| Summary of Intangible Assets |
A summary of intangible assets as of September 30, 2026 and December 31, 2025 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
(in thousands) |
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
Customer relationships |
|
$ |
147,188 |
|
|
$ |
(35,852 |
) |
|
$ |
111,336 |
|
Trade names |
|
|
12,100 |
|
|
|
(2,896 |
) |
|
|
9,204 |
|
Technology, patents, and other |
|
|
30,693 |
|
|
|
(1,641 |
) |
|
|
29,052 |
|
Total |
|
$ |
189,981 |
|
|
$ |
(40,389 |
) |
|
$ |
149,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
(in thousands) |
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
Customer relationships |
|
$ |
145,648 |
|
|
$ |
(46,488 |
) |
|
$ |
99,160 |
|
Trade names |
|
|
11,700 |
|
|
|
(1,822 |
) |
|
|
9,878 |
|
Technology, patents, and other |
|
|
8,100 |
|
|
|
(908 |
) |
|
|
7,192 |
|
Total |
|
$ |
165,448 |
|
|
$ |
(49,218 |
) |
|
$ |
116,230 |
|
The weighted average amortization period for identifiable intangible assets acquired as of September 30, 2026 is 8.9 years.
|
| Schedule of Estimated Future Amortization Expenses |
The following table presents the future amortization for intangible assets as of September 30, 2026:
|
|
|
|
|
Year |
|
(in thousands) |
|
Remainder of 2026 |
|
$ |
4,668 |
|
2027 |
|
|
18,671 |
|
2028 |
|
|
18,671 |
|
2029 |
|
|
17,600 |
|
2030 |
|
|
15,680 |
|
Thereafter |
|
|
74,302 |
|
Total |
|
$ |
149,592 |
|
|
| Schedule of Goodwill |
The following table presents a roll-forward of goodwill for the periods ended September 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Goodwill, Gross |
|
|
Accumulated
Impairment |
|
|
Goodwill, Net |
|
Balance at December 31, 2025 |
|
$ |
170,224 |
|
|
$ |
(70,504 |
) |
|
$ |
99,720 |
|
Additions – DIS acquisition |
|
|
5,116 |
|
|
|
— |
|
|
|
5,116 |
|
Additions - TCO Group acquisition |
|
|
31,714 |
|
|
|
— |
|
|
|
31,714 |
|
Measurement period adjustment - Citadel |
|
|
1,085 |
|
|
|
— |
|
|
|
1,085 |
|
Foreign currency translation adjustment |
|
|
1,145 |
|
|
|
— |
|
|
|
1,145 |
|
Balance at September 30, 2026 |
|
$ |
209,284 |
|
|
$ |
(70,504 |
) |
|
$ |
138,780 |
|
|