GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 6 – GOODWILL AND INTANGIBLE ASSETS

Intangible assets consist primarily of customer relationships and trade names. The table below illustrates the useful lives of each class of intangible assets and the remaining weighted average amortization period.


						Weighted Average
Amortizable Intangible Assets			Estimated Useful Life			Amortization Period
Membership lists			15 years			4.1
Customer relationships			10-20 years			11.9
Trade names			10 years			1.8
Non-compete and other			10-15 years			2.6

Intangible assets consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):


		March 31, 2026									December 31, 2025
		Gross						Net			Gross						Net
		carrying			Accumulated			carrying			carrying			Accumulated			carrying
		amount			amortization			amount			amount			amortization			amount
Amortizable intangible assets
Customer relationships		$	1,220,060		$	(618,865)		$	601,195		$	1,220,060		$	(604,508)		$	615,552
Membership lists			92,000			(67,006)			24,994			92,000			(65,473)			26,527
Trade names			73,318			(71,552)			1,766			73,318			(71,302)			2,016
Non-compete and other			7,197			(6,977)			220			7,197			(6,955)			242
Total amortizing intangible assets			1,392,575			(764,400)			628,175			1,392,575			(748,238)			644,337

Non-amortizable intangible assets
Trade names			540,300			—			540,300			540,300			—			540,300
Certificates of need			19,600			—			19,600			19,600			—			19,600
Total non-amortizing intangible assets			559,900			—			559,900			559,900			—			559,900

Total intangibles, net		$	1,952,475		$	(764,400)		$	1,188,075		$	1,952,475		$	(748,238)		$	1,204,237

Aggregate amortization of intangible assets was $16.2 million and $19.7 million for the three months ended March 31, 2026 and 2025, respectively.