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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | The following table provides the estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date:
(in thousands) | January 31, 2025
Aggregate cash consideration(1) | $ | 277,668 |
Aggregate stock consideration(2) | 41,019 |
Other consideration(3) | 76,691 |
Total purchase consideration | $ | 395,378 |
ASSETS ACQUIRED |
Receivables, net(4) | $ | 44,470 |
Prepaid expenses and other assets | 2,672 |
Property assets | 65,311 |
Operating lease right-of-use assets | 850 |
Goodwill | 196,866 |
Other intangible assets | 152,300 |
Total assets acquired | $ | 462,469 |
LIABILITIES ASSUMED |
Accounts payable - trade | $ | 17,989 |
Accrued liabilities | 3,877 |
Operating lease liabilities | 850 |
Deferred income taxes | 44,375 |
Total liabilities assumed | 67,091 |
Net assets acquired | $ | 395,378 |
(1) Aggregate cash consideration excludes $7.8 million in Replacement Awards described above and $58.6 million in cash acquired, and includes cash paid to settle Brigit's outstanding debt and loan balances and other transaction expenses of $63.7 million, and post-closing net working capital adjustments of $1.7 million. (2) Aggregate stock consideration excludes approximately 1.3 million shares valued at approximately $39.1 million subject to certain vesting restrictions, as described further above. (3) Includes the fair value of Deferred Consideration and earnout payments described above, which were not included in Closing Cash Consideration paid at the time of closing but will be paid out in future periods based on the terms of the Merger Agreement. (4) Includes gross contractual receivables of $43.8 million related to customer cash advances, of which $4.5 million were estimated to be uncollectible as of the Closing Date.
Business Combination, Recognized Asset Acquired and Liability Assumed | Certain fair values were determined based on an independent valuation of the net assets acquired, including $152.3 million of identifiable intangible assets with an estimated weighted average useful life of nine years, as follows:
Asset Class | Estimated Fair Value (in thousands) | Estimated Remaining Useful Life (in years)
Customer contracts | $ | 144,500 |  | 10
Trade name | 7,800 |  | 7
Business Combination, Pro Forma Information | The unaudited pro forma financial information is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Pro Forma total revenues | $ | 1,164,717 |  |  | $ | 1,109,845 |  |  | $ | 3,514,670 |  |  | $ | 3,353,520 |
Pro Forma net earnings(1) | 14,632 |  |  | 23,445 |  |  | 51,697 |  |  | 49,178 |
(1) Total pro forma adjustments to net earnings represented an increase of $1.4 million and a decrease of $1.8 million for the three and nine months ended September 30, 2025, respectively, and decreases of $7.4 million and $43.3 million for the three and nine months ended September 30, 2024, respectively. The amounts of revenue and earnings of Brigit included in our Condensed Consolidated Statements of Operations from the acquisition date of January 31, 2025 are as follows:
(in thousands) | January 31, 2025 - September 30, 2025 |
Total revenues | $ | 141,414 |  |
Net earnings(1) | 10,854 |  |
(1)Net earnings for the period includes amortization and depreciation of intangible assets and developed technology acquired upon closing of the Brigit acquisition.

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