Business Combinations (Tables)

6 Months Ended

Jun. 30, 2017

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 as of June 30 and may be adjusted during the valuation period since acquisition (in thousands):


	2017												2016
	Alpha			Columbia			Other			Total			Alpine			Other			Total
Estimated fair values:
Cash	$	247		$	—		$	—		$	247		$	—		$	—		$	—
Accounts receivable		30,405			990			1,130			32,525			3,959			1,518			5,477
Inventories		1,751			650			880			3,281			700			311			1,011
Other current assets		5,566			—			3			5,569			—			8			8
Property and equipment		1,528			659			686			2,873			656			789			1,445
Intangibles		57,100			4,760			3,321			65,181			12,800			5,036			17,836
Goodwill		37,825			1,699			963			40,487			6,642			3,220			9,862
Other non-current assets		150			31			129			310			—			24			24
Accounts payable and other current liabilities		(17,901	)		(348	)		(1,210	)		(19,459	)		(2,046	)		(1,239	)		(3,285	)

Fair value of assets acquired and purchase price		116,671			8,441			5,902			131,014			22,711			9,667			32,378
Less fair value of common stock issued		10,859			—			—			10,859			—			—			—
Less seller obligations		2,002			623			400			3,025			1,560			870			2,430

Cash paid	$	103,810		$	7,818		$	5,502		$	117,130		$	21,151		$	8,797		$	29,948

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows for the six months ended June 30 (dollars in thousands):


	2017				2016
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)		Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	32,744		8	$	10,667		9
Trademarks and trade names		17,190		15		5,235		15
Non-competition agreements		1,847		5		1,934		5
Backlog		13,400		1.5		—		—

Pro Forma Results of Operations

The unaudited pro forma information for the combined results of the Company has been prepared as if the 2017 acquisitions had taken place on January 1, 2016 and the 2016 acquisitions had taken place on January 1, 2015. 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, 2016 and 2015, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results. See Note 12, Business Combinations, to our audited financial statements in Item 8 of Part II of our 2016 Form 10-K for additional information on 2016 acquisitions included in the table below (in thousands, except per share data):


	Pro forma for the three months ended June 30,				Pro forma for the six months ended June 30,
	2017		2016		2017		2016
Net revenue	$	285,346	$	255,626	$	548,299	$	492,239
Net income	$	12,371	$	12,399	$	19,502	$	19,372
Basic and diluted net income per share	$	0.39	$	0.39	$	0.62	$	0.61