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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Chesapeake Technology International, Corp

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		$	2,877
Accounts receivable			28,315
Contract assets			3,011
Inventory			144
Income taxes receivable			265
Right of use assets, operating leases			484
Prepaid expenses and other current assets			3,732
Property and Equipment			929
Goodwill			55,330
Intangible assets			38,700
Accounts payable			(17,380	)
Short-term lease liabilities, operating leases			(389	)
Accrued expenses and other current liabilities			(10,701	)
Contract liabilities			(8,523	)
Deferred income taxes			(7,457	)
Long-term lease liabilities, operating leases			(132	)
Net assets acquired		$	89,205

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			24,450			15
Backlog			8,150			3
Developed technologies			4,700			5
Other			1,400			1 to 3

Schedule of Supplemental Pro Forma Information

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

		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Pro forma Revenue		$	1,604,441			$	1,687,840			$	3,194,243			$	3,236,306
Pro forma Net Income including noncontrolling interests			70,109				78,779				151,627				130,485

The unaudited pro forma supplemental information is based on estimates and assumptions which the Company believes are reasonable and reflects the pro forma impact of additional amortization related to the fair value of acquired intangible assets, and the pro forma impact of reflecting acquisition costs, which consisted of legal, advisory and due diligence fees and expenses. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been consummated during the periods for which pro forma information is presented.

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 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								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Pro forma Revenue		$	1,584,323			$	1,677,018			$	3,140,706			$	3,219,532
Pro forma Net Income including noncontrolling interests			70,752				80,078				152,799				134,688

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 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								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Pro forma Revenue		$	1,584,323			$	1,697,357			$	3,138,683			$	3,256,684
Pro forma Net Income including noncontrolling interests			71,470				78,410				154,238				129,738

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			116,849
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			(19,647	)
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								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Pro forma Revenue		$	1,584,323			$	1,684,129			$	3,138,683			$	3,231,871
Pro forma Net Income including noncontrolling interests			71,076				77,041				153,818				128,423

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.

+ References

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-Name Accounting Standards Codification
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