v3.26.1
Acquisitions (Tables)
3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation
The final purchase price allocation is set forth in the table below:
(in thousands)
Consideration:
Cash(1)
$4,627 
Deferred consideration (2)
4,282 
Contingent consideration(3)
104 
Less: cash acquired(175)
Total purchase consideration, net of cash acquired$8,838 
Recognized amounts of assets acquired and liabilities assumed(4):
Accounts receivable$149 
Prepaid expenses229 
Property, equipment and software
Goodwill6,070 
Intangible assets:
Customer relationships1,555 
Trademarks480 
Technology706 
Accounts payable and accrued expenses(359)
Total purchase consideration$8,838 
(1)Cash at closing net of adjustments from estimated net working capital to actual working capital.
(2)The fair value of the deferred consideration was determined utilizing a Monte Carlo simulation. The payments were calculated based on the path for the simulated metrics and the contractual terms of the deferred consideration payments
and were discounted to present value at a rate reflecting a risk associated with the payoffs. The fair value was estimated to be the average present value of the deferred consideration payments over all iterations of the simulation.
(3)The contingent consideration represents the fair value of the share of net operating loss carryforwards owed to the seller in the future.
(4)Includes deferred tax asset of $3.8 million which has a full valuation allowance.
The preliminary purchase price allocation is set forth in the table below:
(in thousands)
Consideration:
Cash(1)(4)
$3,449 
Contingent consideration (2)(4)
3,881 
Less: cash acquired(100)
Total purchase consideration, net of cash acquired$7,230 
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable(4)
$68 
Prepaid expenses(4)
346 
Other noncurrent assets(3)(4)
9,522 
Intangible assets:
Trademarks(4)
772 
Technology(4)
943
Accounts payable and accrued expenses(4)
(386)
Customer deposits(46)
Fair value of net assets acquired$11,219 
Estimated bargain purchase gain(4)
$3,989 
(1)Cash at closing net of adjustments from estimated net working capital and closing cash.
(2)The fair value of the contingent consideration was determined utilizing a Monte Carlo simulation. The payments were calculated based on the path for the simulated metrics and the contractual terms of the contingent consideration
payments and were discounted to present value at a rate reflecting a risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation. The contingent consideration represents the fair value of the contractual earn-outs and the share of net operating loss carryforwards owed to the seller in the future.
(3)Includes a deferred tax asset of $9.5 million.
(4)During the fourth quarter of 2025, the Company recorded measurement period adjustments due to additional      information received that existed on the acquisition date.
The preliminary purchase price allocation is set forth in the table below:
(in thousands)
Consideration:
Cash$31,500 
Contingent consideration(2)
17,066 
Common equity of the Acquiring Entity(3)
6,562 
Deferred consideration(1)
2,801 
Total purchase consideration, net of cash acquired$57,929 
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable$11 
Inventory145 
Other noncurrent assets
Goodwill34,159 
Intangible assets:
Customer relationships17,187 
Trademarks3,222 
Technology3,277 
Accounts payable and accrued expenses(79)
Total purchase consideration$57,929 
(1)The deferred consideration represents the fair value of the amount to be remitted upon direction of the seller no later than four years from the acquisition date.
(2)The fair value of the contingent consideration was determined utilizing a Monte Carlo simulation. The payments were calculated based on the path for the simulated metrics and the contractual terms of the deferred consideration payments and were discounted to present value at a rate reflecting a risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation.
(3)The fair value determination for the Class B units utilized an option pricing model. The seller may request to convert 50% of the Class B Units to shares in the Company no later than five years from the acquisition date.