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Business Acquisitions (Tables)
12 Months Ended
Dec. 31, 2023
Business Acquisition [Line Items]  
Summary of Supplemental Unaudited Pro-Forma Information The unaudited consolidated financial information summarized in the following table gives effect to the 2023, 2022, and 2021 acquisitions assuming they occurred on January 1, 2021. 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 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, 2021, nor does the information project results for any future period.

 

 

 

As reported

 

 

Acquisitions
Pro-Forma
(Unaudited)

 

 

Consolidated
Pro-Forma
(Unaudited)

 

2023

 

 

 

 

 

 

 

 

 

Revenues

 

$

624,208

 

 

$

25,852

 

 

$

650,060

 

Net (loss) income

 

 

(30,859

)

 

 

809

 

 

 

(30,050

)

2022

 

 

 

 

 

 

 

 

 

Revenues

 

$

544,416

 

 

$

93,357

 

 

$

637,773

 

Net (loss) income

 

 

(31,819

)

 

 

5,535

 

 

 

(26,284

)

2021

 

 

 

 

 

 

 

 

 

Revenues

 

$

546,413

 

 

$

128,466

 

 

$

674,879

 

Net (loss) income

 

 

(25,325

)

 

 

11,457

 

 

 

(13,868

)

Frontier, EAI, GreenPath, Matrix, Vandrensning  
Business Acquisition [Line Items]  
Summary of Elements of Original and Final Purchase Price of Acquisitions

The following table summarizes the elements of the purchase price of the acquisitions completed during 2023:

 

 

 

Cash

 

 

Common
Stock

 

 

Other
Purchase
Price
Components

 

 

Contingent
Consideration

 

 

Total
Purchase
Price

 

Matrix

 

$

46,563

 

 

$

 

 

$

2,019

 

(1)

$

 

 

$

48,582

 

All other 2023 acquisitions

 

 

22,077

 

 

 

2,598

 

 

 

450

 

 

 

1,096

 

 

 

26,221

 

   Total

 

$

68,640

 

 

$

2,598

 

 

$

2,469

 

 

$

1,096

 

 

$

74,803

 

______________________________

(1) Includes $1.3 million in holdback amounts payable to the seller. Cash funds to be used for payment have been classified as restricted cash in the Company's consolidated statement of financial position.

Summary of Final Purchase Price Attributable to Acquisitions

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

 

 

Matrix
(As initially reported)

 

 

Matrix Measurement Period Adjustments

 

 

Matrix (As Adjusted)

 

 

All Other 2023
Acquisitions
(As Initially Reported)

 

 

All Other 2023
Acquisitions Measurement Period Adjustments

 

 

All Other 2023
Acquisitions (As Adjusted)

 

 

Total(1)

 

Cash

 

$

1,524

 

 

$

1,524

 

 

$

1,524

 

 

$

929

 

 

$

 

 

$

929

 

 

$

2,453

 

Accounts receivable and contract assets

 

 

15,752

 

 

 

 

 

 

15,752

 

 

 

3,441

 

 

 

(19

)

 

 

3,422

 

 

 

19,174

 

Other current assets

 

 

2,094

 

 

 

(262

)

 

 

1,832

 

 

 

439

 

 

 

(86

)

 

 

353

 

 

 

2,185

 

Current assets

 

 

19,370

 

 

 

1,262

 

 

 

19,108

 

 

 

4,809

 

 

 

(105

)

 

 

4,704

 

 

 

23,812

 

Property and equipment

 

 

2,231

 

 

 

 

 

 

2,231

 

 

 

1,705

 

 

 

 

 

 

1,705

 

 

 

3,936

 

Operating lease right-of-use asset

 

 

14,760

 

 

 

(9,981

)

 

 

4,779

 

 

 

46

 

 

 

 

 

 

46

 

 

 

4,825

 

Customer relationships

 

 

 

 

 

12,781

 

 

 

12,781

 

 

 

7,741

 

 

 

(560

)

 

 

7,181

 

 

 

19,962

 

Trade names

 

 

 

 

 

2,151

 

 

 

2,151

 

 

 

222

 

 

 

 

 

 

222

 

 

 

2,373

 

Covenants not to compete

 

 

 

 

 

2,198

 

 

 

2,198

 

 

 

631

 

 

 

(121

)

 

 

510

 

 

 

2,708

 

Other intangible assets

 

 

 

 

 

 

 

 

 

 

 

444

 

 

 

 

 

 

444

 

 

 

444

 

Goodwill

 

 

36,118

 

 

 

(8,834

)

 

 

27,284

 

 

 

11,702

 

 

 

1,800

 

 

 

13,502

 

 

 

40,786

 

Total assets

 

 

72,479

 

 

 

(423

)

 

 

70,532

 

 

 

27,300

 

 

 

1,014

 

 

