XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Acquisition (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):
Cash and cash equivalents$4,388 
Accounts receivable—trade24,036 
Inventories13,422 
Property and equipment26,213 
Intangible assets104,600 
Prepaid expenses and other assets3,718 
Total assets acquired176,377 
Current liabilities11,760 
Long-term liabilities29,864 
Total liabilities assumed41,624 
Total identifiable net assets acquired134,753 
Goodwill63,941 
Total purchase consideration$198,694 
Schedule of Business Acquisition, Pro Forma Information
The contributed revenues and net income to the Company of the acquired Variperm business, for the period from January 4, 2024 to June 30, 2024 were as follows (in thousands):
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Revenue$26,903 $54,271 
Net income (loss)5,113 9,501 
The following unaudited pro forma summary presents the results of operations of the Company as if the acquisition of Variperm occurred on January 1, 2023 (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Revenue$205,209 $215,919 $407,601 $442,619 
Net income (loss)(5,941)(5,382)(13,089)(10,969)