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Note 8 - Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] | NOTE 8 INTANGIBLE ASSETS Intangible assets at September 30, 2025 and December 31, 2024 are comprised as follows:
(in thousands) |  | September 30, 2025 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Accumulated Impairment Losses |  |  | Net Carrying Value |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Database |  | $ | 4,918 |  |  | $ | 4,918 |  |  | $ | — |  |  | $ | — |
Vehicle service agreements in-force |  |  | 3,680 |  |  |  | 3,680 |  |  |  | — |  |  |  | — |
Customer relationships |  |  | 65,112 |  |  |  | 31,470 |  |  |  | — |  |  |  | 33,642 |
Developed technology |  |  | 651 |  |  |  | 128 |  |  |  | — |  |  |  | 523 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | 23,337 |  |  |  | — |  |  |  | 2,584 |  |  |  | 20,753 |
Total |  | $ | 97,698 |  |  | $ | 40,196 |  |  | $ | 2,584 |  |  | $ | 54,918 |
(in thousands) |  | December 31, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Accumulated Impairment Losses |  |  | Net Carrying Value |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Database |  | $ | 4,918 |  |  | $ | 4,918 |  |  | $ | — |  |  | $ | — |
Vehicle service agreements in-force |  |  | 3,680 |  |  |  | 3,680 |  |  |  | — |  |  |  | — |
Customer relationships |  |  | 51,242 |  |  |  | 25,765 |  |  |  | — |  |  |  | 25,477 |
Developed technology |  |  | 600 |  |  |  | 79 |  |  |  | — |  |  |  | 521 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | 16,167 |  |  |  | — |  |  |  | 2,116 |  |  |  | 14,051 |
Total |  | $ | 76,607 |  |  | $ | 34,442 |  |  | $ | 2,116 |  |  | $ | 40,049 |
As further discussed in Note 5, "Acquisitions and Discontinued Operations," the Company recorded the following intangible assets related to acquisitions that occurred during the nine months ended September 30, 2025:
(in thousands) |  | Buds Plumbing |  |  | Roundhouse |  |  | Advanced Plumbing |  |  | Southside Plumbing |
Acquisition Date |  | March 14, 2025 |  |  | July 1, 2025 |  |  | August 1, 2025 |  |  | August 14, 2025 |
Customer Relationships |  | $ | 500 |  |  | $ | 11,000 |  |  | $ | 1,100 |  |  | $ | 1,000 |
Amortization Period |  | 6 years |  |  | 12 years |  |  | 9 years |  |  | 9 years |
Developed Technology |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Amortization Period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Trade Name |  | $ | 3,100 |  |  | $ | 1,220 |  |  | $ | 1,600 |  |  | $ | 1,100 |
Amortization Period |  | Indefinite |  |  | Indefinite |  |  | Indefinite |  |  | Indefinite |
Total Intangibles |  | $ | 3,600 |  |  | $ | 12,220 |  |  | $ | 2,700 |  |  | $ | 2,100 |
The intangible assets related to the Roundhouse, Advanced Plumbing and Southside Plumbing acquisitions are provisional and subject to adjustment during the measurement period. The Company expects to complete its purchase price allocation within the next six months. The estimates, allocations and calculations recorded at September 30, 2025 are subject to change as we obtain further information; therefore, the final fair values of the assets acquired and liabilities assumed may not agree with the estimates included in these consolidated financial statements. In addition to the above, during the nine months ended September 30, 2025, the Company had other immaterial acquisitions of assets that resulted in intangible assets related to customer relationships of $0.3 million, developed technology of $0.1 million and trade name of $0.2 million. The Company's intangible assets with definite useful lives are amortized either based on the patterns in which the economic benefits of the intangible assets are expected to be consumed or using the straight-line method over their estimated useful lives, which range from 5 to 15 years. Amortization of intangible assets was $2.4 million and $1.4 million for the three months ended September 30, 2025 and September 30, 2024, respectively ($5.8 million and $4.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively). The trade names intangible assets have indefinite useful lives and are not amortized. Indefinite-lived intangible assets are assessed for impairment annually as of November 30, or more frequently if events or circumstances indicate that the carrying value may not be recoverable. The Company may perform its impairment test for any indefinite-lived intangible asset through a qualitative assessment or elect to proceed directly to a quantitative impairment test, however, the Company may resume a qualitative assessment in any subsequent period if facts and circumstances permit. At each quarter end of the first through third quarters of 2025 and 2024, the Company determined that certain trade names should be further examined under a quantitative approach due to actual revenue coming in lower than previous projections. Based upon these assessments, the Company recorded impairment charges for the three and nine months ended September 30, 2025 of $0.2 million and $0.5 million, respectively, related to the CSuite and Ravix indefinite-lived trade names, and $0.6 million for the three months ended September 30, 2024 related to the CSuite and Ravix indefinite-lived trade names, and $1.8 million for the nine months ended September 30, 2024 related to the SNS, CSuite and Ravix indefinite-lived trade names. The fair value of the CSuite (0.8 million), Ravix ($1.6 million) and SNS ($2.2 million) trade names at September 30, 2025 were estimated using the relief-from-royalty method. The significant unobservable inputs used in the relief-from-royalty method, which are level 3 inputs, include a royalty rate and discount rate. The reduction in value is primarily due to higher discount rates and a reduction in projected revenue. Future impairments may be recorded if discount rates increase further, or if actual revenue falls short of current projections. The valuation of these assets is not dependent on the underlying profit or loss generated by the respective business. Therefore, even if a change in revenue does not have a significant impact on operating results, it could significantly impact the fair value of the trade name.

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