| Intangible Assets |
Intangible Assets Intangible assets, net consisted of the following as of December 31, 2024 (in thousands):
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|
|
|
|
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|
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Value |
|
Remaining Useful Life (Years) |
| Customer relationships |
$ |
40,200 |
|
$ |
(6,909) |
|
$ |
33,291 |
|
13.25 |
| Trade name |
7,400 |
|
(2,908) |
|
4,492 |
|
4.25 |
|
|
|
|
|
|
|
|
| Total: |
$ |
47,600 |
|
$ |
(9,817) |
|
$ |
37,783 |
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|
Intangible assets, net consisted of the following as of December 31, 2023 (in thousands):
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|
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Value |
|
Remaining Useful Life (Years) |
| Customer relationships |
$ |
40,200 |
|
$ |
(4,397) |
|
$ |
35,803 |
|
14.25 |
| Trade name |
7,400 |
|
(1,850) |
|
5,550 |
|
5.25 |
| Non-compete agreements |
4,700 |
|
(4,700) |
|
— |
|
0 |
| Total: |
$ |
52,300 |
|
$ |
(10,947) |
|
$ |
41,353 |
|
|
As of December 31, 2024, future amortization expense is expected to be as follows (in thousands):
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|
|
|
|
| 2025 |
$ |
3,570 |
| 2026 |
3,570 |
| 2027 |
3,570 |
| 2028 |
3,570 |
| 2029 |
2,777 |
| Thereafter |
20,726 |
| Total |
$ |
37,783 |
During the year ended December 31, 2023, the Company identified indicators of impairment related to goodwill due to the significant decline in the Company’s stock price. Management concluded that due to the sustained decrease in its stock price and related market capitalization throughout 2023, it was more likely than not that the Company’s fair value was less than its carrying amount. After performing the quantitative impairment test in accordance with ASC 350, the Company determined that the carrying amount of its single reporting unit exceeded the fair value of the reporting unit, resulting in a full impairment of the goodwill asset for the year ended December 31, 2023.
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