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Business Acquisitions (Tables)
3 Months Ended
Mar. 31, 2021
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 year ended December 31, 2020:

 

 

 

Cash

 

 

Common

Stock

 

 

Other

Purchase

Price

Components

Current

 

 

Other

Purchase

Price

Components

Long Term

 

 

Contingent

Consideration

Current

 

 

Contingent

Consideration

Long Term

 

 

Total

Purchase

Price

 

CTEH

 

$

175,000

 

 

$

25,000

 

 

$

(1,939

)

 

$

 

 

$

34,451

 

 

$

10,543

 

 

$

243,055

 

All other acquisitions

 

 

450

 

 

 

 

 

 

50

 

 

 

100

 

 

 

210

 

 

 

 

 

 

810

 

Total

 

$

175,450

 

 

$

25,000

 

 

$

(1,889

)

 

$

100

 

 

$

34,661

 

 

$

10,543

 

 

$

243,865

 

Summary of Purchase Price Attributable to Acquisitions

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

 

 

 

CTEH

 

 

All Other

Acquisitions

 

 

Total

 

Cash

 

$

1,527

 

 

$

 

 

$

1,527

 

Accounts receivable

 

 

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

 

Summary of Supplemental Unaudited Pro-Forma Information The unaudited condensed consolidated financial information summarized in the following table gives effect to the 2021 and the 2020 acquisitions discussed above assuming they occurred on January 1, 2020. 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, 2020, nor does the information purport to reflect results for any future period.

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

As reported

 

 

Acquisitions

Pro-Forma

(Unaudited)

 

 

Consolidated

Pro-Forma

(Unaudited)

 

 

As reported

 

 

Acquisitions

Pro-Forma

(Unaudited)

 

 

Consolidated

Pro-Forma

(Unaudited)

 

Revenues

 

$

133,817

 

 

$

 

 

$

133,817

 

 

$

61,031

 

 

$

36,197

 

 

$

97,228

 

Net (loss) income

 

 

(11,596

)

 

 

 

 

 

(11,596

)

 

 

(41,248

)

 

 

11,352

 

 

 

(29,896

)

 

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

 

 

 

Cash

 

 

Common

Stock

 

 

Other

Purchase

Price

Components

Current

 

 

Other

Purchase

Price

Components

Long Term

 

 

Contingent

Consideration

Current

 

 

Contingent

Consideration

Long Term

 

 

Total

Purchase

Price

 

MSE

 

$

9,082

 

 

$

2,271

 

 

$

10,146

 

 

$

 

 

$

 

 

$

1,804

 

 

$

23,303

 

 

Summary of Purchase Price Attributable to Acquisitions

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

 

 

 

MSE

 

Cash

 

$

2,810

 

Accounts receivable

 

 

3,068

 

Other current assets

 

 

31

 

Current assets

 

 

5,909

 

Property and equipment

 

 

513

 

Customer relationships

 

 

8,720

 

Trade names

 

 

521

 

Covenants not to compete

 

 

922

 

Goodwill

 

 

7,532

 

Total assets

 

 

24,117

 

Current liabilities

 

 

(814

)

Total liabilities

 

 

(814

)

Purchase price

 

$

23,303