XML 23 R16.htm IDEA: XBRL DOCUMENT
v3.25.2

Intangible Assets and Goodwill | 6 Months Ended
--- | ---
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | NOTE 8. INTANGIBLE ASSETS AND GOODWILL Intangible Assets. Intangible assets include customer relationships, non-compete agreements, trade names, technology, patents, and other intangibles associated with various business and asset acquisitions. These acquired intangible assets were recorded at fair value determined as of the date of acquisition and are being amortized over the period we expect to benefit from the assets. A summary of intangible assets as of June 30, 2025 and December 31, 2024 is as follows.
|  | June 30, 2025 |
(in thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer relationships |  | $ | 160,066 |  |  | $ | (53,514 | ) |  | $ | 106,552 |
Non-compete agreements |  |  | 500 |  |  |  | (429 | ) |  |  | 71 |
Trade names |  |  | 20,380 |  |  |  | (9,812 | ) |  |  | 10,568 |
Technology, patents, and other |  |  | 33,733 |  |  |  | (26,196 | ) |  |  | 7,537 |
Total |  | $ | 214,679 |  |  | $ | (89,951 | ) |  | $ | 124,728 |
|  | December 31, 2024 |
(in thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer relationships |  | $ | 145,966 |  |  | $ | (46,693 | ) |  | $ | 99,273 |
Non-compete agreements |  |  | 500 |  |  |  | (393 | ) |  |  | 107 |
Trade names |  |  | 18,280 |  |  |  | (9,297 | ) |  |  | 8,983 |
Technology, patents, and other |  |  | 26,133 |  |  |  | (26,133 | ) |  |  | — |
Total |  | $ | 190,879 |  |  | $ | (82,516 | ) |  | $ | 108,363 |
Amortization expense on intangible assets was $3.8 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively, and $7.4 million and $4.0 million for the six months ended June 30, 2025 and 2024, respectively. Goodwill. The following table presents a roll-forward of goodwill for the periods ended June 30, 2025 and December 31, 2024:
(in thousands) |  | Goodwill, Gross |  |  | Accumulated Impairment |  |  | Goodwill, Net |
Balance at December 31, 2023 |  | $ | 94,436 |  |  | $ | (70,504 | ) |  | $ | 23,932 |
Additions – DWS acquisition |  |  | 36,244 |  |  |  | — |  |  |  | 36,244 |
Balance at December 31, 2024 |  | $ | 130,680 |  |  | $ | (70,504 | ) |  | $ | 60,176 |
Additions – SCF acquisition |  |  | 15,402 |  |  |  | — |  |  |  | 15,402 |
Additions – Citadel acquisition |  |  | 18,226 |  |  |  | — |  |  |  | 18,226 |
Measurement period adjustment (1) |  |  | 443 |  |  |  | — |  |  |  | 443 |
Foreign currency translation adjustment |  |  | (111 | ) |  |  | — |  |  |  | (111 | )
Balance at June 30, 2025 |  | $ | 164,640 |  |  | $ | (70,504 | ) |  | $ | 94,136 |
(1) Measurement period adjustment is related to legal costs that have been incurred due to unresolved legal matters pertaining to the Impulse Litigation that existed prior to the acquisition of the remaining equity of DWS. Refer to Note 3. Mergers and Acquisitions for further discussion. Impairment. We analyzed definite lived intangible assets for impairment as of June 30, 2025 and December 31, 2024, in accordance with ASC 360, noting no impairment indicators were present. We analyzed goodwill for impairment as of June 30, 2025 and December 31, 2024, in accordance with Accounting Standards Codification Topic 350, Intangibles—Goodwill and Other ("ASC 350"), noting no impairment indicators were present. For our annual goodwill impairment test as of December 31, 2024, we performed a qualitative assessment to determine if it was more likely than not (that is, a likelihood of more than 50 percent) that the fair value of our reporting unit was less than its carrying value as of the test date, for which we determined that it was not. We evaluated events and circumstances since the date of our last quantitative or qualitative assessment, including macroeconomic conditions, industry and market conditions, and our overall financial performance, and it was determined that no changes in circumstances indicated that a potential impairment of Goodwill had occurred. Therefore, no impairment charges were recorded related to goodwill for the period ended June 30, 2025. We will continue to evaluate our goodwill and definite lived assets for potential triggering events as conditions warrant.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration