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Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net
4.
Intangible Assets, Net

At September 30, 2025, intangible assets, net, consisted of the following (in thousands):

 

 

Useful
Life
(Years)

 

Gross
September 30,
2025

 

 

Accumulated
Amortization

 

 

Net
September 30,
2025

 

Indefinite lived assets:

 

 

 

 

 

 

 

 

 

 

 

Trademarks and licenses

 

N/A

 

$

5,950

 

 

$

—

 

 

$

5,950

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Network relationships

 

10–21

 

 

225,717

 

 

 

(122,160

)

 

 

103,557

 

Member relationships

 

7–14

 

 

196,577

 

 

 

(38,640

)

 

 

157,937

 

Other(1)

 

3–20

 

 

40,310

 

 

 

(22,694

)

 

 

17,616

 

 

 

 

$

468,554

 

 

$

(183,494

)

 

$

285,060

 
(1)
Other consists of management contracts, a patient management platform, trade name/trademarks, and developed technology.

At December 31, 2024, intangible assets, net, consisted of the following (in thousands):

 

 

Useful
Life
(Years)

 

Gross
December 31,
2024

 

 

Accumulated
Amortization

 

 

Net
December 31,
2024

 

Indefinite lived assets:

 

 

 

 

 

 

 

 

 

 

 

Trademarks and licenses

 

N/A

 

$

4,050

 

 

$

—

 

 

$

4,050

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Network relationships

 

10–21

 

 

171,917

 

 

 

(114,046

)

 

 

57,871

 

Member relationships

 

7–14

 

 

73,077

 

 

 

(22,406

)

 

 

50,671

 

Other(1)

 

5–20

 

 

26,010

 

 

 

(20,423

)

 

 

5,587

 

 

 

 

$

275,054

 

 

$

(156,875

)

 

$

118,179

 
(1)
Other consists of management contracts, a patient management platform, trade name/trademarks, and developed technology.

 

For the three months ended September 30, 2025 and 2024, the Company recognized amortization expense of $14.2 million and $6.7 million, respectively, in depreciation and amortization in the accompanying condensed consolidated statements of income. For the nine months ended September 30, 2025 and 2024, the Company recognized amortization expense of $26.6 million and $18.0 million, respectively, in depreciation and amortization in the accompanying condensed consolidated statements of income. The Company determined that there was no impairment of its finite-lived intangible or long-lived assets during the three and nine months ended September 30, 2025 and 2024.

Future amortization expense is estimated to be as follows for the years ending December 31 (in thousands):

 

 

 

Amount

 

2025 (excluding the nine months ended September 30, 2025)

 

$

14,093

 

2026

 

 

55,108

 

2027

 

 

44,125

 

2028

 

 

35,715

 

2029

 

 

28,621

 

Thereafter

 

 

101,448

 

 

 

 

 

Total

 

$

279,110