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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Combinations

For the three and six months ended June 30, 2023 (in thousands):

																																				Three months ended June 30, 2023												Six months ended June 30, 2023
2023 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income (Loss)						Revenue						Net Income (Loss)
Anchor						3/12/2023						Share						$	35,928					$	2,410					$	38,338					$	9,324					$	446					$	11,517					$	497
Other						Various						Asset						4,264						385						4,649						1,436						(28)						1,880						(13)
																		$	40,192					$	2,795					$	42,987					$	10,760					$	418					$	13,397					$	484

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						Revenue						Net Income
CAS						4/11/2022						Share						$	55,150					$	27,335					$	82,485					$	12,724					$	243					$	12,724					$	243
Other						Various						Share/Asset						17,650						2,351						20,001						4,389						117						5,304						214
																		$	72,800					$	29,686					$	102,486					$	17,113					$	360					$	18,028					$	457

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, 2023
			Anchor																		Other						Total
Estimated fair values:
Cash			$	10																	$	—					$	10
Accounts receivable			5,000																		—						5,000
Inventories			1,613																		202						1,815
Other current assets			1,862																		—						1,862
Property and equipment			2,309																		940						3,249
Operating lease right-of-use asset			—																		28						28
Intangibles			16,420																		2,200						18,620
Goodwill			13,018																		1,307						14,325
Other non-current assets			184																		28						212
Accounts payable and other current liabilities			(2,078)																		(47)						(2,125)
Other long-term liabilities			—																		(9)						(9)
Fair value of assets acquired and purchase price			38,338																		4,649						42,987
Less seller obligations			2,410																		385						2,795
Cash paid			$	35,928																	$	4,264					$	40,192

			Six months ended June 30, 2022
			CAS																		Other						Total
Estimated fair values:
Cash			$	243																	$	87					$	330
Accounts receivable			3,502																		3,595						7,097
Inventories			13,443																		1,522						14,965
Other current assets			53																		23						76
Property and equipment			2,590																		1,976						4,566
Operating lease right-of-use asset			844																		66						910
Intangibles			34,900																		8,122						43,022
Goodwill			32,867																		4,815						37,682
Other non-current assets			—																		19						19
Accounts payable and other current liabilities			(5,388)																		(202)						(5,590)
Other long-term liabilities			(569)																		(22)						(591)
Fair value of assets acquired and purchase price			82,485																		20,001						102,486
Less seller obligations			27,335																		2,351						29,686
Cash paid			$	55,150																	$	17,650					$	72,800

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,
			2023												2022
Acquired intangibles assets			Estimated Fair Value						Weighted Average Estimated Useful Life (yrs.)						Estimated Fair Value						Weighted Average Estimated Useful Life (yrs.)
Customer relationships			$	11,710					12						$	28,676					12
Trademarks and tradenames			5,723						15						12,891						15
Non-competition agreements			367						5						1,455						5
Backlog			820						1						—						0

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, 2022 and 2021, 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,
			2023						2022						2023						2022
Net revenue			$	692,945					$	703,838					$	1,362,405					$	1,328,813
Net income			61,616						61,411						111,276						96,392
Basic net income per share			2.19						2.13						3.96						3.32
Diluted net income per share			2.18						2.13						3.94						3.30

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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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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