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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ___________

Commission File Number 1-8462

 

GRAHAM CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

16-1194720

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

20 Florence Avenue, Batavia, New York

14020

(Address of principal executive offices)

(Zip Code)

585-343-2216

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.10 Per Share

 

GHM

 

NYSE

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

 

Accelerated filer

  

Non-accelerated filer

  

 

Smaller reporting company

  

Emerging growth company

  

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes     No  

As of August 6, 2021, there were outstanding 10,691,411 shares of the registrant’s common stock, par value $0.10 per share.

 

 

 


 

Graham Corporation and Subsidiaries

Index to Form 10-Q

As of June 30, 2021 and March 31, 2021 and for the three months ended June 30, 2021 and 2020

 

 

 

Page

Part I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

3

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

27

 

 

 

Item 4.

Controls and Procedures

27

 

 

 

Part II.

OTHER INFORMATION

 

 

 

 

Item 1A.

Risk Factors

29

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

29

 

 

 

Item 6.

Exhibits

31

 

 

 

Signatures

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

 

GRAHAM CORPORATION AND SUBSIDIARIES

FORM 10-Q

JUNE 30, 2021

PART I – FINANCIAL INFORMATION

Item 1.Unaudited Condensed Consolidated Financial Statements

 

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

 

(Amounts in thousands, except per share data)

 

Net sales

 

$

20,157

 

 

$

16,710

 

Cost of products sold

 

 

19,243

 

 

 

15,142

 

Gross profit

 

 

914

 

 

 

1,568

 

Other expenses and income:

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

4,832

 

 

 

3,902

 

Selling, general and administrative – amortization

 

 

91

 

 

 

 

Other income

 

 

(160

)

 

 

(55

)

Interest income

 

 

(17

)

 

 

(94

)

Interest expense

 

 

39

 

 

 

5

 

Total other expenses and income

 

 

4,785

 

 

 

3,758

 

Loss before benefit for income taxes

 

 

(3,871

)

 

 

(2,190

)

Benefit for income taxes

 

 

(745

)

 

 

(372

)

Net loss

 

$

(3,126

)

 

$

(1,818

)

Per share data

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Net loss

 

$

(0.31

)

 

$

(0.18

)

Diluted:

 

 

 

 

 

 

 

 

Net loss

 

$

(0.31

)

 

$

(0.18

)

Weighted average common shares

  outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

10,199

 

 

 

9,895

 

Diluted

 

 

10,199

 

 

 

9,895

 

Dividends declared per share

 

$

0.11

 

 

$

0.11

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

3


 

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

 

(Amounts in thousands)

 

Net loss

 

$

(3,126

)

 

$

(1,818

)

Other comprehensive income:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

128

 

 

 

9

 

Defined benefit pension and other postretirement plans net

of income tax expense of $49 and $61 for the three months

ended June 30, 2021 and 2020, respectively

 

 

170

 

 

 

205

 

Total other comprehensive income

 

 

298

 

 

 

214

 

Total comprehensive loss

 

$

(2,828

)

 

$

(1,604

)

 

See Notes to Condensed Consolidated Financial Statements.

 

 

4


 

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

June 30, 2021

 

 

March 31, 2021

 

 

 

(Amounts in thousands, except per share data)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

19,143

 

 

$

59,532

 

Investments

 

 

 

 

 

5,500

 

Trade accounts receivable, net of allowances ($67 and $29 at June 30 and

   March 31, 2021, respectively)

 

 

18,273

 

 

 

17,378

 

Unbilled revenue

 

 

28,533

 

 

 

19,994

 

Inventories

 

 

19,144

 

 

 

17,332

 

Prepaid expenses and other current assets

 

 

1,557

 

 

 

512

 

Income taxes receivable

 

 

1,416

 

 

 

 

      Total current assets

 

 

88,066

 

 

 

120,248

 

Property, plant and equipment, net

 

 

25,618

 

 

 

17,618

 

Prepaid pension asset

 

 

6,518

 

 

 

6,216

 

Operating lease assets

 

 

9,146

 

 

 

95

 

Goodwill

 

 

22,923

 

 

 

 

Customer relationships

 

 

11,751

 

 

 

 

Technology and technical know how

 

 

10,058

 

 

 

 

Other intangible assets, net

 

 

11,067

 

 

