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Acquisition (Tables) | 9 Months Ended
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Sep. 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—trade |  | 24,036 |
Inventories |  | 13,422 |
Property and equipment |  | 26,213 |
Intangible assets |  | 104,600 |
Prepaid expenses and other assets |  | 3,718 |
Total assets acquired |  | 176,377 |
Current liabilities |  | 11,760 |
Long-term liabilities |  | 32,379 |
Total liabilities assumed |  | 44,139 |
Total identifiable net assets acquired |  | 132,238 |
Goodwill |  | 66,778 |
Total purchase consideration |  | $ | 199,016 |
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 September 30, 2024 were as follows (in thousands):
|  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Revenue |  | $ | 27,378 |  |  | $ | 81,649 |
Net income (loss) |  | 6,071 |  |  | 15,572 |
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 Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue | $ | 207,806 |  |  | $ | 208,939 |  |  | $ | 615,407 |  |  | $ | 651,558 |
Net income (loss) | (14,427) |  |  | 22,464 |  |  | (27,516) |  |  | 11,495 |

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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 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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