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Business Combinations (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Combinations

For the three and nine months ended September 30, 2022 (in thousands):

																																				Three months ended September 30, 2022												Nine months ended September 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					$	2,847					$	285					$	6,665					$	638
Central Aluminum						4/11/2022						Share						55,150						22,927						78,077						13,404						(1,048)						26,128						(805)
Tri-County						5/23/2022						Asset						9,600						473						10,073						3,548						(40)						5,034						(179)
Other						Various						Asset						3,309						256						3,565						550						(41)						550						(41)
																		$	76,109					$	25,534					$	101,643					$	20,349					$	(844)					$	38,377					$	(387)

For the three and nine months ended September 30, 2021 (in thousands)

																																				Three months ended September 30, 2021												Nine months ended September 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					$	10,556					$	590					$	24,315					$	2,068
Alert						4/13/2021						Asset						5,850						2,980						8,830						4,764						2						8,890						147
Alpine						4/19/2021						Asset						7,945						2,208						10,153						3,045						263						4,996						216
GCP						6/7/2021						Asset						9,700						1,427						11,127						2,624						(152)						3,270						(118)
Five Star						9/13/2021						Share						26,308						5,466						31,774						1,243						25						1,243						25
Other						Various						Asset						4,240						947						5,187						956						(29)						1,252						(43)
																		$	96,141					$	18,987					$	115,128					$	23,188					$	699					$	43,966					$	2,295

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):

			Nine months ended September 30, 2022
			Pisgah						Central Aluminum						Tri-County						Other						Total
Estimated fair values:
Cash			$	87					$	243					$	—					$	—					$	330
Accounts receivable			772						3,502						2,823						—						7,097
Inventories			684						14,344						839						199						16,066
Other current assets			21						16						2						—						39
Property and equipment			1,049						2,590						927						513						5,079
Operating lease right-of-use asset			—						844						66						—						910
Intangibles			4,634						34,900						3,488						1,378						44,400
Goodwill			2,743						27,595						2,123						1,523						33,984
Other non-current assets			7						—						12						37						56
Accounts payable and other current liabilities			(69)						(5,388)						(185)						(85)						(5,727)
Other long-term liabilities			—						(569)						(22)						—						(591)
Fair value of assets acquired and purchase price			9,928						78,077						10,073						3,565						101,643
Less seller obligations			1,878						22,927						473						256						25,534
Cash paid			$	8,050					$	55,150					$	9,600					$	3,309					$	76,109

			Nine months ended September 30, 2021
						IWI						Alert						Alpine						GCP						Five Star						Other						Total
Estimated fair values:
Cash						$	168					$	—					$	—					$	—					$	1,472					$	—					$	1,640
Accounts receivable						5,122						4,710						—						3,067						4,583						482						17,964
Inventories						1,157						765						359						—						1,399						138						3,818
Other current assets						3,014						738						—						—						330						—						4,082
Property and equipment						796						693						726						206						1,161						544						4,126
Intangibles						25,200						2,770						5,543						5,670						17,400						2,787						59,370
Goodwill						23,282						940						3,582						2,695						6,626						1,253						38,378
Other non-current assets						264						132						—						—												6						402
Accounts payable and other current liabilities						(8,416)						(1,184)						(57)						(493)						(1,170)						(20)						(11,340)
Other long-term liabilities						(2,530)						(734)						—						(18)						(27)						(3)						(3,312)
Fair value of assets acquired and purchase price						48,057						8,830						10,153						11,127						31,774						5,187						115,128
Less seller obligations						5,959						2,980						2,208						1,427						5,466						947						18,987
Cash paid						$	42,098					$	5,850					$	7,945					$	9,700					$	26,308					$	4,240					$	96,141

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,
			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			$	29,606					12						$	43,115					12
Trademarks and tradenames			13,228						15						10,147						15
Non-competition agreements			1,566						5						4,530						5
Backlog			—						0						1,578						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 September 30,												Unaudited pro forma for the nine months ended September 30,
			2022						2021						2022						2021
Net revenue			$	720,502					$	564,387					$	2,007,475					$	1,603,585
Net income			60,983						38,803						154,732						100,564
Basic net income per share			2.14						1.32						5.36						3.43
Diluted net income per share			2.13						1.31						5.33						3.40

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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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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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