Company Quick10K Filing
Quick10K
Installed Building Products
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$54.55 30 $1,640
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-08 Earnings, Regulation FD, Exhibits
8-K 2019-06-24 Regulation FD, Exhibits
8-K 2019-05-30 Shareholder Vote
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-03-18 Regulation FD, Exhibits
8-K 2018-12-10 Regulation FD, Exhibits
8-K 2018-11-05 Enter Agreement, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-10-31 Regulation FD, Exhibits
8-K 2018-09-17 Regulation FD, Exhibits
8-K 2018-09-04 Regulation FD, Exhibits
8-K 2018-08-13 Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-06-19 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-05-31 Shareholder Vote
8-K 2018-05-03 Earnings, Regulation FD, Exhibits
8-K 2018-04-09 Regulation FD, Exhibits
8-K 2018-03-19 Regulation FD, Exhibits
8-K 2018-01-16 Regulation FD, Exhibits
ADI Analog Devices 40,720
BBVA Banco Bilbao Vizcaya Argentaria 38,250
RMD Resmed 16,070
MFA MFA Financial 3,320
RLJ RLJ Lodging Trust 3,200
AVP Avon Products 1,290
FISI Financial Institutions 456
WEBK Wellesley Bancorp 88
EQGP Eqgp Holdings 0
IMNP Immune Pharmaceuticals 0
IBP 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization
Note 2 - Significant Accounting Policies
Note 2 To The Audited Consolidated Financial Statements in Our 2018 Form
Note 3 - Revenue Recognition
Note 4 - Investments
Note 5 - Goodwill and Intangibles
Note 6 - Long-Term Debt
Note 7 - Leases
Note 8 - Fair Value Measurements
Note 9 - Derivatives and Hedging Activities
Note 10 - Stockholders' Equity
Note 11 - Employee Benefits
Note 12 - Income Taxes
Note 13 - Related Party Transactions
Note 14 - Commitments and Contingencies
Note 15 - Business Combinations
Note 16 - Income per Common Share
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 d768010dex101.htm
EX-31.1 d768010dex311.htm
EX-31.2 d768010dex312.htm
EX-32.1 d768010dex321.htm
EX-32.2 d768010dex322.htm

