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Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Business Combinations

For the year ended December 31, 2020 (in thousands):

2020 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income (Loss)
Royals						2/29/2020						Asset						$	7,590					$	2,500					$	10,090					$	11,095					$	1,332
Energy One						8/10/2020						Asset						13,200						1,591						14,791						7,454						(558)
Storm Master						8/31/2020						Asset						13,000						1,336						14,336						8,131						619
ICON						10/13/2020						Asset						16,900						3,598						20,498						4,798						449
Norkote						10/26/2020						Asset						8,725						2,426						11,151						2,702						417
WeatherSeal						11/16/2020						Asset						9,500						922						10,422						766						(23)
Other						Various						Asset						7,531						1,713						9,244						5,548						(344)
Total																		$	76,446					$	14,086					$	90,532					$	40,494					$	1,892

For the year ended December 31, 2019 (in thousands):

2019 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income (Loss)
1st State Insulation						3/18/2019						Asset						$	5,125					$	1,355					$	6,480					$	9,828					$	476
Expert Insulation						6/24/2019						Asset						16,165						1,993						18,158						6,484						155
Premier						11/18/2019						Share						25,000						2,765						27,765						2,161						(62)
Other						Various						Asset						5,750						1,430						7,180						3,339						23
Total																		$	52,040					$	7,543					$	59,583					$	21,812					$	592

For the year ended December 31, 2018 (in thousands):

2018 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income (Loss)
CDG						3/19/2018						Asset						$	9,440					$	1,973					$	11,413					$	11,466					$	531
AFT						10/31/2018						Asset						19,707						1,510						21,217						3,530						(13)
Other						Various						Shares/Asset						28,593						4,057						32,650						24,329						639
Total																		$	57,740					$	7,540					$	65,280					$	39,325					$	1,157

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):

			2020
			Royals						Energy One						Storm Master						ICON						Norkote						WeatherSeal						Other						Total
Estimated fair values:
Accounts receivable			$	2,848					$	3,357					$	2,362					$	4,828					$	1,926					$	865					$	1,419					$	17,605
Inventories			305						838						175						243						444						156						$	600					$	2,761
Other current assets			430						12						—						675						178						14						$	145					$	1,454
Property and equipment			598						2,319						798						380						584						520						$	663					$	5,862
Intangibles			3,930						6,500						8,720						11,830						5,310						5,450						$	4,483					$	46,223
Goodwill			3,015						3,253						3,631						2,870						2,841						3,472						$	2,223					$	21,305
Other non-current assets			58						—						—						145						—						—						$	38					$	241
Accounts payable and other current liabilities			(1,059)						(1,469)						(1,336)						(445)						(86)						(50)						$	(196)					$	(4,641)
Other long-term liabilities			(35)						(19)						(14)						(28)						(46)						(5)						$	(131)					$	(278)
Fair value of assets acquired and purchase price			10,090						14,791						14,336						20,498						11,151						10,422						9,244						90,532
Less seller obligations			2,500						1,591						1,336						3,598						2,426						922						1,713						14,086
Cash paid			$	7,590					$	13,200					$	13,000					$	16,900					$	8,725					$	9,500					$	7,531					$	76,446

			2019
			1st State						Expert						Premier						Other						Total
Estimated fair values:
Cash			—						—						$	334					—						$	334
Accounts receivable			—						1,796						2,929						479						5,204
Inventories			291						723						1,242						410						2,666
Other current assets			—						—						—						3						3
Property and equipment			989						235						876						887						2,987
Intangibles			3,382						6,740						14,300						3,619						28,041
Goodwill			1,857						8,545						10,151						1,765						22,318
Other non-current assets			—						161						329						41						531
Accounts payable and other current liabilities			(39)						(42)						(2,396)						(24)						(2,501)
Fair value of assets acquired and purchase price			6,480						18,158						27,765						7,180						59,583
Less seller obligations			1,355						1,993						2,765						1,430						7,543
Cash paid			$	5,125					$	16,165					$	25,000					$	5,750					$	52,040

			2018
			CDG						AFT						Other						Total
Estimated fair values:
Accounts receivable			$	1,731					—						$	4,104					$	5,835
Inventories			514						565						1,136						2,215
Other current assets			28						—						918						946
Property and equipment			933						2,882						2,169						5,984
Intangibles			3,711						13,470						18,904						36,085
Goodwill			4,898						4,415						7,766						17,079
Other non-current assets			36						13						82						131
Accounts payable and other current liabilities			(438)						(128)						(2,429)						(2,995)
Fair value of assets acquired and purchase price			11,413						21,217						32,650						65,280
Less seller obligations			1,973						1,510						4,057						7,540
Cash paid			$9,440						$19,707						$28,593						$57,740

Estimates of Acquired Intangible Assets

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

			2020												2019												2018
Acquired intangibles assets			Estimated Fair Value						Weighted Average Estimated Useful Life (yrs)						Estimated Fair Value						Weighted Average Estimated Useful Life (yrs)						Estimated Fair Value						Weighted Average Estimated Useful Life (yrs)
Customer relationships			$	28,307					8						$	20,659					8						$	27,149					8
Trademarks and trade names			9,834						15						5,286						15						6,075						15
Non-competition agreements			3,315						5						2,096						5						2,401						5
Backlog			4,767						1.5						—						—						460						2

Pro Forma Results of Operations

			December 31,
			2020						2019						2018
Net revenue			$	1,722,030					$	1,660,326					$	1,436,713
Net income			99,243						76,474						61,148
Basic net income per share			3.36						2.57						1.97
Diluted net income per share			3.34						2.56						1.96

X

- 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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