XML 24 R11.htm IDEA: XBRL DOCUMENT v3.25.1

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

			December 31, 2024						Acquisitions						March 31, 2025
Goodwill			$	94,724					$	—					$	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 March 31, 2025, there has been no impairment of goodwill based on the qualitative assessments we have performed.

Gross Intangible Assets			December 31, 2024						Acquisitions						March 31, 2025
Customer relationships			$	148,097					$	8,247					$	156,344
Developed technology			15,201						—						15,201
Trade names			880						—						880
Non-compete agreements			1,032						—						1,032
Total			$	165,210					$	8,247					$	173,457

The gross carrying amount and accumulated amortization of our intangible assets are as follows for the periods presented below (in thousands, except weighted average periods):

						Weighted Average Amortization Period (in Years)						Gross						Accumulated Amortization						Net
March 31, 2025
Customer relationships						8.5						$	156,344					$	(87,218)					$	69,126
Developed technology						6.5						15,201						(11,411)						3,790
Trade names						4.3						880						(880)						—
Non-compete agreements						5.2						1,032						(945)						87
						8.3						$	173,457					$	(100,454)					$	73,003
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

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 $4,308 and $3,449 for the three months ended March 31, 2025 and 2024, respectively. Amortization expenses recorded in Cost of Sales were $50 for the three months ended March 31, 2025 and 2024. There was no impairment of intangibles during the three months ended March 31, 2025 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 for the period presented below (in thousands):

2025 (Remaining)			$	13,419
2026			14,833
2027			12,638
2028			11,193
2029			9,030
2030			5,399
Thereafter			6,491
			$	73,003

X

- References

No definition available.

+ Details

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration