Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

For the year ended December 31, 2022 (in thousands):


2022 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)
CAS	4/11/2022	Share	$	55,150	$	22,927	$	78,077	$	37,822	$	(1,001)


ABS	12/19/2022	Share	23,150		412		23,562		658		(97)
Other	Various	Asset/Share	35,759		3,639		39,398		22,576		787
Total			$	114,059	$	26,978	$	141,037	$	61,056	$	(311)

For the year ended December 31, 2021 (in thousands):


2021 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)
IWI	03/01/2021	Share	$	42,098	$	5,959	$	48,057	$	36,259	$	3,373
Five Star	9/13/2021	Share	26,308		5,466		31,774		6,861		(119)
AMD	12/13/2021	Asset	119,490		6,631		126,121		3,707		(225)
Other	Various	Asset/Share	55,119		9,835		64,954		35,604		(390)
Total			$	243,015	$	27,891	$	270,906	$	82,431	$	2,639

For the year ended December 31, 2020 (in thousands):


2020 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)
ICON	10/13/2020	Asset	$	16,900	$	3,598	$	20,498	$	4,798	$	449
Other	Various	Asset	59,546		10,488		70,034		35,696		1,443
Total			$	76,446	$	14,086	$	90,532	$	40,494	$	1,892

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):


	2022
	CAS		ABS		Other		Total
Estimated fair values:
Cash	$	243	$	193	$	87	$	523
Accounts receivable	3,502		2,777		5,800		12,079
Inventories	13,784		853		2,456		17,093
Other current assets	576		485		71		1,132
Property and equipment	2,590		1,269		4,498		8,357
Operating lease right-of-use asset	844		—		66		910
Intangibles	34,900		12,800		17,365		65,065
Goodwill	27,594		10,546		11,154		49,294
Other non-current assets	—		—		56		56
Accounts payable and other current liabilities	(5,387)		(2,677)		(2,133)		(10,197)
Deferred income tax liabilities	—		(2,455)		—		(2,455)
Income tax payable	—		(229)		—		(229)

Other long-term liabilities	(569)		—		(22)		(591)
Fair value of assets acquired and purchase price	78,077		23,562		39,398		141,037
Less seller obligations	22,927		412		3,639		26,978
Cash paid	$	55,150	$	23,150	$	35,759	$	114,059


	2021
	IWI		Five Star		AMD		Other		Total
Estimated fair values:

Cash	$	168	$	1,472	$	—	$	67	$	1,707
Accounts receivable	5,122		4,583		8,393		13,584		31,682
Inventories	1,157		1,399		7,540		1,786		11,882
Other current assets	3,014		330		—		1,975		5,319
Property and equipment	796		1,161		1,133		4,124		7,214
Operating lease right of-use-asset	—		—		199		—		199
Intangibles	25,200		17,400		52,800		31,554		126,954
Goodwill	23,282		6,626		56,327		21,122		107,357
Other non-current assets	264		—		—		417		681
Accounts payable and other current liabilities	(8,416)		(1,170)		(184)		(6,809)		(16,579)
Deferred income tax liabilities	—		—		—		(2,089)		(2,089)
Other long-term liabilities	(2,530)		(27)		(87)		(777)		(3,421)
Fair value of assets acquired and purchase price	48,057		31,774		126,121		64,954		270,906
Less seller obligations	5,959		5,466		6,631		9,835		27,891
Cash paid	$	42,098	$	26,308	$	119,490	$	55,119	$	243,015


	2020
	ICON		Other		Total
Estimated fair values:

Accounts receivable	$	4,828	$	12,777	$	17,605
Inventories	243		2,518		2,761
Other current assets	675		779		1,454
Property and equipment	380		5,482		5,862
Intangibles	11,830		34,393		46,223
Goodwill	2,870		18,435		21,305
Other non-current assets	145		96		241
Accounts payable and other current liabilities	(445)		(4,196)		(4,641)

Other long-term liabilities	(28)		(250)		(278)
Fair value of assets acquired and purchase price	20,498		70,034		90,532
Less seller obligations	3,598		10,488		14,086
Cash paid	$	16,900	$	59,546	$	76,446

Estimates of Acquired Intangible Assets

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


	2022			2021			2020
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)
Customer relationships	$	45,236	12	$	95,173	12	$	28,307	8
Trademarks and trade names	16,794		15	23,149		15	9,834		15
Non-competition agreements	2,645		5	7,054		5	3,315		5
Backlog	390		1	1,578		1.5	4,767		1.5

Pro Forma Results of Operations


	December 31,
	2022		2021		2020
Net revenue	$	2,732,084	$	2,217,592	$	1,922,327
Net income	227,108		135,850		107,791
Basic net income per share	7.91		4.63		3.65
Diluted net income per share	7.87		4.59		3.63