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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2021
Summary of Pro Forma Financial Information | The pro forma information includes adjustments to record the assets and liabilities associated with the Redflex and T2 Systems acquisitions at their respective preliminary fair values and to give effect to the financing of the acquisitions.
|  | For the Year Ended December 31, |
($ in thousands) |  | 2021 |  |  | 2020 |
Revenue |  | $ | 650,567 |  |  | $ | 530,807 |
Net income (loss) |  |  | 30,099 |  |  |  | (58,695 | )
Redflex Holdings Limited |
Summary of Allocation of Preliminary Purchase Consideration | The allocation of the preliminary purchase consideration is summarized as follows:
($ in thousands) |  | Reported At June 30, 2021 |  |  | Measurement Period Adjustments |  |  | At December 31, 2021 |
Assets acquired |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,760 |  |  | $ | — |  |  | $ | 8,760 |
Restricted cash |  |  | 2,163 |  |  |  | — |  |  |  | 2,163 |
Accounts receivable |  |  | 6,870 |  |  |  | — |  |  |  | 6,870 |
Unbilled receivables |  |  | 7,744 |  |  |  | (2,461 | ) |  |  | 5,283 |
Property and equipment |  |  | 27,541 |  |  |  | 2,268 |  |  |  | 29,809 |
Deferred tax assets |  |  | 9,192 |  |  |  | 1,123 |  |  |  | 10,315 |
Other assets |  |  | 13,729 |  |  |  | 5,518 |  |  |  | 19,247 |
Trademark |  |  | 900 |  |  |  | — |  |  |  | 900 |
Customer relationships |  |  | 23,500 |  |  |  | 2,400 |  |  |  | 25,900 |
Developed technology |  |  | 18,200 |  |  |  | — |  |  |  | 18,200 |
Total assets acquired |  |  | 118,599 |  |  |  | 8,848 |  |  |  | 127,447 |
Liabilities assumed |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  |  | 30,137 |  |  |  | 1,799 |  |  |  | 31,936 |
Deferred revenue |  |  | 1,772 |  |  |  | 6,276 |  |  |  | 8,048 |
Long-term debt |  |  | 14,014 |  |  |  | — |  |  |  | 14,014 |
Other long-term liabilities |  |  | 9,948 |  |  |  | 1,788 |  |  |  | 11,736 |
Total liabilities assumed |  |  | 55,871 |  |  |  | 9,863 |  |  |  | 65,734 |
Goodwill |  |  | 55,199 |  |  |  | 1,015 |  |  |  | 56,214 |
Total purchase consideration |  | $ | 117,927 |  |  | $ | — |  |  | $ | 117,927 |
The Company recorded measurement period adjustments from the initial purchase price allocation presented as of June 30, 2021, to reflect new information obtained about facts and circumstances that existed as of the Redflex acquisition date. There was no material impact to the statement of operations as a result of these adjustments. As of December 31, 2021, the evaluation of historical Redflex tax positions and the impact on assumed uncertain tax positions and other tax attributes is preliminary and the Company expects to finalize it as soon as practicable, but not later than one year from the acquisition date.
T2 Systems Acquisition |
Summary of Allocation of Preliminary Purchase Consideration | The allocation of the preliminary purchase consideration is summarized as follows:
($ in thousands) |  |  |
Assets acquired |  |  |
Cash and cash equivalents |  | $ | 13,866 |
Restricted cash |  |  | 228 |
Accounts receivable |  |  | 9,673 |
Unbilled receivables |  |  | 2,153 |
Inventory |  |  | 7,467 |
Property and equipment |  |  | 3,336 |
Prepaid and other assets |  |  | 7,477 |
Trademark |  |  | 3,200 |
Customer relationships |  |  | 164,300 |
Developed technology |  |  | 19,300 |
Total assets acquired |  |  | 231,000 |
Liabilities assumed |  |  |
Accounts payable and accrued liabilities |  |  | 10,379 |
Deferred revenue |  |  | 21,253 |
Deferred tax liability |  |  | 37,129 |
Other liabilities |  |  | 4,228 |
Total liabilities assumed |  |  | 72,989 |
Goodwill |  |  | 195,226 |
Total assets acquired and liabilities assumed |  | $ | 353,237 |

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