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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 Components of Total Purchase Consideration | The following table summarizes the components of total purchase consideration:
(in thousands) |  | November 5, 2024
Initial cash consideration, net of cash acquired |  | $ | 59,897 |
Estimate fair value contingent earn-out and other |  | 7,098 |
Total purchase consideration |  | $ | 66,995 |
The following table summarizes the components of total purchase consideration:
(in thousands) |  | April 1, 2024
Initial cash consideration, net of cash acquired |  | $ | 92,025 |
Working capital adjustment |  | 4,748 |
Total purchase consideration |  | $ | 96,773 |
The following table summarizes the components of total purchase consideration:
(in thousands) |  | January 12, 2024
Initial cash consideration, net of cash acquired |  | $ | 175,734 |
Working capital adjustments |  | 8,081 |
Estimate fair value contingent earn-out and other |  | 5,832 |
Total purchase consideration |  | $ | 189,647 |
Schedule of Preliminary Allocation of Purchase Price | The following table summarizes the preliminary allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed as of November 5, 2024:
(in thousands) |  | November 5, 2024
Assets |  |
Other current assets |  | $ | 2,881 |
Property and equipment |  | 30,000 |
Right-of-use asset |  | 12,497 |
Goodwill |  | 37,389 |
Customer relationships |  | 1,000 |
Total assets |  | $ | 83,767 |
Liabilities |  |
Lease liability |  | $ | 12,497 |
Other long-term liabilities |  | 4,275 |
Total liabilities |  | 16,772 |
Total purchase consideration |  | $ | 66,995 |
The following table summarizes the preliminary allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed as of April 1, 2024:
(in thousands) |  | April 1, 2024
Assets |  |
Other current assets |  | $ | 4,644 |
Property and equipment |  | 78,759 |
Finance lease right-of-use asset |  | 4,040 |
Goodwill |  | 14,510 |
Total assets |  | $ | 101,953 |
Liabilities |  |
Finance lease liability |  | $ | 5,180 |
Total liabilities |  | 5,180 |
Total purchase consideration |  | $ | 96,773 |
The following table summarizes the preliminary allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed as of January 12, 2024:
(in thousands) |  | January 12, 2024
Assets |  |
Accounts receivable |  | $ | 20,411 |
Other current assets |  | 8,506 |
Property and equipment |  | 132,148 |
Right-of-use asset |  | 8,852 |
Goodwill |  | 30,852 |
Customer relationships |  | 22,000 |
Derivative instrument |  | 10,989 |
Other non-current assets |  | 6,250 |
Total assets |  | $ | 240,008 |
Liabilities |  |
Accounts payable and accrued expenses |  | $ | 13,940 |
Lease liability |  | 13,992 |
Other long-term liabilities |  | 22,429 |
Total liabilities |  | 50,361 |
Total purchase consideration |  | $ | 189,647 |
Schedule of Changes in Estimated Fair Value of the Contingent Consideration Liability | The following table presents the changes in the estimated fair value of the GC Data Center Acquisition contingent consideration liability:
(in thousands) |  |
Balance at December 31, 2023 |  | $ | — |
Contingent consideration liability |  | 3,523 |
Change in fair value of contingent earn-out |  | 15 |
Balance at December 31, 2024 |  | $ | 3,538 |
Schedule of Pro Forma Results of Acquisition |
|  |  |  | Year Ended December 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Revenue |  |  |  |  |  | $ | 675,045 |  |  | $ | 492,057 |  |  |
Income before income taxes |  |  |  |  |  | 623,764 |  |  | 223,636 |  |  |
Earnings per common share: |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | $ | 1.89 |  |  | $ | 1.14 |  |  |
Diluted |  |  |  |  |  | 1.76 |  |  | 0.81 |  |  |

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- 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
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- 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
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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