Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.21.2
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
Schedule of Weighted Average Assumptions The weighted-average assumptions used to calculate the estimated fair value of the earn-out under the option pricing method were as follows:
February 28, 2021 September 30, 2021
Risk-free rate 0.1% 0.1%
Revenue discount rate 8.3% 8.3%
Revenue volatility 27.3% 19.7%
Schedule of Allocations of Purchase Price
Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:
Proficient Transport J&P
February 28, 2021 May 30, 2021
Tangible assets:
Accounts receivable $ 4,171  $ 1,942 
Prepaid expenses and other current assets —  32 
Property and equipment 140  934 
Other assets 24  3 
Total tangible assets 4,335  2,911 
Intangible assets:
Customer relationships 6,060  1,580 
Non-compete agreements 18  132 
Goodwill 6,249  3,545 
Total intangible assets 12,327  5,257 
Total assets acquired 16,662  8,168 
Liabilities assumed:
Current liabilities 323  625 
Total liabilities assumed 323  625 
Net assets acquired $ 16,339  $ 7,543 
Schedule of Acquired Finite-Lived Intangible Assets
The weighted-average useful life of acquired intangible assets as of the acquisition date are summarized in the following table:
Weighted-Average Useful Lives
Proficient Transport J&P
Customer relationships 8 years 12 years
Non-compete agreements 1 year 5 years