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Business Acquisitions (Tables)
6 Months Ended
Jun. 30, 2020
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 the six months ended June 30, 2019:

 

 

 

Cash

 

 

Common

Stock

 

 

Other

Purchase

Price

Components

 

 

Contingent

Consideration

 

 

Total

Purchase

Price

 

Golden

 

$

1,500

 

 

 

 

 

 

 

 

 

 

$

477

 

 

$

1,977

 

TES

 

 

2,359

 

 

 

322

 

 

 

25

 

 

 

4,911

 

 

 

7,617

 

TESUS

 

 

18,683

 

 

 

3,041

 

 

 

1,495

 

 

 

 

 

 

23,219

 

AWS

 

 

6,020

 

 

 

 

 

 

150

 

 

 

 

 

 

6,170

 

 

 

$

28,562

 

 

$

3,363

 

 

$

1,670

 

 

$

5,388

 

 

$

38,983

 

Summary of Purchase Price Attributable to Acquisitions

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

 

 

 

 

 

 

Cash

 

$

1,863

 

Accounts receivable

 

 

2,670

 

Other current assets

 

 

31

 

Current assets

 

 

4,564

 

Property and equipment

 

 

2,450

 

Customer relationships

 

 

11,823

 

Trade names

 

 

463

 

Covenants not to compete

 

 

1,661

 

Proprietary software

 

 

2,560

 

Goodwill

 

 

17,893

 

Total assets

 

 

41,414

 

Current liabilities

 

 

748

 

Non- current liabilities

 

 

1,683

 

Total liabilities

 

 

2,431

 

Purchase price

 

$

38,983

 

Summary of Supplemental Unaudited Pro-Forma Information The unaudited condensed consolidated financial information summarized in the following table gives effect to the CTEH acquisition and the 2019 acquisitions discussed above assuming they occurred on January 1, 2019. These unaudited consolidated pro forma operating results do not assume any impact from revenue, cost or other operating synergies that are expected 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, 2019, nor does the information purport to reflect results for any future period.

 

 

 

Three months ended June 30,

 

 

 

2020

 

 

2019

 

 

 

As reported

 

 

Acquisitions

Pro-Forma

(Unaudited)

 

 

Consolidated

Pro-Forma

(Unaudited)

 

 

As reported

 

 

Acquisitions

Pro-Forma

(Unaudited)

 

 

Consolidated

Pro-Forma

(Unaudited)

 

Revenues

 

$

73,766

 

 

$

31,253

 

 

$

105,019

 

 

$

57,401

 

 

$

59,565

 

 

$

116,966

 

Net income (loss)

 

 

13,224

 

 

 

10,288

 

 

 

23,512

 

 

 

(322

)

 

 

19,971

 

 

 

19,649

 

 

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

 

As reported

 

 

Acquisitions

Pro-Forma

(Unaudited)

 

 

Consolidated

Pro-Forma

(Unaudited)

 

 

As reported

 

 

Acquisitions

Pro-Forma

(Unaudited)

 

 

Consolidated

Pro-Forma

(Unaudited)

 

Revenues

 

$

134,797

 

 

$

31,253

 

 

$

166,050

 

 

$

108,355

 

 

$

88,908

 

 

$

197,263

 

Net (loss) income

 

 

(28,024

)

 

 

10,288

 

 

 

(17,736

)

 

 

(5,564

)

 

 

25,959

 

 

 

20,395

 

 

CTEH  
Business Acquisition [Line Items]  
Summary of Elements of Purchase Price of Acquisitions The following table summarizes the elements of the purchase price of CTEH:

 

 

 

Cash

 

 

Common

Stock

 

 

Other

Purchase

Price

Component

 

 

Contingent

Consideration

Current

 

 

Contingent

Consideration

Long Term

 

 

Total

Purchase

Price

 

CTEH

 

$

175,000

 

 

$

25,000

 

 

$

(2,884

)

 

$

34,451

 

 

$

10,543

 

 

$

242,110

 

 

Summary of Purchase Price Attributable to Acquisitions

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

 

 

 

 

 

 

Cash

 

$

1,527

 

Accounts receivable

 

 

17,059

 

Other current assets

 

 

1,265

 

Current assets

 

 

19,851

 

Property plant and equipment

 

 

7,042

 

Customer relationships

 

 

56,000

 

Trade names

 

 

4,200

 

Covenants not to compete

 

 

4,000

 

Proprietary software

 

 

14,700

 

Goodwill

 

 

146,038

 

Total assets

 

 

251,831

 

Current liabilities

 

 

9,721

 

Total liabilities

 

 

9,721

 

Purchase price

 

$

242,110