Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Summary of Changes in Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed and Purchase Price Allocation at Fair Value for Identifiable Intangible Assets Acquired

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

	RPT
Assets:
Accounts receivable, net	$	2,733
Contract assets	601
Prepaid and other current assets	57
Property and equipment, net	68
Operating lease, right-of-use assets	1,501
Goodwill	31,953
Other intangible assets	27,950
Other assets	218
Total assets acquired:	$	65,081
Liabilities:
Accounts payable and accrued liabilities, current portion	$	518
Contract liabilities	1,798
Other non-current obligations	31,212
Operating lease obligation, less current portion	1,501
Total liabilities assumed:	$	35,029
Net assets acquired:	$	30,052
Cash paid for acquisitions, net of cash acquired	$	30,052

The following summarizes the preliminary calculations of the fair values of the other 2025 acquisition assets acquired and liabilities assumed as of the acquisition date (in thousands):

	2025
Assets:
Accounts receivable, net	$	1,441
Contract assets	694
Prepaid and other current assets	150
Property and equipment, net	339
Operating lease, right-of-use assets	1,063
Goodwill	6,960
Other intangible assets	5,198
Other assets	13
Total assets acquired:	$	15,858
Liabilities:
Accounts payable and accrued liabilities, current portion	$	139
Contract liabilities	539
Other non-current obligations	5,884
Operating lease obligation, less current portion	1,063
Total liabilities assumed:	$	7,625
Net assets acquired:	$	8,233
Cash flow reconciling items:
Issuance of common stock as partial consideration	$	(3,076)
Cash paid for acquisitions, net of cash acquired	$	5,157

The following table summarizes the purchase price allocation at fair value for identifiable intangible assets acquired in 2025 (in thousands):

	2025		Weighted-Average Life
Customer relationships	$	30,138	14.58
Contract rights	2,669		0.59
Developed technology	320		10.00
Favorable leaseholds	21		5.25
Total	$	33,148

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

The following table presents the results of operations of RPT since the date of acquisition for the three months ended March 31, 2026 (in thousands):

	For the Three Months Ended
	March 31, 2026
Gross contract revenue1	$	7,554
Pre-tax net income2	$	1,413

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.

2 Pre-tax Net Income excludes corporate overhead allocation.

The following table presents the results of operations of the other companies acquired during 2025 (excluding RPT) from their respective dates of acquisition for the three months ended March 31, 2026 (in thousands):

	For the Three Months Ended
	March 31, 2026
Gross contract revenue1	$	3,850
Pre-tax net income2	$	1,034

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.

2Pre-tax Net Income excludes corporate overhead allocation.

Summary of Unaudited Pro Forma Results

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 Three Months Ended
	March 31, 2026		March 31, 2025
Gross contract revenue3	$	126,479	$	115,939
Pre-tax net income (Loss)	$	(2,351)	$	(2,011)

3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts 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.

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 Three Months Ended
	March 31, 2026		March 31, 2025
Gross contract revenue3	$	126,479	$	116,090
Pre-tax net income (Loss)	$	(3,185)	$	(356)

3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts 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.