Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Summary of Changes in Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed

The following summarizes the preliminary calculations of the fair values of McMahon’s assets acquired and liabilities assumed as of the acquisition date (in thousands):

	March 31, 2023
Total Purchase Price	$	18,189
Purchase Price Allocation:
Accounts Receivable, net	8,456
Contract assets	1,017
Prepaid and other current assets	291
Property and equipment, net	949
Intangible assets	3,392
Other assets	96
Notes receivable - officers, employees, affiliates, current portion	19
Accounts payable and accrued liabilities, current portion	(3,688)
Contract liabilities	(841)
Finance leases - non-current	(134)
Post-retirement obligations, less current portion	(5,782)
Total identifiable assets	$	3,775
Goodwill	14,414
Net assets acquired	$	18,189

The following summarizes the preliminary calculations of the fair values of PDC assets acquired and liabilities assumed as of the acquisition date (in thousands):

	March 31, 2023
Total Purchase Price	$	14,178
Purchase Price Allocation:
Accounts receivable	2,199
Contract assets	926
Prepaid and other current assets	161
Property and equipment, net	489
Intangible assets	10,344
Accounts payable and accrued liabilities, current portion	(1,118)
Contract liabilities	(1,362)
Other non-current obligations	(273)
Finance leases - non-current	36
Total identifiable assets	$	11,402
Goodwill	2,776
Net assets acquired	$	14,178

Summary of Results of Operations of Businesses Acquired From Dates of Acquisitions

The consolidated financial statements of the Company include the results of operations since the date the business was acquired. The following table presents the results of operations of the acquired business for the three months ended March 31, 2023 (in thousands):

	For the Three Months Ended March 31, 2023
Gross Contract Revenue	$	10,414
Pre-tax Net Income	$	1,298

The following table presents the results of operations of the acquired business from the date of acquisition for the three months ended March 31, 2023 (in thousands):

	For the Three Months Ended March 31, 2023
Gross Contract Revenue	$	3,106
Pre-tax Net Income	$	639

Summary of Unaudited Proforma Results

The following table presents the unaudited, pro forma consolidated results of operations for the year ended December 31, 2022 and December 31, 2021, respectively, assuming that the McMahon acquisition described above occurred at January 1, 2021. These unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):

	For the Year Ended
	December 31, 2022		December 31, 2021
Gross Contract Revenue	$	273,924	$	183,595
Net Income	$	5,948	$	2,164