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Business Combinations (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Business Combinations

For the three and nine months ended September 30, 2020 (in thousands):

																						Three months ended September 30, 2020								Nine months ended September 30, 2020
2020 Acquisitions		Date				Acquisition Type				Cash Paid				Seller Obligations				Total Purchase Price				Revenue				Net Income (Loss)				Revenue				Net Income (Loss)
Royals			2/29/2020				Asset			$	7,590			$	2,500			$	10,090			$	2,843			$	279			$	6,650			$	628
Energy One			8/10/2020				Asset				13,200				1,591				14,791				2,853				(202	)			2,853				(202	)
Storm Master			8/31/2020				Asset				13,000				1,336				14,336				2,055				85				2,055				85
Other			Various				Asset				5,035				1,538				6,573				1,879				(252	)			2,643				(291	)
										$	38,825			$	6,965			$	45,790			$	9,630			$	(90	)		$	14,201			$	220

For the three and nine months ended September 30, 2019 (in thousands):

																						Three months ended September 30, 2019								Nine months ended September 30, 2019
2019 Acquisitions		Date				Acquisition Type				Cash Paid				Seller Obligations				Total Purchase Price				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
										$	24,740			$	4,322			$	29,062			$	13,565			$	958			$	17,187			$	1,125

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, 2020																				As of September 30, 2019
		Royals				Energy One				Storm Master				Other				Total				1st State				Expert				Other				Total
Estimated fair values:
Accounts receivable		$	2,848			$	3,657			$	2,362			$	1,370			$	10,237			$	—			$	1,796			$	254			$	2,050
Inventories			305				838				175				278				1,596				291				723				338				1,352
Other current assets			430				12				—				145				587				—				—				3				3
Property and equipment			598				2,319				798				350				4,065				989				235				667				1,891
Intangibles			3,930				6,500				8,720				2,996				22,146				3,382				6,740				2,242				12,364
Goodwill			3,015				2,859				3,631				1,745				11,250				1,857				8,545				930				11,332
Other non-current assets			58				—				—				16				74				—				161				13				174
Accounts payable and other current liabilities			(1,059	)			(1,375	)			(1,336	)			(196	)			(3,966	)			(39	)			(42	)			(23	)			(104	)
Deferred income tax liabilities			(35	)			—				—				—				(35	)			—				—				—				—
Other long-term liabilities			—				(19	)			(14	)			(131	)			(164	)			—				—				—				—
Fair value of assets acquired and purchase price			10,090				14,791				14,336				6,573				45,790				6,480				18,158				4,424				29,062
Less seller obligations			2,500				1,591				1,336				1,538				6,965				1,355				1,993				974				4,322
Cash paid		$	7,590			$	13,200			$	13,000			$	5,035			$	38,825			$	5,125			$	16,165			$	3,450			$	24,740

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,
		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		$	14,528				8			$	8,566				8
Trademarks and trade names			3,796				15				2,615				15
Non-competition agreements			1,946				5				1,183				5
Backlog			1,876				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 September 30,								Unaudited pro forma for the nine months ended September 30,
		2020				2019				2020				2019
Net revenue		$	426,601			$	421,270			$	1,241,506			$	1,189,470
Net income			28,183				22,627				69,656				52,828
Basic net income per share			0.96				0.76				2.36				1.78
Diluted net income per share			0.95				0.76				2.34				1.77

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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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