 

28,314

 

 

 

98,846

 

Current liabilities

 

 

11,267

 

 

 

(668

)

 

 

10,599

 

 

 

978

 

 

 

(20

)

 

 

958

 

 

 

11,557

 

Operating lease liability—net of
   current portion

 

 

12,500

 

 

 

(2,175

)

 

 

10,325

 

 

 

32

 

 

 

 

 

 

32

 

 

 

10,357

 

Deferred tax liability

 

 

 

 

 

896

 

 

 

896

 

 

 

 

 

 

1,103

 

 

 

1,103

 

 

 

1,999

 

Other non-current liabilities

 

 

130

 

 

 

 

 

 

130

 

 

 

 

 

 

 

 

 

 

 

 

130

 

Total liabilities

 

 

23,897

 

 

 

(1,947

)

 

 

21,950

 

 

 

1,010

 

 

 

1,083

 

 

 

2,093

 

 

 

24,043

 

Purchase price

 

$

48,582

 

 

$

1,524

 

 

$

48,582

 

 

$

26,290

 

 

$

(69

)

 

$

26,221

 

 

$

74,803

 

______________________________

(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 2023 acquired companies’ identifiable intangible assets are as follows:

 

Customer Relationships

Tradenames

Covenants Not to Compete

Proprietary Software

Matrix

12

2.5

5

n/a

GreenPath

12

1

5

5

All other 2023 acquisitions

7

2

5

n/a

EnvStd, Huco, IAG, TriAD and AirKinetics  
Business Acquisition [Line Items]  
Summary of Elements of Original and Final Purchase Price of Acquisitions

The following table summarizes the elements of the original 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)

 

1,500

 

 

 

17,905

 

   Total

 

$

29,744

 

 

$

 

 

$

1,678

 

 

$

2,666

 

 

$

34,088

 

___________________________

(1) Amounts do not consider measurement period adjustments of $0.2 million recorded during 2023. See column "All Other 2022 Acquisitions Measurement Period Adjustments during 2023" in table below for further details.

Summary of Final Purchase Price Attributable to Acquisitions

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

 

 

Environmental Standards

 

 

All Other 2022 Acquisitions
(As Initially Reported)

 

 

All Other 2022 Acquisitions Measurement Period Adjustments during 2023

 

 

All Other 2022 Acquisitions
(As Adjusted)

 

 

Total

 

Cash

 

$

295

 

 

$

824

 

 

$

 

 

$

824

 

 

$

1,119

 

Accounts receivable and contract assets

 

 

5,200

 

 

 

2,646

 

 

 

 

 

 

2,646

 

 

 

7,846

 

Other current assets

 

 

456

 

 

 

116

 

 

 

 

 

 

116

 

 

 

572

 

Current assets

 

 

5,951

 

 

 

3,586

 

 

 

 

 

 

3,586

 

 

 

9,537

 

Property and equipment

 

 

168

 

 

 

15

 

 

 

 

 

 

15

 

 

 

183

 

Operating lease right-of-use asset—net

 

 

2,895

 

 

 

215

 

 

 

 

 

 

215

 

 

 

3,110

 

Customer relationships

 

 

5,807

 

 

 

5,812

 

 

 

 

 

 

5,812

 

 

 

11,619

 

Trade names

 

 

1,010

 

 

 

639

 

 

 

 

 

 

639

 

 

 

1,649

 

Covenants not to compete

 

 

269

 

 

 

650

 

 

 

 

 

 

650

 

 

 

919

 

Goodwill

 

 

4,131

 

 

 

8,412

 

 

 

(159

)

 

 

8,253

 

 

 

12,384

 

Total assets

 

 

20,231

 

 

 

19,329

 

 

 

(159

)

 

 

19,170

 

 

 

39,401

 

Current liabilities

 

 

1,720

 

 

 

1,314

 

 

 

 

 

 

1,314

 

 

 

3,034

 

Operating lease liability—net of
   current portion

 

 

2,328

 

 

 

110

 

 

 

 

 

 

110

 

 

 

2,438

 

Total liabilities

 

 

4,048

 

 

 

1,424

 

 

 

 

 

 

1,424

 

 

 

5,472

 

Purchase price

 

$

16,183

 

 

$

17,905

 

 

$

(159

)

 

$

17,746

 

 

$

33,929

 

Weighted Average Useful Lives for Acquired Identifiable Intangible Assets

The weighted average useful lives for the 2022 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

While initially anticipating making IRC §338(h)(10) elections, with respect to various acquisitions completed during the year ended December 31, 2022, the Company later decided against such elections during 2023. Therefore, goodwill associated with the IAG acquisition is the sole 2022 transaction for which goodwill is deductible for income tax purposes.

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

The following table summarizes the elements of the final 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 Final Purchase Price Attributable to Acquisitions

The final 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