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Acquisitions | 9 Months Ended
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Sep. 30, 2025
Business Combinations [Abstract] |
Acquisitions | NOTE 11 – ACQUISITIONS On December 31, 2024, the Company completed the acquisition of AEG, an energy technology and advisory services company, for $59.9 million in cash consideration. AEG provides a suite of integrated technology and advisory solutions to electric and gas utilities, state and local governments, and state energy offices nationwide which enhances the Company’s service offering and client footprint. As part of the allocation of the purchase consideration, the Company recorded the following:
Net working capital | $ | 3,842 |
Property and equipment |  | 55 |
Customer-related intangibles |  | 20,000 |
Developed technology |  | 5,000 |
Trade names and trademarks |  | 350 |
Other, net |  | 48 |
Goodwill |  | 30,574 |
Purchase consideration | $ | 59,869 |
Net working capital includes restricted cash of $5.4 million, accounts receivable of $4.4 million, contract assets of $2.6 million, accrued expenses of $6.6 million, accounts payable of $1.3 million, and other assets and liabilities of $0.7 million. The allocation of the purchase consideration was finalized during the third quarter of fiscal year 2025. The estimated useful lives of acquired intangible assets are as follows:
Customer-related intangibles | 6.0 years
Developed technology | 4.0 years
Trade names and trademarks | 3.5 months
T he Company revised customer-related intangibles from an initial estimate of $21.0 million to $20.0 million and estimated useful life from 9.0 years to 6.0 years as a result of new information received during the quarter ended March 31, 2025. The Company also revised goodwill from an initial estimate of $30.2 million to $30.6 million, primarily as a result of the net working capital adjustments recorded during the quarter ended June 30, 2025. The goodwill is attributable to the workforce of AEG and expected synergies with the Company. Goodwill has an indefinite life and is deductible for income tax purposes. The pro-forma impact of the acquisition is not material to the Company’s results of operations.

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