| Goodwill and Intangibles |
5.Goodwill and Intangibles The table below summarizes the changes in the Company’s goodwill balances:
|
|
|
|
|
|
|
Total Goodwill |
|
|
|
(in thousands) |
|
Balance at January 1, 2024 |
|
$ |
217,274 |
|
Acquisitions |
|
|
7,872 |
|
Impairments |
|
|
— |
|
Balance at December 31, 2024 |
|
|
225,146 |
|
Acquisitions |
|
|
76,694 |
|
Impairments |
|
|
— |
|
Balance at June 30, 2025 |
|
$ |
301,840 |
|
The table below summarizes the carrying amounts of the Company’s identifiable intangible assets as of June 30, 2025 and December 31, 2024, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2025 |
|
|
Weighted Average Amortization Period |
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
|
(in years) |
|
(in thousands) |
|
Patents (9 years) |
9.0 |
|
$ |
2,722 |
|
|
$ |
(926 |
) |
|
$ |
1,796 |
|
Know-How (7.0 - 15.0 years) |
10.5 |
|
|
15,686 |
|
|
|
(998 |
) |
|
|
14,688 |
|
Customer Backlogs (1.0 - 7.5 years) |
2.4 |
|
|
44,250 |
|
|
|
(36,794 |
) |
|
|
7,456 |
|
Customer Relationships (10 - 19 years) |
17 |
|
|
288,800 |
|
|
|
(61,596 |
) |
|
|
227,204 |
|
Total Intangible Assets |
|
|
$ |
351,458 |
|
|
$ |
(100,314 |
) |
|
$ |
251,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
Weighted Average Amortization Period |
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
|
(in years) |
|
(in thousands) |
|
Patents (9 years) |
9.0 |
|
$ |
2,722 |
|
|
$ |
(774 |
) |
|
$ |
1,948 |
|
Know-How (10 years) |
10.0 |
|
|
2,286 |
|
|
|
(585 |
) |
|
|
1,701 |
|
Customer Backlogs (0.6-2.5 years) |
2.4 |
|
|
38,750 |
|
|
|
(35,302 |
) |
|
|
3,448 |
|
Customer Relationships (13 - 19 years) |
17.6 |
|
|
255,600 |
|
|
|
(53,745 |
) |
|
|
201,855 |
|
Total Intangible Assets |
|
|
$ |
299,358 |
|
|
$ |
(90,406 |
) |
|
$ |
208,952 |
|
Amortization expense was $5.5 million and $4.4 million for the three months ended June 30, 2025 and 2024, respectively, which was recorded in general and administrative expenses in the accompanying unaudited condensed consolidated statement of operations. Amortization expense was $9.9 million and $8.3 million for the six months ended June 30, 2025 and 2024, respectively, which was recorded in general and administrative expenses in the accompanying unaudited condensed consolidated statement of operations.
|