BUSINESS ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Pro Forma Unaudited Revenue and Earnings Included in Consolidated Results

The following represents the pro forma unaudited revenue and earnings as if Cisco, Drydon and Burlingame had been included in the consolidated results of the Company for the six months ended June 30, 2022 and 2021, respectively:


	Six Months Ended June 30,
	2022		2021
	(in thousands/unaudited)
Revenue	$	703,040	$	555,052
Net income	$	29,286	$	11,302

Schedule of Purchase Price Consideration

In aggregate, the acquisition-date fair value of the consideration transferred for the three businesses totaled $61.2 million, which consisted of the following:


Purchase Price Consideration (in millions)	Total Consideration

Cash payments	$	49.3
Fair value of stock issued	4.7
Future consideration	7.2
Total purchase price consideration	$	61.2

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:


Acquisitions
(In thousands)	Cisco		All Other		Total
Cash	$	4,352	$	517	$	4,869
Accounts receivable	5,173		2,698		7,871
Other receivables	—		56		56
Inventory	3,032		37		3,069
Other current assets	472		—		472
Non-compete agreements	878		229		1,107
Customer relationships	10,730		964		11,694
Property and equipment	1,187		124		1,311
Operating lease ROU asset	2,168		—		2,168
Other assets	—		2		2
Assets acquired	$	27,992	$	4,627	$	32,619
Short-term operating lease liability	(463)		—		(463)
Current liabilities assumed	(5,208)		(1,061)		(6,269)
Long-term operating lease liability	(1,705)		—		(1,705)
Deferred tax liability	(2,897)		—		(2,897)
Net assets acquired	$	17,719	$	3,566	$	21,285
Total Consideration	52,184		9,049		61,233
Goodwill	$	34,465	$	5,483	$	39,948