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Business Combinations (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

For the three and nine months ended September 30, 2023 (in thousands):


									Three months ended September 30, 2023				Nine months ended September 30, 2023
2023 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income		Revenue		Net Income
Anchor	3/12/2023	Share	$	35,928	$	2,756	$	38,684	$	9,288	$	321	$	20,805	$	818
Other	Various	Asset	8,927		615		9,542		2,711		225		4,591		212






			$	44,855	$	3,371	$	48,226	$	11,999	$	546	$	25,396	$	1,030

For the three and nine months ended September 30, 2022 (in thousands):


									Three months ended September 30, 2022				Nine months ended September 30, 2022
2022 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)		Revenue		Net Income (Loss)

CAS	4/11/2022	Share	$	55,150	$	27,335	$	82,485	$	13,404	$	(1,048)	$	26,128	$	(805)

Other	Various	Share/Asset	20,959		2,607		23,566		6,945		204		12,249		418





			$	76,109	$	29,942	$	106,051	$	20,349	$	(844)	$	38,377	$	(387)

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):


	Nine months ended September 30, 2023
	Anchor		Other		Total
Estimated fair values:
Cash	$	10	$	—	$	10
Accounts receivable	5,000		473		5,473
Inventories	1,613		490		2,103
Other current assets	1,862		—		1,862
Property and equipment	2,309		1,250		3,559
Operating lease right-of-use asset	—		182		182
Intangibles	16,420		5,114		21,534
Goodwill	13,364		2,496		15,860
Other non-current assets	184		50		234
Accounts payable and other current liabilities	(2,078)		(398)		(2,476)



Other long-term liabilities	—		(115)		(115)
Fair value of assets acquired and purchase price	38,684		9,542		48,226
Less seller obligations	2,756		615		3,371
Cash paid	$	35,928	$	8,927	$	44,855


	Nine months ended September 30, 2022
	CAS		Other		Total
Estimated fair values:
Cash	$	243	$	87	$	330
Accounts receivable	3,502		3,595		7,097
Inventories	13,443		1,729		15,172
Other current assets	53		23		76
Property and equipment	2,590		2,489		5,079
Operating lease right-of-use asset	844		66		910
Intangibles	34,900		9,500		44,400
Goodwill	32,867		6,330		39,197
Other non-current assets	—		56		56
Accounts payable and other current liabilities	(5,388)		(287)		(5,675)



Other long-term liabilities	(569)		(22)		(591)
Fair value of assets acquired and purchase price	82,485		23,566		106,051
Less seller obligations	27,335		2,607		29,942
Cash paid	$	55,150	$	20,959	$	76,109

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,
	2023			2022
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	13,755	12	$	29,606	12
Trademarks and tradenames	6,442		15	13,228		15
Non-competition agreements	517		5	1,566		5
Backlog	820		1	—		0

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, 2022 and 2021, 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,
	2023		2022		2023		2022
Net revenue	$	707,482	$	748,325	$	2,073,593	$	2,080,848
Net income	68,098		63,169		179,759		159,782
Basic net income per share	2.41		2.22		6.39		5.54
Diluted net income per share	2.40		2.21		6.35		5.51