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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Schedule of Business Combinations | For the year ended December 31, 2022 (in thousands):
2022 Acquisitions |  | Date |  | Acquisition Type |  | Cash Paid |  | Seller Obligations |  | Total Purchase Price |  | Revenue |  | Net Income (Loss)
CAS |  | 4/11/2022 |  | Share |  | $ | 55,150 |  |  | $ | 22,927 |  |  | $ | 78,077 |  |  | $ | 37,822 |  |  | $ | (1,001) |
ABS |  | 12/19/2022 |  | Share |  | 23,150 |  |  | 412 |  |  | 23,562 |  |  | 658 |  |  | (97) |
Other |  | Various |  | Asset/Share |  | 35,759 |  |  | 3,639 |  |  | 39,398 |  |  | 22,576 |  |  | 787 |
Total |  |  |  |  |  | $ | 114,059 |  |  | $ | 26,978 |  |  | $ | 141,037 |  |  | $ | 61,056 |  |  | $ | (311) |
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 |
Five Star |  | 9/13/2021 |  | Share |  | 26,308 |  |  | 5,466 |  |  | 31,774 |  |  | 6,861 |  |  | (119) |
AMD |  | 12/13/2021 |  | Asset |  | 119,490 |  |  | 6,631 |  |  | 126,121 |  |  | 3,707 |  |  | (225) |
Other |  | Various |  | Asset/Share |  | 55,119 |  |  | 9,835 |  |  | 64,954 |  |  | 35,604 |  |  | (390) |
Total |  |  |  |  |  | $ | 243,015 |  |  | $ | 27,891 |  |  | $ | 270,906 |  |  | $ | 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)
ICON |  | 10/13/2020 |  | Asset |  | $ | 16,900 |  |  | $ | 3,598 |  |  | $ | 20,498 |  |  | $ | 4,798 |  |  | $ | 449 |
Other |  | Various |  | Asset |  | 59,546 |  |  | 10,488 |  |  | 70,034 |  |  | 35,696 |  |  | 1,443 |
Total |  |  |  |  |  | $ | 76,446 |  |  | $ | 14,086 |  |  | $ | 90,532 |  |  | $ | 40,494 |  |  | $ | 1,892 |
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):
| 2022 |
| CAS |  | ABS |  | Other |  | Total |
Estimated fair values: |  |  |  |  |  |  |  |
Cash | $ | 243 |  |  | $ | 193 |  |  | $ | 87 |  |  | $ | 523 |  |
Accounts receivable | 3,502 |  |  | 2,777 |  |  | 5,800 |  |  | 12,079 |  |
Inventories | 13,784 |  |  | 853 |  |  | 2,456 |  |  | 17,093 |  |
Other current assets | 576 |  |  | 485 |  |  | 71 |  |  | 1,132 |  |
Property and equipment | 2,590 |  |  | 1,269 |  |  | 4,498 |  |  | 8,357 |  |
Operating lease right-of-use asset | 844 |  |  | — |  |  | 66 |  |  | 910 |  |
Intangibles | 34,900 |  |  | 12,800 |  |  | 17,365 |  |  | 65,065 |  |
Goodwill | 27,594 |  |  | 10,546 |  |  | 11,154 |  |  | 49,294 |  |
Other non-current assets | — |  |  | — |  |  | 56 |  |  | 56 |  |
Accounts payable and other current liabilities | (5,387) |  |  | (2,677) |  |  | (2,133) |  |  | (10,197) |  |
Deferred income tax liabilities | — |  |  | (2,455) |  |  | — |  |  | (2,455) |  |
Income tax payable | — |  |  | (229) |  |  | — |  |  | (229) |  |
Other long-term liabilities | (569) |  |  | — |  |  | (22) |  |  | (591) |  |
Fair value of assets acquired and purchase price | 78,077 |  |  | 23,562 |  |  | 39,398 |  |  | 141,037 |  |
Less seller obligations | 22,927 |  |  | 412 |  |  | 3,639 |  |  | 26,978 |  |
Cash paid | $ | 55,150 |  |  | $ | 23,150 |  |  | $ | 35,759 |  |  | $ | 114,059 |  |
| 2021
| IWI |  | Five Star |  | AMD |  | Other |  | Total
