023 and 2022, respectively and $2.4 million and $2.2 million for the nine months ended September 30, 2023 and 2022, 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, California 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 granted approximately one thousand shares of our common stock during the three months ended September 30, 2022, and seven thousand and six thousand shares during the nine months ended September 30, 2023 and 2022, respectively, under our 2014 Omnibus Incentive Plan to non-employee members of our board of directors. In addition, we granted approximately 62 thousand and 63 thousand shares of our common stock to employees during the nine months ended September 30, 2023 and 2022, respectively. Employees – Performance-Based Stock Awards During the nine months ended September 30, 2023, we issued approximately 61 thousand shares of our common stock to certain officers, which vest in two equal installments on each of April 20, 2024 and April 20, 2025. In addition, during the nine months ended September 30, 2023, we established, and our board of directors approved, performance-based targets in connection with common stock awards to be issued to certain officers in 2024 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 the 2024 performance period 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 annually. These awards will vest in the second quarter of 2025 and are included in other long-term liabilities on the Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2023 and 2022, we granted approximately eight thousand and 39 thousand shares of our common stock, respectively. The shares granted in 2022 were under a previous performance-based plan and vested in the second quarter of 2022. Employees – Performance-Based Restricted Stock Units During 2022, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards which were issued to certain employees in 2023 based upon achievement of a performance target. In addition, during the nine months ended September 30, 2023, 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 2024 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 by award type (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. 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. During the nine months ended September 30, 2023, our employees surrendered approximately 48 thousand shares of our common stock to satisfy tax withholding obligations arising in connection with the vesting of common stock awards issued under our 2014 Omnibus Incentive Plan. In May 2023, our stockholders approved a new 2023 Omnibus Incentive Plan ("2023 Plan") which became effective on May 26, 2023. All future awards as of this date will be granted under the new plan, and awards granted previously under the 2014 Omnibus Incentive Plan ("2014 Plan") will not be modified or impacted by this adoption. As of September 30, 2023, approximately 1.9 million of the 2.1 million shares of common stock authorized for issuance were available for issuance under the 2023 Incentive Plan and 2014 Omnibus Incentive Plan. The remaining shares available for issuance under the 2014 Plan are subject to outstanding awards and will become available for issuance under the 2023 Plan if such outstanding awards under the 2014 Plan are forfeited.
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Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESOur 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 and nine months ended September 30, 2023, our effective tax rate was 26.7% and 26.3%, respectively. During the three and nine months ended September 30, 2022, our effective tax rate was 26.6% and 26.5%, respectively. The rates for each of the nine months ended September 30, 2023 and 2022 were favorably impacted by recognition of a windfall tax benefit from equity vesting. |
Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
We had a related party balance of approximately $3.2 million and $3.3 million included in accounts receivable on our Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, respectively. These balances primarily represented trade accounts receivable arising during the normal course of business with various related parties. M/I Homes, Inc., a customer whose Chairman, Chief Executive Officer and President rejoined our board of directors in July of 2022, accounted for $2.2 million and $2.5 million of the related party accounts receivable balance as of September 30, 2023 and December 31, 2022, respectively. Additionally, M/I Homes, Inc. accounted for a significant portion of our related party sales during the nine months ended September 30, 2023.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. During the nine months ended September 30, 2023, we entered into an supply agreement with variable pricing with one of our suppliers to purchase a portion of the materials we utilize in our business. This agreement is effective March 31, 2023 through March 31, 2026 with a purchase obligation of 12.0 million pounds for the period ending March 31, 2024, 14.4 million pounds for the period ending March 31, 2025 and 17.3 million pounds for the period ending March 31, 2026. During the nine months ended September 30, 2023, we purchased 5.3 million pounds of materials under this agreement.
