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Business Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the consideration transferred to AquaProp at the acquisition date:
(in thousands) |
Fair value of purchase consideration: |
Cash | $ | 21,216 |
Deferred cash consideration | 3,664 |
Contingent consideration | 10,900 |
Total consideration | $ | 35,780 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the recognized preliminary amounts of identified assets, and liabilities assumed at the acquisition date:
(in thousands) |
Recognized amounts of assets acquired and liabilities assumed: |
Cash | $ | 178 |
Accounts receivable | 10,551 |
Property and equipment | 13,468 |
Intangible assets: |
Trade name | 1,300 |
Customer relationships | 18,600 |
Accounts payable | (1,423) |
Factored receivables | (10,024) |
Total net assets acquired | 32,650 |
Goodwill | 3,130 |
Total consideration | $ | 35,780 |
The following table summarizes the consideration transferred to Par Five and the recognized amounts of identified assets acquired and liabilities assumed at the acquisition date:
(in thousands) |
Total purchase consideration: |
Cash | $ | 22,215 |
Deferred cash consideration | 3,109 |
Total consideration | $ | 25,324 |
(in thousands) |
Recognized amounts of assets acquired and liabilities assumed: |
Accounts receivable | $ | 8,641 |
Inventory | 321 |
Property, plant and equipment | 17,175 |
Accrued liabilities | (813) |
Total net assets acquired | $ | 25,324 |
Business Acquisition, Pro Forma Information | The following combined supplemental pro forma information assumes the AquaProp Acquisition occurred on January 1, 2023. The supplemental pro forma information presented below is for illustrative purposes only and does not reflect future events that occurred after September 30, 2024 or any operating efficiencies or inefficiencies that may result from the AquaProp Acquisition. The information is not necessarily indicative of results that would have been achieved had the Company controlled AquaProp during the periods presented.
(unaudited, in thousands) |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  | $ | 360,868 |  |  | $ | 428,435 |  |  | $ | 1,166,222 |  |  | $ | 1,289,157 |
Net (loss) income |  | (136,647) |  |  | 35,413 |  |  | (109,682) |  |  | 102,298 |

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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 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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