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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation is as follows (in thousands):
Receivables |  | $ | 9,122 |
Contract assets |  | 16,193 |
Inventories |  | 5,512 |
Other current assets |  | 570 |
Other assets |  | 214 |
Property and equipment, net |  | 6,434 |
Intangible asset - customer related |  | 59,000 |
Goodwill |  | 40,093 |
Operating lease right-of-use assets |  | 7,832 |
Total assets acquired |  | 144,970 |
Accounts payable |  | (9,764) |
Accrued expense and other current liabilities |  | (5,619) |
Long-term operating lease obligations |  | (7,339) |
Total liabilities assumed |  | (22,723) |
Net assets acquired, excluding cash |  | $ | 122,248 |
Cash consideration, net of cash acquired |  | $ | 112,248 |
VSE Common stock, at fair value |  | 10,000 |
Total |  | $ | 122,248 |
The final purchase price allocation is as follows (in thousands):
Receivables |  | $ | 7,383 |
Inventories |  | 31,228 |
Other current assets |  | 515 |
Property and equipment |  | 2,527 |
Intangible assets |  | 21,950 |
Goodwill |  | 53,942 |
Operating lease right-of-use assets |  | 6,679 |
Total assets acquired |  | 124,224 |
Accounts payable |  | (10,128) |
Accrued expenses and other current liabilities |  | (5,793) |
Long-term operating lease obligations |  | (5,937) |
Deferred tax liabilities |  | (2,666) |
Total liabilities assumed |  | (24,524) |
Net assets acquired, excluding cash |  | $ | 99,700 |
Cash consideration |  | $ | 101,870 |
Post-close adjustment |  | (2,170) |
Total |  | $ | 99,700 |
The adjusted preliminary purchase price allocation is as follows (in thousands):
Other current assets (a) |  | $ | 12,000 |
Property and equipment |  | 2,714 |
Intangible assets |  | 16,200 |
Goodwill |  | 74,086 |
Total assets acquired |  | $ | 105,000 |
Cash consideration |  | $ | 105,000 |
Total consideration |  | $ | 105,000 |
(a) Represents prepaid inventory consisting of finished goods acquired but not in our physical possession as of the acquisition date.
Business Acquisition, Pro Forma Information | The unaudited consolidated pro forma results of operations are as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue | 273,070 |  |  | 225,469 |  |  | 539,280 |  |  | 433,012 |
(Loss) income from continuing operations | (2,791) |  |  | 8,597 |  |  | 10,045 |  |  | 15,117 |
The unaudited consolidated pro forma results of operations are as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue | $ | 265,959 |  |  | 229,066 |  |  | $ | 507,498 |  |  | 441,565 |
(Loss) Income from continuing operations | $ | (2,777) |  |  | 11,001 |  |  | $ | 9,323 |  |  | 20,353 |

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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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