| Summary of Final Allocation of Consideration For the Signature Acquisition |
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Initial Allocation of Consideration |
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Measurement Period Adjustments(1) |
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Final Allocation |
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Assets acquired: |
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Accounts receivable |
$ |
18,902 |
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$ |
(48 |
) |
$ |
18,854 |
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Inventories |
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17,612 |
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(239 |
) |
|
17,373 |
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Prepaid expenses |
|
719 |
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(25 |
) |
|
694 |
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Other assets - long-term |
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4,761 |
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|
437 |
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|
5,198 |
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Property, plant and equipment |
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28,281 |
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(18 |
) |
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28,263 |
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Right of use asset - operating leases |
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3,946 |
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— |
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3,946 |
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Intangible assets |
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127,000 |
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|
9,700 |
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|
136,700 |
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Goodwill |
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215,105 |
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(32,007 |
) |
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183,098 |
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Assets acquired |
$ |
416,326 |
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$ |
(22,200 |
) |
$ |
394,126 |
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Liabilities assumed: |
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Accounts payable |
$ |
4,542 |
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$ |
362 |
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$ |
4,904 |
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Accrued expenses |
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5,646 |
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266 |
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5,912 |
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Operating lease liability - short-term |
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525 |
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— |
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525 |
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Operating lease liability - long-term |
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2,400 |
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— |
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2,400 |
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Deferred income taxes |
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55,054 |
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(22,981 |
) |
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32,073 |
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Total liabilities assumed |
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68,167 |
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(22,353 |
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45,814 |
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Net acquisition cost |
$ |
348,159 |
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$ |
153 |
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$ |
348,312 |
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(1) The Company's preliminary purchase price allocation changed due to additional information and further analysis.
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| Summary of Intangible Assets |
Intangible assets consist of Signature’s technology, customer relationships and the Signature Systems indefinite-lived trade name, and are summarized in the table below:
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Fair Value |
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Weighted Average
Estimated
Useful Life |
Customer relationships |
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$ |
83,800 |
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10.0 years |
Technology |
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31,300 |
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12.0 years |
Total amortizable intangible assets |
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$ |
115,100 |
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Intangible assets not subject to amortization: |
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Trademarks and trade names |
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$ |
21,600 |
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Indefinite |
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| Summary of Pro Forma Results of Operations |
The following pro forma results include adjustments to reflect acquisition related costs, additional interest expense, amortization of intangibles associated with the acquisition, amortization of acquisition-related inventory step-up costs and the effects of adjustments made to the carrying value of certain assets.
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For the Quarter Ended March 31, |
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2024 |
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Net sales |
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$ |
221,821 |
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Net income |
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8,345 |
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