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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Summary of Preliminary Purchase Price Allocation at Fair Value
The purchase price allocations at fair value, for 2023 and 2022 acquisitions as of December 31, 2023 and 2022 are presented below:
(in thousands)20232022
Assets:
Accounts Receivable, net$10,112 $12,427 
Contract assets6,334 2,253 
Prepaid and other current assets361 595 
Property and equipment, net1,952 2,068 
Operating lease, right-of-use assets7,078 96 
Goodwill43,512 25,225 
Other intangible assets27,361 19,626 
Other assets - non-current44 – 
Total assets acquired:$96,754 $62,290 
Liabilities:
Accounts payable and accrued liabilities, current portion$3,258 $6,182 
Contract liabilities4,891 2,906 
Other non-current obligations23,920 18,475 
Operating lease obligation, less current portion7,078 – 
Finance lease obligation, less current portion– 304 
Pension and post-retirement obligation, less current portion– 5,782 
Deferred tax liability
5,787 – 
Total liabilities assumed:$44,934 $33,649 
Net assets acquired:$51,820 $28,641 
Cash flow reconciling items:
Issuance of common stock as partial consideration(26,133)(10,606)
Cash paid for acquisitions, net of cash acquired$25,687 $18,035 
The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2023 and 2022:
2023
Weighted-Average Life
2022
Weighted-Average Life
Customer relationships$20,050 10.45$14,177 12.90
Contract rights6,980 1.184,448 2.28
Favorable leaseholds
331 7.7627 1.42
Licensing rights$– $974 
Indefinite
Total$27,361 $19,626 
Summary of Results of Operations of Businesses Acquired From Their Respective Dates of Acquisitions The following table presents the results of operations of companies acquired during 2023 from their respective dates of acquisition for the year ended December 31, 2023 (in thousands):
For the Year Ended December 31, 2023
Gross Contract Revenue1
$32,271 
Pre-tax Net Income3
$6,651 

1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.
3 Pre-tax Net Income excludes corporate overhead allocation.
Summary of Unaudited Proforma Results
The following table presents the unaudited, pro forma consolidated results of operations for the year ended December 31, 2023 and December 31, 2022 assuming that the companies acquired in 2023, described above, occurred on January 1, 2022. The 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, 2023December 31, 2022
Gross Contract Revenue 2
$386,220 $324,907 
Pre-tax Net Income
$1,053 $4,427 

2Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contract with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.