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GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

			2023						Acquisitions						2024
Goodwill			$	86,011					$	8,713					$	94,724

We believe significant synergies are expected to arise from our strategic acquisitions and their assembled work forces. This factor contributed to a purchase price that was in excess of the fair value of the net assets acquired and, as a result, we recorded goodwill for each acquisition. A portion of acquired goodwill will be amortizable for tax purposes. As of December 31, 2024, there has been no impairment of goodwill based on the qualitative assessments we have performed.

Gross Intangible Assets			2023						Acquisitions						2024
Customer relationships			$	127,843					$	20,254					$	148,097
Developed technology			12,001						3,200						15,201
Trade names			880						—						880
Non-compete agreements			1,032						—						1,032
			$	141,756					$	23,454					$	165,210

The gross carrying amount and accumulated amortization of our intangible assets as of December 31, 2024 and 2023, are as follows (in thousands, except weighted average periods):

						Weighted Average Amortization Period (in Years)						Gross						Accumulated Amortization						Net
December 31, 2024
Customer relationships						8.6						$	148,097					$	(83,074)					$	65,023
Developed technology						6.5						15,201						(11,201)						4,000
Trade names						4.3						880						(880)						—
Non-compete agreements						5.2						1,032						(941)						91
						8.3						$	165,210					$	(96,096)					$	69,114
December 31, 2023
Customer relationships						8.5						$	127,843					$	(67,165)					$	60,678
Developed technology						6.9						12,001						(10,701)						1,300
Trade names						4.3						880						(880)						—
Non-compete agreements						5.2						1,032						(928)						104
						8.4						$	141,756					$	(79,674)					$	62,082

We record amortization expenses using the straight-line method over the estimated useful lives of the intangible assets, as noted above. Amortization expenses recorded in operating expenses were $16,222 and $13,623 for the years ended December 31, 2024 and 2023, respectively. Amortization expenses recorded in cost of sales were $200 and $418 for the years ended December 31, 2024 and 2023, respectively. There was no impairment of intangibles during the year ended December 31, 2024, based on the qualitative assessment we performed. However, if market, political and other conditions over which we have no control continue to affect the capital markets and our stock price declines, we may experience an impairment of our intangibles in future quarters.

The following table summarizes the future estimated amortization expense relating to our intangible assets as of December 31, 2024 (in thousands):

2025			$	16,897
2026			13,802
2027			11,607
2028			10,162
2029			7,999
Thereafter			8,647
			$	69,114

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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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