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Business Combinations |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | BUSINESS COMBINATIONS As part of our ongoing strategy to expand geographically and increase market share in certain markets, as well as diversify our products and end markets, we completed six business combinations and one insignificant tuck-in acquisition merged into an existing operation during the nine months ended September 30, 2023 and five business combinations during the nine months ended September 30, 2022. The largest of these acquisitions were Anchor Insulation Co., Inc. ("Anchor") in March 2023 and Central Aluminum Supply Corporation and Central Aluminum Supply of North Jersey, LLC ("CAS") in April 2022. 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. Net income (loss) includes amortization and taxes when appropriate. For the three and nine months ended September 30, 2023 (in thousands):
For the three and nine months ended September 30, 2022 (in thousands):
Acquisition-related costs recorded within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income amounted to $0.2 million and $(0.1) million for the three months ended September 30, 2023 and 2022, respectively, and $1.3 million for both of the nine months ended September 30, 2023 and 2022. 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 (including the identifiable intangible assets). The goodwill recognized for Anchor reflects the value of its location, revenue enhancements, assembled workforce and other synergies that are expected to be realized from the acquisition. We expect to deduct approximately $15.3 million of goodwill for tax purposes as a result of 2023 acquisitions. 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, non-compete agreements and/or amounts based on working capital calculations are included as “seller obligations” in the above table or within “fair value of assets acquired” if subsequently paid during the period presented. Contingent consideration payments consist primarily of earnouts based on performance that are recorded at fair value at the time of acquisition. 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 and customary post-closing reviews are concluded during the measurement period attributable to each individual business combination. As a result, 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. Any acquisition acquired after September 30, 2022 is deemed to be within the measurement period and its purchase price considered preliminary. During the nine months ended September 30, 2023, we increased the purchase price for CAS by $4.4 million primarily due to measurement period adjustments associated with a tax election. Goodwill and intangibles per the above table may not agree to the total gross increase of these assets as shown in Note 6, Goodwill and Intangibles, during each of the nine months ended September 30, 2023 and 2022 due to 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. All of the goodwill for CAS was assigned to our Distribution operating segment. All other acquisitions during the nine months ended September 30, 2023 and 2022 had their respective goodwill assigned to our Installation operating segment. 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 2023 acquisitions had taken place on January 1, 2022 and the 2022 acquisitions had taken place on January 1, 2021. 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, 2022 and 2021, 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 approximately $37 thousand and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.5 million and $4.2 million for the nine months ended September 30, 2023 and 2022, respectively, as well as additional income tax expense of approximately $35 thousand and $0.7 million for the three months ended September 30, 2023 and 2022, respectively, and $0.3 million and $1.7 million for the nine months ended September 30, 2023 and 2022, respectively, that would have been recorded had the 2023 acquisitions taken place on January 1, 2022 and the 2022 acquisitions taken place on January 1, 2021.
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Income Per Common Share |
9 Months Ended |
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Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | INCOME PER COMMON SHAREBasic net income per common share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents.Diluted net income per common share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income per common share calculation when dilutive. The dilutive effect of outstanding restricted stock awards after application of the treasury stock method was approximately 114 thousand and 139 thousand shares for the three and nine months ended September 30, 2023, respectively, and 117 thousand and 169 thousand for the three and nine months ended September 30, 2022, respectively. Shares of potential common stock that were not included in the calculation of diluted net income per common share because the effect would have been anti-dilutive were not material for the three and nine months ended September 30, 2023 and 2022. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSWe announced on November 8th, 2023 that our board of directors declared a quarterly dividend, payable on December 31, 2023 to stockholders of record on December 15, 2023, at a rate of 33.0 cents per share. |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net Income | $ 67,992 | $ 60,978 | $ 178,863 | $ 154,704 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
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. |
Reclassifications | Reclassifications In order to conform with the current year presentation, we reclassified $1.3 million of the financing component of interest rate swaps for the nine months ended September 30, 2022 from “Other” to “Settlements with interest rate swap counterparties” within the investing activities section of our Condensed Consolidated Statements of Cash Flows.
