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Acquisition (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of acquisition

The following table summarizes the allocation of the opening balance sheet as of the date of the Powerline Plus Companies acquisition through June 30, 2022:

(in thousands)						(as of acquisition date) January 4, 2022						Measurement Period Adjustments						Acquisition Allocation June 30, 2022
Cash paid						$	114,429					$	—					$	114,429
Contingent consideration - fair value at acquisition date						10,608						—						10,608
Preliminary estimated net asset adjustments						563						(564)						(1)
Total consideration, net of estimated net asset adjustments						125,600						(564)						125,036
Less: Acquired cash						(3,853)						—						(3,853)
Total consideration less cash acquired, net of estimated net asset adjustments						$	121,747					$	(564)					$	121,183
Cash and cash equivalents						$	3,853					$	—					$	3,853
Accounts receivable, net						12,131						(52)						12,079
Contract assets, net						12,443						148						12,591
Refundable income taxes						394						280						674
Prepaid expenses and other current assets						1,233						(121)						1,112
Property and equipment						10,366						—						10,366
Operating lease right-of-use assets						6,631						—						6,631
Accounts payable						(8,095)						(466)						(8,561)
Contract liabilities						(1,597)						(95)						(1,692)
Accrued income taxes						(686)						(37)						(723)
Current portion of operating lease obligations						(1,224)						—						(1,224)
Current portion of finance lease obligations						(1,492)						—						(1,492)
Deferred income tax liabilities						(672)						(221)						(893)
Operating lease obligations, net of current maturities						(4,897)						—						(4,897)
Finance lease obligations, net of current maturities						(3,243)						—						(3,243)
Net identifiable assets and liabilities						25,145						(564)						24,581
Unallocated intangible assets						56,650						791						57,441
Total acquired assets and liabilities						81,795						227						82,022
Goodwill						$	43,805					$	(791)					$	43,014

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- References

No definition available.

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X

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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