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Acquisitions (Tables) | 9 Months Ended
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Sep. 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 |  | $ | 4,769 |
Accounts receivable |  |  | 28,145 |
Contract assets |  |  | 4,256 |
Inventory |  |  | 169 |
Right of use assets, operating leases |  |  | 2,310 |
Prepaid expenses and other current assets |  |  | 762 |
Property and Equipment |  |  | 1,029 |
Goodwill |  |  | 57,998 |
Intangible assets |  |  | 34,820 |
Other noncurrent assets |  |  | 3,173 |
Accounts payable |  |  | (17,818 | )
Short-term lease liabilities, operating leases |  |  | (143 | )
Accrued expenses and other current liabilities |  |  | (7,265 | )
Contract liabilities |  |  | (8,079 | )
Deferred income taxes |  |  | (6,300 | )
Long-term lease liabilities, operating leases |  |  | (2,167 | )
Other long-term liabilities |  |  | (4,125 | )
Net assets acquired |  | $ | 91,534 |
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 |  | $ | 20,690 |  |  | 15
Backlog |  |  | 8,010 |  |  | 5
Developed technologies |  |  | 3,000 |  |  | 3
Non-compete agreements |  |  | 2,460 |  |  | 3
Trade name |  | $ | 660 |  |  | 1
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 |  |  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2025 |  |  | September 30, 2024 |
Pro forma Revenue |  | $ | 1,621,748 |  |  | $ | 1,828,838 |  |  | $ | 4,815,991 |  |  | $ | 5,065,144 |
Pro forma Net Income including noncontrolling interests |  |  | 82,693 |  |  |  | 83,368 |  |  |  | 236,520 |  |  |  | 211,653 |
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 which are reflected in the earliest period presented. 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 |  |  | 5
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 |  |  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2025 |  |  | September 30, 2024 |
Pro forma Revenue |  | $ | 1,621,748 |  |  | $ | 1,817,499 |  |  | $ | 4,762,454 |  |  | $ | 5,037,031 |
Pro forma Net Income including noncontrolling interests |  |  | 82,057 |  |  |  | 85,410 |  |  |  | 234,856 |  |  |  | 220,098 |
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 |  |  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2025 |  |  | September 30, 2024 |
Pro forma Revenue |  | $ | 1,621,748 |  |  | $ | 1,836,915 |  |  | $ | 4,760,431 |  |  | $ | 5,093,599 |
Pro forma Net Income including noncontrolling interests |  |  | 82,775 |  |  |  | 83,518 |  |  |  | 237,013 |  |  |  | 213,256 |
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 |  |  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2025 |  |  | September 30, 2024 |
Pro forma Revenue |  | $ | 1,621,748 |  |  | $ | 1,816,364 |  |  | $ | 4,760,431 |  |  | $ | 5,048,235 |
Pro forma Net Income including noncontrolling interests |  |  | 82,324 |  |  |  | 86,364 |  |  |  | 236,142 |  |  |  | 214,787 |

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