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Revenue from Contract with Customer | We disaggregate our revenue from contracts with customers for our Installation segment 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.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. |
Significant Accounting Policies (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements Not Yet Adopted We are currently evaluating the impact of the following Accounting Standards Update ("ASU") on our Condensed Consolidated Financial Statements or Notes to Condensed Consolidated Financial Statements:
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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 net revenues disaggregated by end market and product (in thousands):
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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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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||
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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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Change in Carrying Amount of Goodwill | The change in carrying amount of goodwill by reporting segment 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2023 are as follows (in thousands):
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $1.2 million and $0.9 million for the three months ended September 30, 2023 and 2022, respectively, and $3.5 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively, and short-term lease costs of $0.3 million for each of the three months ended September 30, 2023 and 2022, and $0.9 million for each of the nine months ended September 30, 2023 and 2022. (2)Includes variable lease costs of $0.2 million for each of the three months ended September 30, 2023 and 2022, and $0.6 million for each of the nine months ended September 30, 2023 and 2022. 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 September 30, 2023 (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 September 30, 2023 (in thousands):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | The Senior Notes 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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Information on Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | The following tables represent our segment information for the three and nine months ended September 30, 2023 and 2022 (in thousands):
(1)Cost of sales included in segment gross profit is exclusive of depreciation and amortization for the three and nine months ended September 30, 2023 and 2022. The reconciliation between consolidated segment gross profit for each period as shown in the tables above to consolidated income before income taxes is as follows (in thousands):
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Derivative and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 30, 2023, we had the following interest rate swap derivatives:
As of December 31, 2022, we had the following interest rate swap derivatives:
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Derivative Instruments, Gain (Loss) | The following table summarizes amounts recorded to , net included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to our interest rate swaps (in thousands):
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared and Paid | During the nine months ended September 30, 2023, we declared and paid the following cash dividends (amount declared and amount paid in thousands):
During the nine months ended September 30, 2022, we declared and paid the following cash dividends (amount declared and amount paid in thousands):
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Derivative Instruments, Gain (Loss) | The following table summarizes amounts recorded to , net included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to our interest rate swaps (in thousands):
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income related to our interest rate derivatives, net of taxes, was as follows (in thousands):
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Employee Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 by award type (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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Combinations | For the three and nine months ended September 30, 2023 (in thousands):
