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Business Combinations (Tables)
3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Combinations
For the three months ended March 31, 2023 (in thousands):
Three months ended March 31, 2023
2023 AcquisitionsDateAcquisition TypeCash PaidSeller
Obligations
Total Purchase PriceRevenueNet Income
Anchor3/12/2023Share$35,928 $1,000 $36,928 $2,193 $51 
Other2/13/2023Asset2,090 131 2,221 444 15 
$38,018 $1,131 $39,149 $2,637 $66 
For the three months ended March 31, 2022 (in thousands):
Three months ended March 31, 2022
2022 AcquisitionsDateAcquisition TypeCash PaidSeller
Obligations
Total Purchase PriceRevenueNet Income
Other03/01/2022Share$8,050 $1,878 $9,928 $915 $97 
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):
Three months ended March 31, 2023Three months ended March 31, 2022
AnchorOtherTotalOther
Estimated fair values:
Cash$10 $— $10 $87 
Accounts receivable3,661 — 3,661 772 
Inventories1,527 64 1,591 684 
Other current assets1,732 — 1,732 21 
Property and equipment2,428 381 2,809 1,049 
Operating lease right-of-use asset— 28 28 — 
Intangibles16,420 1,120 17,540 4,634 
Goodwill12,870 670 13,540 2,743 
Other non-current assets184 13 197 
Accounts payable and other current liabilities(1,904)(46)(1,950)(69)
Other long-term liabilities— (9)(9)— 
Fair value of assets acquired and purchase price36,928 2,221 39,149 9,928 
Less seller obligations1,000 131 1,131 1,878 
Cash paid$35,928 $2,090 $38,018 $8,050 
Estimates of Acquired Intangible Assets
Estimates of acquired intangible assets related to the acquisitions are as follows (in thousands):
 
For the three months ended March 31,
 20232022
Acquired intangibles assetsEstimated
Fair Value
Weighted Average Estimated
Useful Life (yrs.)
Estimated
Fair Value
Weighted Average Estimated Useful Life (yrs.)
Customer relationships$10,969 12$3,125 12
Trademarks and tradenames5,466 151,136 15
Non-competition agreements285 5374 5
Backlog820 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 March 31,
 20232022
Net revenue$667,915 $623,603 
Net income49,590 34,974 
Basic net income per share1.77 1.19 
Diluted net income per share1.75 1.18