Subsequent to June 30, 2024, we completed four acquisitions, three of which are in our Mid-Atlantic region, including Whitetail Disposal, Inc. and LMR Disposal, LLC, which together include collection operations in eastern Pennsylvania and western New Jersey.

In the six months ended June 30, 2024, we acquired one business, a tuck-in solid waste collection businesses in our Eastern region. In the six months ended June 30, 2023, we acquired two businesses: the equity interests of four wholly owned subsidiaries of GFL Environmental Inc., which included solid waste collection, transfer and recycling operations in Pennsylvania, Maryland and Delaware (“GFL Acquisition”); and a solid waste business in our Western region.

The operating results of the business acquired prior to June 30, 2024 have been included in the accompanying unaudited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at the date of acquisition with the residual amounts recorded as goodwill. Purchase price allocations are based on information existing at the acquisition dates or upon closing the transactions. Acquired intangible assets other than goodwill that are subject to amortization may include customer relationships, trade names and covenants not-to-compete. Such assets are amortized over a two-year to ten-year period from the date of acquisition.

Goodwill acquired is primarily associated with the value of projected discounted cash flows, based on the current and anticipated operating performance of the business, in excess of the specific values allocated to other assets, new growth opportunities arising from the acquisitions, and expected synergies from combining the acquired businesses with our existing operations and implementing our operating strategies. Substantially all amounts recorded to goodwill are expected to be deductible for tax purposes.

A summary of the purchase price and the purchase price allocation for acquisitions follows:


	Six Months Ended June 30,
	2024		2023
Purchase Price:
Cash used in acquisitions, net of cash acquired	$	748	$	544,359



Holdbacks	—		1,900
Total consideration	$	748	$	546,259
Allocated as follows:
Current assets	$	—	$	15,364




Property, plant and equipment:
Land	—		2,213

Buildings and improvements	—		8,666
Machinery and equipment	282		90,276
Operating lease right-of-use assets	—		11,260
Intangible assets:

Covenants not-to-compete	75		10,550
Customer relationships	38		93,000

Deferred tax liability	—		(5,160)
Current liabilities	(2)		(15,195)







Operating lease liabilities, less current portion	—		(9,887)
Fair value of assets acquired and liabilities assumed	393		201,087
Excess purchase price allocated to goodwill	$	355	$	345,172

Purchase price allocations are preliminary and subject to revision upon finalization of third-party valuations over each respective one-year measurement period. Accordingly, the purchase price allocations for the six months ended June 30, 2024 are subject to change. Amounts in the six months ended June 30, 2023 were preliminary as disclosed based on information existing at the acquisition dates or upon closing the transaction and have since been updated based upon the finalization of third-party valuations, including the value of certain tangible and intangible assets acquired.

Unaudited pro forma combined operational results prepared as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2023 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	377,199	$	365,644	$	718,315	$	706,384
Operating income	$	23,028	$	26,792	$	29,894	$	41,353
Net income	$	7,012	$	7,133	$	2,913	$	12,391

Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding	58,109		52,885		58,070		52,331
Basic earnings per common share	$	0.12	$	0.13	$	0.05	$	0.24
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding	58,199		52,980		58,161		52,427
Diluted earnings per common share	$	0.12	$	0.13	$	0.05	$	0.24

The unaudited pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of January 1, 2023 or of the results of our future operations. Furthermore, the unaudited pro forma results do not give effect to all cost savings or incremental costs that may occur as the result of the integration and consolidation of the completed acquisitions.