Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.23.1
Acquisitions (Tables)
6 Months Ended
Mar. 31, 2023
Business Acquisition [Line Items]  
Summary of Purchase Price Allocation of Purchase of Acquired Identifiable Assets, Liabilities Assumed and Goodwill

Total purchase price

 

$

24,732

 

Accounts payable

 

 

571

 

Accrued liabilities

 

 

1,848

 

   Total liabilities assumed

 

 

2,419

 

Total consideration

 

 

27,151

 

Cash

 

 

287

 

Accounts receivable

 

 

3,073

 

Inventory

 

 

6,429

 

Property, plant and equipment

 

 

12,855

 

Intangible assets

 

 

1,000

 

Other assets

 

 

480

 

   Total assets acquired

 

 

24,124

 

    Total goodwill

 

$

3,027

 

 

Summary of Summary of Proforma Information for the Company

The table below presents selected proforma information for the Company for the three- and six-month periods ended March 31, 2023, assuming that the acquisition had occurred on October 1, 2021 (the beginning of the Company’s 2022 fiscal year), pursuant to ASC 805-10-50 (in $000's). This proforma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition occurred on that date, nor does it purport to predict the results of operations for future periods.

 

 

 

As Reported

 

 

Adjustments

 

 

Proforma

 

 

 

Live Unaudited Three Months Ended March 31, 2023

 

Flooring Liquidators Unaudited Three Months Ended March 31, 2023

 

 

Adjustments(1)

 

 

LIVE for the Three Months Ended March 31, 2023

 

Net revenue

 

$

91,122

 

$

4,222

 

 

 

 

 

$

95,344

 

Net income

 

$

1,558

 

$

(2,188

)

 

$

(300

)

 

$

(930

)

Earnings per basic
 common share

 

$

0.50

 

 

 

 

 

 

 

$

(0.30

)

Earnings per basic
 diluted share

 

$

0.49

 

 

 

 

 

 

 

$

(0.29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Adjustments

 

 

Proforma

 

 

 

Live Unaudited Three Months Ended March 31, 2022

 

Flooring Liquidators Unaudited Three Months Ended March 31, 2022

 

 

Adjustments(1)

 

 

LIVE for the Three Months Ended March 31, 2022

 

Net revenue

 

$

69,706

 

$

29,205

 

 

 

 

 

$

98,911

 

Net income

 

$

15,358

 

$

1,886

 

 

$

(1,946

)

 

$

15,298

 

Earnings per basic
 common share

 

$

4.90

 

 

 

 

 

 

 

$

4.88

 

Earnings per basic
 diluted share

 

$

4.84

 

 

 

 

 

 

 

$

4.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Adjustments

 

 

Proforma

 

 

 

Live Unaudited Six Months Ended March 31, 2023

 

Flooring Liquidators Unaudited Six Months Ended March 31, 2023

 

 

Adjustments(1)

 

 

LIVE for the Six Months Ended March 31, 2023

 

Net revenue

 

$

160,108

 

$

37,702

 

 

 

 

 

$

197,810

 

Net income

 

 

3,402

 

$

(1,033

)

 

$

(2,226

)

 

$

143

 

Earnings per basic
 common share

 

$

1.10

 

 

 

 

 

 

 

$

0.05

 

Earnings per basic
 diluted share

 

$

1.08

 

 

 

 

 

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Adjustments

 

 

Proforma

 

 

 

Live Unaudited Six Months Ended March 31, 2022

 

Flooring Liquidators Unaudited Six Months Ended March 31, 2022

 

 

Adjustments(1)

 

 

LIVE for the Six Months Ended March 31, 2022

 

Net revenue

 

$

144,864

 

$

59,850

 

 

 

 

 

$

204,714

 

Net income

 

$

21,904

 

$

5,221

 

 

$

(3,818

)

 

$

23,307

 

Earnings per basic
 common share

 

$

6.96

 

 

 

 

 

 

 

$

7.40

 

Earnings per basic
 diluted share

 

$

6.87

 

 

 

 

 

 

 

$

7.31

 

(1) Adjustments are related to adjustments made for the following:

Amortization expense of definite-lived intangible assets has been adjusted based on the preliminary fair value at the acquisition date.
Interest expense has been adjusted to include proforma interest expense that would have been incurred as a result of the acquisition financing obtained by the Company.
Elimination of revenues and costs of revenues associated with sales between Flooring Liquidators and the Company prior to acquisition.
Flooring Liquidators  
Business Acquisition [Line Items]  
Summary of Purchase Price Allocation of Purchase of Acquired Identifiable Assets, Liabilities Assumed and Goodwill

Total purchase price

 

 

 

$

78,700

 

Less fair value of the holdback option

 

 

 

 

 

Net purchase price

 

 

 

$

78,700

 

Accounts payable

 

 

 

 

5,189

 

Accrued liabilities

 

 

 

 

9,182

 

Debt

 

 

 

 

60

 

   Total liabilities assumed

 

 

 

 

14,431

 

Total consideration

 

 

 

 

93,131

 

Cash

 

 

 

 

7,871

 

Accounts receivable

 

 

 

 

4,824

 

Inventory

 

 

 

 

19,944

 

Property, plant and equipment

 

 

 

 

4,678

 

Intangible assets

 

 

 

 

 

Trade names

 

$

13,275

 

 

 

Customer relationships

 

 

7,700

 

 

 

Non-compete agreements

 

 

1,625

 

 

 

Other

 

 

49

 

 

 

Subtotal intangible assets

 

 

 

 

22,649

 

Other

 

 

 

 

4,440

 

Total assets acquired

 

 

 

 

64,406

 

Total goodwill

 

 

 

$

28,725

 

Better Backers  
Business Acquisition [Line Items]  
Summary of Purchase Price Allocation of Purchase of Acquired Identifiable Assets, Liabilities Assumed and Goodwill

Total purchase price

 

$

3,166

 

Inventory

 

 

748

 

Property, plant and equipment

 

 

2,118

 

Intangible assets

 

 

300

 

   Total assets acquired

 

 

3,166