Installed Building Products Earnings 2019-06-30

IBP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Form 10-Q
false2019Q20001580905--12-31Includes variable lease costs of $0.2 million and $0.5 million, respectively.Includes variable lease costs of $0.5 million and $1.0 million, respectively, and short-term lease costs of $0.2 million and $0.4 million, respectively.Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. 0001580905 2019-01-01 2019-06-30 0001580905 2019-04-01 2019-06-30 0001580905 2018-04-01 2018-06-30 0001580905 2018-01-01 2018-06-30 0001580905 2019-06-30 0001580905 2018-12-31 0001580905 2018-01-01 2018-12-31 0001580905 2018-06-30 0001580905 2019-08-01 0001580905 2018-03-31 0001580905 2019-03-31 0001580905 2017-12-31 0001580905 ibp:BlindsMember 2019-01-01 2019-06-30 0001580905 ibp:OtherBuildingProductsMember 2019-01-01 2019-06-30 0001580905 ibp:WaterproofingMember 2019-01-01 2019-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember 2019-01-01 2019-06-30 0001580905 ibp:GarageDoorsMember 2019-01-01 2019-06-30 0001580905 ibp:RainGuttersMember 2019-01-01 2019-06-30 0001580905 ibp:ResidentialNewConstructionMember 2019-01-01 2019-06-30 0001580905 ibp:RepairAndRemodelMember 2019-01-01 2019-06-30 0001580905 ibp:CommercialMember 2019-01-01 2019-06-30 0001580905 ibp:InsulationMember 2019-01-01 2019-06-30 0001580905 us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0001580905 us-gaap:SellingAndMarketingExpenseMember 2019-01-01 2019-06-30 0001580905 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-06-30 0001580905 srt:AffiliatedEntityMember 2019-01-01 2019-06-30 0001580905 ibp:FirstStateInsulationMember 2019-01-01 2019-06-30 0001580905 ibp:ExpertInsulationMember 2019-01-01 2019-06-30 0001580905 us-gaap:CustomerRelationshipsMember 2019-01-01 2019-06-30 0001580905 us-gaap:TrademarksAndTradeNamesMember 2019-01-01 2019-06-30 0001580905 us-gaap:NoncompeteAgreementsMember 2019-01-01 2019-06-30 0001580905 ibp:CommonStockAwardsMember 2019-01-01 2019-06-30 0001580905 ibp:InsulationMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:CommercialMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:RepairAndRemodelMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:ResidentialNewConstructionMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:RainGuttersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:GarageDoorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:WaterproofingMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:OtherBuildingProductsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:BlindsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001580905 ibp:TwoThousandEighteenStockRepurchasePlanMember us-gaap:DirectorMember 2019-01-01 2019-06-30 0001580905 ibp:ForwardInterestRateSwapsMember 2019-01-01 2019-06-30 0001580905 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember ibp:InterestRateSwapMaturedOnAprilFifteenTwoThousandTwentyFiveMember 2019-01-01 2019-06-30 0001580905 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember ibp:InterestRateSwapMaturedOnMayThirtyFirstTwoThousandTwentyTwoMember 2019-01-01 2019-06-30 0001580905 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-06-30 0001580905 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001580905 ibp:VehicleAndEquipmentNotesMember 2019-01-01 2019-06-30 0001580905 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2019-01-01 2019-06-30 0001580905 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001580905 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001580905 ibp:PerformanceBasedRestrictedStockUnitsMember 2019-01-01 2019-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember us-gaap:OfficerMember ibp:PerformanceBasedAwardsMember us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember ibp:NonPerformanceBasedAwardsMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-06-30 0001580905 us-gaap:RestrictedStockMember us-gaap:DirectorMember 2019-01-01 2019-06-30 0001580905 ibp:TwothousandnighteenacquisitionsMember 2019-01-01 2019-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember 2019-01-01 2019-06-30 0001580905 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0001580905 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-06-30 0001580905 us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-06-30 0001580905 ibp:PerformanceBasedAwardsMember 2019-01-01 2019-06-30 0001580905 ibp:PerformanceBasedStockUnitsMember 2019-01-01 2019-06-30 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001580905 country:US 2019-06-30 0001580905 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0001580905 us-gaap:FairValueInputsLevel2Member 2019-06-30 0001580905 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2019-06-30 0001580905 ibp:ForwardInterestRateSwapsMember 2019-06-30 0001580905 ibp:WorkersCompensationMember 2019-06-30 0001580905 srt:AffiliatedEntityMember 2019-06-30 0001580905 ibp:MiHomesIncMember 2019-06-30 0001580905 ibp:ExpertInsulationMember 2019-06-30 0001580905 us-gaap:GeneralLiabilityMember 2019-06-30 0001580905 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2019-06-30 0001580905 us-gaap:HeldtomaturitySecuritiesMember 2019-06-30 0001580905 ibp:TermLoanAgreementMember 2019-06-30 0001580905 us-gaap:FairValueInputsLevel1Member 2019-06-30 0001580905 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember ibp:InterestRateSwapMaturedOnMayThirtyFirstTwoThousandTwentyTwoMember 2019-06-30 0001580905 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember ibp:InterestRateSwapMaturedOnAprilFifteenTwoThousandTwentyFiveMember 2019-06-30 0001580905 ibp:FirstStateInsulationMember 2019-06-30 0001580905 srt:MinimumMember ibp:VehicleAndEquipmentNotesMember 2019-06-30 0001580905 srt:MaximumMember ibp:VehicleAndEquipmentNotesMember 2019-06-30 0001580905 srt:MinimumMember 2019-06-30 0001580905 srt:MaximumMember 2019-06-30 0001580905 us-gaap:OrderOrProductionBacklogMember 2019-06-30 0001580905 us-gaap:CustomerRelationshipsMember 2019-06-30 0001580905 us-gaap:NoncompeteAgreementsMember 2019-06-30 0001580905 us-gaap:TrademarksAndTradeNamesMember 2019-06-30 0001580905 