| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes the consideration for the acquisitions and the provisional amounts of identified assets acquired and liabilities assumed as of March 31, 2025 (unaudited, in thousands):
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Lone Star Paving |
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Overland Corporation |
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Mobile Asphalt Company, LLC |
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Total |
| Cash and cash equivalents |
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$ |
9,901 |
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$ |
2,426 |
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|
$ |
— |
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|
$ |
12,327 |
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| Contracts receivable including retainage |
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96,740 |
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|
5,658 |
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|
6,084 |
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|
108,482 |
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| Cost and estimated earnings in excess of billings on uncompleted contracts |
|
3,972 |
|
|
1,469 |
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|
74 |
|
|
5,515 |
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| Inventories |
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26,604 |
|
|
6,414 |
|
|
2,792 |
|
|
35,810 |
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| Prepaid expenses and other current assets |
|
547 |
|
|
1,757 |
|
|
538 |
|
|
2,842 |
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| Property, plant and equipment |
|
408,610 |
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|
34,791 |
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|
30,654 |
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|
474,055 |
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| Operating lease right-of-use assets |
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2,006 |
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— |
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|
2,924 |
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|
4,930 |
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| Intangible assets |
|
53,800 |
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|
7,900 |
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— |
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|
61,700 |
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| Total assets |
|
602,180 |
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|
60,415 |
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|
43,066 |
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|
705,661 |
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| Accounts payable |
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36,810 |
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|
5,287 |
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|
2,591 |
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|
44,688 |
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| Billings in excess of costs and estimated earnings on uncompleted contracts |
|
10,293 |
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|
483 |
|
|
168 |
|
|
10,944 |
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| Accrued expenses and other current liabilities |
|
4,573 |
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|
1,597 |
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|
— |
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|
6,170 |
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| Operating lease liabilities |
|
1,949 |
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|
— |
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|
2,924 |
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|
4,873 |
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| Total liabilities |
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53,625 |
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|
7,367 |
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|
5,683 |
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|
66,675 |
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| Goodwill |
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426,332 |
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|
68,333 |
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|
17,101 |
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|
511,766 |
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| Total cash consideration transferred |
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654,200 |
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|
121,057 |
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|
55,126 |
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|
830,383 |
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| Fair value of Class A common stock transferred |
|
236,250 |
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|
— |
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— |
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|
236,250 |
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| Total consideration payable (receivable) |
|
84,437 |
|
|
324 |
|
|
(642) |
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|
84,119 |
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| Total purchase price |
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$ |
974,887 |
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$ |
121,381 |
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$ |
54,484 |
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$ |
1,150,752 |
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| Schedule of Pro Forma Revenues and Net Income |
The following tables present pro forma revenues and net income as though the acquisitions had occurred on October 1, 2023 (unaudited, in thousands):
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For the Three Months Ended March 31, |
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2025 |
|
2024 |
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| Pro forma revenues |
$ |
576,559 |
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|
$ |
528,138 |
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|
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| Pro forma net income (loss) |
$ |
5,059 |
|
|
$ |
(2,164) |
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For the Six Months Ended March 31, |
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2025 |
|
2024 |
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| Pro forma revenues |
$ |
1,241,903 |
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|
$ |
1,142,876 |
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| Pro forma net income |
$ |
24,016 |
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$ |
10,240 |
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