Quarterly report [Sections 13 or 15(d)]

Acquisitions (Tables)

v3.25.2
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The final purchase price allocation is as follows (in thousands):
Receivables $ 9,122 
Contract assets 16,193 
Inventories 5,512 
Prepaid expenses and other current assets 570 
Other assets 214 
Property and equipment, net 6,434 
Intangible asset - customer related 59,000 
Goodwill 40,201 
Operating lease right-of-use assets 7,832 
     Total assets acquired 145,078 
Accounts payable (9,764)
Accrued expense and other current liabilities (5,624)
Long-term operating lease obligations (7,339)
     Total liabilities assumed (22,727)
Net assets acquired, excluding cash $ 122,351 
Cash consideration, net of cash acquired $ 112,351 
VSE common stock, at fair value 10,000 
Total $ 122,351 
The adjusted preliminary purchase price is as follows (in thousands):
Receivables $ 27,379 
Contract assets 2,925 
Inventories 37,686 
Prepaid expenses and other current assets
2,723 
Property and equipment, net 10,301 
Intangible asset - customer related 41,900 
Goodwill 87,771 
Operating lease right-of-use assets 14,141 
Deferred tax assets 8,243 
     Total assets acquired 233,069 
Accounts payable (27,750)
Accrued expense and other current liabilities (6,153)
Long-term operating lease obligations (10,300)
     Total liabilities assumed (44,203)
Net assets acquired, excluding cash $ 188,866 
Cash consideration, net of cash acquired $ 168,599 
VSE common stock, at fair value
20,267 
Total $ 188,866 
Business Combination, Pro Forma Information The unaudited consolidated pro forma results of operations are as follows (in thousands):
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Revenue
$ 272,139  $ 199,940  $ 528,184  $ 386,993 
Income (loss) from continuing operations
$ 13,638  $ (5,407) $ 27,606  $ 859 
The unaudited consolidated pro forma results of operations are as follows (in thousands):
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Revenue
$ 272,139  $ 243,102  $ 528,184  $ 443,860 
Income (loss) from continuing operations
$ 13,638  $ (4,972) $ 28,199  $ 2,474