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Business Acquisitions (Tables)
12 Months Ended
Dec. 31, 2022
Business Acquisition [Line Items]  
Summary of Elements of Purchase Price of Acquisitions

The following table summarizes the elements of the purchase price of the acquisitions completed during 2022:

 

 

Cash

 

 

Common
Stock

 

 

Other
Purchase
Price
Components

 

 

Contingent
Consideration

 

 

Total
Purchase
Price

 

Environmental Standards

 

$

14,473

 

 

$

 

 

$

544

 

 

$

1,166

 

 

$

16,183

 

All other 2022 acquisitions

 

 

15,271

 

 

 

 

 

 

1,134

 

 

 

1,500

 

 

 

17,905

 

Total

 

$

29,744

 

 

$

 

 

$

1,678

 

 

$

2,666

 

 

$

34,088

 

Summary of Purchase Price Attributable to Acquisitions

The preliminary purchase price attributable to the 2022 acquisitions was allocated as follows:

 

 

Environmental Standards

 

 

All Other 2022 Acquisitions

 

 

Total(1)

 

Cash

 

$

295

 

 

$

824

 

 

$

1,119

 

Accounts receivable and contract assets

 

 

5,200

 

 

 

2,646

 

 

 

7,846

 

Other current assets

 

 

456

 

 

 

116

 

 

 

572

 

Current assets

 

 

5,951

 

 

 

3,586

 

 

 

9,537

 

Property and equipment

 

 

168

 

 

 

15

 

 

 

183

 

Operating lease right-of-use asset—net

 

 

2,895

 

 

 

215

 

 

 

3,110

 

Customer relationships

 

 

5,807

 

 

 

5,812

 

 

 

11,619

 

Trade names

 

 

1,010

 

 

 

639

 

 

 

1,649

 

Covenants not to compete

 

 

269

 

 

 

650

 

 

 

919

 

Goodwill

 

 

4,131

 

 

 

8,412

 

 

 

12,543

 

Total assets

 

 

20,231

 

 

 

19,329

 

 

 

39,560

 

Current liabilities

 

 

1,720

 

 

 

1,314

 

 

 

3,034

 

Operating lease liability—net of
   current portion

 

 

2,328

 

 

 

110

 

 

 

2,438

 

Total liabilities

 

 

4,048

 

 

 

1,424

 

 

 

5,472

 

Purchase price

 

$

16,183

 

 

$

17,905

 

 

$

34,088

 

______________________________

(1) The Company is continuing to obtain information to complete the valuation of certain of these acquisitions' assets and liabilities.

Weighted Average Useful Lives for Acquired Identifiable Intangible Assets

The weighted average useful lives for the acquired companies’ identifiable intangible assets are as follows:

 

Customer Relationships

Tradenames

Covenants Not to Compete

Environmental Standards

7

2

5

All other 2022 acquisitions

7

2

5

Summary of Supplemental Unaudited Pro-Forma Information The unaudited consolidated financial information summarized in the following table gives effect to the 2022, 2021, and 2020 acquisitions assuming they occurred on January 1, 2020. These unaudited consolidated pro forma operating results include results from certain acquired companies that have not been audited and whose accounting policies prior to acquisition may differ from those of the Company. As a result, these unaudited consolidated pro forma operating results may not be comparable to revenues and earnings had these consolidated pro forma results been audited and consistent accounting policies applied. These unaudited consolidated pro forma operating

results do not assume any impact from revenue, cost or other operating synergies that are expected or may have been realized as a result of the acquisitions. These unaudited consolidated pro forma operating results include the results from Discontinued Service Lines and Discontinued O&M Contracts through the applicable date of discontinuance. These unaudited consolidated pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the acquisitions occurred on January 1, 2020, nor does the information project results for any future period.

 

 

 

As reported

 

 

Acquisitions
Pro-Forma
(Unaudited)

 

 

Consolidated
Pro-Forma
(Unaudited)

 

2022

 

 

 

 

 

 

 

 

 

Revenues

 

$

544,416

 

 

$

9,912

 

 

$

554,328

 

Net (loss) income

 

 

(31,819

)

 

 

1,899

 

 

 

(29,920

)

2021

 

 

 

 

 

 

 

 

 

Revenues

 

$

546,413

 

 

$

50,808

 

 

$

597,221

 

Net (loss) income

 

 

(25,325

)

 

 

6,860

 

 

 

(18,465

)

2020

 

 

 

 

 

 

 

 

 

Revenues

 

$

328,243

 

 

$

114,293

 

 

$

442,536

 

Net (loss) income

 

 

(57,949

)

 

 

23,176

 

 

 

(34,773

)

MSE Group, Vista, EI, Sensible, ECI, Horizon  
Business Acquisition [Line Items]  
Summary of Elements of Purchase Price of Acquisitions

