Business Combination (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Schedule of Acquisition

The following table presents the final allocation of the consideration paid to the assets acquired and liabilities assumed in the acquisition of BasX described above, which was still preliminary at December 31, 2021. The revisions indicated below were recorded during the first quarter of 2022. The revisions were the results of updates to our preliminary estimates and third party valuation models. The impact of such revisions on net income were not significant.

	Final Allocation		Estimated Allocation as of December 31, 2021		Revisions
			(in thousands)
Accounts receivable	$	13,699	$	13,699	$	—
Inventories	2,725		2,725		—
Contract assets	7,635		7,635		—
Prepaid expenses and other	341		341		—
Property, plant and equipment	13,169		13,169		—
Right of use assets	15,611		15,611		—
Intangible assets	68,413		70,329		(1,916)
Goodwill	78,663		82,498		(3,835)
Accounts payable	(9,388)		(9,388)		—
Accrued liabilities	(3,807)		(3,807)		—
Contract liabilities	(7,771)		(7,771)		—
Lease liabilities	(15,611)		(15,611)		—
Contingent Consideration - shares of AAON, Inc.	(60,000)		(66,000)		6,000
Consideration paid	$	103,679	$	103,430	$	249

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:

	Final Allocation		Estimated Allocation as of December 31, 2021		Revisions
			(in thousands)
Definite-lived intangible assets
Intellectual property	$	6,295	$	6,479	$	(184)
Customer relationships	47,547		48,684		(1,137)
	53,842		55,163		(1,321)
Indefinite-lived intangible assets
Trademarks	14,571		15,166		(595)
Total intangible assets acquired	$	68,413	$	70,329	$	(1,916)

Schedule of Pro Forma Information

Pro Forma Results of Operations (unaudited)

The operations of BasX have been included in our statements of income since the closing date on December 10, 2021. The following unaudited pro forma consolidated results of operations for the three and nine months ended September 30, 2021 are presented as if the combination had been made on January 1, 2021.

	(unaudited)
	Three months ended		Nine months ended
	September 30, 2021		September 30, 2021
	(in thousands, except per share data)
Revenues	$	159,636	$	452,635
Net income	$	17,257	$	55,751
Earnings per share:
Basic	$	0.33	$	1.06
Dilutive	$	0.32	$	1.04