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ACQUISITIONS (Tables)

12 Months Ended

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

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

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-Name Accounting Standards Codification
-Section 50
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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.

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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.

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