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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

6. Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets were as follows (in thousands):

March 31, 2025 (Unaudited)		Estimated Useful Life		Gross Carrying Amount				Accumulated Amortization				Net
Finite lived intangible assets:
Customer relationships		5 years		$	20,685			$	15,063			$	5,622
Software		7 years			6,200				2,552				3,648
Trademarks		7 years			2,026				1,019				1,007
Non-compete agreements		3 years			2,250				2,250				—
Total finite lived intangible assets				$	31,161			$	20,884			$	10,277

December 31, 2024		Estimated Useful Life		Gross Carrying Amount				Accumulated Amortization				Net
Finite lived intangible assets:
Customer relationships		5 years		$	25,805			$	17,188			$	8,617
Software		7 years			5,518				2,271				3,247
Trademarks		7 years			2,026				947				1,079
Non-compete agreements		3 years			2,250				2,247				3
Total finite lived intangible assets				$	35,599			$	22,653			$	12,946

March 31, 2025 (Unaudited) and December 31, 2024		Estimated Useful Life		Carrying Amount
Indefinite lived intangible asset:
Goodwill		Indefinite		$	81,065

We compute amortization using the straight-line method over the useful lives of the finite lived intangible assets. Amortization expense related to finite lived intangible assets was $1.5 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively.

We have no indefinite-lived intangible assets other than goodwill. $66.1 million of the goodwill is not deductible for tax purposes, while $15.0 million of goodwill is deductible over its tax-basis life.

We review our finite-lived intangible assets periodically for indicators of impairment. During the three months ended March 31, 2025, following certain customer activity, we evaluated the customer relationship intangible asset balance for recoverability and noted the unamortized balance of the intangible was not recoverable. Accordingly, we performed an impairment test for the intangible using a discounted cash flow analysis and internal forecasts (Level 3 inputs) to determine the fair value of the asset. The carrying value of the intangible asset exceeded its fair value, which resulted in an impairment charge of $1.7 million for the three months ended March 31, 2025.

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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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