Business Combinations (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Combinations

For the three months ended March 31, 2022 (in thousands):

									Three months ended March 31, 2022
2022 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income
Pisgah	03/01/2022	Share	$	8,050	$	1,878	$	9,928	$	915	$	97

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

									Three months ended March 31, 2021
2021 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income
IWI	03/01/2021	Share	$	42,098	$	5,959	$	48,057	$	3,608	$	450

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, 2022		As of March 31, 2021
	Pisgah		IWI
Estimated fair values:
Cash	$	—	$	168
Accounts receivable	772		5,122
Inventories	684		1,157
Other current assets	21		3,014
Property and equipment	1,049		796
Intangibles	4,634		25,200
Goodwill	2,830		23,282
Other non-current assets	7		264
Accounts payable and other current liabilities	(69)		(8,416)
Other long-term liabilities	—		(2,530)
Fair value of assets acquired and purchase price	9,928		48,057
Less seller obligations	1,878		5,959
Cash paid	$	8,050	$	42,098

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,
	2022			2021
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	3,125	12	$	18,200	12
Trademarks and tradenames	1,136		15	4,400		15
Non-competition agreements	374		5	2,600		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, 2021 and 2020, 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,
	2022		2021
Net revenue	$	589,356	$	484,248
Net income	34,009		21,621
Basic net income per share	1.16		0.74
Diluted net income per share	1.15		0.73