Acquisition (Tables)

6 Months Ended

Jun. 30, 2022

Business Acquisition [Line Items]

Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed

The following table summarizes the total purchase consideration to the net assets acquired and liabilities assumed as of the date of the acquisition (in thousands):

	October 19, 2021
Cash and cash equivalents	$	5,596
Accounts receivable trade		70,989
Prepaid expenses and other current assets		419
Property and equipment		169
Right of use assets - operating leases		922
Other intangibles		60,500
Goodwill, net		54,980
Total assets acquired	$	193,575
Accounts payable trade	$	60,970
Accrued payroll		3,458
Accrued other		359
Lease liability - operating leases short-term		309
Lease liability - operating leases long-term		613
Total liabilities assumed	$	65,709
Total consideration	$	127,866
Cash paid, net	$	122,270

Schedule of Carrying Amount of Goodwill

The following table presents the carrying amount of goodwill (in thousands):

	Total
Balance at December 31, 2021	$	576,913
Acquisition		427
Balance at June 30, 2022	$	577,340

Schedule of Components of Other Intangibles Acquired

The components of “Other intangibles” listed in the above table as of the acquisition date are summarized as follows (in thousands):

			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		June 30, 2022		Life
Customer relationships	$	36,300	$	1,815	$	34,485	15 years
Carrier network	$	14,400	$	2,700	$	11,700	4 years
Developed technology	$	6,500	$	696	$	5,804	7 years
Trade name	$	3,300	$	1,650	$	1,650	18 months

Schedule of Amortization Expense

Amortization expense related to Choptank for the next five years is as follows (in thousands):

	Total
Remainder of 2022	$	4,574
2023		7,499
2024		6,949
2025		6,049
2026		3,349

Summary of Total Purchase Price Allocated to Net Assets Acquired

The following unaudited pro forma consolidated results of operations present the effects of Choptank as though it had been acquired as of January 1, 2021 (in thousands, except for per share amounts):

	Three Months Ended		Six Months Ended
	June 30, 2021		June 30, 2021
Revenue	$	1,101,750	$	2,115,680
Net income	$	27,186	$	43,724
Earnings per share
Basic	$	0.81	$	1.31
Diluted	$	0.80	$	1.29