Business Combination (Tables)

12 Months Ended

Dec. 31, 2022

The following table presents the allocation of the consideration paid to the assets acquired and liabilities assumed in the acquisition 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 result of updates to our preliminary estimates and third party valuation models. The impact of such revisions on consolidated 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	15,611		15,611		—
Right of use assets	13,169		13,169		—
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	(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:


	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

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