ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 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:

(in thousands)	Preliminary allocation as of March 31, 2022		Adjustments for the three months ended June 30, 2022		Preliminary allocation as of June 30, 2022
ASSETS ACQUIRED
Cash	$	112	$	—	$	112
Accounts receivable	6,481		—		6,481
Inventories	22,879		—		22,879
Prepaid expenses and other current assets	1,840		—		1,840
Property and equipment	1,269		—		1,269
Operating lease right-of-use-assets	4,908		—		4,908
Total identifiable assets acquired	37,489		—		37,489
Fair value of intangible assets
Trade names	8,600		—		8,600
Customer relationships	25,500		—		25,500
Total fair value of intangible assets acquired	34,100		—		34,100
Total assets acquired	$	71,589	$	—	$	71,589
LIABILITIES ASSUMED
Accounts payable	$	2,937	$	—	$	2,937
Accrued expenses	3,895		—		3,895
Operating lease liabilities, current portion	1,003		—		1,003
Deferred taxes	10,222		65		10,287
Operating lease liabilities, net of current portion	3,905		—		3,905
Total liabilities assumed	21,962		65		22,027
Net identifiable assets	49,627		(65)		49,562
Goodwill	27,352		65		27,417
Total consideration	$	76,979	$	—	$	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)	June 30, 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 and six months ended June 30, 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 June 30,		For the Six Months Ended June 30,
(in thousands)	2022	2021	2022	2021
Net revenue	89,782	87,592	190,957	185,158
Net income (loss)	(6,933)	(14,227)	(6,727)	(14,526)