Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.22.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Weighted-Average Assumptions The assumptions under the Monte Carlo simulation model were as follows for the year ended December 31, 2020 and 2019:
December 31, 2020 December 31, 2019
Risk-free rate 1.4% 2.2%
Revenue discount rate 3.2% 4.4%
Revenue volatility 8.0% 5.0%
The assumptions used to calculate the estimated fair value of the earn-out under the option pricing method were as follows:
December 31, 2021 February 28, 2021
Risk-free rate 0.1% 0.1%
Revenue discount rate 9.8% 8.3%
Revenue volatility 24.2% 27.3%
Purchase Price Allocation
Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:
FSA O.S.T. Linn Star CLW Proficient Transport J&P BarOle
April 21, 2019 July 14, 2019 January 12, 2020 October 11, 2020 February 28, 2021 May 30, 2021 November 30, 2021
Tangible assets:
Cash $ 202  $ —  $ 1,308  $ —  $ —  $ —  $ — 
Accounts receivable —  —  —  —  4,171  1,940  2,481 
Other receivables 1,491  —  —  —  —  —  — 
Prepaid expenses and other current assets —  —  1,182  —  —  32  — 
Property and equipment 40  10,371  605  —  140  1,567  5,351 
Other assets —  —  —  —  24  3  — 
Operating lease right-of-use assets 3,209  1,672  10,011  811  —  1,355  — 
Total tangible assets 4,942  12,043  13,106  811  4,335  4,897  7,832 
Intangible assets:
Customer relationships 17,900  5,700  29,800  1,500  6,060  620  16,282 
Non-compete agreements 900  850  450  1,000  18  120  913 
Goodwill 19,963  2,050  25,234  3,000  6,249  4,020  10,677 
Total intangible assets 38,763  8,600  55,484  5,500  12,327  4,760  27,872 
Total assets acquired 43,705  20,643  68,590  6,311  16,662  9,657  35,704 
Liabilities assumed:
Current liabilities 8,466  —  1,340  —  323  632  268 
Other liabilities 5,030  —  —  —  —  —  — 
Finance lease obligations —  6,971  —  —  —  —  — 
Operating lease liabilities 3,209  1,672  10,011  811  —  1,355  — 
Total liabilities assumed 16,705  8,643  11,351  811  323  1,987  268 
Net assets acquired $ 27,000  $ 12,000  $ 57,239  $ 5,500  $ 16,339  $ 7,670  $ 35,436 
Weighted-Average Useful Life of Acquired Intangible Assets The acquired intangible assets have a weighted-average useful life as follows:
Intangible Assets Weighted-Average Useful Life
Customer relationships 15 years
Non-compete agreements 4 years
Trade names 4 years
The estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:
Estimated Useful Lives
FSA O.S.T. Linn Star CLW Proficient Transport J&P BarOle
Customer relationships 15 years 10 years 15 years 7 years 8 years 12 years 8 years
Non-compete agreements 5 years 3 years 1 year 5 years 1 year 5 years 5 years