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Acquisitions (Tables)

6 Months Ended

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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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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