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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Combinations

For the three and six months ended June 30, 2022 (in thousands):

																																				Three months ended June 30, 2022												Six months ended June 30, 2022
2022 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income (Loss)						Revenue						Net Income (Loss)
Pisgah						03/01/2022						Share						$	8,050					$	1,878					$	9,928					$	2,903					$	256					$	3,818					$	353
Central Aluminum						4/11/2022						Share						55,150						22,927						78,077						12,724						243						12,724						243
Tri-County						5/23/2022						Asset						9,600						473						10,073						1,486						(139)						1,486						(139)
																		$	72,800					$	25,278					$	98,078					$	17,113					$	360					$	18,028					$	457

For the three and six months ended June 30, 2021 (in thousands)

																																				Three months ended June 30, 2021												Six months ended June 30, 2021
2021 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income (Loss)						Revenue						Net Income (Loss)
IWI						03/01/2021						Share						$	42,098					$	5,959					$	48,057					$	10,151					$	1,028					$	13,759					$	1,478
Alert						4/13/2021						Asset						5,850						2,980						8,830						4,126						155						4,126						155
Alpine						4/19/2021						Asset						7,945						2,208						10,153						1,951						(17)						1,951						(17)
GCP						6/7/2021						Asset						9,700						1,427						11,127						646						43						646						43
Other						5/10/2021						Asset						$	2,290					$	380					$	2,670					$	296					$	(7)					$	296					$	(7)
																		$	67,883					$	12,954					$	80,837					$	17,170					$	1,202					$	20,778					$	1,652

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):

			Six months ended June 30, 2022
			Pisgah						Central Aluminum						Tri-County						Total
Estimated fair values:
Cash			$	94					$	243					$	—					$	337
Accounts receivable			772						3,502						2,823						7,097
Inventories			684						14,344						839						15,867
Other current assets			21						16						2						39
Property and equipment			1,049						2,590						927						4,566
Operating lease right-of-use asset			—						844						66						910
Intangibles			4,634						34,900						3,488						43,022
Goodwill			2,736						27,595						2,123						32,454
Other non-current assets			7						—						12						19
Accounts payable and other current liabilities			(69)						(5,388)						(185)						(5,642)
Other long-term liabilities			—						(569)						(22)						(591)
Fair value of assets acquired and purchase price			9,928						78,077						10,073						98,078
Less seller obligations			1,878						22,927						473						25,278
Cash paid			$	8,050					$	55,150					$	9,600					$	72,800

			Six months ended June 30, 2021
						IWI						Alert						Alpine						GCP						Other						Total
Estimated fair values:
Cash						$	168					$	—					$	—					$	—					$	—					$	168
Accounts receivable						5,122						4,706						—						3,067						—						12,895
Inventories						1,157						742						359						—						72						2,330
Other current assets						3,014						738						—						47						—						3,799
Property and equipment						796						693						726						206						146						2,567
Intangibles						25,200						2,770						5,543						5,670						1,800						40,983
Goodwill						23,282						967						3,582						2,663						663						31,157
Other non-current assets						264						132						—						—						—						396
Accounts payable and other current liabilities						(8,416)						(1,184)						(57)						(319)						(11)						(9,987)
Other long-term liabilities						(2,530)						(734)						—						(207)						—						(3,471)
Fair value of assets acquired and purchase price						48,057						8,830						10,153						11,127						2,670						80,837
Less seller obligations						5,959						2,980						2,208						1,427						380						12,954
Cash paid						$	42,098					$	5,850					$	7,945					$	9,700					$	2,290					$	67,883

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,
			2022												2021
Acquired intangibles assets			Estimated Fair Value						Weighted Average Estimated Useful Life (yrs.)						Estimated Fair Value						Weighted Average Estimated Useful Life (yrs.)
Customer relationships			$	28,676					12						$	27,869					12
Trademarks and tradenames			12,891						15						7,890						15
Non-competition agreements			1,455						5						3,647						5
Backlog			—						0						1,577						1.5

Pro Forma Results of Operations

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, 2021 and 2020, 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,
			2022						2021						2022						2021
Net revenue			$	679,955					$	541,958					$	1,284,157					$	1,036,460
Net income			59,919						40,735						93,755						61,810
Basic net income per share			2.08						1.39						3.23						2.11
Diluted net income per share			2.07						1.38						3.21						2.09

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.

+ References

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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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