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Merger (Tables)
3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Fair Value of the Consideration Transferred
The Closing Date fair value of the consideration transferred totaled $634.0 million, which was comprised of the following:
(In thousands, except share and per share amounts)Purchase Price
Shares of V2X common stock issued18,591,866 
Market price per share of V2X as of Closing Date$33.92 
Fair value of common shares issued$630,636 
Fair value of cash consideration3,315 
Total consideration transferred$633,951 
Purchase Price Allocation
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed in the Merger as of the Closing Date. The estimated fair value of Vertex’s assets acquired and liabilities assumed at the acquisition date are determined based on preliminary valuations and analyses. As of March 31, 2023, we considered these amounts to be preliminary because we are still in the process of gathering and reviewing information to support the details surrounding tax matters and assumptions underlying certain existing or potential reserves. The final determination could result in further adjustments.
(In thousands)Preliminary Fair Value
Cash and cash equivalents$196,993 
Receivables334,655 
Prepaid expenses49,172 
Property, plant, and equipment53,618 
Intangible assets480,000 
Other non-current assets18,895 
Right-of-use assets21,062 
Accounts payable(121,515)
Debt(1,352,303)
Compensation and other employee benefits(45,968)
Other current and non-current liabilities(334,469)
Total identifiable net assets(699,860)
Goodwill1,333,811 
Total purchase consideration$633,951 
Schedule of Pro Forma Information
This unaudited pro forma information is presented for informational purposes only and may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations.
Three Months Ended
March 31, 2023April 1, 2022
(Unaudited, in thousands)ActualPro forma
Revenue$943,460 $842,741 
Net (loss) income$(17,480)$11,953