 

 

Other assets

 

 

219

 

 

 

103

 

Total assets

 

$

185,366

 

 

$

144,280

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt obligations

 

$

2,500

 

 

$

 

Current portion of long-term debt

 

 

2,000

 

 

 

 

Current portion of finance lease obligations

 

 

22

 

 

 

21

 

Accounts payable

 

 

15,124

 

 

 

17,972

 

Accrued compensation

 

 

6,049

 

 

 

6,106

 

Accrued expenses and other current liabilities

 

 

7,421

 

 

 

4,628

 

Customer deposits

 

 

17,034

 

 

 

14,059

 

Operating lease liabilities

 

 

1,081

 

 

 

46

 

Income taxes payable

 

 

 

 

 

741

 

Total current liabilities

 

 

51,231

 

 

 

43,573

 

Long-term debt

 

 

18,000

 

 

 

 

Finance lease obligations

 

 

28

 

 

 

34

 

Operating lease liabilities

 

 

8,103

 

 

 

37

 

Deferred income tax liability

 

 

906

 

 

 

635

 

Accrued pension and postretirement benefit liabilities

 

 

2,087

 

 

 

2,072

 

Other long-term liabilities

 

 

1,811

 

 

 

 

Total liabilities

 

 

82,166

 

 

 

46,351

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par value, 500 shares authorized

 

 

 

 

 

 

Common stock, $0.10 par value, 25,500 shares authorized, 10,874 and 10,748 shares

     issued and 10,691 and 9,959 shares outstanding at June 30 and March 31, 2021,

     respectively

 

 

1,087

 

 

 

1,075

 

Capital in excess of par value

 

 

27,419

 

 

 

27,272

 

Retained earnings

 

 

85,069

 

 

 

89,372

 

Accumulated other comprehensive loss

 

 

(7,099

)

 

 

(7,397

)

Treasury stock (183 and 790 shares at June 30 and March 31, 2021,  respectively)

 

 

(3,276

)

 

 

(12,393

)

Total stockholders’ equity

 

 

103,200

 

 

 

97,929

 

Total liabilities and stockholders’ equity

 

$

185,366

 

 

$

144,280

 

See Notes to Condensed Consolidated Financial Statements.

5


GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

Operating activities:

 

(Dollar amounts in thousands)

 

Net loss

 

$

(3,126

)

 

$

(1,818

)

Adjustments to reconcile net loss to net cash used by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

595

 

 

 

486

 

Amortization

 

 

225

 

 

 

 

Amortization of actuarial losses

 

 

219

 

 

 

266

 

Equity-based compensation expense

 

 

353

 

 

 

164

 

Gain on disposal or sale of property, plant and equipment

 

 

 

 

 

(4

)

Deferred income taxes

 

 

215

 

 

 

282

 

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

7,319

 

 

 

(1,646

)

Unbilled revenue

 

 

(1,426

)

 

 

(1,091

)

Inventories

 

 

1,857

 

 

 

(361

)

Prepaid expenses and other current and non-current assets

 

 

(603

)

 

 

(356

)

Income taxes receivable

 

 

(2,161

)

 

 

(490

)

Operating lease assets

 

 

(25

)

 

 

37

 

Prepaid pension asset

 

 

(302

)

 

 

(210

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

(5,745

)

 

 

(4,430

)

Accrued compensation, accrued expenses and other current and non-current

   liabilities

 

 

(1,448

)

 

 

709

 

Customer deposits

 

 

(3,074

)

 

 

4,094

 

Operating lease liabilities

 

 

35

 

 

 

(37

)

Long-term portion of accrued compensation, accrued pension liability

   and accrued postretirement benefits

 

 

16

 

 

 

32

 

Net cash used by operating activities

 

 

(7,076

)

 

 

(4,373

)

Investing activities:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(446

)

 

 

(338

)

Proceeds from disposal of property, plant and equipment

 

 

 

 

 

6

 

Purchase of investments

 

 

 

 

 

(26,103

)

Redemption of investments at maturity

 

 

5,500

 

 

 

40,048

 

Acquisition of Barber-Nichols, LLC

 

 

(59,563

)

 

 

 

Net cash (used) provided by investing activities

 

 

(54,509

)

 

 

13,613

 

Financing activities:

 

 

 

 

 

 

 

 

