Business Combinations (Tables)

3 Months Ended

Mar. 31, 2021

For the three months ended March 31, 2021 (in thousands):


									Three months ended March 31, 2021
2021 Acquisition	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income
Intermountain West	3/1/2021	Share	$	42,098	$	5,959	$	48,057	$	3,608	$	450

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)

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, 2021		As of March 31, 2020
	Intermountain West		Royals		Other		Total
Estimated fair values:
Cash	$	168	$	—	$	—	$	—
Accounts receivable	5,122		2,848		—		2,848
Inventories	1,157		305		70		375
Other current assets	2,354		430		11		441
Property and equipment	796		598		118		716
Intangibles	25,200		3,930		582		4,512
Goodwill	25,141		3,015		206		3,221
Other non-current assets	264		58		8		66
Accounts payable and other current liabilities	(3,278)		(1,059)		(14)		(1,073)
Deferred income tax liabilities	(6,537)		—		—		—
Long-term debt	(2,036)		—		—		—
Other long-term liabilities	(294)		(35)		—		(35)
Fair value of assets acquired and purchase price	48,057		10,090		981		11,071
Less seller obligations	5,959		2,500		70		2,570
Cash paid	$	42,098	$	7,590	$	911	$	8,501

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,
	2021			2020
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	18,200	12	$	2,611	8
Trademarks and tradenames	4,400		15	1,145		15
Non-competition agreements	2,600		5	227		5
Backlog	—		0	529		2

Pro Forma Results of Operations

The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2020 and 2019, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in thousands, except per share data):


	Unaudited pro forma for the three months ended March 31,
	2021		2020
Net revenue	$	443,217	$	431,379
Net income	18,403		17,638
Basic net income per share	0.63		0.59
Diluted net income per share	0.62		0.59