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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill

The components of goodwill as of December 31, 2024 are:

(in thousands)
As of December 31, 2024
GC Data Center Acquisition$30,852 
Garden City Acquisition14,510 
Arkon Acquisition
37,389 
Total goodwill
$82,751 

The Company acquired goodwill from completed acquisitions throughout the year ended December 31, 2024. Refer to Note 3 – Acquisitions, for further information. There was no goodwill as of December 31, 2023.

The Company completed its annual goodwill impairment analysis as of December 31, 2024 and concluded that its fair value substantially exceeded its carrying value, therefore no goodwill impairment was recorded as of December 31, 2024

Intangible assets

The following table presents the Company’s intangible assets as of December 31, 2024:

As of December 31, 2024
(in thousands)CostAccumulated amortizationNet
Customer relationships$23,000 $(22,041)$959 
Intellectual property
2,633 (878)1,755 
Total intangible assets$25,633 $(22,919)$2,714 

In June 2024, the Company fully amortized the customer relationship intangible assets acquired in the GC Data Center Acquisition due to the Company’s strategic decision to exit hosting services business and termination of customer relationships during the period. In connection with the Arkon Acquisition in November 2024, the Company acquired an additional customer relationship intangible asset. Refer to Note 3 - Acquisitions, for further information.

There were no intangible assets as of December 31, 2023.

The following table presents the Company’s estimated future amortization of finite-lived intangible assets as of December 31, 2024:

Year
Amount
(in thousands)
2025$1,128 
20261,128 
2027250 
2028208 
Total$2,714