BUSINESS WIRE<\/a>)–
\nAcuren Corporation (\u201cAcuren\u201d or the \u201cCompany\u201d) today announced financial results for the third quarter and nine-month periods ended September 30, 2024. The comparability of our operating results for the period from July 30, 2024 through September 30, 2024 (Successor), January 1, 2024 through July 29, 2024 (Predecessor) and the nine months ended September 30, 2023 (Predecessor) was impacted by the Company\u2019s acquisition of ASP Acuren Holdings, Inc. (\u201cASP Acuren\u201d and the \u201cASP Acuren Acquisition\u201d).<\/p>\nThird Quarter 2024 Results Compared to Third Quarter 2023 Results<\/b><\/p>\n\n- \n2024 Predecessor Revenue of $101.5 million and 2024 Successor Revenue of $201.5 million compared to 2023 Predecessor Revenue of $265.5 million<\/p>\n<\/li>\n
- \nCombined Revenue of $303.0 million, up 14.1% from the prior Predecessor period<\/p>\n<\/li>\n
- \n2024 Predecessor Gross Profit of $25.5 million, or 25.1%, and 2024 Successor Gross Profit of $49.2 million, or 24.4%, compared to 2023 Predecessor Gross Profit of $64.2 million or 24.2% in the prior Predecessor period<\/p>\n<\/li>\n
- \nCombined Adjusted Gross Profit of $89.8 million or 29.6% compared to 29.3% in the prior Predecessor period<\/p>\n<\/li>\n
- \n2024 Predecessor income from operations of $2.4 million and 2024 Successor loss from operations of $79.2 million compared to 2023 Predecessor income from operations of $16.1 million<\/p>\n<\/li>\n
- \n2024 Predecessor Net Income of $3.9 million and 2024 Successor Net Loss of $89.8 million compared to 2023 Predecessor Net income of $1.0 million<\/p>\n<\/li>\n
- \nCombined Adjusted EBITDA of $51.3 million, up 14.8% from the prior Predecessor period<\/p>\n<\/li>\n
- \nCombined Adjusted EBITDA margin of 16.9%, compared to 16.8% from the prior Predecessor period<\/p>\n<\/li>\n<\/ul>\n
Nine Months 2024 Results Compared to First Nine Months 2023 Results<\/b><\/p>\n\n- \n2024 Predecessor Revenue of $633.9 million and 2024 Successor Revenue of $201.5 million compared to 2023 Predecessor Revenue of $779.9 million<\/p>\n<\/li>\n
- \nCombined Revenue of $835.4 million, up 7.1% from the prior Predecessor period<\/p>\n<\/li>\n
- \n2024 Predecessor Gross profit of $162.0 million, or 25.6%, and 2024 Successor Gross Profit of $49.2 million, or 24.4%, compared to 2023 Predecessor Gross Profit of $180.6 million, or 23.2%, in the prior Predecessor period<\/p>\n<\/li>\n
- \nCombined Adjusted Gross Profit of $244.8 million or 29.3% compared to 28.4% in the prior Predecessor period<\/p>\n<\/li>\n
- \n2024 Predecessor income from operations of $36.1 million and 2024 Successor loss from operations of $79.2 million compared to 2023 Predecessor income from operations of $44.7 million<\/p>\n<\/li>\n
- \n2024 Predecessor Net Loss of $2.8 million and 2024 Successor Net Loss of $89.8 million compared to 2023 Predecessor Net Income of $8.2 million<\/p>\n<\/li>\n
- \nCombined Adjusted EBITDA of $145.9 million, up 15.2% from the prior Predecessor period<\/p>\n<\/li>\n
- \nCombined Adjusted EBITDA margin of 17.5%, compared to 16.2% from the prior Predecessor period<\/p>\n<\/li>\n<\/ul>\n
\nTal Pizzey, CEO of Acuren stated, \u201cOur strong year-to-date results reflect continued improvement in service revenue and margins, driven primarily by increased demand from recurring customers, new sales in target markets, and pricing initiatives implemented in 2023. The effectiveness of our S-4 marks an important milestone as we continue working diligently towards our public market debut. We believe our differentiated services, established client base, and strong market presence give us a solid foundation to grow our leadership in asset integrity testing while building a premier global testing, inspection, certification and compliance organization.\u201d<\/p>\n
\nRobert A.E. Franklin, Co-Chairman of Acuren commented, \u201cNow that our S-4 registration statement has gone effective, we expect to begin trading on OTC imminently and look forward to a NYSE debut in the new year. We believe our strong balance sheet position, including over $130 million in cash, significant EBITDA growth, ongoing margin improvement, and a leadership team dedicated to operational excellence gives us the ability to deliver long-term value to our shareholders and capitalize on the opportunities ahead.”<\/p>\n
Planned Relisting<\/b><\/p>\n
\nOn July 30, 2024, the Company completed the ASP Acuren Acquisition for $1.88 billion. On December 16, 2024, the Company\u2019s Registration Statement on Form S-4 (File No. 333-282976) was declared effective by the U.S. Securities and Exchange Commission and, effective as of that date, it completed its re-domiciliation from the British Virgin Islands into a Delaware corporation. The Company anticipates its common stock will begin trading on the OTC Market prior to the end of the year. The Company intends to apply to list its common stock on the New York Stock Exchange during the first quarter of 2025.<\/p>\n
About Acuren Corporation<\/b><\/p>\n
\nAcuren is a leading provider of critical asset integrity services. The company operates primarily in North America serving a broad range of industrial markets. It provides these essential and often compliance-mandated (often at customer locations) services in the industrial space and is focused on the recuring maintenance needs of its customers. The work Acuren does fits in the service category referred to as Testing, Inspection and Certification (TIC) including Nondestructive Testing (\u201cNDT\u201d) in the field and the laboratory and in-lab destructive testing capabilities.<\/p>\n
Forward-Looking Statements<\/b><\/p>\n
\nIn this press release the Company may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of Acuren Corporation (\u201cAcuren\u201d or the \u201cCompany\u201d). Such discussion and statements may contain words such as \u201cexpect,\u201d \u201canticipate,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cseek,\u201d \u201ccontinue,\u201d \u201cpro forma\u201d \u201coutlook,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201ccan have,\u201d \u201chave,\u201d \u201clikely,\u201d \u201cpotential,\u201d \u201ctarget,\u201d \u201cindicative,\u201d \u201cillustrative,\u201d and variations of such words and similar expressions, and relate in this press release, without limitation, to statements, beliefs, projections and expectations about future events, including the planned relisting. Such statements are based on the Company\u2019s expectations, intentions and projections regarding the Company\u2019s future performance, anticipated events or trends and other matters that are not historical facts.<\/p>\n
\nThese statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For a detailed discussion of cautionary statements and risks that may affect the Company’s future results of operations and financial results, please refer to the Company’s filings with the SEC, including, but not limited to, the risk factors in the Company’s Registration Statement on Form S-4 filed with the SEC on December 12, 2024, and any supplements and post-effective amendments thereto. Forward-looking statements included in this press release speak only as of the date hereof and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release.<\/p>\n
Non-GAAP Financial Measures<\/b><\/p>\n
\nThis press release contains Combined Revenue, Combined Adjusted Gross Profit, Combined Adjusted Gross Profit Margin, Combined loss from operations, Combined EBITDA, Combined Adjusted EBITDA and Combined Adjusted EBITDA Margin which are non-U.S. GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission.<\/p>\n
\nOur results of operations as reported in our unaudited condensed consolidated financial statements for the Successor and Predecessor periods are in accordance with GAAP. The presentation of the combined financial information of the Predecessor and Successor for the three and nine months ended September 30, 2024, is not in accordance with GAAP. Combined financial information consists of the mathematical addition of selected financial data of the Predecessor and Successor periods. No other adjustments are made to the combined presentation. However, we believe that for purposes of discussion and analysis, the combined financial information is useful for management and investors to assess our ongoing financial and operational performance and trends. Accordingly, in addition to presenting our results of operations as reported in our unaudited condensed consolidated financial statements in accordance with GAAP, certain tables and discussion included within this release also present the combined results for the three and nine months ended September 30, 2024.<\/p>\n
