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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Business Combinations

Below is a summary of each significant acquisition by year, including revenue and net income (loss) since date of acquisition, shown for the year of acquisition (in thousands):

																		Total				Three months ended June 30, 2019								Six months ended June 30, 2019
2019 Acquisitions		Date				Acquisition Type				Cash Paid				Seller Obligations				Purchase Price				Revenue				Net Income (Loss)				Revenue				Net Income (Loss)
1st State Insulation			3/18/2019				Asset			$	5,125			$	1,380			$	6,505			$	2,942			$	177			$	3,430			$	200
Expert Insulation			6/24/2019				Asset				16,165				1,782				17,947				192				(33	)			192				(33	)
Total										$	21,290			$	3,162			$	24,452			$	3,134			$	144			$	3,622			$	167

																		Total				Three months ended								Six months ended
						Acquisition								Seller				Purchase				June 30, 2018								June 30, 2018
2018 Acquisitions		Date				Type				Cash Paid				Obligations				Price				Revenue				Net Income				Revenue				Net Income
CDG			3/19/2018				Asset			$	9,440			$	1,973			$	11,413			$	3,324			$	80			$	3,724			$	65
Other			Various				Asset				9,186				1,826				11,012				4,508				315				5,779				381
Total										$	18,626			$	3,799			$	22,425			$	7,832			$	395			$	9,503			$	446

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 June 30, 2019												As of June 30, 2018
		1st State				Expert				Total				CDG				Other				Total
Estimated fair values:
Accounts receivable		$	—			$	1,796			$	1,796			$	1,731			$	585			$	2,316
Inventories			291				667				958				514				914				1,428
Other current assets			—				—				—				28				64				92
Property and equipment			989				235				1,224				933				1,252				2,185
Intangibles			3,382				6,740				10,122				3,711				6,160				9,871
Goodwill			1,882				8,390				10,272				4,898				2,223				7,121
Other non-current assets			—				161				161				36				—				36
Accounts payable and other current liabilities			(39	)			(42	)			(81	)			(438	)			(186	)			(624	)
Fair value of assets acquired and purchase price			6,505				17,947				24,452				11,413				11,012				22,425
Less seller obligations			1,380				1,782				3,162				1,973				1,826				3,799
Cash paid		$	5,125			$	16,165			$	21,290			$	9,440			$	9,186			$	18,626

Estimates of Acquired Intangible Assets

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

		For the six months ended June 30,
		2019								2018
Acquired intangibles assets		Estimated Fair Value				Weighted Average Estimated Useful Life (yrs.)				Estimated Fair Value				Weighted Average Estimated Useful Life (yrs.)
Customer relationships		$	7,100				8			$	6,481				8
Trademarks and trade names			1,999				15				2,740				15
Non-competition agreements			1,023				5				650				5

Pro Forma Results of Operations

The unaudited pro forma information for the combined results of the Company has been prepared as if the 2019 acquisitions had taken place on January 1, 2018 and the 2018 acquisitions had taken place on January 1, 2017. 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, 2018 and 2017, 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 June 30,								Unaudited pro forma for the six months ended June 30,
		2019				2018				2019				2018
Net revenue		$	374,496			$	350,072			$	721,822			$	675,298
Net income			19,013				17,330				27,865				25,027
Basic net income per share			0.64				0.55				0.94				0.80
Diluted net income per share			0.64				0.55				0.93				0.79

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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