ibp:ChemicalSupplierMember 2019-06-30 0001580905 us-gaap:FairValueInputsLevel3Member 2019-06-30 0001580905 us-gaap:DesignatedAsHedgingInstrumentMember ibp:TermLoanMember 2019-06-30 0001580905 ibp:TermLoanMember 2019-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember ibp:PerformanceBasedAwardsMember us-gaap:OfficerMember us-gaap:CommonStockMember 2019-06-30 0001580905 ibp:PerformanceBasedRestrictedStockUnitsMember 2019-06-30 0001580905 ibp:RelatedPartyOperatingLeasesMember 2019-06-30 0001580905 ibp:OtherPartyOperatingLeasesMember 2019-06-30 0001580905 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001580905 us-gaap:FairValueInputsLevel2Member 2018-12-31 0001580905 ibp:WorkersCompensationMember 2018-12-31 0001580905 srt:AffiliatedEntityMember 2018-12-31 0001580905 ibp:MiHomesIncMember 2018-12-31 0001580905 us-gaap:GeneralLiabilityMember 2018-12-31 0001580905 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2018-12-31 0001580905 us-gaap:HeldtomaturitySecuritiesMember 2018-12-31 0001580905 ibp:TermLoanAgreementMember 2018-12-31 0001580905 us-gaap:FairValueInputsLevel1Member 2018-12-31 0001580905 us-gaap:OrderOrProductionBacklogMember 2018-12-31 0001580905 us-gaap:CustomerRelationshipsMember 2018-12-31 0001580905 us-gaap:NoncompeteAgreementsMember 2018-12-31 0001580905 us-gaap:TrademarksAndTradeNamesMember 2018-12-31 0001580905 us-gaap:FairValueInputsLevel3Member 2018-12-31 0001580905 ibp:RelatedPartyOperatingLeaseAgreementMember 2018-12-31 0001580905 ibp:OtherOperatingLeasesMember 2018-12-31 0001580905 us-gaap:AccountingStandardsUpdate201602Member 2018-12-31 0001580905 ibp:RepairAndRemodelMember 2019-04-01 2019-06-30 0001580905 ibp:CommercialMember 2019-04-01 2019-06-30 0001580905 ibp:InsulationMember 2019-04-01 2019-06-30 0001580905 ibp:WaterproofingMember 2019-04-01 2019-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember 2019-04-01 2019-06-30 0001580905 ibp:GarageDoorsMember 2019-04-01 2019-06-30 0001580905 ibp:RainGuttersMember 2019-04-01 2019-06-30 0001580905 ibp:BlindsMember 2019-04-01 2019-06-30 0001580905 ibp:OtherBuildingProductsMember 2019-04-01 2019-06-30 0001580905 ibp:ResidentialNewConstructionMember 2019-04-01 2019-06-30 0001580905 us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0001580905 us-gaap:SellingAndMarketingExpenseMember 2019-04-01 2019-06-30 0001580905 us-gaap:GeneralAndAdministrativeExpenseMember 2019-04-01 2019-06-30 0001580905 srt:AffiliatedEntityMember 2019-04-01 2019-06-30 0001580905 ibp:ResidentialNewConstructionMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:OtherBuildingProductsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:BlindsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:RainGuttersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:GarageDoorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:WaterproofingMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:InsulationMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:CommercialMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 ibp:RepairAndRemodelMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-04-01 2019-06-30 0001580905 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember 2019-04-01 2019-06-30 0001580905 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2019-04-01 2019-06-30 0001580905 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001580905 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001580905 ibp:PerformanceBasedRestrictedStockUnitsMember 2019-04-01 2019-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember us-gaap:OfficerMember ibp:PerformanceBasedAwardsMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember ibp:NonPerformanceBasedAwardsMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-04-01 2019-06-30 0001580905 us-gaap:RestrictedStockMember us-gaap:DirectorMember 2019-04-01 2019-06-30 0001580905 ibp:TwothousandnighteenacquisitionsMember 2019-04-01 2019-06-30 0001580905 ibp:ExpertInsulationMember 2019-04-01 2019-06-30 0001580905 ibp:FirstStateInsulationMember 2019-04-01 2019-06-30 0001580905 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001580905 ibp:ResidentialNewConstructionMember 2018-04-01 2018-06-30 0001580905 ibp:RepairAndRemodelMember 2018-04-01 2018-06-30 0001580905 ibp:CommercialMember 2018-04-01 2018-06-30 0001580905 ibp:InsulationMember 2018-04-01 2018-06-30 0001580905 ibp:WaterproofingMember 2018-04-01 2018-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember 2018-04-01 2018-06-30 0001580905 ibp:GarageDoorsMember 2018-04-01 2018-06-30 0001580905 ibp:RainGuttersMember 2018-04-01 2018-06-30 0001580905 ibp:BlindsMember 2018-04-01 2018-06-30 0001580905 ibp:OtherBuildingProductsMember 2018-04-01 2018-06-30 0001580905 us-gaap:CostOfSalesMember 2018-04-01 2018-06-30 0001580905 us-gaap:SellingAndMarketingExpenseMember 2018-04-01 2018-06-30 0001580905 us-gaap:GeneralAndAdministrativeExpenseMember 2018-04-01 2018-06-30 0001580905 srt:AffiliatedEntityMember 2018-04-01 2018-06-30 0001580905 ibp:OtherBuildingProductsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:BlindsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:RainGuttersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:GarageDoorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:WaterproofingMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:InsulationMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:CommercialMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:RepairAndRemodelMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 ibp:ResidentialNewConstructionMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0001580905 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember 2018-04-01 2018-06-30 0001580905 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-04-01 2018-06-30 0001580905 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001580905 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001580905 us-gaap:DirectorMember us-gaap:RestrictedStockMember 2018-04-01 2018-06-30 0001580905 ibp:PerformanceBasedRestrictedStockUnitsMember 2018-04-01 2018-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember us-gaap:OfficerMember ibp:PerformanceBasedAwardsMember us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember ibp:NonPerformanceBasedAwardsMember us-gaap:GeneralAndAdministrativeExpenseMember 2018-04-01 2018-06-30 0001580905 ibp:CdgAcquisitionMember 2018-04-01 2018-06-30 0001580905 ibp:OtherAcquisitionMember 2018-04-01 2018-06-30 0001580905 ibp:TwoThousandEighteenAcquisitionsMember 2018-04-01 2018-06-30 0001580905 us-gaap:TreasuryStockMember 2018-04-01 2018-06-30 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001580905 ibp:BlindsMember 2018-01-01 2018-06-30 0001580905 ibp:WaterproofingMember 2018-01-01 2018-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember 2018-01-01 2018-06-30 0001580905 ibp:GarageDoorsMember 2018-01-01 2018-06-30 0001580905 ibp:RainGuttersMember 2018-01-01 2018-06-30 0001580905 ibp:OtherBuildingProductsMember 2018-01-01 2018-06-30 0001580905 ibp:ResidentialNewConstructionMember 2018-01-01 2018-06-30 0001580905 ibp:RepairAndRemodelMember 2018-01-01 2018-06-30 0001580905 ibp:CommercialMember 2018-01-01 2018-06-30 0001580905 ibp:InsulationMember 2018-01-01 2018-06-30 0001580905 us-gaap:CostOfSalesMember 2018-01-01 2018-06-30 0001580905 us-gaap:SellingAndMarketingExpenseMember 2018-01-01 2018-06-30 0001580905 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-06-30 0001580905 srt:AffiliatedEntityMember 2018-01-01 2018-06-30 0001580905 ibp:CdgAcquisitionMember 2018-01-01 2018-06-30 0001580905 us-gaap:NoncompeteAgreementsMember 2018-01-01 2018-06-30 0001580905 us-gaap:CustomerRelationshipsMember 2018-01-01 2018-06-30 0001580905 us-gaap:TrademarksAndTradeNamesMember 2018-01-01 2018-06-30 0001580905 ibp:OtherAcquisitionMember 2018-01-01 2018-06-30 0001580905 ibp:InsulationMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:CommercialMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:RepairAndRemodelMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:ResidentialNewConstructionMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:OtherBuildingProductsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:RainGuttersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:GarageDoorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:ShowerDoorsShelvingAndMirrorsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:WaterproofingMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:BlindsMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0001580905 ibp:TwoThousandEighteenStockRepurchasePlanMember 2018-01-01 2018-06-30 0001580905 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember 2018-01-01 2018-06-30 0001580905 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-01-01 2018-06-30 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0001580905 us-gaap:CommonStockMember 2018-01-01 2018-06-30 0001580905 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0001580905 us-gaap:DirectorMember us-gaap:RestrictedStockMember 2018-01-01 2018-06-30 0001580905 ibp:PerformanceBasedRestrictedStockUnitsMember 2018-01-01 2018-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember us-gaap:OfficerMember ibp:PerformanceBasedAwardsMember us-gaap:CommonStockMember 2018-01-01 2018-06-30 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember ibp:NonPerformanceBasedAwardsMember us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-06-30 0001580905 ibp:TwoThousandEighteenAcquisitionsMember 2018-01-01 2018-06-30 0001580905 us-gaap:TreasuryStockMember 2018-01-01 2018-06-30 0001580905 us-gaap:DesignatedAsHedgingInstrumentMember 2018-01-01 2018-06-30 0001580905 us-gaap:AccountingStandardsUpdate201602Member us-gaap:CostOfSalesMember 2018-01-01 2018-12-31 0001580905 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001580905 ibp:TwoThousandAndFourteenOmnibusIncentivePlanMember us-gaap:OfficerMember ibp:PerformanceBasedAwardsMember us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001580905 ibp:CdgAcquisitionMember 2018-06-30 0001580905 ibp:OtherAcquisitionMember 2018-06-30 0001580905 us-gaap:CommonStockMember 2018-12-31 0001580905 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001580905 us-gaap:RetainedEarningsMember 2018-12-31 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001580905 ibp:CommonStockAwardsMember 2018-12-31 0001580905 us-gaap:TreasuryStockMember 2018-12-31 0001580905 ibp:CommonStockAwardsMember 2019-06-30 0001580905 ibp:PerformanceBasedAwardsMember 2018-12-31 0001580905 ibp:PerformanceBasedStockUnitsMember 2018-12-31 0001580905 ibp:PerformanceBasedAwardsMember 2019-06-30 0001580905 ibp:PerformanceBasedStockUnitsMember 2019-06-30 0001580905 us-gaap:CommonStockMember 2019-06-30 0001580905 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001580905 us-gaap:RetainedEarningsMember 2019-06-30 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001580905 us-gaap:TreasuryStockMember 2019-06-30 0001580905 us-gaap:CommonStockMember 2019-03-31 0001580905 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001580905 us-gaap:RetainedEarningsMember 2019-03-31 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001580905 us-gaap:TreasuryStockMember 2019-03-31 0001580905 us-gaap:CommonStockMember 2018-03-31 0001580905 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001580905 us-gaap:RetainedEarningsMember 2018-03-31 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001580905 us-gaap:TreasuryStockMember 2018-03-31 0001580905 us-gaap:CommonStockMember 2018-06-30 0001580905 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001580905 us-gaap:RetainedEarningsMember 2018-06-30 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001580905 us-gaap:TreasuryStockMember 2018-06-30 0001580905 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001580905 us-gaap:CommonStockMember 2017-12-31 0001580905 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001580905 us-gaap:RetainedEarningsMember 2017-12-31 0001580905 us-gaap:TreasuryStockMember 2017-12-31 iso4217:USD xbrli:shares xbrli:pure ibp:Location ibp:Business ibp:Segment iso4217:USD xbrli:shares ibp:Instruments ibp:Installments ibp:Swap
Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From
                    
