Intangible Assets

6 Months Ended

Jun. 30, 2025

7. Intangible Assets

The Company’s intangible assets, net, consisted of the following:

	June 30, 2025							December 31, 2024
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Gross Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Customer and referral relationships	$	158,474	$	(44,895	)	$	113,579	$	156,747	$	(39,218	)	$	117,529
Tradenames		57,586		-			57,586		57,041		-			57,041
Non-compete agreements		13,369		(8,907	)		4,462		13,077		(8,336	)		4,741
	$	229,429	$	(53,802	)	$	175,627	$	226,865	$	(47,554	)	$	179,311

Tradenames, customer and referral relationships, and non-compete agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. The value assigned to customer and referral relationships is being amortized over their respective estimated useful lives which range from 8.0 to 15.0 years. Non-compete agreements are amortized over the respective term of the agreements which range from 5.0 to 6.0 years. During the year ended December 31, 2024, the Company recognized charges of $2.0 million related to the impairment of assets held for sale. This impairment loss is presented in the impairment of assets held for sale in the Consolidated Statements of Income.

The following table details the amount of amortization expense recorded for intangible assets for the periods presented:

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	(In thousands)
Customer and referral relationships	$	2,870	$	2,066	$	5,677	$	3,884
Non-compete agreements		270		191		571		354
	$	3,140	$	2,257	$	6,248	$	4,238

Based on the balance of referral relationships and non-compete agreements as of June 30, 2025, the expected amount to be amortized in 2025 and thereafter by year is as follows:

For the Year Ending December 31,	Customer and Referral Relationships		Non-Compete Agreements
	(In thousands)
2025 (excluding the six months ended June 30, 2025)	$	5,912	$	562
2026		11,375		1,007
2027		11,212		881
2028		10,943		802
2029		10,565		629
Thereafter		63,572		581