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


Gross Intangible Assets	December 31, 2024		Acquisitions		June 30, 2025
Customer relationships	$	148,097	$	9,383	$	157,480
Developed technology	15,201		—		15,201
Trade names	880		—		880
Non-compete agreements	1,032		—		1,032
Total	$	165,210	$	9,383	$	174,593

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
June 30, 2025
Customer relationships	8.5	$	157,480	$	(91,548)	$	65,932
Developed technology	6.5	15,201		(11,621)		3,580
Trade names	4.3	880		(880)		—
Non-compete agreements	5.2	1,032		(948)		84
	8.3	$	174,593	$	(104,997)	$	69,596

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 $8,481 and $7,495 for the six months ended June 30, 2025 and 2024, respectively. Amortization expenses recorded in cost of sales were $420 and $100 for the six months ended June 30, 2025 and 2024, respectively. There was no impairment of intangibles during the six months ended June 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.