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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Business Combinations

For the three and six months ended June 30, 2020 (in thousands):

2020 Acquisitions		Date				Acquisition Type				Cash Paid				Seller Obligations				Total Purchase Price				Three months ended June 30, 2020								Six months ended June 30, 2020
																						Revenue				Net Income (Loss)				Revenue				Net Income (Loss)
Royals			2/29/2020				Asset			$	7,590			$	2,500			$	10,090			$	3,023			$	436			$	3,807			$	349
Other			Various				Asset				5,035				1,537				6,572				538				(18	)			764				(39	)
										$	12,625			$	4,037			$	16,662			$	3,561			$	418			$	4,571			$	310

For the three and six months ended June 30, 2019 (in thousands):

2019 Acquisitions		Date				Acquisition Type				Cash Paid				Seller Obligations				Total Purchase Price				Three months ended June 30, 2019								Six months ended June 30, 2019
																						Revenue				Net Income (Loss)				Revenue				Net Income (Loss)
1st State Insulation			3/18/2019				Asset			$	5,125			$	1,355			$	6,480			$	2,942			$	177			$	3,430			$	200
Expert Insulation			6/24/2019				Asset				16,165				1,993				18,158				192				(33	)			192				(33	)
										$	21,290			$	3,348			$	24,638			$	3,134			$	144			$	3,622			$	167

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, 2020												As of June 30, 2019
		Royals				Other				Total				1st State				Expert				Total
Estimated fair values:
Accounts receivable		$	2,848			$	1,370			$	4,218			$	—			$	1,796			$	1,796
Inventories			305				310				615				291				723				1,014
Other current assets			430				145				575				—				—				—
Property and equipment			598				351				949				989				235				1,224
Intangibles			3,930				2,996				6,926				3,382				6,740				10,122
Goodwill			3,015				1,718				4,733				1,857				8,545				10,402
Other non-current assets			58				16				74				—				161				161
Accounts payable and other current liabilities			(1,059	)			(203	)			(1,262	)			(39	)			(42	)			(81	)
Deferred income tax liabilities			(35	)			—				(35	)			—				—				—
Other long-term liabilities			—				(131	)			(131	)			—				—				—
Fair value of assets acquired and purchase price			10,090				6,572				16,662				6,480				18,158				24,638
Less seller obligations			2,500				1,537				4,037				1,355				1,993				3,348
Cash paid		$	7,590			$	5,035			$	12,625			$	5,125			$	16,165			$	21,290

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,
		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		$	3,781				8			$	7,100				8
Trademarks and trade names			1,796				15				1,999				15
Non-competition agreements			426				5				1,023				5
Backlog			923				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 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 June 30,								Unaudited pro forma for the six months ended June 30,
		2020				2019				2020				2019
Net revenue		$	395,437			$	386,953			$	796,021			$	747,502
Net income			25,434				19,781				41,622				29,416
Basic net income per share			0.86				0.66				1.41				0.99
Diluted net income per share			0.86				0.66				1.40				0.99

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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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