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BUSINESS COMBINATIONS | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Acquisition of Marcum LLP On November 1, 2024, the Company completed the acquisition of Marcum LLP (“Marcum”). The acquisition is referred to herein as the “Transaction”. During the six months ended June 30, 2025, the Company’s condensed consolidated statement of comprehensive income included $579.6 million of revenue and $119.1 million of operating income associated with the results of operations of Marcum. Stock Consideration Transferred At closing, the purchase price for the purpose of the Transaction consisted of an aggregate of $1,063.0 million of cash consideration and $934.7 million of the Company’s common stock, which represents a fair value of 13.6 million shares issued as stock consideration. Pursuant to the terms of the Transaction, with respect to the 13.6 million shares of stock consideration, approximately 4.9 million shares, in aggregate, were delivered from January 2, 2025 to July 1, 2025 to the selling shareholders. The remaining 8.7 million shares will be delivered in 29 monthly installments starting on August 1, 2025. Measurement Period Adjustments The Company applied the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”) and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition, with the excess purchase consideration recorded to goodwill. As the Company finalizes the estimation of the fair value of the assets acquired and liabilities assumed, additional adjustments may be recorded during the measurement period (a period not to exceed 12 months from the acquisition date). During the six months ended June 30, 2025, the Company reassessed its estimates and inputs as new information about facts and circumstances that existed as of the acquisition date became known. As a result, the Company recorded a $23.0 million reduction in goodwill as a measurement period adjustment. The reduction to goodwill consists of a $21.0 million adjustment reflecting a reduction of the estimated settlement amounts associated with an acquired liability from $61.0 million to $40.0 million and a $2.0 million net increase in assets acquired. In the process, the Company also recorded a $8.7 million increase to goodwill as a result of recording an assumed liability associated with certain accrued personnel obligations previously unrecognized on the provisional opening balance sheet. The income statement impact, had those adjustments been made as of the acquisition date, was considered immaterial. The following table summarizes the preliminary acquisition date fair value of net tangible and intangible assets acquired, net of liabilities assumed from Marcum, with the excess recorded as goodwill (in thousands):
| On November 1, 2024
| Fair Value
Total consideration transferred | $ | 1,997,781 |
Asset acquired: |
Account receivable | 169,391 |
Unbilled revenue | 23,247 |
Other current assets | 25,898 |
Property and equipment | 31,221 |
Other intangible assets | 490,000 |
Right-of- use asset | 166,840 |
Deferred income taxes, net | 3,533 |
Total identifiable asset acquired | 910,130 |
Liabilities assumed: |
Account payable | 25,384 |
Accrued personnel costs | 54,064 |
Other current liabilities | 67,156 |
Contingent purchase price assumed (current and non-current) | 24,947 |
Lease liabilities (current and non-current) | 174,256 |
Other non-current liabilities | 1,295 |
Total liabilities assumed | 347,102 |
Net asset acquired | 563,028 |
Goodwill | $ | 1,434,753 |
The preliminary purchase price allocation is subject to further refinement and may require adjustments to arrive at the final purchase price allocation. The above fair value of assets acquired and liabilities assumed are preliminary and are based on the information that was available as of the reporting date. The final determination of the fair value of certain assets and liabilities will be completed as soon as the necessary information, such as final working capital adjustments, becomes available but no later than one year from the acquisition date. Refer to the Annual Report on Form 10-K for the year ended December 31, 2024 for further discussion of the Transaction.

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