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BUSINESS COMBINATIONS (Tables) | 9 Months Ended
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Sep. 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:
| Nine Months Ended September 30,
| 2023 |  | 2022
Purchase Price: |  |  |
Cash used in acquisitions, net of cash acquired | $ | 842,635 |  |  | $ | 72,731 |
Other non-cash consideration | — |  |  | 1,220 |
Holdbacks and additional consideration owed to sellers | 2,435 |  |  | 4,112 |
Total consideration | $ | 845,070 |  |  | $ | 78,063 |
Allocated as follows: |  |  |
Current assets | $ | 19,297 |  |  | $ | 7,599 |
Property, plant and equipment: |  |  |
Land | 6,760 |  |  | 3,141 |
Buildings and improvements | 29,636 |  |  | 8,566 |
Machinery and equipment | 175,309 |  |  | 10,296 |
Operating lease right-of-use assets | 11,732 |  |  | 405 |
Intangible assets: |  |  |
Covenants not-to-compete | 37,648 |  |  | 2,034 |
Customer relationships | 145,553 |  |  | 11,417 |
Other non-current assets | — |  |  | 40 |
Deferred tax liability | (11,013) |  |  | — |
Current liabilities | (21,724) |  |  | (3,721) |
Other long-term liabilities | (828) |  |  | (123) |
Operating lease liabilities, less current portion | (9,939) |  |  | (282) |
Fair value of assets acquired and liabilities assumed | 382,431 |  |  | 39,372 |
Excess purchase price allocated to goodwill | $ | 462,639 |  |  | $ | 38,691 |
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues | $ | 371,139 |  |  | $ | 374,421 |  |  | $ | 1,077,303 |  |  | $ | 1,061,748 |
Operating income | $ | 34,584 |  |  | $ | 40,537 |  |  | $ | 75,876 |  |  | $ | 92,345 |
Net income | $ | 17,964 |  |  | $ | 24,339 |  |  | $ | 30,318 |  |  | $ | 50,001 |
Basic earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average common shares outstanding | 57,962 |  |  | 51,677 |  |  | 54,228 |  |  | 51,604 |
Basic earnings per common share | $ | 0.31 |  |  | $ | 0.47 |  |  | $ | 0.56 |  |  | $ | 0.97 |
Diluted earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average common shares outstanding | 58,062 |  |  | 51,806 |  |  | 54,325 |  |  | 51,749 |
Diluted earnings per common share | $ | 0.31 |  |  | $ | 0.47 |  |  | $ | 0.56 |  |  | $ | 0.97 |

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