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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
Schedule of Business Combinations | For the year ended December 31, 2021 (in thousands):
2021 Acquisitions |  | Date |  | Acquisition Type |  | Cash Paid |  | Seller Obligations |  | Total Purchase Price |  | Revenue |  | Net Income (Loss)
IWI |  | 03/01/2021 |  | Share |  | $ | 42,098 |  |  | $ | 5,959 |  |  | $ | 48,057 |  |  | $ | 36,259 |  |  | $ | 3,373 |
Alert |  | 4/13/2021 |  | Asset |  | 5,850 |  |  | 2,980 |  |  | 8,830 |  |  | 13,494 |  |  | (151) |
Alpine |  | 4/19/2021 |  | Asset |  | 7,945 |  |  | 2,208 |  |  | 10,153 |  |  | 8,267 |  |  | 189 |
GCP |  | 6/7/2021 |  | Asset |  | 9,700 |  |  | 1,427 |  |  | 11,127 |  |  | 7,125 |  |  | 83 |
Five Star |  | 9/13/2021 |  | Share |  | 26,308 |  |  | 5,466 |  |  | 31,774 |  |  | 6,861 |  |  | (119) |
DGM |  | 11/1/2021 |  | Asset |  | 11,634 |  |  | 2,069 |  |  | 13,703 |  |  | 2,198 |  |  | (462) |
CFI |  | 11/22/2021 |  | Share |  | 13,450 |  |  | 1,145 |  |  | 14,595 |  |  | 1,289 |  |  | 53 |
AMD |  | 12/13/2021 |  | Asset |  | 119,490 |  |  | 6,631 |  |  | 126,121 |  |  | 3,707 |  |  | (225) |
Other |  | Various |  | Asset |  | 6,540 |  |  | 1,284 |  |  | 7,824 |  |  | 3,231 |  |  | (102) |
Total |  |  |  |  |  | $ | 243,015 |  |  | $ | 29,169 |  |  | $ | 272,184 |  |  | $ | 82,431 |  |  | $ | 2,639 |
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 |
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):
| 2021
| IWI |  | Alert |  | Alpine |  | GCP |  | Five Star |  | DGM |  | CFI |  | AMD |  | Other |  | Total
Estimated fair values: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 168 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,472 |  |  | $ | — |  |  | $ | 67 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,707 |
Accounts receivable | 5,122 |  |  | 4,710 |  |  | — |  |  | 3,067 |  |  | 4,597 |  |  | 4,007 |  |  | 1,318 |  |  | 8,393 |  |  | 446 |  |  | 31,660 |
Inventories | 1,157 |  |  | 765 |  |  | 359 |  |  | — |  |  | 1,399 |  |  | 6 |  |  | 311 |  |  | 7,540 |  |  | 345 |  |  | 11,882 |
Other current assets | 3,014 |  |  | 738 |  |  | — |  |  | — |  |  | 330 |  |  | 1,016 |  |  | 26 |  |  | — |  |  | 74 |  |  | 5,198 |
Property and equipment | 796 |  |  | 693 |  |  | 726 |  |  | 206 |  |  | 1,161 |  |  | 853 |  |  | 714 |  |  | 1,133 |  |  | 932 |  |  | 7,214 |
Intangibles | 25,200 |  |  | 2,770 |  |  | 5,543 |  |  | 5,670 |  |  | 17,400 |  |  | 8,800 |  |  | 7,699 |  |  | 52,800 |  |  | 4,072 |  |  | 129,954 |
Goodwill | 23,282 |  |  | 940 |  |  | 3,582 |  |  | 2,695 |  |  | 6,482 |  |  | 3,447 |  |  | 6,799 |  |  | 56,327 |  |  | 2,063 |  |  | 105,617 |
Other non-current assets | 264 |  |  | 132 |  |  | — |  |  | — |  |  | — |  |  | 213 |  |  | — |  |  | — |  |  | 18 |  |  | 627 |
Accounts payable and other current liabilities | (8,416) |  |  | (1,184) |  |  | (57) |  |  | (493) |  |  | (1,040) |  |  | (4,625) |  |  | (242) |  |  | (23) |  |  | (123) |  |  | (16,203) |
Deferred income tax liabilities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,089) |  |  | — |  |  | — |  |  | (2,089) |
Other long-term liabilities | (2,530) |  |  | (734) |  |  | — |  |  | (18) |  |  | (27) |  |  | (14) |  |  | (8) |  |  | (49) |  |  | (3) |  |  | (3,383) |
Fair value of assets acquired and purchase price | 48,057 |  |  | 8,830 |  |  | 10,153 |  |  | 11,127 |  |  | 31,774 |  |  | 13,703 |  |  | 14,595 |  |  | 126,121 |  |  | 7,824 |  |  | 272,184 |
Less seller obligations | 5,959 |  |  | 2,980 |  |  | 2,208 |  |  | 1,427 |  |  | 5,466 |  |  | 2,069 |  |  | 1,145 |  |  | 6,631 |  |  | 1,284 |  |  | 29,169 |
Cash paid | $ | 42,098 |  |  | $ | 5,850 |  |  | $ | 7,945 |  |  | $ | 9,700 |  |  | $ | 26,308 |  |  | $ | 11,634 |  |  | $ | 13,450 |  |  | $ | 119,490 |  |  | $ | 6,540 |  |  | $ | 243,015 |
| 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 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands):
| 2021 |  | 2020 |  | 2019
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 | $ | 94,473 |  |  | 12 |  | $ | 28,307 |  |  | 8 |  | $ | 20,659 |  |  | 8
Trademarks and trade names | 23,349 |  |  | 15 |  | 9,834 |  |  | 15 |  | 5,286 |  |  | 15
Non-competition agreements | 7,254 |  |  | 5 |  | 3,315 |  |  | 5 |  | 2,096 |  |  | 5
Backlog | 4,878 |  |  | 2.5 |  | 4,767 |  |  | 1.5 |  | — |  |  | — |
Pro Forma Results of Operations |
| December 31,
| 2021 |  | 2020 |  | 2019
Net revenue | $ | 2,105,295 |  |  | $ | 1,922,327 |  |  | $ | 1,660,326 |
Net income | 129,825 |  |  | 107,791 |  |  | 76,474 |
Basic net income per share | 4.42 |  |  | 3.65 |  |  | 2.57 |
Diluted net income per share | 4.38 |  |  | 3.63 |  |  | 2.56 |

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