| Schedule of Goodwill |
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 |
|
|
| Schedule of Carrying Amount Identifiable Intangible Assets |
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 |
|
|