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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2023
IPKeys Power Partners |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the preliminary purchase price allocation as of the date of acquisition (in thousands):
|  | Amount |
Cash and cash equivalents |  | $ | 126 |
Accounts receivable |  |  | 3,937 |
Contract assets |  |  | 823 |
Other current assets |  |  | 464 |
Property and equipment |  |  | 142 |
Right of use asset |  |  | 129 |
Goodwill |  |  | 25,008 |
Intangible assets |  |  | 22,300 |
Accounts payable |  |  | (543 | )
Accrued expenses and other current liabilities |  |  | (1,821 | )
Contract liabilities |  |  | (1,936 | )
Deferred tax liabilities |  |  | (5,257 | )
Net assets acquired |  | $ | 43,372 |
Schedule of Intangible Assets Value on Purchase Price | Of the total purchase price, the following values were preliminarily assigned to intangible assets (in thousands, except for years):
|  | Gross Carrying Amount |  |  | Amortization Period
|  |  |  |  | (in years)
Customer relationships (1) |  | $ | 15,400 |  |  | 16
Developed technologies |  |  | 6,800 |  |  | 11
Other |  |  | 100 |  |  | 1
(1) The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the IPKeys acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2023 |  |  | June 30, 2022 |  |  | June 30, 2023 |  |  | June 30, 2022 |
Pro forma Revenue |  | $ | 1,356,486 |  |  | $ | 1,011,689 |  |  | $ | 2,532,807 |  |  | $ | 1,963,865 |
Pro forma Net Income including noncontrolling interests |  |  | 56,355 |  |  |  | 22,052 |  |  | $ | 91,730 |  |  | $ | 44,338 |
Xator Corporation |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on 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 |  | $ | 8,935 |
Accounts receivable |  |  | 7,393 |
Contract assets |  |  | 24,332 |
Prepaid expenses and other current assets |  |  | 3,615 |
Property and equipment |  |  | 1,699 |
Right of use assets, operating leases |  |  | 7,517 |
Goodwill |  |  | 257,934 |
Investments in and advances to unconsolidated joint ventures |  |  | 698 |
Intangible assets |  |  | 123,500 |
Other noncurrent assets |  |  | 9,156 |
Accounts payable |  |  | (6,626 | )
Accrued expenses and other current liabilities |  |  | (31,309 | )
Contract liabilities |  |  | (2,631 | )
Short-term lease liabilities, operating leases |  |  | (2,371 | )
Long-term lease liabilities, operating leases |  |  | (5,146 | )
Other long-term liabilities |  |  | (9,156 | )
Net assets acquired |  | $ | 387,540 |
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 |  | $ | 37,000 |  |  | 15
Backlog |  |  | 81,000 |  |  | 6
Trade name |  |  | 4,000 |  |  | 1
Developed technologies |  |  | 1,000 |  |  | 3
Non-compete agreements |  |  | 500 |  |  | 3
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the Xator acquisition had been consummated as of the beginning of fiscal year 2021 (in thousands) is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2023 |  |  | June 30, 2022 |  |  | June 30, 2023 |  |  | June 30, 2022 |
Pro forma Revenue |  | $ | 1,356,486 |  |  | $ | 1,048,894 |  |  | $ | 2,529,952 |  |  | $ | 2,064,966 |
Pro forma Net Income including noncontrolling interests |  |  | 56,452 |  |  |  | 31,591 |  |  |  | 94,026 |  |  |  | 58,890 |

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