To
                    
Commission File Number:
001-36307
 
Installed Building Products, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
 
45-3707650
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
     
495 South High Street
, Suite 50
Columbus
, Ohio
 
43215
(Address of principal executive offices)
 
(Zip Code)
(
614
)
221-3399
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common stock
 
IBP
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes
  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Yes
  
    No  
Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated filer
 
 
Smaller reporting company
 
             
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 
12b–2 
of the Exchange Act).    Yes  
    No  
On August 1, 2019, the registrant had 30,017,008 shares of common stock, par value $0.01 per share, outstanding.
 
 
 
 
Table of Contents
 
TABLE OF CONTENTS
   
1
 
         
   
1
 
         
   
26
 
         
   
33
 
         
   
34
 
         
   
34
 
         
   
34
 
         
   
34
 
         
   
34
 
         
   
35
 
         
   
35
 
         
   
35
 
         
   
35
 
         
   
37
 
 
i
 
 
Table of Contents
 
PART I – FINANCIAL ​​​​​​​INFORMATION
Item 1.
Financial Statements
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands​​​​​​​, except share and per share amounts)
 
June 30,
   
December 31,
 
 
2019
   
2018
 
ASSETS
   
     
 
Current assets
   
     
 
Cash and cash equivalents
  $
95,747
    $
90,442
 
Investments
   
9,923
     
10,060
 
Accounts receivable (less allowance for doubtful accounts of $
5,539
and $
5,085
at June 30, 2019 and December 31, 2018, respectively)
   
232,111
     
214,121
 
Inventories
   
63,951
     
61,162
 
Other current assets
   
34,944
     
35,760
 
                 
Total current assets
   
436,676
     
411,545
 
Property and equipment, net
   
92,655
     
90,117
 
Operating lease
right-of-use
assets
   
46,383
     
—  
 
Goodwill
   
183,412
     
173,049
 
Intangibles, net
   
148,203
     
149,790
 
Other
non-current
assets
   
9,062
     
10,157
 
                 
Total assets
  $
916,391
    $
834,658
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
   
