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Acquisitions and Dispositions (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The preliminary purchase price allocation is as follows:
|  | Amount
Cash and cash equivalents |  | $ | 2,771 |
Accounts receivable |  | 7,638 |
Other current assets |  | 1,634 |
Fixed assets |  | 2,338 |
Intangible assets |  | 12,410 |
Other assets |  | 1,416 |
Accounts payable |  | (6,855) |
Accruals and other liabilities |  | (4,896) |
Advance billings |  | (1,095) |
Other liabilities |  | (3,448) |
Net assets assumed |  | 11,913 |
Goodwill |  | 25,552 |
Purchase price consideration |  | $ | 37,465 |
The preliminary purchase price allocation is as follows:
|  | Amount
Accounts receivable |  | $ | 582 |
Other current assets |  | 669 |
Intangible assets |  | 13,200 |
Accounts payable |  | (379) |
Other liabilities |  | (270) |
Noncontrolling interests |  | (2,667) |
Net assets assumed |  | 11,135 |
Goodwill |  | 6,569 |
Purchase price consideration |  | $ | 17,704 |
The purchase price allocation is as follows:
|  | Amount
Cash and cash equivalents |  | $ | 130,197 |
Accounts receivable |  | 398,736 |
Other current assets |  | 41,291 |
Fixed assets |  | 81,343 |
Right-of-use lease assets - operating leases |  | 252,739 |
Intangible assets |  | 810,900 |
Other assets |  | 18,282 |
Accounts payable |  | (139,590) |
Accruals and other liabilities |  | (307,439) |
Advance billings |  | (211,212) |
Current portion of lease liabilities |  | (54,009) |
Current portion of deferred acquisition consideration |  | (53,054) |
Long-term debt |  | (901,736) |
Revolving credit facility |  | (109,954) |
Long-term portion of deferred acquisition consideration |  | (8,056) |
Long-term portion of lease liabilities |  | (283,637) |
Other liabilities |  | (139,026) |
Redeemable noncontrolling interests |  | (25,990) |
Preferred shares |  | (209,980) |
Noncontrolling interests |  | (151,090) |
Net liabilities assumed |  | (861,285) |
Goodwill |  | 1,290,347 |
Purchase price consideration |  | $ | 429,062 |
The preliminary purchase price allocation is as follows:
|  | Amount
Cash and cash equivalents |  | $ | 30,985 |
Accounts receivable |  | 28,685 |
Other current assets |  | 3,207 |
Fixed assets |  | 237 |
Right-of-use lease assets - operating leases |  | 2,060 |
Intangible assets |  | 14,974 |
Other assets |  | 55 |
Accounts payable |  | (6,344) |
Accruals and other liabilities |  | (27,353) |
Advance billings |  | (15,956) |
Current portion of lease liabilities |  | (857) |
Income taxes payable |  | (967) |
Long-term portion of lease liabilities |  | (3,744) |
Other liabilities |  | (1,204) |
Net assets assumed |  | 23,778 |
Goodwill |  | 4,410 |
Purchase price consideration |  | $ | 28,188 |
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 |  | $ | 5,930 |  |  | 10
Customer Relationships |  | 5,390 |  |  | 11
Other |  | 1,090 |  |  | 7
Total Acquired Intangible Assets |  | $ | 12,410 |  |  |
The following table presents the details of identifiable intangible assets acquired:
|  | Estimated Fair Value |  | Estimated Useful Life in Years
Customer Relationships |  | $ | 11,400 |  |  | 10
Trade names |  | 1,800 |  |  | 10
Total Acquired Intangible Assets |  | $ | 13,200 |  |  |
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 |  | 712,900 |  |  | 6-15
Total Acquired Intangible Assets |  | $ | 810,900 |  |  |
The following table presents the details of identifiable intangible assets acquired:
|  | Estimated Fair Value |  | Estimated Useful Life in Years
Trade Names |  | $ | 1,349 |  |  | 15
Customer Relationships |  | 13,625 |  |  | 10
Total Acquired Intangible Assets |  | $ | 14,974 |  |  |
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.
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  | 2021 |  | 2022 |  | 2021
Revenue |  |  |  | $ | 473,539 |  |  | $ | 1,989,833 |  |  | $ | 878,610 |
Net Income |  |  |  | 7,031 |  |  | 92,670 |  |  | 30,495 |
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.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2022 |  | 2021
Revenue |  | $ | 468,862 |  |  | $ | 1,983,437 |  |  | $ | 867,533 |
Net Income |  | 8,462 |  |  | 94,768 |  |  | 34,491 |
The unaudited pro forma information for the periods set forth below gives effect to the acquisition as if it occurred as of January 1, 2021. 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.
|  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
Revenue |  | $ | 568,424 |  |  | $ | 1,612,399 |
The pro forma net loss was nominal for the three and nine months ended September 30, 2021. Revenue attributable to MDC, included within the three and nine months ended September 30, 2021 unaudited condensed consolidated statement of operations is $342,539 and $995,729, respectively and operating income was $17,506 and $77,817, respectively. 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.
|  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
Revenue |  | $ | 471,406 |  |  | $ | 872,192 |
Net Income |  | 8,357 |  |  | 33,894 |

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