Annual report pursuant to Section 13 and 15(d)

SILVERTIP ACQUISITION (Tables)

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SILVERTIP ACQUISITION (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Business Acquisition, Pro Forma Information
The following combined pro forma information assumes the Silvertip Acquisition occurred on January 1, 2021. The pro forma information presented below is for illustrative purposes only and does not reflect future events that occurred after December 31, 2022 or any operating efficiencies or inefficiencies that may result from the Silvertip Acquisition. The information is not necessarily indicative of results that would have been achieved had the Company controlled Silvertip during the periods presented.
(unaudited, $ in thousands)
Year Ended December 31,
2022 2021
Revenue $ 1,428,282  $ 1,013,261 
Net income ( loss) (1)
26,716  (43,957)
(1)The nonrecurring acquisition costs of $2.2 million were included in our pro forma results for the year ended December 31, 2021.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the fair value of the consideration transferred in the Silvertip Acquisition and the Silvertip Purchase Price to the fair value of the assets acquired and liabilities assumed (which are included within the accompanying consolidated balance sheet as of December 31, 2022) as of November 1, 2022, the Silvertip Acquisition Date:
($ in thousands)
Total Purchase Consideration:
Cash consideration $ 30,000 
Equity consideration 106,736 
Debt payments and closing costs 11,320 
Total consideration $ 148,056 
Cash and cash equivalents $ 2,681 
Accounts receivable and unbilled revenue 21,079 
Inventories 1,209 
Prepaid expenses 2,476 
Other current assets 1,059 
Property and equipment (1)
52,478 
Intangible assets:
Trademark/trade name (2)
10,800 
Customer relationships (2)
46,500 
Goodwill 23,624 
Operating lease right-of-use asset 2,783 
Total identifiable assets acquired 164,689 
Accounts payable 7,659 
Accrued and other current liabilities 6,178 
Operating lease liability 2,796 
Total liabilities assumed 16,633 
Total purchase consideration $ 148,056 
(1)Remaining useful lives ranging from less than one to 22 years.
(2)Definite lived intangibles with amortization period of 10 years.