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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Weighted-Average Assumptions

The assumptions used to calculate the estimated fair value of the earn-out under the option pricing method were as follows:

			December 31, 2021						February 28, 2021
Risk-free rate			0.1%						0.1%
Revenue discount rate			9.8%						8.3%
Revenue volatility			24.2%						27.3%

Purchase Price Allocation

Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:

																														Proficient Transport						J&P						BarOle						Edgmon
																														February 28, 2021						May 30, 2021						November 30, 2021						May 31, 2022
Tangible assets:
Cash																														$	—					$	—					$	—					$	—
Accounts receivable																														4,171						1,940						2,657						4,963
Prepaid expenses and other current assets																														—						32						—						—
Property and equipment																														140						1,567						6,464						613
Other assets																														24						3						—						—
Operating lease right-of-use assets																														—						1,355						—						—
Total tangible assets																														4,335						4,897						9,121						5,576
Intangible assets:
Customer relationships																														6,060						620						11,120						13,051
Non-compete agreements																														18						120						221						172
Goodwill																														6,249						4,020						15,355						22,195
Total intangible assets																														12,327						4,760						26,696						35,418
Total assets acquired																														16,662						9,657						35,817						40,994
Liabilities assumed:
Current liabilities																														323						632						381						1
Other liabilities																														—						—						—						—
Finance lease obligations																														—						—						—						—
Operating lease liabilities																														—						1,355						—						—
Total liabilities assumed																														323						1,987						381						1
Net assets acquired																														$	16,339					$	7,670					$	35,436					$	40,993

Weighted-Average Useful Life of Acquired Intangible Assets

The acquired intangible assets have a weighted-average useful life as follows:

Intangible Assets						Weighted-Average Useful Life
Customer relationships						14 years
Non-compete agreements						4 years
Trade names						4 years

The estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:

Estimated Useful Lives

Proficient Transport

J&P

BarOle

Edgmon

Customer relationships

8 years

12 years

9 years

9 years

Non-compete agreements

1 year

5 years

5 years

5 years

X

- References

No definition available.

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- Definition

Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275

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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.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

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