     
 
Current liabilities
   
     
 
Current maturities of long-term debt
  $
25,252
    $
22,642
 
Current maturities of operating lease obligations
   
15,028
     
—  
 
Current maturities of finance lease obligations
   
3,738
     
4,806
 
Accounts payable
   
96,235
     
96,949
 
Accrued compensation
   
26,964
     
27,923
 
Other current liabilities
   
34,760
     
29,366
 
                 
Total current liabilities
   
201,977
     
181,686
 
Long-term debt
   
431,988
     
432,182
 
Operating lease obligations
   
30,964
     
—  
 
Finance lease obligations
   
3,943
     
3,824
 
Deferred income taxes
   
4,421
     
6,695
 
Other long-term liabilities
   
37,096
     
27,773
 
                 
Total liabilities
   
710,389
     
652,160
 
Commitments and contingencies
   
 
     
 
 
Stockholders’ equity
   
     
 
Preferred Stock; $
0.01
par value:
5,000,000
authorized and
0
shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
   
—  
     
—  
 
Common stock; $
0.01
par value:
100,000,000
authorized,
32,871,504
and
32,723,972
issued and
30,017,008
and
29,915,611
shares outstanding at June 30, 2019 and December 31, 2018, respectively
   
329
     
327
 
Additional paid in capital
   
186,182
     
181,815
 
Retained earnings
   
132,965
     
105,212
 
Treasury stock; at cost:
2,854,496
and
2,808,361
shares at June 30, 2019 and December 31, 2018, respectively
   
(106,748
)    
(104,425
)
Accumulated other comprehensive loss
   
(6,726
)    
(431
)
                 
Total stockholders’ equity
   
206,002
     
182,498
 
                 
Total liabilities and stockholders’ equity
  $
916,391
    $
834,658
 
                 
 
1
 
See accompanying notes to consolidated financial statements
 
 
Table of Contents
 
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (UNAUDITED)
(in thousands, except share and per share amounts)
 
                                 
 
Three months ended June 30,
   
Six months ended June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Net revenue
  $
371,814
    $
332,584
    $
713,949
    $
634,312
 
Cost of sales
   
264,557
     
236,941
     
517,254
     
458,693
 
                                 
Gross profit
   
107,257
     
95,643
     
196,695
     
175,619
 
Operating expenses
   
     
     
     
 
Selling
   
17,903
     
16,020
     
35,033
     
31,866
 
Administrative
   
52,493
     
44,971
     
100,924
     
89,174
 
Amortization
   
6,021
     
7,322
     
11,909
     
14,450
 
                                 
Operating income
   
30,840
     
27,330
     
48,829
     
40,129
 
Other expense
   
     
     
     
 
Interest expense, net
   
5,649
     
5,691
     
11,325
     
9,731
 
Other
   
101
     
163
     
226
     
285
 
                                 
Income before income taxes
   
25,090
     
21,476
     
37,278
     
30,113
 
Income tax provision
   
6,171
     
5,161
     
9,525
     
7,404
 
                                 
Net income
  $
18,919
    $
16,315
    $
27,753
    $
22,709
 
                                 
Other comprehensive (loss) income, net of tax:
   
     
     
     
 
Unrealized (loss) gain on cash flow hedge, net of tax benefit (provision) of $
1,180
and ($
159
) for the three months ended June 30, 2019 and 2018, respectively, and $
2,101
and ($
545
) for the six months ended June 30, 2019 and 2018, respectively
   
(3,546
)    
475
     
(6,295
)    
1,635
 
                                 
Comprehensive income
  $
15,373
    $
16,790
    $
21,458
    $
24,344
 
                                 
Basic net income per share
  $
0.64
    $
0.52
    $
0.93
    $
0.72
 
                                 
Diluted net income per share
  $
0.63
    $
0.52
    $
0.93
    $
0.72
 
                                 
Weighted average shares outstanding:
   
     
     
     
 
Basic
   
29,758,071
     
31,345,390
     
29,719,194
     
31,447,067
 
Diluted
   
29,834,748
     
31,452,583
     
29,820,917
     
31,612,581
 
 
 
 
 
 
2
 
See accompanying notes to consolidated financial statements
 
 
Table of Contents
 
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2018 AND JUNE 30, 2019
(in thousands, except share amounts)
                                                                 
 
   
