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Business Combinations (Tables)

9 Months Ended

Sep. 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 Purchase Price				Three months ended September 30, 2019								Nine months ended September 30, 2019
2019 Acquisitions		Date				Acquisition Type				Cash Paid				Seller Obligations								Revenue				Net Income				Revenue				Net Income
																																					1st State Insulation			3/18/2019				Asset			$	5,125			$	1,355			$	6,480			$	3,156			$	174			$	6,586			$	374
Expert Insulation			6/24/2019				Asset				16,165				1,993				18,158				3,147				193				3,339				160
Other			Various				Asset				3,450				974				4,424				7,262				591				7,262				591
Total										$	24,740			$	4,322			$	29,062			$	13,565			$	958			$	17,187			$	1,125

																		Total Purchase Price				Three months ended September 30, 2018								Nine months ended September 30, 2018
2018 Acquisitions		Date				Acquisition Type				Cash Paid				Seller Obligations								Revenue				Net Income				Revenue				Net Income
CDG			3/19/2018				Asset			$	9,440			$	1,973			$	11,413			$	3,848			$	164			$	7,572			$	229
Other			Various				Shares/Asset				25,242				3,447				28,689				7,003				42				12,782				423
Total										$	34,682			$	5,420			$	40,102			$	10,851			$	206			$	20,354			$	652

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 September 30, 2019																As of September 30, 2018
		1st State				Expert				Other				Total				CDG				Other				Total
Estimated fair values:
Accounts receivable		$	—			$	1,796			$	254			$	2,050			$	1,731			$	3,229			$	4,960
Inventories			291				723				338				1,352				514				1,027				1,541
Other current assets			—				—				3				3				28				879				907
Property and equipment			989				235				667				1,891				933				1,893				2,826
Intangibles			3,382				6,740				2,242				12,364				3,711				16,681				20,392
Goodwill			1,857				8,545				930				11,332				4,898				7,007				11,905
Other non-current assets			—				161				13				174				36				19				55
Accounts payable and other current liabilities			(39	)			(42	)			(23	)			(104	)			(438	)			(2,046	)			(2,484	)
Fair value of assets acquired and purchase price			6,480				18,158				4,424				29,062				11,413				28,689				40,102
Less seller obligations			1,355				1,993				974				4,322				1,973				3,447				5,420
Cash paid		$	5,125			$	16,165			$	3,450			$	24,740			$	9,440			$	25,242			$	34,682

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,
		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		$	8,566				8			$	14,480				8
Trademarks and trade names			2,615				15				3,920				14
Non-competition agreements			1,183				5				1,530				5
Backlog											460				2

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 September 30,								Unaudited pro forma for the nine months ended September 30,
		2019				2018				2019				2018
Net revenue		$	397,839			$	367,600			$	1,123,820			$	1,046,717
Net income			21,240				16,856				49,154				41,997
Basic net income per share			0.71				0.54				1.65				1.34
Diluted net income per share			0.71				0.54				1.65				1.33

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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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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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