Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.23.2
Acquisition (Tables)
9 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Summary of Provisional Fair Value Assigned to Identifiable Assets Acquired and Liabilities Assumed The following table summarizes the provisional fair values assigned to identifiable assets acquired and liabilities assumed, in thousands:

 

 

March 31, 2023

 

Measurement Period Adjustments

 

June 30, 2023

 

Fair value of total cash consideration transferred

 

$

39,787

 

$

(560

)

$

39,227

 

Estimated fair value of identifiable assets acquired and liabilities assumed:

 

 

 

 

 

 

 

  Cash and cash equivalents

 

$

4,289

 

$

 

$

4,289

 

  Accounts receivable, net

 

 

5,681

 

 

203

 

 

5,884

 

  Inventories

 

 

5,683

 

 

 

 

5,683

 

  Other current assets

 

 

179

 

 

 

 

179

 

  Property, plant, and equipment

 

 

2,051

 

 

(11

)

 

2,040

 

  Right-of-use assets

 

 

2,246

 

 

 

 

2,246

 

  Intangible assets

 

 

12,800

 

 

800

 

 

13,600

 

  Goodwill

 

 

18,089

 

 

(235

)

 

17,854

 

  Other assets

 

 

31

 

 

11

 

 

42

 

Total assets acquired

 

 

51,049

 

 

768

 

 

51,817

 

  Accounts payable

 

 

1,574

 

 

 

 

1,574

 

  Other accrued liabilities

 

 

1,170

 

 

837

 

 

2,007

 

  Contract liabilities

 

 

1,662

 

 

167

 

 

1,829

 

  Income taxes payable

 

 

1,447

 

 

142

 

 

1,589

 

  Current portion of long-term operating lease liabilities

 

 

515

 

 

 

 

515

 

  Long-term operating lease liabilities

 

 

1,730

 

 

 

 

1,730

 

  Deferred tax liability

 

 

3,164

 

 

182

 

 

3,346

 

Total liabilities assumed

 

 

11,262

 

 

1,328

 

 

12,590

 

Net assets acquired

 

$

39,787

 

$

(560

)

$

39,227

 

Fair Value Associated with Acquired Intangible Assets and Weighted-Average Amortization Periods

The fair value associated with acquired intangible assets and their associated weighted-average amortization periods consist of the following, in thousands:

 

 

 

Classification of Amortization

 

Amount

 

 

Weighted-Average
Amortization Period

Developed technology

 

Cost of sales

 

$

6,700

 

 

5.0 years

Customer relationships

 

Selling, general and administrative

 

 

2,800

 

 

10.0 years

Backlog

 

Selling, general and administrative

 

 

2,100

 

 

1.0 year

Trade names

 

Selling, general and administrative

 

 

1,800

 

 

10.0 years

Noncompetition agreements

 

Selling, general and administrative

 

 

200

 

 

5.0 years

Total intangible assets

 

 

 

$

13,600

 

 

6.1 years

Summary of Unaudited Pro forma Financial Information

The following unaudited pro forma financial information presents the combined results of operations of Amtech and Entrepix, in thousands, as if the acquisition occurred on October 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on the date indicated or of results that may occur in the future.

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues, Net

 

$

30,740

 

 

$

25,496

 

 

$

93,206

 

 

$

91,321

 

Net (Loss) Income

 

$

(580

)

 

$

9,694

 

 

$

883

 

 

$

9,670