Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.23.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 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 38,481
Assets acquired 56,449
Liabilities assumed (3,776)
Total fair value of net assets acquired: $ 143,454
Schedule of Identifiable Intangible Assets Acquired
Intangible assets, net, consisted of the following as of December 31, 2022 (in thousands):
Gross Carrying Amount Accumulated Amortization Net Value Remaining Useful Life (Years)
Customer relationships $ 40,200 $ (1,884) $ 38,316 15.25
Trade name 7,400 (793) 6,607 6.25
Non-compete agreements 4,700 (2,350) 2,350 0.75
Total: $ 52,300 $ (5,027) $ 47,273
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2022, future amortization expense is expected to be as follows (in thousands):

2023 $ 5,920
2024 3,570
2025 3,570
2026 3,570
2027 3,570
Thereafter 27,073
Total $ 47,273
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.

Year Ended December 31,
  2022 2021
(in thousands)
Sales $ 25,405  $ 23,359 
Net loss $ (112,364) $ (79,876)
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