The following table summarizes the elements of purchase price of the acquisitions completed during 2021:

 

 

Cash

 

 

Common
Stock

 

 

Other
Purchase
Price
Components

 

 

Contingent
Consideration

 

 

Total
Purchase
Price

 

MSE

 

$

9,082

 

 

$

2,271

 

 

$

10,701

 

 

$

1,804

 

 

$

23,858

 

EI

 

 

20,721

 

 

 

2,274

 

 

 

(63

)

 

 

 

 

 

22,932

 

All other 2021 acquisitions

 

 

29,683

 

 

 

3,775

 

 

 

1,228

 

 

 

5,600

 

 

 

40,286

 

   Total

 

$

59,486

 

 

$

8,320

 

 

$

11,866

 

 

$

7,404

 

 

$

87,076

 

Summary of Purchase Price Attributable to Acquisitions

The purchase price attributable to the 2021 acquisitions was allocated as follows:

 

 

MSE

 

 

EI

 

 

All Other 2021 Acquisitions

 

 

Total

 

Cash

 

$

2,810

 

 

$

250

 

 

$

693

 

 

$

3,753

 

Accounts receivable and contract
    assets

 

 

2,980

 

 

 

4,675

 

 

 

4,133

 

 

 

11,788

 

Other current assets

 

 

31

 

 

 

84

 

 

 

289

 

 

 

404

 

Current assets

 

 

5,821

 

 

 

5,009

 

 

 

5,115

 

 

 

15,945

 

Property and equipment

 

 

513

 

 

 

32

 

 

 

1,168

 

 

 

1,713

 

Operating lease right-of-use asset—net

 

 

740

 

 

 

106

 

 

 

2,233

 

 

 

3,079

 

Customer relationships

 

 

8,720

 

 

 

10,073

 

 

 

12,830

 

 

 

31,623

 

Trade names

 

 

521

 

 

 

996

 

 

 

1,958

 

 

 

3,475

 

Covenants not to compete

 

 

922

 

 

 

511

 

 

 

1,248

 

 

 

2,681

 

Acquired technology

 

 

 

 

 

 

 

 

321

 

 

 

321

 

Goodwill

 

 

8,176

 

 

 

8,960

 

 

 

19,569

 

 

 

36,705

 

Total assets

 

 

25,413

 

 

 

25,687

 

 

 

44,442

 

 

 

95,542

 

Current liabilities

 

 

1,007

 

 

 

2,719

 

 

 

2,351

 

 

 

6,077

 

Operating lease liability—net of
   current portion

 

 

548

 

 

 

36

 

 

 

1,805

 

 

 

2,389

 

Total liabilities

 

 

1,555

 

 

 

2,755

 

 

 

4,156

 

 

 

8,466

 

Purchase price

 

$

23,858

 

 

$

22,932

 

 

$

40,286

 

 

$

87,076

 

Weighted Average Useful Lives for Acquired Identifiable Intangible Assets

The weighted average useful lives for the acquired companies’ identifiable intangible assets are as follows:

 

 

Customer Relationships

Tradenames

Covenants
Not to Compete

Developed Technology

MSE

2-7

2

5

n/a

EI

10

5

5

n/a

All other 2021 acquisitions

10

n/a-3

n/a-5

n/a-5

CTEH  
Business Acquisition [Line Items]  
Summary of Purchase Price Attributable to Acquisitions

The purchase price attributable to the 2020 acquisitions was allocated as follows:

 

 

CTEH

 

 

All Other 2020
Acquisitions

 

 

Total

 

Cash

 

$

1,527

 

 

$

 

 

$

1,527

 

Accounts receivable and contract assets

 

 

17,059

 

 

 

 

 

 

17,059

 

Other current assets

 

 

1,265

 

 

 

 

 

 

1,265

 

Current assets

 

 

19,851

 

 

 

 

 

 

19,851

 

Property and equipment

 

 

7,042

 

 

 

75

 

 

 

7,117

 

Customer relationships

 

 

56,000

 

 

 

 

 

 

56,000

 

Trade names

 

 

4,200

 

 

 

 

 

 

4,200

 

Covenants not to compete

 

 

4,000

 

 

 

109

 

 

 

4,109

 

Proprietary software

 

 

14,700

 

 

 

 

 

 

14,700

 

Goodwill

 

 

146,983

 

 

 

626

 

 

 

147,609

 

Total assets

 

 

252,776

 

 

 

810

 

 

 

253,586

 

Current liabilities

 

 

9,721

 

 

 

 

 

 

9,721

 

Total liabilities

 

 

9,721

 

 

 

 

 

 

9,721

 

Purchase price

 

$

243,055

 

 

$

810

 

 

$

243,865