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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2025
Summit Texas |
Acquisitions |
Schedule of acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill | ​ The following summarizes the acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill (in thousands): ​
​ | ​ | ​
Consideration transferred: | ​ | ​
Cash paid at closing | $ | 267,500
Working capital adjustment | ​ | 14,602
Notes issued to former owners | ​ | 35,000
Estimated fair value of contingent earn-out payments | ​ | 42,732
​ | $ | 359,834
Recognized amounts of identifiable assets acquired and liabilities assumed: | ​ | ​
Cash and cash equivalents | $ | 171,027
Billed and unbilled accounts receivable | ​ | 59,846
Prepaid expenses and other | ​ | 1,476
Cost and estimated earnings in excess of billings | ​ | 578
Property and equipment | ​ | 2,528
Lease right-of-use asset | ​ | 2,364
Goodwill | ​ | 155,345
Identifiable intangible assets | ​ | 170,100
Other noncurrent assets | ​ | 136
Accounts payable | ​ | (15,130)
Billings in excess of costs and estimated earnings and deferred revenue | ​ | (179,895)
Current operating lease liabilities | ​ | (1,495)
Accrued expenses and other current liabilities | ​ | (6,293)
Long-term operating lease liabilities | ​ | (753)
​ | $ | 359,834
Schedule of acquired intangible assets | The acquired intangible assets include the following (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Valuation Method | ​ | Estimated Useful Life | ​ | ​ | Estimated Fair Value
Backlog | ​ | Excess earnings | ​ | 1.7 years | ​ | $ | 35,800
Trade Name | ​ | Relief-from-royalty | ​ | 22.9 years | ​ | ​ | 11,300
Customer Relationships | ​ | Excess earnings | ​ | 10 years | ​ | ​ | 123,000
Total | ​ | ​ | ​ | ​ | ​ | $ | 170,100
J&S Utah |
Acquisitions |
Schedule of acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill | ​ The following summarizes the acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill (in thousands): ​
​ | ​ | ​
Consideration transferred: | ​ | ​
Cash paid at closing | $ | 100,000
Working capital adjustment | ​ | 1,587
Notes issued to former owners | ​ | 10,000
Estimated fair value of contingent earn-out payments | ​ | 9,052
​ | $ | 120,639
​ ​
​ | ​ | ​
Recognized amounts of identifiable assets acquired and liabilities assumed: | ​ | ​
Cash and cash equivalents | $ | 14,802
Billed and unbilled accounts receivable | ​ | 38,411
Inventory | ​ | 230
Prepaid expenses and other | ​ | 487
Costs and estimated earnings in excess of billings | ​ | 728
Property and equipment | ​ | 2,674
Lease right-of-use asset | ​ | 4,552
Goodwill | ​ | 40,693
Identifiable intangible assets | ​ | 63,300
Other noncurrent assets | ​ | 10
Accounts payable | ​ | (20,649)
Billings in excess of costs and estimated earnings and deferred revenue | ​ | (19,188)
Current operating lease liabilities | ​ | (133)
Accrued expenses and other current liabilities | ​ | (907)
Long-term debt | ​ | (59)
Long-term operating lease liabilities | ​ | (4,312)
​ | $ | 120,639
​
Schedule of acquired intangible assets | The acquired intangible assets include the following (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Estimated |  | Estimated
​ |  | Valuation Method |  | Useful Life |  | Fair Value
Backlog |  | Excess earnings |  | 1.7 years | ​ | $ | 12,900
Trade Name |  | Relief-from-royalty |  | 22 years | ​ |  | 10,600
Customer Relationships |  | Excess earnings |  | 9 years | ​ | ​ | 39,800
Total | ​ | ​ | ​ | ​ | ​ | $ | 63,300

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