| Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed |
The following table summarizes the consideration for the acquisitions and the provisional amounts of identified assets acquired and liabilities assumed as of June 30, 2025 (unaudited, in thousands):
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Lone Star Paving |
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Overland |
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Mobile Asphalt Company, LLC |
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PRI |
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Total |
| Cash and cash equivalents |
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$ |
15,168 |
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$ |
2,426 |
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$ |
— |
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$ |
1,634 |
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$ |
19,228 |
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| Contracts receivable including retainage |
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96,740 |
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|
5,658 |
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|
6,071 |
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|
12,244 |
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|
120,713 |
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| Cost and estimated earnings in excess of billings on uncompleted contracts |
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3,972 |
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|
501 |
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|
74 |
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|
1,473 |
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|
6,020 |
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| Inventories |
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26,604 |
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6,414 |
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|
2,975 |
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|
964 |
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36,957 |
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| Prepaid expenses and other current assets |
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493 |
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|
1,757 |
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538 |
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|
250 |
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|
3,038 |
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| Property, plant and equipment |
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408,190 |
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34,791 |
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29,219 |
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49,921 |
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522,121 |
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| Operating lease right-of-use assets |
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2,006 |
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33 |
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2,924 |
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176 |
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5,139 |
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| Intangible assets |
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53,800 |
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|
7,900 |
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— |
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3,200 |
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|
64,900 |
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| Total assets |
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606,973 |
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|
59,480 |
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|
41,801 |
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|
69,862 |
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|
778,116 |
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| Accounts payable |
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36,810 |
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|
5,287 |
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2,586 |
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|
2,427 |
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|
47,110 |
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| Billings in excess of costs and estimated earnings on uncompleted contracts |
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10,293 |
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|
2,089 |
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|
168 |
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|
1,018 |
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|
13,568 |
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| Accrued expenses and other current liabilities |
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4,573 |
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|
1,597 |
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— |
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|
1,566 |
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|
7,736 |
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| Operating lease liabilities |
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1,949 |
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33 |
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|
2,924 |
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— |
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|
4,906 |
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| Total liabilities |
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53,625 |
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|
9,006 |
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|
5,678 |
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|
5,011 |
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73,320 |
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| Goodwill |
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423,859 |
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68,422 |
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18,535 |
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31,549 |
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542,365 |
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| Total cash consideration transferred |
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674,201 |
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|
121,057 |
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54,658 |
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|
96,057 |
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945,973 |
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| Fair value of Class A common stock transferred |
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236,250 |
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— |
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— |
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— |
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|
236,250 |
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| Total consideration payable (receivable) |
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66,756 |
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(2,161) |
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— |
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|
343 |
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|
64,938 |
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| Total purchase price |
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$ |
977,207 |
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$ |
118,896 |
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$ |
54,658 |
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$ |
96,400 |
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$ |
1,247,161 |
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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 June 30, |
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2025 |
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2024 |
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| Pro forma revenues |
$ |
785,665 |
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$ |
764,679 |
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| Pro forma net income |
$ |
45,101 |
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$ |
48,745 |
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For the Nine Months Ended June 30, |
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2025 |
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2024 |
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| Pro forma revenues |
$ |
2,061,082 |
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$ |
1,942,147 |
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| Pro forma net income |
$ |
70,196 |
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$ |
59,291 |
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