Intangible Assets

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Intangible Assets [Abstract]

Intangible Assets

Note 8. Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets were as follows:

				Successor
				March 31, 2025										December 31, 2024
		Weighted Avg. Remaining Life (Years)		Gross Carrying Amount			Accumulated Amortization				Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization				Net Carrying Amount
Customer relationships		14.3		$	664,144		$	(29,412	)		$	634,732		$	658,783		$	(18,298	)		$	640,485
Technology		4.3			4,927			(657	)			4,270			4,925			(414	)			4,511
Tradenames		14.3			98,430			(4,375	)			94,055			98,392			(2,731	)			95,661
				$	767,501		$	(34,444	)		$	733,057		$	762,100		$	(21,443	)		$	740,657

Amortization expense recognized on intangibles for the three months ended March 31, 2025 (Successor) and March 31, 2024 (Predecessor) was $13.0 million and $9.9 million, respectively.

Note 9. Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets were as follows:

		Weighted Avg. Remaining Life (Years)		Successor December 31, 2024										Predecessor December 31, 2023
		Weighted Avg. Remaining Life (Years)		Gross			Accumulated Amortization				Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization				Net Carrying Amount
Customer relationships		14.6		$	658,783		$	(18,298	)		$	640,485		$	266,950		$	(77,081	)		$	189,869
Technology		4.6			4,925			(414	)			4,511			87,017			(50,981	)			36,036
Tradenames		14.6			98,392			(2,731	)			95,661			54,221			(16,078	)			38,143
Non-compete agreements					—			—				—			1,758			(1,471	)			287
				$	762,100		$	(21,443	)		$	740,657		$	409,946		$	(145,611	)		$	264,335

The total weighted-average remaining useful life across all of the Company’s intangibles was 14.5 years as of December 31, 2024. For the Successor period ended December 31, 2024, the Company recorded amortization expense of $21.8 million. For the Predecessor period ended July 29, 2024 and the Predecessor years ended December 31, 2023 and 2022, the Company recorded amortization expense of $23.4 million, $39.4 million and $39.1 million, respectively. Amortization expense is recorded in selling, general, and administrative expense on the consolidated statements of operations and comprehensive income (loss). Estimated amortization expense for the five following fiscal years is as follows:

2025		$	51,463
2026			51,463
2027			51,463
2028			51,463
2029			51,053
Thereafter			483,752
		$	740,657