For the three and nine months ended September 30, 2022 (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, 2022 and 2021, 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) |
9 Months Ended |
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Sep. 30, 2023
segment
location
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of locations the company operates | location | 240 |
Number of operating segment | 3 |
Number of reportable segment | 1 |
Significant Accounting Policies (Details) - USD ($) $ in Thousands |
9 Months Ended | |
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Sep. 30, 2023 |
Sep. 30, 2022 |
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Accounting Policies [Abstract] | ||
Settlements with interest rate swap counterparties | $ 12,165 | $ 1,287 |
Revenue Recognition - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract liability revenue recognized | $ 400,000 | $ 17,800,000 | ||
Impairment losses on contract assets | 0 | $ 0 | 0 | $ 0 |
Transaction price allocated to uncompleted contracts | $ 124,000,000 | $ 124,000,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Expected time of revenue recognition (in months) | 18 months |
Revenue Recognition - Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
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Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 34,069 | $ 29,431 |
Contract liabilities | $ (17,247) | $ (18,884) |
Revenue Recognition - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Costs incurred on uncompleted contracts | $ 245,069 | $ 273,788 |
Estimated earnings | 111,047 | 114,781 |
Total | 356,116 | 388,569 |
Less: Billings to date | 330,417 | 368,009 |
Net under billings | $ 25,699 | $ 20,560 |
Revenue Recognition - Schedule of Net Under (Over) Billings (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) | $ 34,069 | $ 29,431 |
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) | (8,370) | (8,871) |
Net under billings | $ 25,699 | $ 20,560 |
Credit Losses (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 9,549 |
Current period provision | 4,380 |
Recoveries collected and additions | 234 |
Amounts written off | (3,244) |
Ending balance | $ 10,919 |
Cash and Cash Equivalents (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 307.4 | $ 191.9 |
Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Goodwill [Roll Forward] | ||
Goodwill (gross), beginning balance | $ 443,559 | |
Business combinations | 15,860 | |
Other | 5,798 | |
Goodwill (gross), ending balance | 465,217 | |
Accumulated impairment losses | (70,004) | |
Goodwill (net) | 395,213 | $ 373,555 |
Installation | ||
Goodwill [Roll Forward] | ||
Goodwill (gross), beginning balance | 355,226 | |
Business combinations | 15,860 | |
Other | 525 | |
Goodwill (gross), ending balance | 371,611 | |
Accumulated impairment losses | (70,004) | |
Goodwill (net) | 301,607 | |
Other | ||
Goodwill [Roll Forward] | ||
Goodwill (gross), beginning balance | 88,333 | |
Business combinations | 0 | |
Other | 5,273 | |
Goodwill (gross), ending balance | 93,606 | |
Accumulated impairment losses | 0 | |
Goodwill (net) | $ 93,606 |
Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 530,934 | $ 509,376 |
Accumulated Amortization | 259,625 | 225,903 |
Net Book Value | 271,309 | 283,473 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 351,806 | 338,050 |
Accumulated Amortization | 170,134 | 145,722 |
Net Book Value | 181,672 | 192,328 |
Covenants not-to-compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 31,439 | 30,899 |
Accumulated Amortization | 22,852 | 20,086 |
Net Book Value | 8,587 | 10,813 |
Trademarks and tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 126,054 | 119,612 |
Accumulated Amortization | 45,411 | 39,638 |
Net Book Value | 80,643 | 79,974 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,635 | 20,815 |
Accumulated Amortization | 21,228 | 20,457 |
Net Book Value | $ 407 | $ 358 |
Goodwill and Intangibles - Additional Information (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Increase in gross carrying amount of intangibles | $ 21.6 |
Other | |
Goodwill [Line Items] | |
Change in goodwill due to tax election | $ 4.4 |
Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
Remainder of 2023 | $ 10,717 |
2024 | 40,186 |
2025 | 34,645 |
2026 | 30,693 |
2027 | 26,408 |
Thereafter | $ 128,660 |
Long-Term Debt - Schedule Of Maturities Of Long Term Debt (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Maturities of Long-term Debt [Abstract] | |
Remainder of 2022 | $ 8,193 |
