BUSINESS ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Pro Forma Unaudited Revenue and Earnings Included in Consolidated Results

The following represents the pro forma unaudited revenue and earnings as if Cisco, Drydon, Burlingame and Sullivan had been included in the consolidated results of the Company for the nine months ended September 30, 2022 and 2021, respectively:

	Nine Months Ended September 30,
	2022		2021
	(in thousands/unaudited)
Revenue	$	1,092,823	$	860,590
Net income	$	44,170	$	19,492

Schedule of Purchase Price Consideration

In aggregate, the acquisition-date fair value of the consideration transferred for the four businesses totaled $67.9 million, which consisted of the following:

Purchase Price Consideration (in millions)	Total Consideration
Cash payments	$	53.9
Fair value of stock issued	5.8
Future consideration	8.2
Total purchase price consideration	$	67.9

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

Acquisitions
	Cisco Recognized as of Acquisition Date (1)		Measurement Period Adjustments (2)		Cisco Recognized as of Acquisition Date (As Adjusted)		All Other		Total
Cash	$	4,352	$	—	$	4,352	$	909	$	5,261
Accounts receivable	5,173		—		5,173		5,941		11,114
Other receivables	—		—		—		56		56
Inventory	3,032		—		3,032		37		3,069
Other current assets	472		(339)		133		5		138
Non-compete agreements	878		(1)		877		505		1,382
Customer relationships	10,730		6,070		16,800		1,248		18,048
Property and equipment	1,187		—		1,187		127		1,314
Operating lease ROU asset	2,168		—		2,168		—		2,168
Other assets	—		—		—		2		2
Assets acquired	$	27,992	$	5,730	$	33,722	$	8,830	$	42,552
Short-term operating lease liability	(463)		—		(463)		—		(463)
Current liabilities assumed	(5,208)		—		(5,208)		(1,088)		(6,296)
Long-term operating lease liability	(1,705)		—		(1,705)		—		(1,705)
Deferred tax liability	(2,897)		(1,515)		(4,412)		—		(4,412)
Net assets acquired	$	17,719	$	4,215	$	21,934	$	7,742	$	29,676
Total Consideration	52,184		(146)		52,330		15,558		67,888
Goodwill	$	34,465	$	(4,069)	$	30,396	$	7,816	$	38,212

(1) As previously reported in the Notes section in our Quarterly Report on Form 10-Q for the quarter end June 30, 2022.

(2) The measurement period adjustments primarily related to the final valuation of intangible assets related to the acquisition of Cisco.