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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Consideration Transferred | The acquisition date fair value of the purchase consideration for the acquisition was $56.7 million, and consisted of the following (in thousands):
| Fair Value
Cash consideration (net of working capital adjustments) | $ | 49,677 |
Contingent consideration | 7,007 |
Total purchase consideration | $ | 56,684 |
Summary of Purchase Price Allocation | In accordance with the acquisition method of accounting, the purchase consideration was allocated to the assets acquired and liabilities assumed based on their fair values on the date of the acquisition as follows (in thousands):
Accounts receivable | $ | 1,275 |
Prepaid expenses and other current assets | 17 |
Intangible assets | 26,120 |
Goodwill | 29,337 |
Accounts payable | (18) |
Accrued expenses | (47) |
Net assets acquired | $ | 56,684 |
Summary of Revenue and Pretax Loss | The following pro forma financial information summarizes the combined results of operations for the Company and CHT, as though the companies were combined as of the beginning of the Company’s fiscal 2021. The unaudited pro forma financial information was as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2022 |  |  |  | 2022 |  |
Total revenues |  | $ | 89,017 |  |  |  |  | $ | 341,335 |  |  |
Pretax (loss) |  | $ | (21,664) |  |  |  |  | $ | (41,270) |  |  |

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- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(4) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of goodwill in a business combination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 30 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479581/805-30-50-1 + Details
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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