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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Schedule of Business Combinations | Below is a summary of each significant acquisition by year, including revenue and net (loss)/income since date of acquisition, shown for the year acquisition. For the three months ended March 31, 2020 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three months ended March 31, 2020 |
2020 Acquisitions |  | Date |  |  | Acquisition Type |  |  | Cash Paid |  |  | Seller Obligations |  |  | Total Purchase Price |  |  | Revenue |  |  | Net Loss |
Royals |  |  | 2/29/2020 |  |  |  | Asset |  |  | $ | 7,590 |  |  | $ | 2,500 |  |  | $ | 10,090 |  |  | $ | 784 |  |  | $ | (87 | )
Other |  |  | 1/13/2020 |  |  |  | Asset |  |  |  | 911 |  |  |  | 70 |  |  |  | 981 |  |  |  | 226 |  |  |  | (21 | )
|  |  |  |  |  |  |  |  |  | $ | 8,501 |  |  | $ | 2,570 |  |  | $ | 11,071 |  |  | $ | 1,010 |  |  | $ | (108 | )
For the three months ended March 31, 2019 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three months ended March 31, 2019 |
2019 Acquisitions |  | Date |  |  | Acquisition Type |  |  | Cash Paid |  |  | Seller Obligations |  |  | Total Purchase Price |  |  | Revenue |  |  | Net Income |
1st State Insulation |  |  | 3/18/2019 |  |  |  | Asset |  |  | $ | 5,125 |  |  | $ | 1,355 |  |  | $ | 6,480 |  |  | $ | 488 |  |  | $ | 23 |
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 March 31, 2020 |  |  | As of March 31, 2019 |
|  | Royals |  |  | Other |  |  | Total |  |  | 1st State |
Estimated fair values: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 2,848 |  |  | $ | — |  |  | $ | 2,848 |  |  | $ | — |
Inventories |  |  | 305 |  |  |  | 70 |  |  |  | 375 |  |  |  | 291 |
Other current assets |  |  | 430 |  |  |  | 11 |  |  |  | 441 |  |  |  | — |
Property and equipment |  |  | 627 |  |  |  | 119 |  |  |  | 746 |  |  |  | 989 |
Intangibles |  |  | 3,930 |  |  |  | 582 |  |  |  | 4,512 |  |  |  | 3,382 |
Goodwill |  |  | 2,986 |  |  |  | 206 |  |  |  | 3,192 |  |  |  | 1,857 |
Other non-current assets |  |  | 58 |  |  |  | 8 |  |  |  | 66 |  |  |  | — |
Accounts payable and other current liabilities |  |  | (1,059 | ) |  |  | (15 | ) |  |  | (1,074 | ) |  |  | (39 | )
Deferred income tax liabilities |  |  | (35 | ) |  |  | — |  |  |  | (35 | ) |  |  | — |
Fair value of assets acquired and purchase price |  |  | 10,090 |  |  |  | 981 |  |  |  | 11,071 |  |  |  | 6,480 |
Less seller obligations |  |  | 2,500 |  |  |  | 70 |  |  |  | 2,570 |  |  |  | 1,355 |
Cash paid |  | $ | 7,590 |  |  | $ | 911 |  |  | $ | 8,501 |  |  | $ | 5,125 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (in thousands):
|  | For the three months ended March 31, |
|  | 2020 |  |  | 2019 |
Acquired intangibles assets |  | Estimated Fair Value |  |  | Weighted Average Estimated Useful Life (yrs.) |  |  | Estimated Fair Value |  |  | Weighted Average Estimated Useful Life (yrs.) |
Customer relationships |  | $ | 2,611 |  |  |  | 8 |  |  | $ | 2,100 |  |  |  | 8 |
Trademarks and trade names |  |  | 1,145 |  |  |  | 15 |  |  |  | 999 |  |  |  | 15 |
Non-competition agreements |  |  | 227 |  |  |  | 5 |  |  |  | 283 |  |  |  | 5 |
Backlog |  |  | 529 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Pro Forma Results of Operations | The unaudited pro forma information for the combined results of the Company has been prepared as if the 2020 acquisitions had taken place on January 1, 2019 and the 2019 acquisitions had taken place on January 1, 2018. 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, 2019 and 2018, 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 March 31, |
|  | 2020 |  |  | 2019 |
Net revenue |  | $ | 399,120 |  |  | $ | 359,209 |
Net income |  |  | 16,125 |  |  |  | 9,578 |
Basic and diluted net income per share |  |  | 0.54 |  |  |  | 0.32 |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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