Acquisition (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of acquisition

The following table summarizes the preliminary allocation of the opening balance sheet as of the date of the Powerline Plus Companies acquisition through September 30, 2022:

(in thousands)	January 4, 2022 acquisition date (initial estimates)		Measurement Period Adjustments		January 4, 2022 acquisition date (as adjusted through September 30, 2022)
Cash paid	$	114,429	$	—	$	114,429
Contingent consideration - fair value at acquisition date	10,608		(9,743)		865
Net asset and other adjustments	563		(479)		84
Total consideration, net of estimated net asset adjustments	125,600		(10,222)		115,378
Less: Acquired cash	(3,853)		—		(3,853)
Total consideration less cash acquired, net of net asset and other adjustments	$	121,747	$	(10,222)	$	111,525
Cash and cash equivalents	$	3,853	$	—	$	3,853
Accounts receivable	12,131		(52)		12,079
Contract assets, net	12,443		148		12,591
Refundable income taxes	394		482		876
Prepaid expenses and other current assets	1,233		(121)		1,112
Property and equipment	10,366		1,577		11,943
Operating lease right-of-use assets	6,631		—		6,631
Intangible assets	—		49,735		49,735
Accounts payable	(8,095)		(466)		(8,561)
Contract liabilities	(1,597)		(95)		(1,692)
Current portion of operating lease obligations	(1,224)		—		(1,224)
Current portion of finance lease obligations	(1,492)		—		(1,492)
Deferred income tax liabilities	(1,358)		(13,991)		(15,349)
Operating lease obligations, net of current maturities	(4,897)		—		(4,897)
Finance lease obligations, net of current maturities	(3,243)		—		(3,243)
Net identifiable assets and liabilities	25,145		37,217		62,362
Unallocated intangible assets	56,650		(56,650)		—
Total acquired assets and liabilities	81,795		(19,433)		62,362
Goodwill	$	43,805	$	9,211	$	53,016

Summary of identifiable intangible assets

The following table summarizes the estimated fair values of identifiable intangible assets and the related weighted average amortization periods as of the acquisition date of the Powerline Plus Companies.

	Estimated Fair Value at Acquisition Date		Weighted Average Amortization Period at Acquisition Date
	(in thousands)		(in years)
Amortizable Intangible Assets
Customer relationships	$	39,757	15.0
Backlog	4,007		1.0
Total amortizable intangible assets	43,764		14.9
Indefinite-lived Intangible Assets
Trade name	5,971		Indefinite
Total intangible assets	$	49,735