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Note 14 - Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] |
14. | Intangible assets, net
The following table summarizes our intangible assets comprising of Customer Relationships & Contracts (“CR&C”), Trademarks, Technology and Software as of December 31, 2025 and 2024 (in thousands):
|  | December 31, 2025 |  |  | December 31, 2024 |  |  | December 31, 2025 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  | Weighted |
|  | Gross |  |  | impairment |  |  |  |  |  |  | Gross |  |  | impairment |  |  |  |  |  |  | average |
|  | carrying |  |  | and |  |  | Net book |  |  | carrying |  |  | and |  |  | Net book |  |  | remaining |
|  | amount |  |  | amortization |  |  | value |  |  | amount |  |  | amortization |  |  | value |  |  | life (years) |
CR&C |  | $ | 302,605 |  |  | $ | (191,639 | ) |  | $ | 110,966 |  |  | $ | 302,605 |  |  | $ | (164,817 | ) |  | $ | 137,788 |  |  |  | 7.1 |
Trademarks |  |  | 64,244 |  |  |  | (46,096 | ) |  |  | 18,148 |  |  |  | 64,244 |  |  |  | (41,141 | ) |  |  | 23,103 |  |  |  | 4.4 |
Technology |  |  | 229,022 |  |  |  | (110,527 | ) |  |  | 118,495 |  |  |  | 229,022 |  |  |  | (95,713 | ) |  |  | 133,309 |  |  |  | 10.1 |
Software |  |  | 25,356 |  |  |  | (21,636 | ) |  |  | 3,720 |  |  |  | 21,494 |  |  |  | (16,838 | ) |  |  | 4,656 |  |  |  | 1.0 |
Total |  | $ | 621,227 |  |  | $ | (369,898 | ) |  | $ | 251,329 |  |  | $ | 617,365 |  |  | $ | (318,509 | ) |  | $ | 298,856 |  |  |  | 8.3 |
Amortization expense for intangible assets was $51.4 million, $48.0 million and $38.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The following table summarizes the intangible assets which were acquired pursuant to the Coretrax Acquisition in 2024 (in thousands):
|  | Acquired Fair Value |  |  | Weighted average life (years) |
Coretrax: |  |  |  |  |  |  |  |
CR&C |  | $ | 45,883 |  |  |  | 13.0 |
Trademarks |  |  | 5,251 |  |  |  | 5.0 |
Software |  |  | 648 |  |  |  | 1.0 |
Technology |  |  | 49,868 |  |  |  | 10-15 |
Total |  | $ | 101,650 |  |  |  | 13.0 |
The following table summarizes the intangible assets which were acquired pursuant to the PRT Acquisition during 2023 (in thousands):
|  | Acquired Fair Value |  |  | Weighted average life (years) |
PRT: |  |  |  |  |  |  |  |
CR&C |  | $ | 32,048 |  |  |  | 10.0 |
Trademarks |  |  | 1,627 |  |  |  | 4.0 |
Technology |  |  | 265 |  |  |  | 15.0 |
Total |  | $ | 33,940 |  |  |  | 9.8 |
No impairment expense associated with our intangible assets was recognized during the years ended December 31, 2025, 2024 and 2023. Expected future intangible asset amortization as of December 31, 2025 is as follows (in thousands):
Years ending December 31, |  |  |  |
2026 |  | $ | 50,225 |
2027 |  |  | 46,592 |
2028 |  |  | 43,099 |
2029 |  |  | 16,671 |
2030 |  |  | 15,977 |
Thereafter |  |  | 78,765 |
Total |  | $ | 251,329 |

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