v3.26.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Allocation of Fair Value of Assets and Liabilities
The following table summarizes the purchase consideration and the estimated fair values of assets acquired and liabilities assumed as of the 1901 Effective Date, with any excess of the purchase consideration over the estimated fair value of the net assets acquired recorded as goodwill.
(in thousands)Purchase Price Allocation
Consideration:
Cash$67,521 
Estimated working capital adjustment(3,298)
Earnout provision4,751 
Total Consideration68,974 
Fair value of assets acquired:
Cash and cash equivalents1,543 
Accounts receivable40,348 
Contract assets3,662 
Other current assets1,243 
Property and equipment8,674 
Operating lease right-of-use assets1,120 
Intangible assets31,500 
Amount attributable to assets acquired88,090 
Fair value of liabilities assumed:
Current portion of long-term debt – finance leases1,072 
Accounts payable, including retainage13,810 
Current operating lease liabilities464 
Accrued expenses and other current liabilities7,181 
Contract liabilities7,650 
Long-term debt – finance leases2,618 
Long-term operating lease liabilities655 
Amount attributable to liabilities assumed33,450 
Goodwill$14,334 
The following table summarizes the purchase consideration and the estimated fair values of assets acquired and liabilities assumed as of the CYMCOR Effective Date, with any excess of the purchase consideration over the estimated fair value of the net assets acquired recorded as goodwill.
(in thousands)Purchase Price Allocation
Consideration:
Cash$32,403 
Estimated working capital adjustment22 
Total Consideration32,425 
Fair value of assets acquired:
Cash and cash equivalents2,539 
Accounts receivable858 
Contract assets201 
Other current assets10 
Property and equipment49 
Operating lease right-of-use assets630 
Intangible assets15,000 
Amount attributable to assets acquired19,287 
Fair value of liabilities assumed:
Accounts payable, including retainage78 
Current operating lease liabilities88 
Accrued expenses and other current liabilities86 
Contract liabilities261 
Long-term operating lease liabilities542 
Amount attributable to liabilities assumed1,055 
Goodwill$14,193 
The following table presents the final purchase price allocation, including cumulative measurement period adjustments recorded through June 30, 2026. Any excess of the purchase price over the fair value of the identifiable net assets acquired was recorded as goodwill.
(in thousands)Purchase Price Allocation
Cumulative Measurement Period Adjustments(1)
Adjusted Purchase Price Allocation
Consideration:
Cash$66,612 $— $66,612 
Total Consideration66,612 — 66,612 
Fair value of assets acquired:
Cash and cash equivalents961 — 961 
Accounts receivable18,416 — 18,416 
Contract assets4,176 920 5,096 
Other current assets58 — 58 
Property and equipment6,291 — 6,291 
Intangible assets16,200 — 16,200 
Amount attributable to assets acquired46,102 920 47,022 
Fair value of liabilities assumed:
Accounts payable, including retainage8,071 38 8,109 
Accrued expenses and other current liabilities1,527 (150)1,377 
Contract liabilities6,506 3,931 10,437 
Amount attributable to liabilities assumed16,104 3,819 19,923 
Goodwill$36,614 $2,899 $39,513 
(1)     The cumulative measurement period adjustments primarily related to refinements of acquired working capital balances, including accounts payable, accrued expenses and other current liabilities, and contract assets and contract liabilities, based on additional information regarding facts and circumstances that existed as of the acquisition date. The net effect of these adjustments was recorded as a corresponding adjustment to goodwill. Certain contract liability adjustments may be subject to recovery. As of September 30, 2026, no receivable has been recognized in connection with such potential recoveries. Any future amounts recovered will not result in adjustments to the final purchase price allocation.
Schedule of Intangible Assets, Net
Intangible assets, net as of September 30, 2026 are detailed below.
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Intangible AssetsWeighted Average Useful Life (Years)
Trade name and trademarks$1,300$(68)$1,2321.4
Customer relationships23,200(163)23,03711.7
Backlog6,200(477)5,7230.9
Non-compete agreements 800(9)7917.2
Total$31,500$(717)$30,7839.0
Intangible assets, net as of September 30, 2026 are detailed below.
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Intangible AssetsWeighted Average Useful Life (Years)
Trade name and trademarks$100$(11)$891.3
Customer relationships11,300(202)11,0989.1
Backlog2,300(288)2,0121.1
Developed technology400(18)3823.5
Non-compete agreements900(37)8635.2
Total$15,000$(556)$14,4447.5