Estimated fair values: |  |  |  |  |  |  |  |  |
Cash | $ | 168 |  |  | $ | 1,472 |  |  | $ | — |  |  | $ | 67 |  |  | $ | 1,707 |
Accounts receivable | 5,122 |  |  | 4,583 |  |  | 8,393 |  |  | 13,584 |  |  | 31,682 |
Inventories | 1,157 |  |  | 1,399 |  |  | 7,540 |  |  | 1,786 |  |  | 11,882 |
Other current assets | 3,014 |  |  | 330 |  |  | — |  |  | 1,975 |  |  | 5,319 |
Property and equipment | 796 |  |  | 1,161 |  |  | 1,133 |  |  | 4,124 |  |  | 7,214 |
Operating lease right of-use-asset | — |  |  | — |  |  | 199 |  |  | — |  |  | 199 |
Intangibles | 25,200 |  |  | 17,400 |  |  | 52,800 |  |  | 31,554 |  |  | 126,954 |
Goodwill | 23,282 |  |  | 6,626 |  |  | 56,327 |  |  | 21,122 |  |  | 107,357 |
Other non-current assets | 264 |  |  | — |  |  | — |  |  | 417 |  |  | 681 |
Accounts payable and other current liabilities | (8,416) |  |  | (1,170) |  |  | (184) |  |  | (6,809) |  |  | (16,579) |
Deferred income tax liabilities | — |  |  | — |  |  | — |  |  | (2,089) |  |  | (2,089) |
Other long-term liabilities | (2,530) |  |  | (27) |  |  | (87) |  |  | (777) |  |  | (3,421) |
Fair value of assets acquired and purchase price | 48,057 |  |  | 31,774 |  |  | 126,121 |  |  | 64,954 |  |  | 270,906 |
Less seller obligations | 5,959 |  |  | 5,466 |  |  | 6,631 |  |  | 9,835 |  |  | 27,891 |
Cash paid | $ | 42,098 |  |  | $ | 26,308 |  |  | $ | 119,490 |  |  | $ | 55,119 |  |  | $ | 243,015 |
| 2020
| ICON |  | Other |  | Total
Estimated fair values: |  |  |  |  |
Accounts receivable | $ | 4,828 |  |  | $ | 12,777 |  |  | $ | 17,605 |
Inventories | 243 |  |  | 2,518 |  |  | 2,761 |
Other current assets | 675 |  |  | 779 |  |  | 1,454 |
Property and equipment | 380 |  |  | 5,482 |  |  | 5,862 |
Intangibles | 11,830 |  |  | 34,393 |  |  | 46,223 |
Goodwill | 2,870 |  |  | 18,435 |  |  | 21,305 |
Other non-current assets | 145 |  |  | 96 |  |  | 241 |
Accounts payable and other current liabilities | (445) |  |  | (4,196) |  |  | (4,641) |
Other long-term liabilities | (28) |  |  | (250) |  |  | (278) |
Fair value of assets acquired and purchase price | 20,498 |  |  | 70,034 |  |  | 90,532 |
Less seller obligations | 3,598 |  |  | 10,488 |  |  | 14,086 |
Cash paid | $ | 16,900 |  |  | $ | 59,546 |  |  | $ | 76,446 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands):
| 2022 |  | 2021 |  | 2020
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 | $ | 45,236 |  |  | 12 |  | $ | 95,173 |  |  | 12 |  | $ | 28,307 |  |  | 8
Trademarks and trade names | 16,794 |  |  | 15 |  | 23,149 |  |  | 15 |  | 9,834 |  |  | 15
Non-competition agreements | 2,645 |  |  | 5 |  | 7,054 |  |  | 5 |  | 3,315 |  |  | 5
Backlog | 390 |  |  | 1 |  | 1,578 |  |  | 1.5 |  | 4,767 |  |  | 1.5
Pro Forma Results of Operations |
| December 31,
| 2022 |  | 2021 |  | 2020
Net revenue | $ | 2,732,084 |  |  | $ | 2,217,592 |  |  | $ | 1,922,327 |
Net income | 227,108 |  |  | 135,850 |  |  | 107,791 |
Basic net income per share | 7.91 |  |  | 4.63 |  |  | 3.65 |
Diluted net income per share | 7.87 |  |  | 4.59 |  |  | 3.63 |

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