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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Sealing Technologies, Inc. |
Schedule of Acquisition Date Fair Value of the Purchase Consideration Transferred | The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):
|  | Amount |
Cash paid at closing |  | $ | 179,259 |
Fair value of contingent consideration to be achieved |  |  | 3,231 |
Total purchase price |  | $ | 182,490 |
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 |  | $ | 8,133 |
Accounts receivable |  |  | 17,889 |
Contract assets |  |  | 2,946 |
Prepaid expenses and other current assets |  |  | 1,379 |
Property and equipment |  |  | 2,025 |
Right of use assets, operating leases |  |  | 1,836 |
Deferred tax assets |  |  | 357 |
Goodwill |  |  | 90,593 |
Intangible assets |  |  | 75,000 |
Accounts payable |  |  | (15,987 | )
Accrued expenses and other current liabilities |  |  | (2,408 | )
Contract liabilities |  |  | (668 | )
Short-term lease liabilities, operating leases |  |  | (418 | )
Long-term lease liabilities, operating leases |  |  | (1,418 | )
Net assets acquired |  | $ | 179,259 |
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 |  |  | 14
Backlog |  |  | 26,000 |  |  | 3
Developed technologies |  |  | 8,000 |  |  | 3
Other |  | $ | 1,000 |  |  | 1
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the SealingTech 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, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
Pro forma Revenue |  | $ | 1,670,467 |  |  | $ | 1,390,016 |  |  | $ | 3,206,143 |  |  | $ | 2,580,497 |
Pro forma Net Income including noncontrolling interests |  |  | 81,910 |  |  |  | 59,230 |  |  | $ | (8,869 | ) |  | $ | 93,425 |
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 purchase price allocation as of the date of acquisition (in thousands):
|  | Amount |
Cash and cash equivalents |  | $ | 126 |
Accounts receivable |  |  | 3,937 |
Contract assets |  |  | 834 |
Prepaid expenses and other current assets |  |  | 455 |
Property and equipment |  |  | 86 |
Right of use assets, operating leases |  |  | 1,105 |
Other noncurrent assets |  |  | 152 |
Goodwill |  |  | 22,407 |
Intangible assets |  |  | 23,000 |
Accounts payable |  |  | (541 | )
Accrued expenses and other current liabilities |  |  | (1,768 | )
Contract liabilities |  |  | (1,936 | )
Short-term lease liabilities, operating leases |  |  | (343 | )
Deferred tax liabilities |  |  | (3,713 | )
Long-term lease liabilities, operating leases |  |  | (762 | )
Net assets acquired |  | $ | 43,039 |
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 (1) |  | $ | 15,900 |  |  | 16
Developed technologies |  |  | 7,000 |  |  | 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, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
Pro forma Revenue |  | $ | 1,670,467 |  |  | $ | 1,356,486 |  |  | $ | 3,206,143 |  |  | $ | 2,532,807 |
Pro forma Net Income including noncontrolling interests |  |  | 80,812 |  |  |  | 56,441 |  |  | $ | (11,141 | ) |  | $ | 91,803 |

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