Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Acquisitions

Schedule of acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill

The following summarizes the acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill (in thousands):

Consideration transferred:
Cash paid at closing	$	107,355
Working capital adjustment		6,892
Notes issued to former owners		10,000
Estimated fair value of contingent earn-out payments		12,900
	$	137,147

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	13,554
Billed and unbilled accounts receivable		43,248
Other current assets		3,422
Property and equipment		3,891
Goodwill		54,554
Identifiable intangible assets		57,700
Operating lease right-of-use asset		8,997
Accounts payable		(14,489)
Billings in excess of costs and estimated earnings		(15,199)
Current maturities of long-term debt		(1,860)
Current operating lease liabilities		(1,115)
Accrued expenses and other current liabilities		(6,889)
Long-term debt		(785)
Long-term operating lease liabilities		(7,882)
	$	137,147

Schedule of acquired intangible assets

The acquired intangible assets include the following (dollars in thousands):

	Valuation Method	Estimated Useful Life		Estimated Fair Value
Backlog	Excess earnings	1.5 years	$	7,800
Trade Name	Relief-from-royalty	23 years		12,600
Customer Relationships	Excess earnings	10 years		37,300
Total			$	57,700