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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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. There were no impairment indicators and the

Company's market capitalization continues to exceed the net carrying value of the business. As such, the Company did not perform any further qualitative or quantitative testing.

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 June 30, 2025		$	50,428

Intangible Assets, net

Acquired identifiable intangible assets, and related accumulated amortization, as of June 30, 2025 and December 31, 2024 consisted of (in thousands):

		June 30, 2025
		Gross Carrying Value				Accumulated Amortization				Net Book Value
Customer relationships		$	11,220			$	7,425			$	3,795
Tradenames			18,293				5,566				12,727
Developed technology			27,706				5,964				21,742
Patent and trademarks			784				681				103
Total Intangible Assets		$	58,003			$	19,636			$	38,367

		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 $2.1 million was recognized for the three months ended June 30, 2025 and 2024, respectively. Amortization expense related to definite lived intangible assets of $4.0 million and $2.7 million for the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, estimated annual amortization expense related to definite lived intangible assets in future periods was as follows (in thousands):

2025		$	4,024
2026			7,763
2027			7,590
2028			7,590
2029			7,590
Thereafter			3,810
Total		$	38,367

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- References

No definition available.

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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

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