| Summary of Intangible Assets |
A summary of intangible assets as of March 31, 2025 and December 31, 2024 is as follows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
(in thousands) |
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
Customer relationships |
|
$ |
145,966 |
|
|
$ |
(50,052 |
) |
|
$ |
95,914 |
|
Non-compete agreements |
|
|
500 |
|
|
|
(411 |
) |
|
|
89 |
|
Trade names |
|
|
18,280 |
|
|
|
(9,537 |
) |
|
|
8,743 |
|
Technology, Patents, and Other |
|
|
26,133 |
|
|
|
(26,133 |
) |
|
|
— |
|
Total |
|
$ |
190,879 |
|
|
$ |
(86,133 |
) |
|
$ |
104,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
(in thousands) |
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
Customer relationships |
|
$ |
145,966 |
|
|
$ |
(46,693 |
) |
|
$ |
99,273 |
|
Non-compete agreements |
|
|
500 |
|
|
|
(393 |
) |
|
|
107 |
|
Trade names |
|
|
18,280 |
|
|
|
(9,297 |
) |
|
|
8,983 |
|
Technology, Patents, and Other |
|
|
26,133 |
|
|
|
(26,133 |
) |
|
|
— |
|
Total |
|
$ |
190,879 |
|
|
$ |
(82,516 |
) |
|
$ |
108,363 |
|
|
| Schedule of Goodwill |
The following table presents a roll-forward of goodwill for the periods ended March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Goodwill, Gross |
|
|
Accumulated
Impairment |
|
|
Goodwill, Net |
|
Balance at December 31, 2023 |
|
$ |
94,436 |
|
|
$ |
(70,504 |
) |
|
$ |
23,932 |
|
Additions - DWS Acquisition |
|
|
36,244 |
|
|
|
— |
|
|
|
36,244 |
|
Balance at December 31, 2024 |
|
$ |
130,680 |
|
|
$ |
(70,504 |
) |
|
$ |
60,176 |
|
Additions - SCF Acquisition |
|
|
15,402 |
|
|
|
— |
|
|
|
15,402 |
|
Foreign currency translation adjustment |
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
Balance at March 31, 2025 |
|
$ |
146,072 |
|
|
$ |
(70,504 |
) |
|
$ |
75,568 |
|
|