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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2025

TRS group Inc

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

The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):

		Amount
Cash and cash equivalents		$	2,054
Accounts receivable			3,390
Contract assets			2,277
Income taxes receivable			354
Prepaid expenses and other current assets			2,414
Property and Equipment			5,832
Goodwill			22,972
Intangible assets			6,100
Accounts payable			(1,095	)
Accrued expenses and other current liabilities			(3,270	)
Contract liabilities			(4,222	)
Short-term lease liabilities, operating leases			(116	)
Long-term lease liabilities, operating leases			(124	)
Net assets acquired		$	36,566

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)
Backlog			1,900			3
Developed technologies			3,900			15
Trade name			300			1

Schedule of Supplemental Pro Forma Information

Supplemental Pro Forma Information (Unaudited)

Supplemental information of unaudited pro forma operating results assuming the TRS acquisition had been consummated as of the beginning of fiscal year 2024 (in thousands) is as follows:

		Three Months Ended
		March 31, 2025				March 31, 2024
Pro forma Revenue		$	1,556,383			$	1,542,514
Pro forma Net Income including noncontrolling interests			82,047				54,610

BCC Engineering, LLC

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

The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):

		Amount
Cash and cash equivalents		$	2,839
Accounts receivable			24,142
Contract assets			16,649
Prepaid expenses and other current assets			2,483
Right of use assets, operating leases			9,438
Property and Equipment			1,586
Other noncurrent assets			1,744
Goodwill			175,680
Intangible assets			32,400
Accounts payable			(8,668	)
Accrued expenses and other current liabilities			(7,296	)
Contract liabilities			(4,446	)
Short-term lease liabilities, operating leases			(2,090	)
Deferred income taxes			(2,299	)
Long-term lease liabilities, operating leases			(7,462	)
Other long-term liabilities			(1,183	)
Net assets acquired		$	233,517

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		$	6,500			4
Backlog			23,400			4
Non-compete agreements			1,700			3
Other		$	800			1

Schedule of Supplemental Pro Forma Information

Supplemental Pro Forma Information (Unaudited)

Supplemental information of unaudited pro forma operating results assuming the BCC acquisition had been consummated as of the beginning of fiscal year 2023 (in thousands) is as follows:

		Three Months Ended
		March 31, 2025				March 31, 2024
Pro forma Revenue		$	1,554,360			$	1,559,327
Pro forma Net Income including noncontrolling interests			82,768				51,378

BlackSignal Technologies, LLC.

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

The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):

		Amount
Cash and cash equivalents		$	4,917
Accounts receivable			5,171
Contract assets			3,209
Prepaid expenses and other current assets			447
Right of use assets, operating leases			5,370
Property and Equipment			997
Goodwill			119,663
Intangible assets			97,600
Other assets			145
Accounts payable			(951	)
Accrued expenses and other current liabilities			(4,999	)
Short-term lease liabilities, operating leases			(800	)
Deferred income taxes			(22,461	)
Long-term lease liabilities, operating leases			(4,570	)
Net assets acquired		$	203,738

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		$	73,900			14
Backlog			11,700			3
Developed technologies			5,200			5
Non-compete agreements			6,100			3
Other		$	700			1

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the BlackSignal acquisition had been consummated as of the beginning of fiscal year 2023 (in thousands) is as follows:

		Three Months Ended
		March 31, 2025				March 31, 2024
Pro forma Revenue		$	1,554,360			$	1,547,742
Pro forma Net Income including noncontrolling interests			82,742				51,382

X

- 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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