VSE Corporation Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023



Receivables	$	11,630
Inventories	39,090
Prepaid expenses and other current assets	1,299
Property and equipment	2,527
Intangibles - customer related	21,950
Goodwill	50,718
Operating lease right-of-use-assets	6,680
Total assets acquired	133,894
Accounts payable	(18,654)
Accrued expenses and other current liabilities	(4,797)
Long-term operating lease obligations	(5,937)
Deferred tax liabilities	(4,900)
Other long-term liabilities	(473)
Total liabilities assumed	(34,761)
Net assets acquired, excluding cash	$	99,133

Cash consideration, net of cash acquired	$	101,963
Estimated post-close adjustment	(2,830)
Total	$	99,133

The unaudited consolidated pro forma results of operations are as follows (in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Revenue	$	231,353	$	190,710	$	672,918	$	558,250
Income from continuing operations	$	12,111	$	7,721	$	31,377	$	17,782