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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Fair Value Consideration Transferred | Sterling completed the PPG Acquisition for a purchase price of $56,693, net of cash acquired, detailed as follows:
Cash consideration transferred, net of cash acquired | $ | 50,002 |
Earn-out (1) | 4,500
Target working capital adjustment | 2,191
Total fair value of consideration | $ | 56,693 |
(1) The earn-out arrangement requires the Company to pay up to $20,000 based upon PPG’s achievement of certain cumulative EBITDA targets for a three year period ending on December 31, 2026. No payment shall be made if the cumulative EBITDA targets are not achieved.
Schedule of Preliminary Purchase Price Allocation | The following table summarizes our purchase price allocation at the acquisition closing date, net of cash acquired:
Net tangible assets (liabilities): |
Accounts receivable | $ | 2,588 |
Other current assets | 1,460 |
Property and equipment, net | 1,679 |
Other non-current assets, net | 2,394 |
Accounts payable | (1,268) |
Deferred tax liability | (10,525) |
Other current and non-current liabilities | (2,806) |
Total net tangible liabilities | (6,478) |
Identifiable intangible assets | 44,500 |
Goodwill | 18,671 |
Total fair value of consideration transferred | $ | 56,693 |
Schedule of Identifiable Intangible Assets Acquired | The estimated useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows.
| Weighted Average Life (Years) |  | November 16, 2023 Fair Value
Customer relationships | 20 |  | $ | 43,400 |
Trade names | 15 |  | 1,100 |
Total |  |  | $ | 44,500 |
Schedule of Proforma Information | This pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the pro forma events taken place on the dates indicated. Further, the pro forma financial information does not purport to project the future operating results of the combined company following the PPG Acquisition.
| Year Ended December 31, 2023
Pro forma revenue | $ | 2,033,081 |
Pro forma net income from Continuing Operations | $ | 149,036 |

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