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Business Acquisitions (Tables)
12 Months Ended
Dec. 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 2020:

 

 

 

Cash

 

 

Common

Stock

 

 

Other

Purchase

Price

Component

Current

 

 

Other

Purchase

Price

Component

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 2020 acquisitions

 

 

450

 

 

 

 

 

 

50

 

 

 

100

 

 

 

210

 

 

 

 

 

 

810

 

   Total

 

$

175,450

 

 

$

25,000

 

 

$

(1,889

)

 

$

100

 

 

$

34,661

 

 

$

10,543

 

 

$

243,865

 

The following table summarizes the elements of purchase price of the 2019 acquisitions:

 

 

 

Cash

 

 

Common

Stock

 

 

Other

Purchase Price

Components

 

 

Contingent

Consideration

 

 

Total

Purchase

Price

 

ECT2

 

$

54,037

 

 

$

 

 

$

(220

)

 

$

 

 

$

53,817

 

All other 2019 acquisitions

 

 

33,248

 

 

 

4,047

 

 

 

1,670

 

 

 

5,401

 

 

 

44,366

 

   Total

 

$

87,285

 

 

$

4,047

 

 

$

1,450

 

 

$

5,401

 

 

$

98,183

 

Summary of Purchase Price Attributable to Acquisitions

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

 

 

 

ECT2

 

 

All Other 2019

Acquisitions

 

 

Total

 

Cash

 

$

3,149

 

 

$

2,137

 

 

$

5,286

 

Restricted cash

 

 

629

 

 

 

 

 

 

629

 

Accounts receivable and contract assets

 

 

1,707

 

 

 

3,751

 

 

 

5,458

 

Other current assets

 

 

498

 

 

 

61

 

 

 

559

 

Current assets

 

 

5,983

 

 

 

5,949

 

 

 

11,932

 

Property and equipment

 

 

776

 

 

 

3,288

 

 

 

4,064

 

Customer relationships

 

 

13,840

 

 

 

12,748

 

 

 

26,588

 

Trade names

 

 

1,008

 

 

 

659

 

 

 

1,667

 

Covenants not to compete

 

 

3,360

 

 

 

2,083

 

 

 

5,443

 

Proprietary software

 

 

 

 

 

2,560

 

 

 

2,560

 

Patent

 

 

17,479

 

 

 

 

 

 

17,479

 

Goodwill

 

 

16,395

 

 

 

20,227

 

 

 

36,622

 

Total assets

 

 

58,841

 

 

 

47,514

 

 

 

106,355

 

Current liabilities

 

 

5,024

 

 

 

977

 

 

 

6,001

 

Non- current liabilities

 

 

 

 

 

2,171

 

 

 

2,171

 

Total liabilities

 

 

5,024

 

 

 

3,148

 

 

 

8,172

 

Purchase price

 

$

53,817

 

 

$

44,366

 

 

$

98,183

 

Summary of Supplemental Unaudited Pro-Forma Information The unaudited consolidated financial information summarized in the following table gives effect to the 2021, 2020, and 2019 acquisitions assuming they occurred on January 1, 2019. 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 through the date of discontinuance. These unaudited consolidated pro forma operating results are presented for illustrative purposes only and arenot indicative of the operating results that would have been achieved had the acquisitions occurred on January 1, 2019, nor does the information project results for any future period.

 

 

 

As reported

 

 

Acquisitions

Pro-Forma

(Unaudited)

 

 

Consolidated

Pro-Forma

(Unaudited)

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

546,413

 

 

$

21,140

 

 

$

567,553

 

Net (loss) income

 

 

(25,325

)

 

 

3,218

 

 

 

(22,107

)

2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

328,243

 

 

$

83,808

 

 

$

412,051

 

Net (loss) income

 

 

(57,949

)

 

 

19,018

 

 

 

(38,931

)

2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

233,854

 

 

$

185,463

 

 

$

419,317

 

Net (loss) income

 

 

(23,557

)

 

 

47,761

 

 

 

24,204

 

 

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

Component

Current

 

 

Contingent

Consideration

Current

 

 

Contingent

Consideration

Long Term

 

 

Total

Purchase

Price

 

MSE

 

$

9,082

 

 

$

2,271

 

 

$

10,701

 

 

$

1,551

 

 

$

253

 

 

$

23,858

 

EI

 

 

20,721

 

 

 

2,274

 

 

 

(63

)

 

 

 

 

 

 

 

 

22,932

 

All other 2021 acquisitions

 

 

29,683

 

 

 

3,775

 

 

 

1,290

 

 

 

1,250

 

 

 

4,350

 

 

 

40,348

 

   Total

 

$

59,486

 

 

$

8,320

 

 

$

11,928

 

 

$

2,801

 

 

$

4,603

 

 

$

87,138

 

Summary of Purchase Price Attributable to Acquisitions

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

 

 

 

MSE

 

 

EI

 

 

All Other 2021 Acquisitions

 

 

Total

 

Cash

 

$

2,810

 

 

$

250

 

 

$

695

 

 

$

3,755

 

Accounts receivable and contract

    assets

 

 

2,980

 

 

 

4,675

 

 

 

3,714

 

 

 

11,369

 

Other current assets

 

 

31

 

 

 

84

 

 

 

289

 

 

 

404

 

Current assets

 

 

5,821

 

 

 

5,009

 

 

 

4,698

 

 

 

15,528

 

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

 

 

 

10,265

 

 

 

12,557

 

 

 

31,542

 

Trade names

 

 

521

 

 

 

996

 

 

 

1,948

 

 

 

3,465

 

Covenants not to compete

 

 

922

 

 

 

511

 

 

 

1,248

 

 

 

2,681

 

Acquired technology

 

 

 

 

 

 

 

 

321

 

 

 

321

 

Goodwill

 

 

8,176

 

 

 

8,768

 

 

 

20,333

 

 

 

37,277

 

Total assets

 

 

25,413

 

 

 

25,687

 

 

 

44,506

 

 

 

95,606

 

Current liabilities

 

 

1,007

 

 

 

2,719

 

 

 

2,353

 

 

 

6,079

 

Operating lease liability—net of

   current portion

 

 

548

 

 

 

36

 

 

 

1,805

 

 

 

2,389

 

Total liabilities

 

 

1,555

 

 

 

2,755

 

 

 

4,158

 

 

 

8,468

 

Purchase price

 

$

23,858

 

 

$

22,932

 

 

$

40,348

 

 

$

87,138

 

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 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