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Acquisitions and Dispositions (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The preliminary purchase price allocation is as follows:
|  | Amount
Cash and cash equivalents |  | $ | 130,155 |
Accounts receivable |  | 419,742 |
Other current assets |  | 44,508 |
Fixed Assets |  | 80,047 |
Right-of-use lease assets - operating leases |  | 293,034 |
Intangible assets |  | 809,900 |
Other assets |  | 16,928 |
Accounts payable |  | (165,443) |
Accruals and other liabilities |  | (308,757) |
Advance billings |  | (211,687) |
Current portion of lease liabilities |  | (55,878) |
Current portion of deferred acquisition consideration |  | (53,054) |
Long-term debt |  | (1,011,690) |
Long-term portion of deferred acquisition consideration |  | (8,056) |
Long-term portion of lease liabilities |  | (292,497) |
Other liabilities |  | (131,897) |
Redeemable noncontrolling interests |  | (30,830) |
Preferred shares |  | (209,980) |
Noncontrolling interests |  | (158,230) |
Net liabilities assumed |  | (843,685) |
Goodwill |  | 1,270,081 |
Purchase price consideration |  | $ | 426,396 |
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of each acquisition (in thousands):
|  | 2020
|  | Sloane |  | Kettle |  | Truelogic |  | Total
Cash, cash equivalents and restricted cash |  | $ | — |  |  | $ | 49 |  |  | $ | 90 |  |  | $ | 139 |
Accounts receivable and other current assets |  | 2,768 |  |  | 2,732 |  |  | 2,958 |  |  | 8,458 |
Other noncurrent assets |  | — |  |  | 172 |  |  | 10 |  |  | 182 |
Intangible assets |  | 5,900 |  |  | 1,930 |  |  | 9,500 |  |  | 17,330 |
Property and equipment |  | 72 |  |  | 58 |  |  | 50 |  |  | 180 |
Right-of-use assets – operating leases |  | — |  |  | 533 |  |  | 201 |  |  | 734 |
Accounts payable and other current liabilities |  | (469) |  |  | (552) |  |  | (1,063) |  |  | (2,084) |
Advanced billings |  | (130) |  |  | (310) |  |  | (429) |  |  | (869) |
Operating lease liabilities |  | — |  |  | (533) |  |  | (201) |  |  | (734) |
Goodwill |  | 16,275 |  |  | 1,323 |  |  | 6,184 |  |  | 23,782 |
Total net assets acquired |  | $ | 24,416 |  |  | $ | 5,402 |  |  | $ | 17,300 |  |  | $ | 47,118 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table presents the details of identifiable intangible assets acquired.
|  | Estimated Fair Value |  | Estimated Useful Life in Years
Trade Names |  | $ | 98,000 |  |  | 10
Customer Relationships |  | 711,900 |  |  | 6-15
Total Acquired Intangible Assets |  | $ | 809,900 |  |  |
The following table reports the fair value of intangible assets acquired, including the corresponding weighted average amortization periods, as of the date of each acquisition (in thousands, except years):
|  |  |  | 2020
|  | Weighted Average Amortization Period |  | Sloane |  | Kettle |  | Truelogic |  | Total
Customer relationships |  | 10 years |  | $ | 4,600 |  |  | $ | 1,600 |  |  | $ | 9,100 |  |  | $ | 15,300 |
Tradenames and trademarks |  | 11 years |  | 1,300 |  |  | 330 |  |  | 400 |  |  | 2,030 |
Total |  |  |  | $ | 5,900 |  |  | $ | 1,930 |  |  | $ | 9,500 |  |  | $ | 17,330 |
Business Acquisition, Pro Forma Information | The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time.
|  | Nine Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2020
Revenue |  | $ | 1,612,399 |  |  | $ | 1,445,813 |
The proforma net loss was nominal for the nine months ended September 30, 2021 and 2020. The following table summarizes the total revenue and net income included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) from the date of each acquisition (in thousands):
|  | Nine Months Ended September 30, 2020
Revenue |  | $ | 10,794 |
Net Income |  | $ | 1,199 |
The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time (in thousands):
|  | Nine Months Ended September 30, 2020
Revenue |  | $ | 587,343 |
Net Income |  | $ | 39,801 |

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