Additional
   
   
   
   
Accumulated Other
   
 
 
Common Stock
   
Paid In
   
Retained
   
Treasury Stock
   
Comprehensive
   
Stockholders’
 
 
Shares
   
Amount
   
Capital
   
Earnings
   
Shares
   
Amount
   
Income
   
Equity
 
BALANCE - April 1, 2018
   
32,595,324
    $
  326
    $
  176,349
    $
57,604
     
(1,076,717
)   $
  (37,477
)   $
1,779
    $
  198,581
 
                                                                 
Net income
   
     
     
     
16,315
     
     
     
     
16,315
 
Issuance of common stock awards to employees
   
123,703
     
1
     
(1
)    
     
     
     
     
—  
 
Surrender of common stock awards by employees
   
     
     
     
     
(40,906
)    
(2,226
)    
     
(2,226
)
Share-based compensation expense
   
     
     
1,893
     
     
     
     
     
1,893
 
Share-based compensation issued to directors
   
4,945
     
     
25
     
     
     
     
     
25
 
Other comprehensive income, net of tax
   
     
     
     
     
     
     
475
     
475
 
                                                                 
BALANCE - June 30, 2018
   
32,723,972
    $
327
    $
178,266
    $
73,919
     
(1,117,623
)   $
  (39,703
)   $
2,254
    $
215,063
 
                                                                 
                                           
 
   
Additional
   
   
   
   
Accumulated Other
   
 
 
Common Stock
   
Paid In
   
Retained
   
Treasury Stock
   
Comprehensive
   
Stockholders’
 
 
Shares
   
Amount
   
Capital
   
Earnings
   
Shares
   
Amount
   
Loss
   
Equity
 
BALANCE - April 1, 2019
   
32,780,967
    $
328
    $
183,836
    $
114,046
     
(2,809,004
)   $
  (104,429
)   $
  (3,180
)   $
190,601
 
                                                                 
Net income
   
     
     
     
18,919
     
     
     
     
18,919
 
Issuance of common stock awards to employees
   
82,867
     
1
     
(1
)    
     
     
     
     
—  
 
Surrender of common stock awards by employees
   
     
     
     
     
(45,492
)    
(2,319
)    
     
(2,319
)
Share-based compensation expense
   
     
     
2,263
     
     
     
     
     
2,263
 
Share-based compensation issued to directors
   
7,670
     
     
84
     
     
     
     
     
84
 
Other comprehensive loss, net of tax
   
     
     
     
     
     
     
(3,546
)    
(3,546
)
                                                                 
BALANCE - June 30, 2019
   
32,871,504
    $
329
    $
186,182
   
$
132,965
     
(2,854,496
)   $
  (106,748
)   $
  (6,726
)   $
206,002
 
                                                                 
 
 
 
 
 
3
 
See accompanying notes to consolidated financial statements
 
 
Table of Contents
 
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND JUNE 30, 2019
(in thousands, except share amounts)
                                                                 
 
   
Additional
   
   
   
   
Accumulated Other
   
 
 
Common Stock
   
Paid In
   
Retained
   
Treasury Stock
   
Comprehensive
   
Stockholders’
 
 
Shares
   
Amount
   
Capital
   
Earnings
   
Shares
   
Amount
   
Income
   
Equity
 
BALANCE - January 1, 2018
   
32,524,934
    $
325
    $
174,043
    $
48,434
     
(662,788
)   $
(12,781
)   $
507
    $
210,528
 
                                                                 
Net income
   
     
     
     
22,709
     
     
     
     
22,709
 
Cumulative effect of accounting changes, net of tax
   
     
     
     
2,776
     
     
     
112
     
2,888
 
Issuance of common stock awards to employees
   
194,093
     
2
     
(2
)    
     
     
     
     
—  
 
Surrender of common stock awards by employees
   
     
     
     
     
(42,118
)    
(2,282
)    
     
(2,282
)
Share-based compensation expense
   
     
     
4,200
     
     
     
     
     
4,200
 
Share-based compensation issued to directors
   
4,945
     
     
25
     
     
     
     
     
25
 
Common stock repurchase
   
     
     
     
     
(412,717
)    
(24,640
)    
     
(24,640
)
Other comprehensive income, net of tax
   
     
     
     
     
     
     
1,635
     
1,635
 
                                                                 
BALANCE - June 30, 2018
   
32,723,972
    $
327
    $
178,266
    $
73,919
     
(1,117,623
)   $
(39,703
)   $
2,254
    $
215,063
 
                                                                 
                                           
