v3.25.4
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2025
Applied Sciences Consulting, 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

 

$

1,352

 

Accounts receivable

 

 

1,210

 

Right of use assets, operating leases

 

 

586

 

Property and Equipment

 

 

140

 

Goodwill

 

 

21,852

 

Intangible assets

 

 

4,590

 

Accounts payable

 

 

(557

)

Short-term lease liabilities, operating leases

 

 

(107

)

Accrued expenses and other current liabilities

 

 

(418

)

Long-term lease liabilities, operating leases

 

 

(511

)

Net assets acquired

 

$

28,137

 

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

 

$

2,460

 

 

3

Customer relationships

 

 

1,840

 

 

3

Non-compete agreements

 

 

220

 

 

3

Trade name

 

 

70

 

 

1

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the ASC acquisition had been consummated as of the beginning of fiscal year 2024 (in thousands) is as follows:

 

 

 

2025

 

 

2024

 

 

 

(unaudited)

 

 

(unaudited)

 

Pro forma Revenue

 

$

6,371,493

 

 

$

6,756,823

 

Pro forma Net Income including noncontrolling interests

 

 

310,257

 

 

 

289,861

 

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.

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

 

 

498

 

Property and Equipment

 

 

1,029

 

Goodwill

 

 

57,468

 

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

 

 

(7,471

)

Contract liabilities

 

 

(8,079

)

Deferred income taxes

 

 

(5,446

)

Long-term lease liabilities, operating leases

 

 

(2,167

)

Other long-term liabilities

 

 

(3,979

)

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:

 

 

 

2025

 

 

2024

 

 

 

(unaudited)

 

 

(unaudited)

 

Pro forma Revenue

 

$

6,419,805

 

 

$

6,840,001

 

Pro forma Net Income including noncontrolling interests

 

 

312,214

 

 

 

278,473

 

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 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:

 

 

 

2025

 

 

2024

 

 

 

 

(unaudited)

 

 

(unaudited)

 

 

Pro forma Revenue

 

$

6,366,268

 

 

$

6,779,739

 

 

Pro forma Net Income including noncontrolling interests

 

 

309,913

 

 

 

287,387

 

 

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

 

 

23,240

 

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

 

 

176,582

 

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:

 

 

2024

 

 

2023

 

 

 

(unaudited)

 

 

(unaudited)

 

Pro forma Revenue

 

$

6,838,190

 

 

$

5,537,090

 

Pro forma Net Income including noncontrolling interests

 

 

286,948

 

 

 

189,200

 

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

Amortization expense of $12.7 million and $4.3 million related to these intangible assets was recorded for the year ended December 31,2025 and December 31, 2024, respectively
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:

 

 

 

2024

 

 

2023

 

 

 

(unaudited)

 

 

(unaudited)

 

Pro forma Revenue

 

$

6,782,552

 

 

$

5,481,036

 

Pro forma Net Income including noncontrolling interests

 

 

283,900

 

 

 

185,954

 

Sealing Technologies, Inc.  
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Preliminary Purchase Price Allocation

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):

 

 

 

Amount

 

Cash and cash equivalents

 

$

8,133

 

Accounts receivable

 

 

17,889

 

Contract assets

 

 

2,946

 

Prepaid expenses and other current assets

 

 

1,379

 

Property and equipment

 

 

2,025

 

Right of use assets, operating leases

 

 

1,836

 

Deferred tax assets

 

 

357

 

Goodwill

 

 

90,593

 

Intangible assets

 

 

75,000

 

Accounts payable

 

 

(15,987

)

Accrued expenses and other current liabilities

 

 

(2,408

)

Contract liabilities

 

 

(668

)

Short-term lease liabilities, operating leases

 

 

(418

)

Long-term lease liabilities, operating leases

 

 

(1,418

)

Net assets acquired

 

$

179,259

 

 

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

 

$

40,000

 

 

14

Backlog

 

 

26,000

 

 

3

Developed technologies

 

 

8,000

 

 

3

Other

 

$

1,000

 

 

1

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the SealingTech acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:

 

 

 

2023

 

 

 

(unaudited)

 

Pro forma Revenue

 

$

5,525,099

 

Pro forma Net Income including noncontrolling interests

 

 

216,157

 

Schedule of Acquisition Date Fair Value of the Purchase Consideration Transferred

The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):

 

 

 

Amount

 

Cash paid at closing

 

$

176,028

 

Fair value of contingent consideration to be achieved

 

 

3,231

 

Total purchase price

 

$

179,259

 

IPKeys Power Partners  
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Preliminary Purchase Price Allocation

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):

 

 

 

Amount

 

Cash and cash equivalents

 

$

126

 

Accounts receivable

 

 

3,937

 

Contract assets

 

 

834

 

Prepaid expenses and other current assets

 

 

455

 

Property and equipment

 

 

86

 

Right of use assets, operating leases

 

 

1,105

 

Other noncurrent assets

 

 

152

 

Goodwill

 

 

22,407

 

Intangible assets

 

 

23,000

 

Accounts payable

 

 

(541

)

Accrued expenses and other current liabilities

 

 

(1,768

)

Contract liabilities

 

 

(1,936

)

Short-term lease liabilities, operating leases

 

 

(343

)

Deferred tax liabilities

 

 

(3,713

)

Long-term lease liabilities, operating leases

 

 

(762

)

Net assets acquired

 

$

43,039

 

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 (1)

 

$

15,900

 

 

16

Developed technologies

 

 

7,000

 

 

11

Other

 

$

100

 

 

1

(1) The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the IPKeys acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:

 

 

 

2023

 

 

 

(unaudited)

 

Pro forma Revenue

 

$

5,445,604

 

Pro forma Net Income including noncontrolling interests

 

 

209,773