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ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the Acquisition date fair value of the allocation of the purchase consideration assigned to each major class of assets acquired and liabilities assumed as of February 1, 2022, the acquisition date:
Estimated Fair Value
(in thousands)
ASSETS ACQUIRED
Cash $112 
Accounts receivable 6,481 
Inventories22,879 
Prepaid expenses and other current assets 1,840 
Property and equipment1,269 
Operating lease right-of-use-assets4,908 
Total identifiable assets acquired 37,489 
Fair value of intangible assets
Trade names 8,600 
Customer relationships 25,500 
Total fair value of intangible assets acquired 34,100 
Total assets acquired $71,589 
LIABILITIES ASSUMED
Accounts payable $2,937 
Accrued expenses 3,895 
Operating lease liabilities, current portion1,003 
Deferred taxes10,222 
Operating lease liabilities, net of current portion3,905 
Total liabilities assumed 21,962 
Net identifiable assets49,627 
Goodwill27,352 
Total consideration$76,979 
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the purchase consideration transferred in connection with the Acquisition and consists of the following:
(in thousands)March 31, 2022
Initial purchase price$74,725 
Earn-out (contingent consideration)2,254 
Total consideration$76,979 
Business Acquisition, Pro Forma Information
The following table presents the unaudited pro forma combined results of operations of the Company and Target for the three months ended March 31, 2022 and 2021, as if the acquisition had occurred on January 1, 2021. The pro forma information presented is for informational purposes only and is not indicative of results of operations that would have been achieved had the Acquisition taken place at the beginning of the period.
For the Three Months Ended
March 31
(in thousands)20222021
Net revenue101,174 97,567 
Net income (loss)205 (299)