Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

The changes in the carrying value of goodwill are as follows:

Goodwill balance, December 31, 2024 $ 15,540 
Additions (1) 69,067 
Goodwill balance, September 30, 2025 $ 84,607 
(1) Additions represent goodwill associated with the acquisition of Keystone. See Note 2 for additional information.
Intangible Assets

The following table presents information about the Company’s intangible assets as of:

September 30, 2025 December 31, 2024
Estimated Useful Life
Gross
Carrying
Amount
Accumulated
Amortization

 
Net
Gross
Carrying
Amount

Accumulated
Amortization

Net
Customer list (1)
3-10 years
 $ 43,400  $ (4,323) $ 39,077  $ 10,600  $ (3,533) $ 7,067 
Trademarks (1)
6-10 years
 9,800  (678) 9,122  1,000  (556) 444 
Developed technology (1)
3 years
 2,044  (489) 1,555  726  (273) 453 
Total $ 55,244  $ (5,490) $ 49,754  $ 12,326  $ (4,362) $ 7,964 
(1) Includes preliminary estimates of intangible assets associated with the acquisition of Keystone. In 2025, customer list and developed technology, respectively, include intangibles associated with the acquisition of Trinity in 2021.

For the three months ended September 30, 2025 and 2024, amortization of its finite-lived intangible assets were $364 and $275, respectively. For the nine months ended September 30, 2025 and 2024, amortization of its finite-lived intangible assets were $1,128 and $961, respectively.
As of September 30, 2025, the estimated amortization expense of its finite-lived intangible assets for each of the next five years are as follows:

For the Year Ended December 31,
2025 $ 1,491 
2026 5,963 
2027 5,850 
2028 5,493 
2029 5,206 
Thereafter 25,751 
Total $ 49,754