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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

BlackHorse Solutions, Inc.

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Preliminary Purchase Price Allocation

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):

		Amount
Cash and cash equivalents		$	15,428
Accounts receivable			3,351
Contract assets			5,979
Prepaid expenses and other current assets			977
Property and equipment			2,278
Right of use assets, operating leases			6,157
Goodwill			142,948
Intangible assets			65,000
Accounts payable			(2,326	)
Accrued expenses and other current liabilities			(17,197	)
Contract liabilities			(320	)
Short-term lease liabilities, operating leases			(1,011	)
Long-term lease liabilities, operating leases			(5,146	)
Deferred tax liabilities			(11,091	)
Net assets acquired		$	205,027

Schedule of Intangible Assets Value on Purchase Price

Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):

		Gross Carrying Amount				Amortization Period
						(in years)
Customer relationships		$	40,000			16
Backlog			22,000			3
Trade name			1,000			2
Developed technologies			1,000			3
Non-compete agreements			1,000			3

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the BlackHorse acquisition had been consummated as of the beginning of fiscal year 2020 (in thousands) is as follows:

		Three Months Ended								Nine Months Ended
		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Pro forma Revenue		$	957,498			$	1,017,325			$	2,748,559			$	2,988,153
Pro forma Net Income including noncontrolling interests			31,070				45,195			$	56,694			$	82,921

Braxton Science & Technology Group

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Preliminary Purchase Price Allocation

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):

		Amount
Cash and cash equivalents		$	7,006
Accounts receivable			18,163
Contract assets			8,350
Prepaid expenses and other current assets			3,036
Property and equipment			5,114
Right of use assets, operating leases			10,788
Goodwill			212,185
Intangible assets			74,950
Accounts payable			(7,464	)
Accrued expenses and other current liabilities			(9,845	)
Contract liabilities			(300	)
Short-term lease liabilities, operating leases			(1,915	)
Long-term lease liabilities, operating leases			(8,873	)
Deferred tax liabilities			(1,694	)
Net assets acquired		$	309,501

Schedule of Intangible Assets Value on Purchase Price

Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):

		Gross Carrying Amount				Amortization Period
						(in years)
Customer relationships		$	34,100			12
Backlog			38,200			3
Developed technologies			2,000			6
Non-compete agreements			650			3

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the Braxton acquisition had been consummated as of the beginning of fiscal year 2019 (in thousands) is as follows:

		Three Months Ended								Nine Months Ended
		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Pro forma Revenue		$	956,050			$	1,046,002			$	2,710,103			$	3,050,708
Pro forma Net Income including noncontrolling interests			27,463				48,072			$	55,391			$	93,672

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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