 
   
Additional
   
   
   
   
Accumulated Other
   
 
 
Common Stock
   
Paid In
   
Retained
   
Treasury Stock
   
Comprehensive
   
Stockholders’
 
 
Shares
   
Amount
   
Capital
   
Earnings
   
Shares
   
Amount
   
Loss
   
Equity
 
BALANCE - January 1, 2019
   
32,723,972
    $
327
    $
181,815
    $
105,212
     
(2,808,361
)   $
(104,425
)   $
(431
)   $
182,498
 
                                                                 
Net income
   
     
     
     
27,753
     
     
     
     
27,753
 
Issuance of common stock awards to employees
   
139,862
     
2
     
(2
)    
     
     
     
     
—  
 
Surrender of common stock awards by employees
   
     
     
     
     
(46,135
)    
(2,323
)    
     
(2,323
)
Share-based compensation expense
   
     
     
4,211
     
     
     
     
     
4,211
 
Share-based compensation issued to directors
   
7,670
     
     
158
     
     
     
     
     
158
 
Other comprehensive loss, net of tax
   
     
     
     
     
     
     
(6,295
)    
(6,295
)
                                                                 
BALANCE - June 30, 2019
   
32,871,504
    $
329
    $
186,182
    $
132,965
     
(2,854,496
)   $
(106,748
)   $
(6,726
)   $
206,002
 
                                                                 
 
 
 
 
 
4
 
See accompanying notes to consolidated financial statements
 
 
Table of Contents
 
INSTALLED BUILDING PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands) 
                 
 
Six months ended June 30,
 
 
2019
   
2018
 
Cash flows from operating activities
   
     
 
Net income
  $
27,753
    $
22,709
 
Adjustments to reconcile net income to net cash provided by operating activities
   
     
 
Depreciation and amortization of property and equipment
   
18,614
     
16,231
 
Amortization of operating lease
right-of-use
assets
   
7,607
     
—  
 
Amortization of intangibles
   
11,909
     
14,450
 
Amortization of deferred financing costs and debt discount
   
564
     
601
 
Provision for doubtful accounts
   
1,605
     
1,108
 
Write-off
of debt issuance costs
   
—  
     
1,114
 
Gain on sale of property and equipment
   
(156
)    
(227
)
Noncash stock compensation
   
4,345
     
4,196
 
Changes in assets and liabilities, excluding effects of acquisitions
   
     
 
Accounts receivable
   
(17,876
)    
(20,192
)
Inventories
   
(1,650
)    
(3,995
)
Other assets
   
(1,495
)    
(3,739
)
Accounts payable
   
(1,253
)    
304
 
Income taxes receivable / payable
   
6,347
     
5,187
 
Other liabilities
   
(3,914
)    
(4,622
)
                 
Net cash provided by operating activities
   
52,400
     
33,125
 
                 
Cash flows from investing activities
   
     
 
Purchases of investments
   
(17,352
)    
(17,782
)
Maturities of short term investments
   
17,560
     
27,500
 
Purchases of property and equipment
   
(17,778
)    
(18,478
)
Acquisitions of businesses
   
(21,290
)    
(18,626
)
Proceeds from sale of property and equipment
   
452
     
557
 
Other
   
(876
)    
(1,540
)
                 
Net cash used in investing activities
   
(39,284
)    
(28,369
)
                 
Cash flows from financing activities
   
     
 
Proceeds from term loan (Note 6)
   
—  
     
100,000
 
Payments on term loan (Note 6)
   
(2,000
)    
(750
)
Proceeds from vehicle and equipment notes payable
   
13,783
     
14,271
 
Debt issuance costs
   
—  
     
(1,933
)
Principal payments on long-term debt
   
(9,751
)    
(6,863
)
Principal payments on finance lease obligations
   
(2,481
)    
(3,028
)
Acquisition-related obligations
   
(5,039
)    
(2,295
)
Repurchase of common stock
   
—  
     
(24,640
)
Surrender of common stock awards by employees
   
(2,323
)    
(2,282
)
                 
Net cash (used in) provided by financing activities
   
(7,811
)    
72,480
 
                 
Net change in cash and cash equivalents
   
5,305
     
77,236
 
Cash and cash equivalents at beginning of period
   
90,442
     
62,510
 
                 
Cash and cash equivalents at end of period
  $
95,747
    $
139,746