\nAs used in this press release, Combined Adjusted Gross Profit is defined as Combined Gross Profit less depreciation expense included in cost of revenue for the Predecessor and Successor periods. Combined Adjusted Gross Profit Margin is defined as Combined Gross Profit divided by Combined Revenue. Combined EBITDA is defined as earnings before interest, taxes, depreciation and amortization for the Predecessor and Successor periods and Combined Adjusted EBITDA is defined as EBITDA excluding the impact of certain non-cash and other specifically identified items for the Predecessor and Successor periods. Combined Adjusted EBITDA Margin is defined as Combined Adjusted EBITDA divided by Combined Revenue.<\/p>\n
\nThe Company uses these non-U.S. GAAP financial measures and the additional financial information both in explaining its results to shareholders and the investment community and in its internal evaluation and management of its businesses. The Company\u2019s management believes that these non-U.S. GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company\u2019s performance using the same tools that management uses to evaluate the Company\u2019s past performance, reportable business segments and prospects for future performance, (b) permit investors to compare the Company with its peers, (c) determines certain elements of management\u2019s incentive compensation, and (d) provide consistent period-to-period comparisons of the results.<\/p>\n
\nWhile the Company believes these non-U.S. GAAP measures are useful in evaluating the Company\u2019s performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with U.S. GAAP. Additionally, these non-U.S. GAAP financial measures may differ from similar measures presented by other companies. A reconciliation of these non-U.S. GAAP financial measures is included later in this press release.<\/p>\n
\n\nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nCondensed Consolidated Balance Sheets<\/b><\/td>\n<\/tr>\n\n(amounts in thousands, except share and per share data)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \nSuccessor
September 30,
2024<\/b><\/td>\n | | \nPredecessor
December 31,
2023<\/b><\/td>\n<\/tr>\n\n| Assets<\/td>\n | | \n | \n | <\/tr>\n \n| Current assets<\/td>\n | | \n | \n | <\/tr>\n \n| Cash and cash equivalents<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n132,458<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n87,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accounts receivable, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n278,174<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n233,244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Prepaid expenses and other current assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,073<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,608<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total current assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n426,705<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n333,913<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Property, plant and equipment, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n191,172<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n112,264<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating lease right-of-use assets, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27,212<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22,441<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Goodwill<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n898,165<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n511,501<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Intangible assets, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n768,693<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n264,335<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Deferred income tax asset<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n813<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,368<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,355<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,793<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,328,115<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,262,615<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Liabilities and Equity<\/td>\n | | \n | \n | <\/tr>\n \n| Current liabilities<\/td>\n | | \n | \n | <\/tr>\n \n| Accounts payable<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n23,208<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n23,206<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accrued expenses and other current liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n70,805<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n65,775<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Current portion of debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,721<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,280<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Current portion of lease obligations<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,051<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n16,623<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total current liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n117,785<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n112,884<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Debt, net of current portion<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n748,294<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n668,031<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Non-current lease obligations<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n38,317<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n38,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Deferred income tax liability<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n190,536<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n35,294<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,820<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n26,346<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,116,752<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n880,616<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Commitments and contingencies<\/td>\n | | \n | \n | <\/tr>\n \n| Equity<\/td>\n | | \n | \n | <\/tr>\n \n| Ordinary stock (Successor), $0 par value; 121,412,515 shares issued and outstanding<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Founder Preferred stock (Successor), $0 par value; 1,000,000 shares issued and outstanding<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Common stock (Predecessor), $0.01 par value; 5,700,000 shares issued and 5,024,802 shares outstanding<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Treasury stock (Predecessor), 7,769 common shares at cost<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,029<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Additional paid-in capital<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,291,826<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n366,327<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated earnings (deficit)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(91,361<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,447<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,898<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(796<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total equity<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,211,363<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n381,999<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities and equity<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,328,115<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,262,615<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nCondensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)<\/b><\/td>\n<\/tr>\n\n(amounts in thousands, except share and per share data)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \nSuccessor
<\/span>July 30 to
September 30<\/b><\/td>\n | | \n | \nPredecessor
<\/span>January 1 to
July 29<\/b><\/td>\n | | \nPredecessor<\/span>
January 1 to
