Business Combinations (Tables)

3 Months Ended

Mar. 31, 2017

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 as of March 31 and may be adjusted during the valuation period since acquisition (in thousands):


	2017									2016
	Alpha			Other			Total			Total
Estimated fair values:
Cash	$	247		$	—		$	247		$	—
Accounts receivable		30,405			1,096			31,501			1,518
Inventories		1,751			772			2,523			311
Other current assets		6,030			—			6,030			8
Property and equipment		1,528			462			1,990			789
Intangibles		57,100			1,904			59,004			5,036
Goodwill		36,452			496			36,948			3,220
Other non-current assets		150			82			232			24
Accounts payable and other current liabilities		(16,992	)		(1,001	)		(17,993	)		(1,239	)

Fair value of assets acquired and purchase price		116,671			3,811			120,482			9,667
Less fair value of common stock issued		10,859			—			10,859			—
Less seller obligations		2,002			501			2,503			870

Cash paid	$	103,810		$	3,310		$	107,120		$	8,797

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows for the three months ended March 31 (dollars in thousands):


	2017				2016
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)		Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	28,501		8	$	3,067		8
Trademarks and trade names		15,496		15		1,535		15
Non-competition agreements		1,607		5		434		5
Backlog		13,400		1.5		—		—

Pro Forma Results of Operations

The unaudited pro forma information for the combined results of the Company has been prepared as if the 2017 acquisitions had taken place on January 1, 2016 and the 2016 acquisitions had taken place on January 1, 2015. 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, 2016 and 2015, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results. See Note 12, Business Combinations, to our audited financial statements in Item 8 of Part II of our 2016 Form 10-K for additional information on 2016 acquisitions included in the table below (in thousands, except per share data):


	Pro forma for the three months ended March 31,
	2017		2016
Net revenue	$	258,289	$	232,345
Net income	$	6,579	$	6,559
Basic and diluted net income per share	$	0.21	$	0.21