Acquisition of STI (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Consideration Paid to Acquire

The consideration paid to acquire STI consisted of the following (in thousands):

Cash consideration for STI	$	409,647
Cash consideration for transaction expenses of STI	896
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	610,767
Total purchase price consideration	$	610,767

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands):

Fair Value of Net Assets Acquired and Liabilities Assumed:	Acquisition Date		Measurement Adjustment		Remeasured Acquisition Date
Cash and cash equivalents	$	36,725	$	—	$	36,725
Accounts receivable	110,789		—		110,789
Inventories	47,517		—		47,517
Prepaid expenses and other	23,399		—		23,399
Property, plant and equipment	4,434		—		4,434
Other intangible assets	304,431		—		304,431
Other assets	325		2,655		2,980
Total assets acquired	$	527,620	$	2,655	$	530,275
Accounts payable	65,761		—		65,761
Deferred revenue	20,345		—		20,345
Short-term debt	44,338		—		44,338
Other liabilities	10,115		2,655		12,770
Income tax payable	7,576		—		7,576
Deferred tax liability	95,510		—		95,510
Other long-term liabilities	4,524		—		4,524
Long-term debt	12,053		—		12,053
Total liabilities assumed	$	260,222	$	2,655	$	262,877
Fair value of net assets acquired	267,398				267,398
Allocation to goodwill	$	343,369			$	343,369

Schedule of Purchase Price Allocation

The purchase price allocation includes $304.4 million of acquired identifiable intangible assets.

(in thousands, except useful lives)	Estimated Fair Value		Estimated Weighted Average Useful Life in Years
Backlog	$	50,000	1
Customer relationships	228,408		10
Trade name	26,023		20
Total	$	304,431

Schedule of Business Acquisition, Pro Forma Information

The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the STI Acquisition and is not necessarily indicative of the operating

results that would have actually occurred had the STI Acquisition been consummated on January 1, 2021, (in thousands):

	Year Ended December 31,
	2022		2021
Revenue	$	1,645,962	$	1,118,903
Net income (loss)	$	36,285	$	(74,215)