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GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

			December 31, 2024						Acquisitions						September 30, 2025
Goodwill			$	94,724					$	21,035					$	115,759

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 September 30, 2025, there has been no impairment of goodwill based on the qualitative assessments we have performed.

Gross Intangible Assets			December 31, 2024						Acquisitions						September 30, 2025
Customer relationships			$	148,097					$	32,850					$	180,947
Developed technology			15,201						4,300						19,501
Trade names			880						—						880
Non-compete agreements			1,032						—						1,032
Total			$	165,210					$	37,150					$	202,360

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
September 30, 2025
Customer relationships						8.5						$	180,947					$	(96,313)					$	84,634
Developed technology						6.6						19,501						(11,985)						7,516
Trade names						4.3						880						(880)						—
Non-compete agreements						5.2						1,032						(951)						81
						8.2						$	202,360					$	(110,129)					$	92,231
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 $13,250 and $11,790 for the nine months ended September 30, 2025 and 2024, respectively. Amortization expenses recorded in cost of sales were $783 and $150 for the nine months ended September 30, 2025 and 2024, respectively. There was no impairment of intangibles during the nine months ended September 30, 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 as of September 30, 2025 (in thousands):

2025 (Remaining)			$	5,368
2026			18,522
2027			16,328
2028			14,883
2029			12,719
2030			9,089
Thereafter			15,322
			$	92,231

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- References

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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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