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Business Combinations (Tables)

9 Months Ended

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)

X

- 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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-SubTopic 10
-Topic 805
-Publisher FASB
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Tabular disclosure of goodwill in a business combination.

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-Section 50
-Paragraph 1
-SubTopic 30
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