Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

For the three and nine months ended September 30, 2021 (in thousands):


									Three months ended September 30, 2021				Nine months ended September 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	$	10,556	$	590	$	24,315	$	2,068
Alert	4/13/2021	Asset	5,850		2,980		8,830		4,764		2		8,890		147
Alpine	4/19/2021	Asset	7,945		2,208		10,153		3,045		263		4,996		216
GCP	6/7/2021	Asset	9,700		1,427		11,127		2,624		(152)		3,270		(118)
Five Star	9/13/2021	Share	26,308		5,466		31,774		1,243		25		1,243		25
Other	Various	Asset	4,240		947		5,187		956		(29)		1,252		(43)
			$	96,141	$	18,987	$	115,128	$	23,188	$	699	$	43,966	$	2,295

For the three and nine months ended September 30, 2020 (in thousands):


									Three months ended September 30, 2020				Nine months ended September 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	$	2,843	$	279	$	6,650	$	628
Energy One	8/10/2020	Asset	13,200		1,595		14,795		2,853		(202)		2,853		(202)
Storm Master	8/31/2020	Asset	13,000		1,336		14,336		2,055		85		2,055		85
Other	Various	Asset	5,035		1,538		6,573		1,879		(252)		2,643		(291)
			$	38,825	$	6,969	$	45,794	$	9,630	$	(90)	$	14,201	$	220

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 September 30, 2021
	IWI		Alert		Alpine		GCP		Five Star		Other		Total
Estimated fair values:
Cash	$	168	$	—	$	—	$	—	$	1,472	$	—	$	1,640
Accounts receivable	5,122		4,710		—		3,067		4,597		446		17,942
Inventories	1,157		765		359		—		1,399		138		3,818
Other current assets	2,354		738		—		—		330		—		3,422
Property and equipment	796		693		726		206		1,161		544		4,126
Intangibles	25,200		2,770		5,543		5,670		17,400		2,787		59,370
Goodwill	25,212		940		3,582		2,695		6,482		1,295		40,206
Other non-current assets	264		132		—		—		—		—		396
Accounts payable and other current liabilities	(3,349)		(1,184)		(57)		(493)		(1,040)		(20)		(6,143)
Deferred income tax liabilities	(6,537)		—		—		—		—		—		(6,537)

Other long-term liabilities	(2,330)		(734)		—		(18)		(27)		(3)		(3,112)
Fair value of assets acquired and purchase price	48,057		8,830		10,153		11,127		31,774		5,187		115,128
Less seller obligations	5,959		2,980		2,208		1,427		5,466		947		18,987
Cash paid	$	42,098	$	5,850	$	7,945	$	9,700	$	26,308	$	4,240	$	96,141


	As of September 30, 2020
	Royals		Energy One		Storm Master		Other		Total
Estimated fair values:
Accounts receivable	2,848		3,350		2,362		1,418		$	9,978
Inventories	305		812		175		278		$	1,570
Other current assets	430		12		—		145		$	587
Property and equipment	598		2,319		798		350		$	4,065
Intangibles	3,930		6,500		8,720		2,996		$	22,146
Goodwill	3,015		3,304		3,631		1,697		$	11,647
Other non-current assets	58		—		—		16		$	74
Accounts payable and other current liabilities	(1,059)		(1,483)		(1,336)		(196)		$	(4,074)


Other long-term liabilities	(35)		(19)		(14)		(131)		$	(199)
Fair value of assets acquired and purchase price	10,090		14,795		14,336		6,573		45,794
Less seller obligations	2,500		1,595		1,336		1,538		6,969
Cash paid	$	7,590	$	13,200	$	13,000	$	5,035	$	38,825

Estimates of Acquired Intangible Assets

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


	For the nine months ended September 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	$	43,115	12	$	14,528	8
Trademarks and tradenames	10,147		15	3,796		15
Non-competition agreements	4,530		5	1,946		5
Backlog	1,578		1.5	1,876		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 September 30,				Unaudited pro forma for the nine months ended September 30,
	2021		2020		2021		2020
Net revenue	$	516,057	$	465,639	$	1,474,979	$	1,356,619
Net income	35,574		30,876		93,262		77,604
Basic net income per share	1.21		1.05		3.18		2.63
Diluted net income per share	1.20		1.04		3.15		2.61