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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Schedule of preliminary allocation of purchase consideration | A summary of the allocation of the purchase consideration for ECI is as follows (in thousands):
Fair value of consideration transferred: |
Cash consideration: |
Repayment of ECI outstanding debt obligations | $ | 183,266 |
Cash paid to selling shareholders | 139,244 |
Payment to selling shareholders from sale of ECI real estate assets | 33,400 |
Less cash and restricted cash acquired | (9,058) |
Net cash consideration | 346,852 |
Fair value of Ribbon stock issued | 108,550 |
Fair value of total consideration | $ | 455,402 |
Fair value of assets acquired and liabilities assumed: |
Current assets, net of cash and restricted cash acquired | $ | 120,203 |
Property and equipment | 54,913 |
Intangible assets: |
In-process research and development | 34,000 |
Developed technology | 111,900 |
Customer relationships | 116,000 |
Trade names | 3,000 |
Goodwill | 191,996 |
Other noncurrent assets | 37,528 |
Deferred revenue | (4,369) |
Other current liabilities | (146,618) |
Deferred revenue, net of current | (3,726) |
Deferred tax liability | (13,308) |
Other long-term liabilities | (46,117) |
| $ | 455,402 |
Schedule of Unaudited pro forma results | The unaudited pro forma results do not reflect any operating efficiencies or potential cost savings that may result from the consolidation of the operations of Ribbon and ECI. Accordingly, these unaudited pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the combined company that would have been achieved had the ECI Acquisition occurred at January 1, 2019, nor are they intended to represent or be indicative of future results of operations (in thousands, except per share amounts):
| Year ended December 31, |  |
| 2020 |  |
| (unaudited) |  |
Revenue | $ | 869,002 |  |  |
Net income | $ | 97,036 |  |  |
Diluted earnings per share | $ | 0.65 |  |  |
Schedule of components of acquisition related costs | The components of Acquisition-, disposal- and integration-related expenses incurred in the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Professional and services fees (acquisition-related) | $ | — |  |  | $ | 165 |  |  | $ | 13,441 |
Professional and services fees (disposal-related) | 414 |  |  | 329 |  |  | 1,890 |
Integration-related expenses | 5,872 |  |  | 7,138 |  |  | 1,833 |
| $ | 6,286 |  |  | $ | 7,632 |  |  | $ | 17,164 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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