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Subsequent Events | 3 Months Ended
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Sep. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events | NOTE 19 – SUBSEQUENT EVENTS Acquisition of Cascade Enterprises of Minnesota, Inc. On October 1, 2022, the Company, through its wholly-owned subsidiary, acquired the assets and operations of its of Cascade Enterprises of Minnesota, Inc. (“Cascade”) a Minneapolis, Minnesota based, privately held company that has operated as a strategic operating partner under the Company’s Airgroup brand since 2007. Cascade will continue to operate under the Airgroup brand through the remainder of 2022 and is expected to transition to the Radiant brand in early 2023 as Cascade is combined with existing company-owned operations in Minneapolis and will be able to leverage the Company’s GTM platform to strengthen our purchase order and vendor management service offering. As consideration for the acquisition, the Company paid $3,250 in cash upon closing, and the seller is entitled to additional contingent consideration payable in subsequent periods based on future performance of the acquired operation. The following table summarizes the fair value of the consideration transferred for the acquisition and the preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the acquisition date:
(In thousands) | Preliminary Purchase Price Allocation |
Cash | $ | 3,250 |
Contingent consideration |  | 1,987 |
Deposits and other assets |  | 3 |
Operating lease right-of-use asset |  | 34 |
Intangible assets |  | 3,468 |
Operating lease liability |  | (34 | )
Total identifiable net assets |  | 3,471 |
Goodwill |  | 1,766 |
| $ | 5,237 |
The fair values of the intangible assets were estimated by the Company with the assistance of valuation specialists. The fair value was estimated using a discounted cash flow approach with Level 3 inputs. Under this method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used risk-adjusted cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes the level and timing of cash flows appropriately reflect market participant assumptions. The goodwill is recorded in the U.S. operating segment and is expected to be deductible for income tax purposes over a period of ten years. Intangible assets acquired and their respective useful lives are estimated as follows:
(In thousands) | Preliminary Purchase Price Allocation |  |  | Useful Life
Customer related | $ | 3,468 |  |  | 10 years
|  | 3,468 |  |  |
The preliminary fair value estimates for the assets acquired and liabilities assumed are based upon preliminary calculations and valuations. The estimates and assumptions are subject to change as additional information is obtained for the estimates during the respective measurement periods (up to one year from the acquisition date). The primary areas of the preliminary estimates not yet finalized relate to identifiable intangible assets. Leases In September 2022, the Company entered into a new lease for warehouse space in Brampton, Ontario commencing in November 2022. The lease term expires in January 2033. In October 2022, the Company entered into a new lease for warehouse space in Calgary, Alberta commencing in January 2024. The lease term expires in December 2030. In November 2022, the Company entered into a new lease for warehouse space in Surrey, British Columbia commencing in May 2024. The lease term expires in April 2033. In January 2023, the Company entered into an agreement to lease an additional floor at its office in Renton, Washington. The lease term expires in November 2033. Total undiscounted future lease payments for the above-mentioned leases are approximately $54,032. Repurchase of Common Stock Pursuant to the stock repurchase program described in Note 10, we have purchased 620,347 shares of Common Stock subsequent to September 30, 2022 and through the date of this report for a total cost of $3,660 inclusive of transaction costs, bringing the total Common Stock repurchased under the plan to 3,364,472 shares.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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