September 30<\/b><\/td>\n<\/tr>\n\n| Service revenue<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n201,485<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n633,866<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n779,923<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n152,281<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n471,881<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n599,332<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n49,204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n161,985<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n180,591<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Selling, general and administrative expenses<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n103,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n120,633<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n135,892<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Transaction costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24,554<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income (loss) from operations<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(79,185<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n36,148<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n44,699<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n39,379<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n39,066<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on extinguishment of debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,073<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other expense (income), net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(600<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(580<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n58<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income (loss) before provision for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(91,921<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(11,724<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,575<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,097<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,946<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,618<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(89,824<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,778<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8,193<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other comprehensive income (loss):<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Foreign currency translation adjustments<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,898<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(18,008<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,528<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total other comprehensive income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,898<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(18,008<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,528<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total comprehensive income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(78,926<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n(20,786<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n10,721<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nCondensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)<\/b><\/td>\n<\/tr>\n\n(amounts in thousands, except share and per share data)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \nSuccessor
<\/span>July 30 to
September 30<\/b><\/td>\n | | \n | \nPredecessor
<\/span>July 1 to
July 29<\/b><\/td>\n | | \nPredecessor<\/span>
July 1 to
September 30<\/b><\/td>\n<\/tr>\n\n| Service revenue<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n201,485<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n101,512<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n265,535<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n152,281<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n75,994<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n201,328<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n49,204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n25,518<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n64,207<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Selling, general and administrative expenses<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n103,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,909<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n48,095<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Transaction costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24,554<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income (loss) from operations<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(79,185<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,405<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n16,112<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,828<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,423<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on extinguishment of debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,073<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other income, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(600<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(294<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Income (loss) before provision for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(91,921<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(12,202<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n693<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,097<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,145<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(325<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(89,824<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,943<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,018<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other comprehensive income (loss):<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Foreign currency translation adjustments<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,898<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,170<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,268<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total other comprehensive income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,898<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,170<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,268<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total comprehensive income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(78,926<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,227<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6,250<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nCondensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n\n(amounts in thousands)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \nSuccessor<\/span>
July 30 to
September 30<\/b><\/td>\n | | \n | \nPredecessor<\/span>
January 1 to
July 29<\/b><\/td>\n | | \nPredecessor<\/span>
January 1 to
September 30<\/b><\/td>\n<\/tr>\n\n| Cash flows from operating activities:<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Net income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(89,824<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n(2,778<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n8,193<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjustments to reconcile net income (loss) to net cash provided by operating activities:<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Provision for credit losses<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,005<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n408<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n548<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,431<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n45,777<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n71,154<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Noncash lease expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,249<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,453<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,710<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Share-based compensation expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62,802<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,858<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,111<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Amortization of deferred financing costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n486<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,406<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,267<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on extinguishment of debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,073<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Fair value adjustments on interest rate derivatives<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,102<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,573<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Deferred income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,965<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(20,565<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(675<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(588<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(85<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Changes in operating assets and liabilities, net of effects of business acquisitions:<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Accounts receivable<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,527<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(32,797<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(52,353<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Prepaid expenses and other current assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,674<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,829<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,239<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Accounts payable<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,696<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(9,691<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,149<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Accrued expenses and other current liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,400<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,481<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n197<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating lease obligations<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,333<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,751<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,618<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets and liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,990<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,516<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,337<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net cash provided by (used in) operating activities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(18,064<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22,042<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n34,825<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Cash flows from investing activities:<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Purchases of property, plant and equipment<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,403<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,334<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(15,586<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Proceeds from sale of property, plant and equipment<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n251<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,029<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,251<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition of ASP Acuren, net of cash acquired<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,827,426<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition of businesses, net of cash acquired<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(46,280<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,010<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net cash used in investing activities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,830,578<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(59,585<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(20,345<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Cash flows from financing activities:<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Borrowings under long-term debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n775,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n30,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n195,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Repayments of long-term debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,346<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(79,563<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Payments of debt issuance costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(21,355<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,659<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Principal payments on finance lease obligations<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,615<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,836<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,653<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Dividends paid to stockholder<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(150,000<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Proceeds from issuance of ordinary shares and exercise of warrants, net of issuance costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n666,630<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net cash provided by (used in) financing activities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,418,660<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,818<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(44,875<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net effect of exchange rate fluctuations on cash and cash equivalents<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,507<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,881<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,973<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net change in cash and cash equivalents<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(424,475<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(37,605<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(28,423<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Cash and cash equivalents<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Beginning of period<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n556,933<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n87,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n62,585<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| End of period<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n132,458<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n49,456<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n34,162<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n Acuren Corporation<\/b><\/p>\n<\/td>\n<\/tr>\n\nReconciliation of Combined Revenue<\/b><\/td>\n<\/tr>\n\n(amounts in thousands)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \nCombined period
January 1, 2024
through September
30, 2024<\/b><\/td>\n | | \nCombined period
January 1, 2023
through September
30, 2023<\/b><\/td>\n | | \nCombined period
July 1, 2024 through
September 30, 2024<\/b><\/td>\n | | \nCombined period
July 1, 2023 through
September 30, 2023<\/b><\/td>\n<\/tr>\n\n| Revenue from predecessor period<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n633,866<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n779,923<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n101,512<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n265,535<\/p>\n<\/td>\n<\/tr>\n | \n| Revenue from successor period<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n201,485<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n201,485<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \nTotal combined revenue(1)<\/sup><\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n835,351<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n779,923<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n302,997<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n265,535<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n1. The combined financial information for the nine months ended September 30, 2024 includes the results of operations of ASP Acuren (Predecessor) for the period from January 1, 2024 to July 29, 2024 and Acuren Corporation (Successor) for the period from July 30, 2024 to September 30, 2024.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nReconciliation of Adjusted Gross Profit and Gross Margin Percentage<\/b><\/td>\n<\/tr>\n\n(amounts in thousands)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Successor period July 30 to September 30, 2024<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n49,204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation expense included in cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,481<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period July 1 to July 29, 2024<\/b><\/td>\n | | <\/tr>\n \n| Gross profit<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25,518<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation expense included in cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,581<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted gross profit for the combined period July 1, 2024 through September 30, 2024<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n89,784<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted gross margin percentage for the combined period July 1, 2024 through September 30, 2024 (1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n29.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Successor period July 30 to September 30, 2024<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n49,204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation expense included in cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,481<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period January 1 to July 29, 2024<\/b><\/td>\n | | <\/tr>\n \n| Gross profit<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n161,985<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation expense included in cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22,123<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted gross profit for the combined period January 1, 2024 through September 30, 2024<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n244,793<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted gross margin percentage for the combined period January 1, 2024 through September 30, 2024 (1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n29.