| Goodwill and Intangible Assets |
4. Goodwill and Intangible Assets The following table presents the changes in the carrying amount of goodwill by reportable segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
Government |
|
|
Parking |
|
|
|
|
($ in thousands) |
|
Services |
|
|
Solutions |
|
|
Solutions |
|
|
Total |
|
Balance at December 31, 2025 |
|
$ |
425,231 |
|
|
$ |
214,313 |
|
|
$ |
102,066 |
|
|
$ |
741,610 |
|
Foreign currency translation adjustment |
|
|
(877 |
) |
|
|
439 |
|
|
|
— |
|
|
|
(438 |
) |
Balance at March 31, 2026 |
|
$ |
424,354 |
|
|
$ |
214,752 |
|
|
$ |
102,066 |
|
|
$ |
741,172 |
|
Intangible assets consist of the following as of the respective period-ends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
|
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
Accumulated |
|
($ in thousands) |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
|
Amortization |
|
Trademarks |
|
$ |
4,841 |
|
|
$ |
2,628 |
|
|
$ |
4,822 |
|
|
$ |
2,484 |
|
Patent |
|
|
500 |
|
|
|
242 |
|
|
|
500 |
|
|
|
217 |
|
Customer relationships |
|
|
558,378 |
|
|
|
425,809 |
|
|
|
559,256 |
|
|
|
412,488 |
|
Developed technology |
|
|
41,193 |
|
|
|
22,867 |
|
|
|
40,656 |
|
|
|
21,404 |
|
Gross carrying value of intangible assets |
|
|
604,912 |
|
|
$ |
451,546 |
|
|
|
605,234 |
|
|
$ |
436,593 |
|
Less: accumulated amortization |
|
|
(451,546 |
) |
|
|
|
|
|
(436,593 |
) |
|
|
|
Intangible assets, net |
|
$ |
153,366 |
|
|
|
|
|
$ |
168,641 |
|
|
|
|
Amortization expense was $15.6 million and $16.7 million for the three months ended March 31, 2026 and 2025, respectively. Estimated amortization expense in future years is expected to be:
|
|
|
|
|
($ in thousands) |
|
|
|
Remainder of 2026 |
|
$ |
41,541 |
|
2027 |
|
|
28,770 |
|
2028 |
|
|
22,769 |
|
2029 |
|
|
21,741 |
|
2030 |
|
|
20,730 |
|
Thereafter |
|
|
17,815 |
|
Total |
|
$ |
153,366 |
|
|