Business Combination (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Summary of Preliminary Purchase Price Allocation

The preliminary purchase price allocation is summarized as follows:

Contract receivables, net	$	12,699
Contract assets		6,071
Customer-related intangibles		62,967
Trade names and trademarks		1,120
Other current and non-current assets		411
Accrued salaries and benefits		(3,998	)
Accrued expenses and other liabilities		(6,169	)
Net assets acquired		73,101
Goodwill		144,609
Purchase consideration	$	217,710

Schedule of Unaudited Condensed Pro Forma Financial Information

The following unaudited condensed pro forma information presents combined financial information as if the acquisition of SemanticBits had been effective at January 1, 2021, the beginning of the 2021 fiscal year. As a result, fiscal year 2022 represents the pro forma results for year two of the acquisition. The pro forma information includes alignment of SemanticBits’ revenue recognition policy, corrections of employee-related expenses, and adjustments reflecting changes in the amortization of intangibles, acquisition-related costs, interest expense, and records income tax effects as if SemanticBits had been included in the Company’s results of operations. The pro forma information is not intended to reflect the actual combined results of operations that would have occurred if the acquisition was completed on January 1, 2021, nor is it indicative of future operating results after the acquisition date of July 13, 2022.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Revenue	$	473,366	$	423,491	$	1,380,789	$	1,246,447
Net income		21,445		22,972		66,744		59,464