| Goodwill and Intangible Assets |
5. Goodwill and Intangible Assets
The following is a summary of changes to the goodwill carrying value from December 31, 2024 to March 31, 2025:
|
|
|
|
(in thousands) |
|
|
|
Goodwill at December 31, 2024 |
|
$ |
427,621 |
Business combinations (Rockerbox) |
|
|
71,936 |
Foreign exchange impact |
|
|
5,205 |
Goodwill at March 31, 2025 |
|
$ |
504,762 |
The following table summarizes the Company’s intangible assets and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
March 31, 2025 |
|
December 31, 2024 |
|
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Trademarks and brands |
|
$ |
11,733 |
|
$ |
(6,154) |
|
$ |
5,579 |
|
$ |
11,732 |
|
$ |
(5,966) |
|
$ |
5,766 |
Customer relationships |
|
|
167,426 |
|
|
(80,676) |
|
|
86,750 |
|
|
159,919 |
|
|
(76,961) |
|
|
82,958 |
Developed technology |
|
|
103,487 |
|
|
(73,951) |
|
|
29,536 |
|
|
91,556 |
|
|
(69,924) |
|
|
21,632 |
Total intangible assets |
|
$ |
282,646 |
|
$ |
(160,781) |
|
$ |
121,865 |
|
$ |
263,207 |
|
$ |
(152,851) |
|
$ |
110,356 |
Amortization expense related to intangible assets for the three months ended March 31, 2025 and March 31, 2024 was $7.2 million and $7.3 million, respectively.
Estimated future expected amortization expense of intangible assets as of March 31, 2025 is as follows:
|
|
|
|
(in thousands) |
|
|
|
2025 (for remaining nine months) |
|
$ |
22,061 |
2026 |
|
|
25,237 |
2027 |
|
|
21,319 |
2028 |
|
|
18,160 |
2029 |
|
|
13,606 |
2030 |
|
|
6,888 |
Thereafter |
|
|
14,594 |
Total |
|
$ |
121,865 |
The weighted-average remaining useful life by major asset classes as of March 31, 2025 is as follows:
|
|
|
|
|
(In years) |
Trademarks and brands |
|
8 |
Customer relationships |
|
6 |
Developed technology |
|
2 |
There were no impairments of Goodwill or Intangible assets identified during the three months ended March 31, 2025 and March 31, 2024.
|