Company: ASTE
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000792987-25-000064
Chunk: 67

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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0 Property and equipment, net20.4 Intangible assets, net127.2 Other long-term assets6.0 Total assets acquired247.0 Identifiable liabilities assumed:Current liabilities43.7 Long-term liabilities36.0 Total liabilities assumed79.7 Total identifiable net assets167.3 Goodwill$85.1 The preliminary purchase price allocation presented above was based on management's estimate of the fair values of the acquired assets and assumed liabilities using valuation techniques including the income, market and cost approaches. The goodwill is attributable to the differences between the estimated fair value of the consideration transferred and the estimated fair value of the assets acquired, and liabilities assumed. Goodwill of $15.4 million is expected to be deductible for tax purposes.The following table summarizes the identifiable definite-lived intangible assets acquired. All intangible assets acquired in the TerraSource acquisition are subject to amortization:(in millions except useful lives)Fair ValueEstimated Useful Life (in years)Trade Names$7.8 10Patents5.010Customer Relationships110.010Other4.43 - 5Total identifiable definite-lived intangible assets acquired$127.2 The acquired TerraSource business contributed revenues and a net loss of $40.5 million and $4.7 million, respectively, during the three months ended September 30, 2025.Pro Forma Financial InformationThe following unaudited pro forma summary information reflects the consolidated results of the Company's operations as if the Acquisition had been completed on January 1, 2024. The information presented below is provided for illustrative purposes only 

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and does not purport to represent what the Company's consolidated results of operations would have been had the Acquisition actually occurred as of January 1, 2024.Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Revenue$350.1 $330.6 $1,076.7 $1,059.6 Net income (loss)$5.8 $(11.5)$29.1 $(39.2)These pro forma amounts have been calculated after applying the Company's accounting policies and adjusting to illustrate the impact of amortization and depreciation expense related to acquired intangible and tangible assets, respectively, incremental interest costs on the borrowings used to fund the Acquisition, amortization of an increase in the fair value of inventory acquired, transaction costs and the related tax impact associated with these adjustments.

Note 3