2024 | 30,455 |
2025 | 24,917 |
2026 | 20,260 |
2027 | 15,318 |
Thereafter | $ 773,249 |
Long-Term Debt - Additional Information (Details) - Term Loan Agreement - USD ($) |
1 Months Ended | ||||
---|---|---|---|---|---|
Aug. 31, 2023 |
Aug. 01, 2023 |
Aug. 31, 2023 |
Apr. 30, 2023 |
Apr. 28, 2023 |
|
SOFR | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as percent) | 2.00% | 2.25% | 1.00% | ||
Base Rate | |||||
Debt Instrument [Line Items] | |||||
Variable rate basis | alternate base rate | ||||
Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as percent) | 1.00% | ||||
Variable rate basis | federal funds rate | ||||
Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Variable rate basis | prime rate | ||||
Protection Provision | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as percent) | 1.00% | ||||
One Month | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 500,000,000 | ||||
Term loan facility maturity period (in years) | 7 years | ||||
Credit spread adjustment (as a percent) | 0.11% | ||||
Three Months | |||||
Debt Instrument [Line Items] | |||||
Credit spread adjustment (as a percent) | 0.26% | ||||
Six Months | |||||
Debt Instrument [Line Items] | |||||
Credit spread adjustment (as a percent) | 0.43% |
Leases - Schedule of Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Non-Current | ||
Operating | $ 77,808 | $ 76,174 |
Finance | 9,532 | 8,928 |
Total lease assets | $ 87,340 | $ 85,102 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Current | ||
Operating | $ 27,769 | $ 26,145 |
Financing | 2,694 | 2,508 |
Non-Current | ||
Operating | 50,085 | 49,789 |
Financing | 6,909 | 6,397 |
Total lease liabilities | $ 87,457 | $ 84,839 |
Weighted-average remaining lease term: | ||
Operating leases (in years) | 3 years 8 months 12 days | 4 years |
Finance leases (in years) | 3 years 8 months 12 days | 3 years 7 months 6 days |
Weighted-average discount rate: | ||
Operating leases (as percent) | 5.13% | 4.41% |
Finance leases (as percent) | 6.95% | 5.76% |
Leases - Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 9,676 | $ 8,355 | $ 28,266 | $ 24,293 |
Finance lease cost: | ||||
Amortization of leased assets | 976 | 817 | 2,848 | 2,388 |
Interest on finance lease obligations | 161 | 87 | 438 | 216 |
Total lease costs | 10,813 | 9,259 | 31,552 | 26,897 |
Operating Lease | ||||
Finance lease cost: | ||||
Variable lease costs | 1,200 | 900 | 3,500 | 2,600 |
Short-term lease costs | $ 300 | 300 | 900 | 900 |
Finance Lease | ||||
Finance lease cost: | ||||
Variable lease costs | $ 200 | $ 600 | $ 600 |
Leases - Other Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows for operating leases | $ 7,896 | $ 7,030 | $ 23,452 | $ 20,296 |
Operating cash flows for finance leases | 161 | 87 | 438 | 216 |
Financing cash flows for finance leases | $ 750 | $ 576 | $ 2,199 | $ 1,661 |
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial assets: | ||
Cash equivalents | $ 307,420 | $ 191,881 |
Derivative financial instruments | 41,537 | 38,671 |
Total financial assets | 348,957 | 230,552 |
Financial liabilities: | ||
Contingent consideration | 992 | 1,858 |
Level 1 | ||
Financial assets: | ||
Cash equivalents | 307,420 | 191,881 |
Derivative financial instruments | 0 | 0 |
Total financial assets | 307,420 | 191,881 |
Financial liabilities: | ||
Contingent consideration | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash equivalents | 0 | 0 |
Derivative financial instruments | 41,537 | 38,671 |
Total financial assets | 41,537 | 38,671 |
Financial liabilities: | ||
Contingent consideration | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Cash equivalents | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Contingent consideration | $ 992 | $ 1,858 |
Fair Value Measurements - Summary of Change in Fair Value of Contingent Consideration (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 1,858 |
Accretion in value | 134 |
Amounts paid to sellers | (1,000) |
Ending balance | $ 992 |
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 |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Level 2 | ||
Financial assets: | ||
Senior Notes | $ 277,254 | $ 270,993 |
Carrying Value | ||
Financial assets: | ||
Senior Notes | $ 300,000 | $ 300,000 |
Derivative and Hedging Activities - Interest Rate Swap Summary (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | Interest expense | Interest expense | Interest expense |
Interest Rate Swap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
