Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of customer relationships and trademark/trade names. Customer relationships are amortized on a straight‑line basis over useful lives of six and ten years. Trademark/trade names are amortized on a straight‑line basis over useful lives of ten and fifteen years. Amortization expense included in net (loss) income for the three and nine months ended September 30, 2024 was $2.2 million and $5.4 million, respectively. Amortization expense included in net income for the three and nine months ended September 30, 2023 was $1.4 million and $4.2 million, respectively. The Company’s intangible assets subject to amortization consisted of the following:


(in thousands)
	September 30, 2024		December 31, 2023
Intangible assets:
Trademark/trade names	$	12,100	$	10,800
Customer relationships	65,100		46,500
Total intangible assets	77,200		57,300

Accumulated amortization:
Trademark/trade name	(2,099)		(1,260)
Customer relationships	(9,946)		(5,425)
Total accumulated amortization	(12,045)		(6,685)

Intangible assets — net	$	65,155	$	50,615

Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows:


(in thousands)
Year	Estimated future amortization expense
2024	$	2,229
2025	8,917
2026	8,917
2027	8,917
2028 and beyond	36,175
Total	$	65,155

The average amortization period for our remaining intangible assets is approximately 7.6 years.