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Acquisition of STI (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of business consideration paid to acquire | The consideration paid to acquire STI consisted of the following (in thousands):
Cash consideration for STI |  | $ | 409,647 |
Cash consideration for transaction expenses of STI |  | 896 |
Total cash consideration |  | 410,543 |
Non-cash equity consideration |  | 200,224 |
Total consideration transferred |  | 610,767 |
Total purchase price consideration |  | $ | 610,767 |
Schedule of business acquisitions, by acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands):
Fair Value of Net Assets Acquired and Liabilities Assumed: | Acquisition Date |  | Measurement Adjustment |  | Remeasured Acquisition Date
Cash and cash equivalents | $ | 36,725 |  |  | $ | — |  |  | $ | 36,725 |
Accounts receivable | 110,789 |  |  | — |  |  | 110,789 |
Inventories | 47,517 |  |  | — |  |  | 47,517 |
Prepaid expenses and other | 23,399 |  |  | — |  |  | 23,399 |
Property, plant and equipment | 4,434 |  |  | — |  |  | 4,434 |
Other intangible assets | 304,431 |  |  | — |  |  | 304,431 |
Other assets | 325 |  |  | 2,655 |  |  | 2,980 |
Total assets acquired | $ | 527,620 |  |  | $ | 2,655 |  |  | $ | 530,275 |
Accounts payable | 65,761 |  |  | — |  |  | 65,761 |
Deferred revenue | 20,345 |  |  | — |  |  | 20,345 |
Short-term debt | 44,338 |  |  | — |  |  | 44,338 |
Other liabilities | 10,115 |  |  | 2,655 |  |  | 12,770 |
Income tax payable | 7,576 |  |  | — |  |  | 7,576 |
Deferred tax liability | 95,510 |  |  | — |  |  | 95,510 |
Other long-term liabilities | 4,524 |  |  | — |  |  | 4,524 |
Long-term debt | 12,053 |  |  | — |  |  | 12,053 |
Total liabilities assumed | $ | 260,222 |  |  | $ | 2,655 |  |  | $ | 262,877 |
Fair value of net assets acquired | 267,398 |  |  |  |  | 267,398 |
Allocation to goodwill | $ | 343,369 |  |  |  |  | $ | 343,369 |
Schedule of purchase price allocation | The purchase price allocation includes $304.4 million of acquired identifiable intangible assets.
(in thousands, except useful lives) |  | Estimated Fair Value |  | Estimated Weighted Average Useful Life in Years
Backlog |  | $ | 50,000 |  |  | 1
Customer relationships |  | 228,408 |  |  | 10
Trade name |  | 26,023 |  |  | 20
Total |  | $ | 304,431 |  |  |
Schedule of business acquisition, pro forma information | The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the STI Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the STI Acquisition been consummated on January 1, 2021, (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Revenue | $ | 1,645,962 |  |  | $ | 1,118,903 |
Net income (loss) | $ | 36,285 |  |  | $ | (74,215) |

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- Definition Tabular disclosure of the equity interest issued or issuable in a business acquisition (or series of individually immaterial business acquisitions) planned, initiated, or completed during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b)(4) -URI https://asc.fasb.org/extlink&oid=126975305&loc=d3e6927-128479 + Details
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- 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 https://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 https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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