(Benefit) associated with swap net settlements | $ (4,457) | $ (1,303) | $ (12,187) | $ (344) |
Expense associated with amortization of amended/terminated swaps | $ 1,124 | $ 1,127 | $ 3,342 | $ 2,796 |
Stockholders' Equity - Change in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
BEGINNING BALANCE | $ 560,672 | $ 400,601 | $ 493,499 | $ 416,840 |
ENDING BALANCE | 628,182 | 457,514 | 628,182 | 457,514 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
BEGINNING BALANCE | 39,653 | 28,034 | 40,560 | (227) |
Unrealized gains in fair value | 4,651 | 13,547 | 2,102 | 40,577 |
Reclassifications of realized net losses to earnings | 831 | 832 | 2,473 | 2,063 |
ENDING BALANCE | $ 45,135 | $ 42,413 | $ 45,135 | $ 42,413 |
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Feb. 24, 2022 |
|
Statement Of Shareholders Equity [Line Items] | ||||||
Common stock repurchase (in shares) | (142) | (1,200) | ||||
Share repurchase, amount | $ 12,528 | $ 112,200 | $ 112,193 | |||
Share repurchase, price per share (in usd per share) | $ 88.27 | $ 92.98 | ||||
Stock repurchase program, authorized | $ 200,000 | |||||
Amount Paid | $ 8,945 | $ 8,982 | $ 53,779 | $ 53,821 |
Stockholders' Equity - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 02, 2023 |
May 05, 2023 |
Feb. 22, 2023 |
Sep. 30, 2022 |
Aug. 04, 2022 |
Jun. 30, 2022 |
May 05, 2022 |
Mar. 31, 2022 |
Feb. 24, 2022 |
Feb. 23, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Dividends Payable [Line Items] | ||||||||||||||||||
Cash dividends declared per share (in USD per share) | $ 0.315 | $ 0.315 | $ 0.33 | $ 0.32 | $ 1.89 | $ 1.85 | ||||||||||||
Amount Declared | $ 9,018 | $ 9,054 | $ 9,374 | $ 9,018 | $ 53,649 | $ 53,961 | ||||||||||||
Amount Paid | $ 8,945 | $ 8,982 | 53,779 | 53,821 | ||||||||||||||
Dividends | $ 600 | $ 500 | ||||||||||||||||
Dividend One | ||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||
Cash dividends declared per share (in USD per share) | $ 0.90 | $ 0.90 | ||||||||||||||||
Amount Declared | $ 25,537 | $ 26,585 | ||||||||||||||||
Amount Paid | $ 25,270 | $ 26,242 | ||||||||||||||||
Dividend Two | ||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||
Cash dividends declared per share (in USD per share) | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.315 | ||||||||||||||
Amount Declared | $ 9,375 | $ 9,375 | $ 9,364 | $ 9,305 | ||||||||||||||
Amount Paid | $ 9,184 | $ 9,266 | $ 9,307 | $ 9,307 |
Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Postemployment Benefits [Abstract] | ||
Included in other current liabilities | $ 8,760 | $ 9,946 |
Included in other long-term liabilities | 17,404 | 13,730 |
Workers' compensation liability | $ 26,164 | $ 23,676 |
Employee Benefits - Schedule of Insurance Receivable for Claims (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Postemployment Benefits [Abstract] | ||
Included in other non-current assets | $ 2,906 | $ 2,318 |
Employee Benefits - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 3,516 | $ 3,212 | $ 10,637 | $ 10,290 |
Cost of sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | 253 | 165 | 658 | 484 |
Selling | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | 91 | 126 | 316 | 329 |
Administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 3,172 | $ 2,921 | $ 9,663 | $ 9,477 |
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (as percent) | 26.70% | 26.60% | 26.30% | 26.50% |
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Related Party Transaction [Line Items] | ||||
Net revenue | $ 706,465 | $ 719,114 | $ 2,057,874 | $ 1,983,355 |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Net revenue | 6,129 | 6,178 | 15,005 | 7,539 |
Purchases | 555 | 596 | 1,898 | 1,460 |
Rent | $ 262 | $ 336 | $ 936 | $ 974 |
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties | $ 2.2 | $ 2.5 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties | $ 3.2 | $ 3.3 |
Commitments and Contingencies - Schedule of Accrued General Insurance Reserves (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Included in other current liabilities | $ 7,782 | $ 7,479 |
Included in other long-term liabilities | 18,147 | 17,528 |
Total | $ 25,929 | $ 25,007 |
Commitments and Contingencies - Schedule of Insurance Receivable for Claims (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Commitments And Contingencies Disclosure [Line Items] | ||
Total insurance receivables and indemnification assets included in other non-current assets | $ 2,906 | $ 2,318 |
