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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2022
Levelset |
Business Acquisition [Line Items] |
Summary of Total Purchase Consideration | The purchase consideration totaled $484.1 million, which consisted of the following (in thousands):
Cash consideration |  | $ | 426,076 |
Fair value of common stock |  |  | 58,028 |
Total purchase consideration |  | $ | 484,104 |
Summary of Purchase Consideration Allocated to Assets and Liabilities | The purchase consideration was allocated to the following assets and liabilities (in thousands):
|  | Fair value |  |  | Useful life
Assets acquired |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,951 |  |  |
Accounts receivable |  |  | 1,250 |  |  |
Prepaid expenses and other current assets |  |  | 5,289 |  |  |
Other non-current assets |  |  | 5,740 |  |  |
Developed technology intangible asset |  |  | 105,500 |  |  | 7 years
Customer relationships intangible asset |  |  | 38,800 |  |  | 4 years
Goodwill |  |  | 348,318 |  |  |
Total assets acquired |  | $ | 515,848 |  |  |
Liabilities assumed |  |  |  |  |  |
Accounts payable |  | $ | (1,037 | ) |  |
Accrued expenses |  |  | (1,945 | ) |  |
Deferred revenue, current |  |  | (5,426 | ) |  |
Other current liabilities |  |  | (2,437 | ) |  |
Other non-current liabilities |  |  | (1,639 | ) |  |
Net deferred tax liabilities |  |  | (19,260 | ) |  |
Total liabilities assumed |  | $ | (31,744 | ) |  |
Net assets acquired |  | $ | 484,104 |  |  |
Summary of Pro Forma Results | The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred from integrating these companies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisitions had occurred at the beginning of 2020, nor are they indicative of future results of operations (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Revenue |  | $ | 532,690 |  |  | $ | 415,757 |
Net Loss |  | $ | (355,612 | ) |  | $ | (134,133 | )
LaborChart |
Business Acquisition [Line Items] |
Summary of Purchase Consideration Allocated to Assets and Liabilities | The purchase consideration was allocated to the following assets and liabilities (in thousands):
|  | Fair value |  |  | Useful life
Assets acquired |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,149 |  |  |
Accounts receivable |  |  | 730 |  |  |
Prepaid expenses and other current assets |  |  | 737 |  |  |
Other non-current assets |  |  | 417 |  |  |
Developed technology intangible asset |  |  | 12,800 |  |  | 4 years
Customer relationships intangible asset |  |  | 11,100 |  |  | 10 years
Goodwill |  |  | 55,700 |  |  |
Total assets acquired |  | $ | 83,633 |  |  |
Liabilities assumed |  |  |  |  |  |
Accrued expenses |  | $ | (120 | ) |  |
Deferred revenue, current |  |  | (1,704 | ) |  |
Other current and non-current liabilities |  |  | (690 | ) |  |
Net deferred tax liabilities |  |  | (4,891 | ) |  |
Total liabilities assumed |  | $ | (7,405 | ) |  |
Net assets acquired |  | $ | 76,228 |  |  |
Esticom Inc |
Business Acquisition [Line Items] |
Summary of Total Purchase Consideration | The total purchase consideration is comprised of the following (in thousands):
Cash consideration |  | $ | 11,239 |
Fair value of common stock |  |  | 3,885 |
Total purchase consideration |  | $ | 15,124 |
Summary of Purchase Consideration Allocated to Assets and Liabilities | The major classes of assets and liabilities to which the Company allocated the purchase price were as follows (in thousands):
|  | Fair value |  |  | Useful life
Assets acquired |  |  |  |  |  |
Cash and cash equivalents |  | $ | 19 |  |  |
Developed technology intangible asset |  |  | 6,500 |  |  | 5 years
Other acquired intangible assets |  |  | 300 |  |  | Less than 12 months
Goodwill |  |  | 9,835 |  |  |
Total assets acquired |  | $ | 16,654 |  |  |
Liabilities assumed |  |  |  |  |  |
Other current liabilities |  | $ | (54 | ) |  |
Deferred revenue |  |  | (100 | ) |  |
Net deferred tax liabilities |  |  | (1,376 | ) |  |
Total liabilities assumed |  | $ | (1,530 | ) |  |
Net assets acquired |  | $ | 15,124 |  |  |

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