Business Combinations (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Business Combinations

Below is a summary of each significant acquisition by year, including revenue and net (loss)/income since date of acquisition, shown for the year acquisition.

For the three months ended March 31, 2020 (in thousands):

											Three months ended March 31, 2020
2020 Acquisitions	Date		Acquisition Type		Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Loss
Royals		2/29/2020		Asset	$	7,590	$	2,500	$	10,090	$	784	$	(87	)
Other		1/13/2020		Asset		911		70		981		226		(21	)
					$	8,501	$	2,570	$	11,071	$	1,010	$	(108	)

For the three months ended March 31, 2019 (in thousands):

											Three months ended March 31, 2019
2019 Acquisitions	Date		Acquisition Type		Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income
1st State Insulation		3/18/2019		Asset	$	5,125	$	1,355	$	6,480	$	488	$	23

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):

	As of March 31, 2020									As of March 31, 2019
	Royals			Other			Total			1st State
Estimated fair values:
Accounts receivable	$	2,848		$	—		$	2,848		$	—
Inventories		305			70			375			291
Other current assets		430			11			441			—
Property and equipment		627			119			746			989
Intangibles		3,930			582			4,512			3,382
Goodwill		2,986			206			3,192			1,857
Other non-current assets		58			8			66			—
Accounts payable and other current liabilities		(1,059	)		(15	)		(1,074	)		(39	)
Deferred income tax liabilities		(35	)		—			(35	)		—
Fair value of assets acquired and purchase price		10,090			981			11,071			6,480
Less seller obligations		2,500			70			2,570			1,355
Cash paid	$	7,590		$	911		$	8,501		$	5,125

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows (in thousands):

	For the three months ended March 31,
	2020				2019
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)		Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	2,611		8	$	2,100		8
Trademarks and trade names		1,145		15		999		15
Non-competition agreements		227		5		283		5
Backlog		529		2		—		—

Pro Forma Results of Operations

The unaudited pro forma information for the combined results of the Company has been prepared as if the 2020 acquisitions had taken place on January 1, 2019 and the 2019 acquisitions had taken place on January 1, 2018. 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, 2019 and 2018, 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 for the three months ended March 31,
	2020		2019
Net revenue	$	399,120	$	359,209
Net income		16,125		9,578
Basic and diluted net income per share		0.54		0.32