Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in a business combination, at the date of acquisition. Goodwill is not amortized but is tested for potential impairment at the reporting unit level, at a minimum on an annual basis in the fourth fiscal quarter, or when indications of potential impairment exist. Our goodwill reporting units are North America Solutions and Offshore Solutions.


(in thousands)	North America Solutions		Offshore Solutions		Total
Goodwill balance at September 30, 2025	$	45,653	$	137,201	$	182,854
Foreign currency translation adjustment	—		(429)		(429)
Goodwill balance at June 30, 2026	$	45,653	$	136,772	$	182,425

After initial recognition, acquired in-process research and development ("IPR&D") projects are considered indefinite-lived until the abandonment or completion of the associated research and development effort. Acquired IPR&D is not amortized, but is subject to an annual impairment assessment. Included in Intangible assets, net, on our Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and September 30, 2025 was $1.4 million and $3.2 million, of IPR&D, respectively. During the nine months ended June 30, 2026, we recorded a non-cash impairment charge of $3.0 million, associated with previously capitalized IPR&D that were determined to have no alternative future use. This amount is included in Asset impairment charges on our Unaudited Condensed Consolidated Statements of Operations. Additionally, during the nine months ended June 30, 2026, $0.2 million in IPR&D projects were completed and reclassified to a finite-lived intangible asset.

Finite-lived intangible assets are amortized using the straight-line method over the period in which these assets contribute to our cash flows and are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with our policies for valuation of long-lived assets.


		June 30, 2026
(in thousands)	Weighted Average Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net
Finite-lived intangible assets:
Developed technology	14 years	$	110,725	$	(53,232)	$	455	$	57,948
Customer relationships	9 years	432,200		(91,002)		9,190		350,388
Intellectual property	13 years	2,000		(941)		—		1,059
Trade name	13 years	16,570		(3,970)		231		12,831
		$	561,495	$	(149,145)	$	9,876	$	422,226


		September 30, 2025
(in thousands)	Weighted Average Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net
Finite-lived intangible assets:
Developed technology	14 years	$	110,516	$	(47,278)	$	649	$	63,887
Customer relationships	9 years	432,200		(42,077)		13,093		403,216
Intellectual property	13 years	2,000		(821)		—		1,179
Trade name	13 years	16,725		(3,088)		329		13,966
		$	561,441	$	(93,264)	$	14,071	$	482,248

Amortization expense in the Unaudited Condensed Consolidated Statements of Operations was $18.2 million and $18.7 million for the three months ended June 30, 2026 and 2025, respectively and $56.0 million and $31.1 million for the nine months ended June 30, 2026 and 2025, respectively.