Increase in short-term debt obligations

 

 

2,500

 

 

 

 

Principal repayments on long-term debt

 

 

 

 

 

(4,599

)

Proceeds from the issuance of long-term debt

 

 

20,000

 

 

 

4,599

 

Principal repayments on finance lease obligations

 

 

(5

)

 

 

(12

)

Repayments on lease financing obligations

 

 

(26

)

 

 

 

Payment of debt issuance costs

 

 

(150

)

 

 

 

Dividends paid

 

 

(1,177

)

 

 

(1,097

)

Purchase of treasury stock

 

 

(41

)

 

 

(23

)

Net cash provided (used) by financing activities

 

 

21,101

 

 

 

(1,132

)

Effect of exchange rate changes on cash

 

 

95

 

 

 

6

 

Net (decrease) increase in cash and cash equivalents

 

 

(40,389

)

 

 

8,114

 

Cash and cash equivalents at beginning of period

 

 

59,532

 

 

 

32,955

 

Cash and cash equivalents at end of period

 

$

19,143

 

 

$

41,069

 

 

See Notes to Condensed Consolidated Financial Statements.

 

6


 

GRAHAM CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

 

 

(Unaudited)

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance at April 1, 2021

 

 

10,748

 

 

$

1,075

 

 

$

27,272

 

 

$

89,372

 

 

$

(7,397

)

 

$

(12,393

)

 

$

97,929

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,126

)

 

 

298

 

 

 

 

 

 

 

(2,828

)

Issuance of shares

 

 

135

 

 

 

13

 

 

 

(13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares

 

 

(9

)

 

 

(1

)

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,177

)

 

 

 

 

 

 

 

 

 

 

(1,177

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

353

 

Issuance of treasury stock

 

 

 

 

 

 

 

 

 

 

(194

)

 

 

 

 

 

 

 

 

 

 

9,158

 

 

 

8,964

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41

)

 

 

(41

)

Balance at June 30, 2021

 

 

10,874

 

 

$

1,087

 

 

$

27,419

 

 

$

85,069

 

 

$

(7,099

)

 

$

(3,276

)

 

$

103,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance at April 1, 2020

 

 

10,689

 

 

$

1,069

 

 

$

26,361

 

 

$

91,389

 

 

$

(9,556

)

 

$

(12,539

)

 

$

96,724

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,818

)

 

 

214

 

 

 

 

 

 

 

(1,604

)

Issuance of shares

 

 

113

 

 

 

11

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares

 

 

(22

)

 

 

(2

)

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,097

)

 

 

 

 

 

 

 

 

 

 

(1,097

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

164

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23

)

 

 

(23

)

Balance at June 30, 2020

 

 

10,780

 

 

$

1,078

 

 

$

26,516

 

 

$

88,474

 

 

$

(9,342

)

 

$

(12,562

)

 

$

94,164

 

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

7


 

GRAHAM CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Amounts in thousands, except per share data)

 

NOTE 1 – BASIS OF PRESENTATION:

Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its wholly-owned subsidiaries located in Suzhou, China and Ahmedabad, India at June 30, 2021 and March 31, 2021, and its recently acquired wholly-owned subsidiary, Barber-Nichols, LLC ("BN"), located in Arvada, Colorado at June 30, 2021 and for the period June 1, 2021 through June 30, 2021 (See Note 2).  The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, each as promulgated by the U.S. Securities and Exchange Commission.  The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements.  The unaudited Condensed Consolidated Balance Sheet as of March 31, 2021 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2021.  For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2021 ("fiscal 2021").  In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements.

The Company's results of operations and cash flows for the three months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2022 ("fiscal 2022").

 

 

NOTE 2 – ACQUISITION:

On June 1, 2021, the Company completed its acquisition of Barber-Nichols, LLC ("BN"), a privately-owned designer and manufacturer of turbomachinery products located in Arvada, Colorado that serves the defense and aerospace industry as well as the energy and cryogenic markets.  The Company believes this acquisition furthers its growth strategy through market and product diversification, broadens its offerings and strengthens its presence in the defense industry, builds on its presence in the energy markets and adds capabilities in the space industry.

This transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date.  The purchase price of $72,014 was comprised of 610 shares of the Company's common stock, representing a value of $8,964 at a price of $14.69 per share, and cash consideration of $61,150, subject to certain potential adjustments, including a customary working capital adjustment.  The cash consideration was funded through cash on-hand and debt proceeds (See Note 15).  The purchase agreement also includes a contingent earn-out dependent upon certain financial measures of BN post-acquisition, in which the sellers are eligible to receive up to $14,000 in additional cash consideration.  As of June 30, 2021, a liability of $1,900 was recorded for the contingent earn-out.  If achieved, the earn-out will be payable in fiscal year 2025 and will be treated as additional purchase price.  The fair value of the contingent consideration liability was based on an option pricing model using a Monte Carlo simulation and is estimated by discounting contingent payments expected to be made, and may increase or decrease based on changes in earnings before income tax, depreciation and amortization estimates and discount rates.  This is considered a Level 3 liability in the fair value hierarchy.  In addition, BN and Ascent Properties Group, LLC, a related party, entered into a nine year operating lease agreement for an office and manufacturing building in Arvada, Colorado.  This lease has a monthly payment in the amount of $40 with a 3% yearly escalation.  Acquisition related costs of $169 were expensed in the first quarter of fiscal 2022 and are included in Selling, general and administrative expenses in the Condensed Consolidated Statement of Operations.

The cost of the acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the acquisition and the amount exceeding the fair value of $22,923 was recorded as goodwill, which is not deductible for tax purposes.  As the values of certain assets and liabilities are preliminary in nature, they are subject to adjustment as additional information is obtained, including, but not limited to, the finalization of the valuation of intangible assets, the final reconciliation and confirmation of tangible assets and the settlement of the contingent payment.  The valuation of acquisition-related intangible assets will be finalized within twelve months of the close of the acquisition.  The fair value of acquisition-related intangible assets includes customer relationships, technology and technical know-how, backlog and trade name.  Backlog and trade name are included in the line item "Other intangible assets, net" in the Condensed Consolidated Balance Sheet.  Customer relationships were valued using an income approach, specifically the Multi Period Excess Earnings method, which incorporates assumptions regarding retention rate, new customer growth and customer related costs.  Trade name and technology and technical know-how were both valued using a Relief from Royalty method, which develops a market based royalty rate used to reflect the after tax royalty savings attributable to owning the intangible asset.  The fair value of backlog was determined using a net realizable value

8


methodology, and was computed as the present value of the expected sales attributable to backlog less the remaining costs to fulfill the backlog.  Changes to the preliminary valuation may result in material adjustments to the fair value of assets and liabilities acquired.  

 

The purchase price was allocated to specific intangible assets on a preliminary basis as follows:

 

 

Fair Value  Assigned

 

 

Weighted Average Amortization Period

 

At June 30, 2021

 

 

 

 

 

 

 

Intangibles subject to amortization:

 

 

 

 

 

 

 

Customer relationships

 

$

11,800

 

 

20 years

 

Technology and technical know how

 

 

10,100

 

 

20 years

 

Backlog

 

 

3,800

 

 

4 years

 

 

 

$

25,700

 

 

 

 

Intangibles not subject to amortization:

 

 

 

 

 

 

 

Tradename

 

 

7,400

 

 

Indefinite

 

 

 

$

7,400

 

 

 

 

Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives.  Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase.  Intangible amortization was $225 for the three months ended June 30, 2021.  The estimated annual amortization expense is as follows:

 

 

 

Annual Amortization

 

Remainder of 2022

 

$

2,240

 

2023

 

 

2,427

 

2024

 

 

1,758

 

2025

 

 

1,321

 

2026

 

 

1,122

 

2027 and thereafter

 

 

16,607

 

Total intangible amortization

 

$

25,475

 

 

 

 

 

 

The following table summarizes the preliminary allocation of the cost of the acquisition to the assets acquired and liabilities assumed as of the close of the acquisition:

 

9


 

 

 

June 1,

 

 

 

2021

 

Assets acquired:

 

 

 

 

  Cash and cash equivalents

 

$

1,587

 

  Accounts receivable

 

 

8,154

 

  Unbilled revenue

 

 

7,068

 

  Inventory

 

 

3,669

 

  Other current assets

 

 

409

 

  Property, plant & equipment

 

 

8,037

 

  Operating lease asset

 

 

9,026

 

  Goodwill

 

 

22,923