General Liability | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Insurance receivables and indemnification assets for claims under fully insured policies | 1,606 | 4,933 |
Insurance receivables for claims that exceeded the stop loss limit | 75 | 380 |
Total insurance receivables and indemnification assets included in other non-current assets | $ 1,681 | $ 5,313 |
Commitments and Contingencies - Additional Information (Details) aluminumPound in Millions, $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
aluminumPound
USD ($)
supplier
| |
Commitments and Contingencies Disclosure [Abstract] | |
Number of suppliers | supplier | 1 |
2023 (in pounds) | 12.0 |
2024 (in pounds) | 14.4 |
2025 (in pounds) | 17.3 |
Materials purchased in 2023 (in pounds) | $ | 5.3 |
Business Combinations - Additional Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
acquistion
|
Sep. 30, 2022
USD ($)
acquistion
|
|
Business Acquisition [Line Items] | ||||
Number of businesses acquired | acquistion | 6 | 5 | ||
Number of insignificant tuck-in acquisitions | acquistion | 1 | |||
Acquisition-related costs | $ 200 | $ (100) | $ 1,300 | |
Goodwill deduction for tax purposes | 15,300 | 15,300 | ||
Amortization | 11,031 | 11,370 | 33,722 | $ 33,728 |
Income tax expense | 24,803 | 22,080 | 63,982 | 55,857 |
Interest expense | 9,718 | 10,668 | $ 29,216 | 31,669 |
Other | ||||
Business Acquisition [Line Items] | ||||
Contingent payment period (in years) | 1 year | |||
Combined Business Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Amortization | 37 | 1,100 | $ 500 | 4,200 |
Income tax expense | $ 35 | $ 700 | $ 300 | $ 1,700 |
Business Combinations - Summary of Business Acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 12, 2023 |
Feb. 13, 2023 |
Apr. 11, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Business Acquisition [Line Items] | |||||||
Cash Paid | $ 44,855 | $ 76,109 | |||||
Seller Obligations | 3,371 | 29,942 | |||||
Total Purchase Price | 48,226 | 106,051 | |||||
Revenue | $ 11,999 | $ 20,349 | 25,396 | 38,377 | |||
Net Income (Loss) | 546 | (844) | 1,030 | (387) | |||
Anchor | |||||||
Business Acquisition [Line Items] | |||||||
Cash Paid | $ 35,928 | 35,928 | |||||
Seller Obligations | 2,756 | 2,756 | |||||
Total Purchase Price | $ 38,684 | ||||||
Revenue | 9,288 | 20,805 | |||||
Net Income (Loss) | 321 | 818 | |||||
Other | |||||||
Business Acquisition [Line Items] | |||||||
Cash Paid | $ 8,927 | 8,927 | 20,959 | ||||
Seller Obligations | 615 | 615 | 2,607 | ||||
Total Purchase Price | $ 9,542 | 23,566 | |||||
Revenue | 2,711 | 6,945 | 4,591 | 12,249 | |||
Net Income (Loss) | $ 225 | 204 | $ 212 | 418 | |||
Central Aluminum | |||||||
Business Acquisition [Line Items] | |||||||
Cash Paid | $ 55,150 | 55,150 | |||||
Seller Obligations | 27,335 | 27,335 | |||||
Total Purchase Price | $ 82,485 | ||||||
Revenue | 13,404 | 26,128 | |||||
Net Income (Loss) | $ (1,048) | $ (805) |
Business Combinations - Estimates of Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 13,755 | $ 29,606 |
Weighted Average Estimated Useful Life (in years) | 12 years | 12 years |
Trademarks and tradenames | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 6,442 | $ 13,228 |
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 | $ 517 | $ 1,566 |
Weighted Average Estimated Useful Life (in years) | 5 years | 5 years |
Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | $ 820 | $ 0 |
Weighted Average Estimated Useful Life (in years) | 1 year | 0 years |
Business Combinations - Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net revenue | $ 707,482 | $ 748,325 | $ 2,073,593 | $ 2,080,848 |
Net income | $ 68,098 | $ 63,169 | $ 179,759 | $ 159,782 |
Basic net income per share (in USD per share) | $ 2.41 | $ 2.22 | $ 6.39 | $ 5.54 |
Diluted net income per share (in USD per share) | $ 2.40 | $ 2.21 | $ 6.35 | $ 5.51 |
Income Per Common Share - Additional Information (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method (in shares) | 114 | 117 | 139 | 169 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Nov. 08, 2023 |
Aug. 04, 2022 |
May 05, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Subsequent Event [Line Items] | |||||||
Cash dividends declared per share (in USD per share) | $ 0.315 | $ 0.315 | $ 0.33 | $ 0.32 | $ 1.89 | $ 1.85 | |
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividends declared per share (in USD per share) | $ 0.33 |
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