Acquisitions (Tables)

3 Months Ended

Mar. 31, 2025

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	96,024
Operating lease right-of-use assets	14,141
Total assets acquired	233,079
Accounts payable	(27,750)
Accrued expense and other current liabilities	(6,153)
Deferred tax liabilities	(10)
Long-term operating lease obligations	(10,300)
Total liabilities assumed	(44,213)
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

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


	Three months ended March 31,
	2025		2024
Revenue	$	256,045	$	187,054
Income from continuing operations	$	13,968	$	4,900

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


	Three months ended March 31,
	2025		2024
Revenue	$	256,045	$	200,758
Income from continuing operations (a)	$	14,559	$	7,447

(a) The after-tax impact of acquisition expenses incurred during the three months ended March 31, 2025 were adjusted for in the current period.