Annual report pursuant to Section 13 and 15(d)

Acquisition (Tables)

v3.20.1
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
Based on the Company's valuation, the total consideration of approximately $113 million (excluding any earn-out payments), which includes a final cash and net working capital consideration of $1.1 million, has been allocated to assets acquired (including identifiable intangible assets and goodwill) and liabilities assumed, as follows (in thousands):

Description
 
Fair Value
Accounts receivable
 
$
7,295

Unbilled receivables
 
431

Inventories
 
8,016

Prepaid expenses and other current assets
 
766

Property and equipment
 
4,521

Intangibles - customer related
 
54,500

Intangibles - trade name
 
2,100

Goodwill
 
77,828

Operating lease right-of-use assets
 
2,594

Other assets
 
333

Other current liabilities
 
(6,576
)
Long-term operating lease liabilities
 
(2,127
)
 
 
$
149,681

 
 
 
Cash consideration
 
$
113,181

Acquisition date estimated fair value of earn-out obligation
 
34,800

Section 338(h)(10) election
 
1,700

Total
 
$
149,681

Business Acquisition, Pro Forma Information
The unaudited consolidated pro forma results of operations are as follows (in thousands except per share amounts):
 
 
 
 
 
 
Year ended December 31,
 
 
 
 
 
 
 
 
2018
Revenue
 
 
 
 
 

 
$
743,347

Net Income
 
 
 
 
 

 
$
35,963

Basic earnings per share
 
 
 
 
 

 
$
3.31

Diluted earnings per share
 
 
 
 
 

 
$
3.29