XML 39 R26.htm IDEA: XBRL DOCUMENT
v3.23.2

BUSINESS COMBINATIONS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Purchase Price Paid for Acquisitions | A summary of the purchase price paid and the purchase price allocation for acquisitions follows:
| Six Months Ended June 30,
| 2023 |  | 2022
Purchase Price: |  |  |
Cash used in acquisitions, net of cash acquired | $ | 544,359 |  |  | $ | 55,053 |
Holdbacks to sellers and contingent consideration | 1,900 |  |  | 3,842 |
Total consideration | $ | 546,259 |  |  | $ | 58,895 |
Allocated as follows: |  |  |
Current assets | $ | 15,364 |  |  | $ | 7,584 |
Property, plant and equipment: |  |  |
Land | 2,213 |  |  | 2,804 |
Buildings and improvements | 8,666 |  |  | 5,308 |
Machinery and equipment | 90,276 |  |  | 6,712 |
Operating lease right-of-use assets | 11,260 |  |  | 405 |
Intangible assets: |  |  |
Covenants not-to-compete | 10,550 |  |  | 1,415 |
Customer relationships | 93,000 |  |  | 9,725 |
Other non-current assets | — |  |  | 40 |
Deferred tax liability | (5,160) |  |  | — |
Current liabilities | (15,195) |  |  | (3,577) |
Operating lease liabilities, less current portion | (9,887) |  |  | (282) |
Fair value of assets acquired and liabilities assumed | 201,087 |  |  | 30,134 |
Excess purchase price allocated to goodwill | $ | 345,172 |  |  | $ | 28,761 |
Schedule of Unaudited Pro forma Combined Information | Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2022 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues | $ | 335,363 |  |  | $ | 335,299 |  |  | $ | 645,821 |  |  | $ | 626,980 |
Operating income | $ | 25,982 |  |  | $ | 35,543 |  |  | $ | 39,734 |  |  | $ | 50,250 |
Net income | $ | 7,494 |  |  | $ | 19,985 |  |  | $ | 13,113 |  |  | $ | 26,421 |
Basic earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average common shares outstanding | 52,885 |  |  | 51,642 |  |  | 52,331 |  |  | 51,567 |
Basic earnings per common share | $ | 0.14 |  |  | $ | 0.39 |  |  | $ | 0.25 |  |  | $ | 0.51 |
Diluted earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average common shares outstanding | 52,980 |  |  | 51,781 |  |  | 52,427 |  |  | 51,720 |
Diluted earnings per common share | $ | 0.14 |  |  | $ | 0.39 |  |  | $ | 0.25 |  |  | $ | 0.51 |

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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration