v3.25.2
Intangible Assets
6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
8.
Intangible Assets

The gross amount and accumulated amortization of intangible assets with finite useful lives included in “Intangible assets, net” on the consolidated balance sheets are as follows (in thousands except for years):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

Weighted
Average

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Amortization
Period
(in years)

 

Backlog

 

 

152,150

 

 

 

(66,721

)

 

 

85,429

 

 

 

142,100

 

 

 

(51,322

)

 

 

90,778

 

 

 

4.3

 

Customer relationships

 

 

397,380

 

 

 

(152,558

)

 

 

244,822

 

 

 

372,930

 

 

 

(139,568

)

 

 

233,362

 

 

 

11.7

 

Developed technology

 

 

31,800

 

 

 

(10,266

)

 

 

21,534

 

 

 

23,200

 

 

 

(7,458

)

 

 

15,742

 

 

 

4.7

 

Trade name

 

 

1,800

 

 

 

(1,238

)

 

 

562

 

 

 

1,500

 

 

 

(367

)

 

 

1,133

 

 

 

1.0

 

Non-compete agreements

 

 

8,300

 

 

 

(2,568

)

 

 

5,732

 

 

 

8,300

 

 

 

(1,203

)

 

 

7,097

 

 

 

3.0

 

In process research and development

 

 

1,800

 

 

 

-

 

 

 

1,800

 

 

 

1,800

 

 

 

-

 

 

 

1,800

 

 

n/a

 

Other intangibles

 

 

1,424

 

 

 

-

 

 

 

1,424

 

 

 

25

 

 

 

-

 

 

 

25

 

 

n/a

 

Total intangible assets

 

$

594,654

 

 

$

(233,351

)

 

$

361,303

 

 

$

549,855

 

 

$

(199,918

)

 

$

349,937

 

 

 

 

The aggregate amortization expense of intangible assets for the three months ended June 30, 2025 and June 30, 2024 was $17.1 million and $13.8 million, respectively and for the six months ended June 30, 2025 and June 30, 2024 was $33.4 million and $27.5 million, respectively.

Estimated amortization expense for the remainder of the current fiscal year and in each of the next four years and beyond is as follows (in thousands):

 

 

 

June 30, 2025

 

2025

 

$

36,038

 

2026

 

 

64,583

 

2027

 

 

57,769

 

2028

 

 

41,788

 

2029

 

 

26,009

 

Thereafter

 

 

133,316

 

Total

 

$

359,503