Acquisition of STI (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions Purchase Price Consideration

The purchase price consideration to acquire STI consisted of the following (in thousands):

Cash consideration for STI	$	409,647
Cash consideration for transaction expenses of STI	896
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	610,767
Total purchase price consideration	$	610,767

Schedule of business acquisitions, by acquisition

The following table summarizes the preliminary estimates of fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands):

Preliminary Fair Value of Net Assets Acquired and Liabilities Assumed:	Acquisition Date		Measurement Adjustment		June 30, 2022
Cash and cash equivalents	$	36,725	$	—	$	36,725
Accounts receivable	110,789		—		110,789
Inventories	47,517		—		47,517
Prepaid expenses and other	23,399		—		23,399
Property, plant and equipment	4,434		—		4,434
Other intangible assets	318,365		—		318,365
Other assets	325		—		325
Total assets acquired	$	541,554	$	—	$	541,554
Accounts payable	65,761		—		65,761
Deferred revenue	20,345		—		20,345
Short-term debt	44,338		—		44,338
Other liabilities	10,115		—		10,115
Income tax payable	7,576		—		7,576
Deferred tax liability	93,823		7,611		101,434
Other long-term liabilities	4,524		—		4,524
Long-term debt	12,053		—		12,053
Total liabilities assumed	$	258,535	$	7,611	$	266,146
Preliminary fair value of net assets acquired	283,019				275,408
Preliminary allocation to goodwill	$	327,748			$	335,359

Schedule of purchase price allocation

The preliminary purchase price allocation includes $318.4 million of acquired identifiable intangible assets.

	Estimated Fair Value		Estimated Weighted Average Useful Life in Years
(in thousands, except useful lives)
Backlog	$	51,165	1
Customer relationships	238,770		10
Trade name	28,430		20
Total	$	318,365

Business acquisition, pro forma information

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Revenue	$	424.9	$	263.1	$	733.4	$	536.9
Net income (loss)	$	(2.8)	$	5.0	$	(23.9)	$	(7.3)