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nReconciliation of Adjusted Gross Profit and Gross Margin Percentage<\/b><\/td>\n<\/tr>\n\n(amounts in thousands)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period July 1 to September 30, 2023<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n64,207<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation expense included in cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,581<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted gross profit<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n77,788<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted gross margin percentage (1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n29.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period January 1 to September 30, 2023<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n180,591<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation expense included in cost of revenue<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n40,989<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted gross profit<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n221,580<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted gross margin percentage (1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n28.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n1. The Adjusted Gross margin is calculated as Adjusted Gross margin divided by combined revenues for the 2024 period and divided by revenues for the 2023 period<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nReconciliation of Adjusted EBITDA to Net Income (Loss)<\/b><\/td>\n<\/tr>\n\n(amounts in thousands)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Successor period July 30 to September 30, 2024<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(89,824<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,097<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,431<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period July 1 to July 29, 2024<\/b><\/td>\n | | <\/tr>\n \n| Net income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,943<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,145<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,828<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,013<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjustments July 1 to September 30, 2024<\/b><\/td>\n | | <\/tr>\n \nPre-ASP Acuren seller-related expenses and stock compensation(1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,809<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOne time non-cash equity charges(2)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n69,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAcquisition related transaction and integration expenses(3)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n(505<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \nASP Acuren transaction related expenses(4)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n24,554<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nNon cash stock compensation expense(5)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,540<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOther non-recurring charges(6)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n(386<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nAdjusted EBITDA for the combined period July 1, 2024 through September 30, 2024 (7)<\/sup><\/b><\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n51,318<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted EBITDA margin for the combined period from July 1, 2024 through September 30, 2024 (8)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n16.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Successor period July 30 to September 30, 2024<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(89,824<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,097<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,431<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period January 1 to July 29, 2024<\/b><\/td>\n | | <\/tr>\n \n| Net income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,778<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,946<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39,379<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n45,777<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjustments January 1 to September 30, 2024<\/b><\/td>\n | | <\/tr>\n \nPre-ASP Acuren seller-related expenses and stock compensation(1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n29,477<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOne time non-cash equity charges(2)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n69,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAcquisition related transaction and integration expenses(3)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,548<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nASP Acuren transaction related expenses(4)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n29,758<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nNon cash stock compensation expense(5)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOther non-recurring charges(6)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n(280<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nAdjusted EBITDA for the combined period January 1, 2024 through September 30, 2024 (7)<\/sup><\/b><\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n145,938<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted EBITDA margin for the combined period from January 1, 2024 through September 30, 2024 (8)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n17.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \nAcuren Corporation<\/b><\/td>\n<\/tr>\n\nReconciliation of Adjusted EBITDA to Net Income (Loss)<\/b><\/td>\n<\/tr>\n\n(amounts in thousands)<\/i><\/td>\n<\/tr>\n\n| (Unaudited)<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period July 1 to September 30, 2023<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,018<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(325<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,423<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23,208<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| EBITDA<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39,324<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nPre-ASP Acuren seller-related expenses and stock compensation(1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,269<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOne time non-cash equity charges(2)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAcquisition related transaction and integration expenses(3)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,571<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nASP Acuren transaction related expenses(4)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nNon cash stock compensation expense(5)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOther non-recurring charges(6)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n546<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted EBITDA(7)<\/sup><\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n44,710<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted EBITDA margin (8)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n16.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Predecessor period January 1 to September 30, 2023<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,193<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,618<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39,066<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n71,154<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| EBITDA<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n115,795<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nPre-ASP Acuren seller-related expenses and stock compensation(1)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,716<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOne time non-cash equity charges(2)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAcquisition related transaction and integration expenses(3)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,990<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nASP Acuren transaction related expenses(4)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nNon cash stock compensation expense(5)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOther non-recurring charges(6)<\/sup><\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,195<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |