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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 6. Goodwill and Intangible Assets Goodwill The Company conducts its goodwill impairment analysis annually or more frequently if changes in facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit may be less than its carrying value. Due to a significant decline in the Company's stock price and the potential negative impact of tariffs and other external factors on the business, management performed a quantitative and qualitative assessment and concluded that the market capitalization of $284.9 million exceeded the net carrying value of the business. Accordingly, it was determined that no events or changes in circumstances indicated that the carrying value may not be recoverable. The following table summarizes the changes in the carrying amount of goodwill (in thousands):
Balance as of January 1, 2025 |  | $ | 52,942 |
Purchase price adjustment |  |  | (2,514 | )
Balance as of March 31, 2025 |  | $ | 50,428 |
Intangible Assets, net Acquired identifiable intangible assets, and related accumulated amortization, as of March 31, 2025 and December 31, 2024 consisted of (in thousands):
|  | March 31, 2025 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Book Value |
Customer relationships |  | $ | 10,938 |  |  | $ | 6,868 |  |  | $ | 4,070 |
Tradenames |  |  | 18,293 |  |  |  | 5,008 |  |  |  | 13,285 |
Developed technology |  |  | 27,706 |  |  |  | 4,810 |  |  |  | 22,896 |
Patent and trademarks |  |  | 784 |  |  |  | 653 |  |  |  | 131 |
Total Intangible Assets |  | $ | 57,721 |  |  | $ | 17,339 |  |  | $ | 40,382 |
|  | December 31, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Book Value |
Customer relationships |  | $ | 10,880 |  |  | $ | 6,533 |  |  | $ | 4,347 |
Tradenames |  |  | 18,293 |  |  |  | 4,451 |  |  |  | 13,842 |
Developed technology |  |  | 27,706 |  |  |  | 3,656 |  |  |  | 24,050 |
Patent and trademarks |  |  | 784 |  |  |  | 625 |  |  |  | 159 |
Total Intangible Assets |  | $ | 57,663 |  |  | $ | 15,265 |  |  | $ | 42,398 |
Amortization expense related to definite lived intangible assets of $2.0 million and $0.6 million was recognized for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, estimated annual amortization expense related to definite lived intangible assets in future periods was as follows (in thousands):
2025 |  | $ | 6,039 |
2026 |  |  | 7,763 |
2027 |  |  | 7,590 |
2028 |  |  | 7,590 |
2029 |  |  | 7,590 |
Thereafter |  |  | 3,810 |
Total |  | $ | 40,382 |

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- 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
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