We believe significant synergies are expected to arise from our strategic acquisitions and their assembled work forces. This factor contributed to a purchase price that was in excess of the fair value of the net assets acquired and, as a result, we recorded goodwill for each acquisition. A portion of acquired goodwill will be amortizable for tax purposes. As of September 30, 2026, there has been no impairment of goodwill based on the qualitative assessments we have performed.


Gross Intangible Assets	December 31, 2025		Acquisitions		September 30, 2026
Customer relationships	$	182,024	$	6,325	$	188,349
Developed technology	19,501		—		19,501
Trade names	880		—		880
Non-compete agreements	1,032		—		1,032
Total	$	203,437	$	6,325	$	209,762

The gross carrying amount and accumulated amortization of our intangible assets are as follows for the periods presented below (in thousands, except weighted average periods):


	Weighted Average Amortization Period (in Years)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
September 30, 2026
Customer relationships	8.4	$	188,349	$	(115,182)	$	73,167
Developed technology	6.6	19,501		(13,439)		6,062
Trade names	4.3	880		(880)		—
Non-compete agreements	5.2	1,032		(964)		68
	8.2	$	209,762	$	(130,465)	$	79,297

December 31, 2025
Customer relationships	8.5	$	182,024	$	(101,343)	$	80,681
Developed technology	6.6	19,501		(12,348)		7,153
Trade names	4.3	880		(880)		—
Non-compete agreements	5.2	1,032		(955)		77
	8.2	$	203,437	$	(115,526)	$	87,911

We record amortization expenses using the straight-line method over the estimated useful lives of the intangible assets, as noted above. Amortization expenses recorded in operating expenses were $13,848 and $13,250 for the nine months ended September 30, 2026 and 2025, respectively. Amortization expenses recorded in cost of sales were $1,091 and $783 for the nine months ended September 30, 2026 and 2025, respectively. There was no impairment of intangibles during the nine months ended September 30, 2026, based on the qualitative assessment we performed. However, if market, political and other conditions over which we have no control continue to affect the capital markets and our stock price declines, we may experience an impairment of our intangibles in future quarters.