Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

For the three and six months ended June 30, 2021 (in thousands):


									Three months ended June 30, 2021				Six months ended June 30, 2021
2021 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)		Revenue		Net Income (Loss)
IWI	03/01/2021	Share	$	42,098	$	5,959	$	48,057	$	10,151	$	1,028	$	13,759	$	1,478
Alert	4/13/2021	Asset	5,850		2,980		8,830		4,126		155		4,126		155
Alpine	4/19/2021	Asset	7,945		2,208		10,153		1,951		(17)		1,951		(17)
GCP	6/7/2021	Asset	9,700		1,427		11,127		646		43		646		43
Other	5/10/2021	Asset	2,290		380		2,670		296		(7)		296		(7)
			$	67,883	$	12,954	$	80,837	$	17,170	$	1,202	$	20,778	$	1,652

For the three and six months ended June 30, 2020 (in thousands):


									Three months ended June 30, 2020				Six months ended June 30, 2020
2020 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)		Revenue		Net Income (Loss)
Royals	02/29/2020	Asset	$	7,590	$	2,500	$	10,090	$	3,023	$	436	$	3,807	$	349
Other	Various	Asset	5,035		1,537		6,572		538		(18)		764		(39)
			$	12,625	$	4,037	$	16,662	$	3,561	$	418	$	4,571	$	310

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 June 30, 2021												As of June 30, 2020
	IWI		Alert		Alpine		GCP		Other		Total		Royals		Other		Total
Estimated fair values:
Cash	$	168	$	—	$	—	$	—	$	—	$	168	$	—	$	—	$	—
Accounts receivable	5,122		4,706		—		3,067		—		12,895		2,848		1,419		4,267
Inventories	1,157		742		359		—		72		2,330		305		278		583
Other current assets	2,354		738		—		47		—		3,139		430		145		575
Property and equipment	796		693		726		206		146		2,567		598		348		946
Intangibles	25,200		2,770		5,543		5,670		1,800		40,983		3,930		2,996		6,926
Goodwill	25,212		967		3,582		2,663		663		33,087		3,015		1,697		4,712
Other non-current assets	264		132		—		—		—		396		58		16		74
Accounts payable and other current liabilities	(3,349)		(1,184)		(57)		(319)		(11)		(4,920)		(1,059)		(196)		(1,255)
Deferred income tax liabilities	(6,537)		—		—		—		—		(6,537)		—		—		—
Long-term debt	(2,036)		—		—		—		—		(2,036)		—		—		—
Other long-term liabilities	(294)		(734)		—		(207)		—		(1,235)		(35)		(131)		(166)
Fair value of assets acquired and purchase price	48,057		8,830		10,153		11,127		2,670		80,837		10,090		6,572		16,662
Less seller obligations	5,959		2,980		2,208		1,427		380		12,954		2,500		1,537		4,037
Cash paid	$	42,098	$	5,850	$	7,945	$	9,700	$	2,290	$	67,883	$	7,590	$	5,035	$	12,625

Estimates of Acquired Intangible Assets

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


	For the six months ended June 30,
	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	$	27,869	12	$	3,528	8
Trademarks and tradenames	7,890		15	1,795		15
Non-competition agreements	3,647		5	426		5
Backlog	1,577		1.5	1,177		1.5

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 June 30,				Unaudited pro forma for the six months ended June 30,
	2021		2020		2021		2020
Net revenue	$	492,389	$	435,975	$	944,733	$	877,907
Net income	37,602		27,293		56,347		45,460
Basic net income per share	1.28		0.93		1.92		1.54
Diluted net income per share	1.27		0.92		1.90		1.53