Business Combination (Tables)

12 Months Ended

Dec. 31, 2021

The following table presents the allocation of the consideration paid to the assets acquired and liabilities assumed, based on their fair values as of December 10, 2021, in the acquisition of BasX described above, which was still preliminary at December 31, 2021. The provisional amounts are subject to change as the Company continues to evaluate the information required to complete the valuation through the measurement period. We expect to complete our valuation in the first quarter of 2022.


	(in thousands)
Accounts receivable	$	13,699
Inventories	2,725
Contract assets	7,635
Prepaid expenses and other	341
Property, plant and equipment	13,169
Right of use assets	15,611
Intangible assets	70,329
Goodwill	82,498
Accounts payable	(9,388)
Accrued liabilities	(3,807)
Contract liabilities	(7,771)
Lease liabilities	(15,611)
Contingent Consideration - shares of AAON	(66,000)
Consideration paid	$	103,430

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired

The Company recognized the following definite and indefinite-lived intangible assets as part of the acquisition of BasX:


	(in thousands)
Definite-lived intangible assets
Intellectual property	$	6,479
Customer relationships	48,684
	55,163

Indefinite-lived intangible assets
Trademarks	15,166
Total intangible assets acquired	$	70,329

Schedule of Pro Forma Information

The following unaudited pro forma consolidated results of operations for the years ended December 31, 2021 and 2020 are presented as if the combination had been made on January 1, 2020.


	(unaudited)
	Years ended December 31,
	2021		2020
	(in thousands, except per share data)
Revenues	$	611,158	$	562,563
Net income	63,491		80,507
Earnings per share:
Basic	$	1.21	$	1.54
Dilutive	$	1.18	$	1.52