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Business Acquisitions (Tables)
 9 Months Ended
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 consideration3,664 
Contingent consideration10,900 
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 receivable10,551 
Property and equipment13,468 
Intangible assets:
Trade name1,300 
Customer relationships18,600 
Accounts payable(1,423)
Factored receivables(10,024)
Total net assets acquired32,650 
Goodwill3,130 
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 consideration3,109 
Total consideration$25,324 

(in thousands)
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable$8,641 
Inventory321 
Property, plant and equipment17,175 
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,
2024202320242023
Revenue$360,868 $428,435 $1,166,222 $1,289,157 
Net (loss) income(136,647)35,413 (109,682)102,298