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Silvertip Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Asset Acquisition | The following table summarizes the fair value of the consideration transferred in the Silvertip Acquisition and the Silvertip Purchase Price to the fair value of the assets acquired and liabilities assumed (which are included within the accompanying condensed consolidated balance sheets) as of the Silvertip Acquisition Date:
(in thousands) |
Total Purchase Consideration: |
Cash consideration | $ | 30,000 |
Equity consideration | 106,736 |
Debt payments and closing costs | 11,320 |
Total consideration | $ | 148,056 |
Cash and cash equivalents | $ | 2,681 |
Accounts receivable and unbilled revenue | 21,079 |
Inventories | 1,209 |
Prepaid expenses | 2,476 |
Other current assets | 1,059 |
Property and equipment (1) | 52,478 |
Intangible assets: |
Trademark/trade name (2) | 10,800 |
Customer relationships (2) | 46,500 |
Goodwill | 23,624 |
Operating lease right-of-use asset | 2,783 |
Total identifiable assets acquired | 164,689 |
Accounts payable | 7,659 |
Accrued and other current liabilities | 6,178 |
Operating lease liability | 2,796 |
Total liabilities assumed | 16,633 |
Total purchase consideration | $ | 148,056 |
(1)Remaining useful lives ranging from less than one to 22 years (2)Definite lived intangibles with amortization period of 10 years.

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