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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2020

Allocation of Total Purchase Price Consideration

The Company has estimated the allocation of the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions):


Acquired tangible assets	$	4.6
Identified intangible assets	6.7
Liabilities assumed	(6.0)
Goodwill	14.8
Total purchase price	$	20.1

The Company has estimated the allocation of the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions):


Acquired tangible assets	$	7.0
Identified intangible assets	8.5
Liabilities assumed	(5.0)
Goodwill	10.7
Total purchase price	$	21.2

Schedule of Finite-Lived Intangible Assets Acquired

The following table presents details of the intangible assets acquired during the six months ended June 30, 2020 (dollars in millions).


	Weighted Average Useful Life	Estimated Useful Life	Aggregate Acquisitions
Customer relationships	7 years	7 years	$	34.2
Customer backlog	1 year	1 year	9.1
Non-compete agreements	5 years	5 years	0.3
Trade name	1 year	1 year	0.4
Developed software	3 years	3 years	1.2
Total acquired intangible assets			$	45.2

Pro-Forma Results of Operations

The aggregate amounts of revenue and net income of the MedTouch, Brainjocks, and PSL acquisitions in the Unaudited Condensed Consolidated Statements of Operations from the respective acquisition dates to June 30, 2020 are as follows (in thousands):


	Acquisition Date to June 30, 2020
Revenues	$	12,552
Net income	$	746

Pro-forma Results of Operations

The following presents the unaudited pro-forma combined results of operations of the Company with PSL for the six months ended June 30, 2020 and 2019, after giving effect to certain pro-forma adjustments and assuming PSL was acquired as of the beginning of 2019. Pro-forma results of operations have not been presented for MedTouch or Brainjocks because the effect of these acquisitions on the Company's consolidated financial statements were not material individually or in the aggregate.

These unaudited pro-forma results are presented in compliance with the adoption of ASU No. 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations, and are not necessarily indicative of the actual consolidated results of operations had the acquisition of PSL actually occurred on January 1, 2019 or of future results of operations of the consolidated entities (in thousands except per share data):


	Six Months Ended June 30,
	2020		2019
Revenues	$	308,529	$	291,371
Net income	$	19,400	$	11,369
Basic net income per share	$	0.61	$	0.36
Diluted net income per share	$	0.60	$	0.35
Shares used in computing basic net income per share	31,896		31,359
Shares used in computing diluted net income per share	32,602		32,337