Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.22.2.2
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The preliminary allocation is as follows (in thousands):
Intangible assets $ 52,300
Goodwill 38,476
Assets acquired 56,454
Liabilities assumed (3,776)
Total fair value of net assets acquired: $ 143,454
Schedule of Identifiable Intangible Assets Acquired
The following table sets forth the fair value of the identifiable intangible assets acquired as of the date of the acquisition (in thousands):
Customer relationships $ 40,200
Trade name 7,400
Non-compete agreements 4,700
Total: $ 52,300
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of September 30, 2022, future amortization expense is expected to be as follows (in thousands):

Remainder of 2022 $ 1,676
2023 5,920
2024 3,570
2025 3,570
2026 3,570
Thereafter 30,643
Total $ 48,949
Schedule of Pro Forma Information
The following unaudited pro forma results of operations have been prepared as though the business combination of Local Bounti and Pete's was completed on January 1, 2021. Pro forma amounts are based on the preliminary purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future. Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the acquisition are included within the reported pro forma revenue and net loss.

Three Months Ended September 30, Nine Months Ended
September 30,
  2022 2021 2022 2021
(in thousands) (in thousands)
Sales $ 6,285  $ 6,010  $ 18,767  $ 17,423 
Net loss $ (27,104) $ (15,847) $ (85,424) $ (53,272)
Schedule of Fair Value of the Identifiable Assets Acquired
The following table sets forth the fair value of the identifiable assets acquired as of the date of the acquisition (in thousands):
Land $ 13,800
Construction-in-progress 12,013
Total: $ 25,813