Note 7 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

7. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the years ended  December 31, 2024 and 2023 are as follows (in thousands):

	2024
Balance at January 1, 2024	$	191,379
Acquisition of TCPS		690
Acquisition of The Clinical Hub		194
Effect of exchange rate changes		(1,043	)
Balance at December 31, 2024	$	191,220

	2023
Balance at January 1, 2023	$	192,398
Post-closing adjustment for eeds		(1,305	)
Effect of exchange rate changes		286
Balance at December 31, 2023	$	191,379

Intangible assets other than goodwill that are considered to have finite useful lives include customer-related intangibles consisting of customer relationships, which are amortized over their estimated useful lives ranging from eight to eighteen years, and other intangible assets consisting of developed technology, non-competition agreements, and trade names, which are amortized over their estimated useful lives ranging from one to ten years. Amortization of intangible assets was $13.4 million, $14.9 million, and $14.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Identifiable intangible assets are comprised of the following (in thousands):

	As of December 31, 2024							As of December 31, 2023
	Gross Amount		Accumulated Amortization			Net		Gross Amount		Accumulated Amortization			Net
Customer related	$	106,001	$	(58,536	)	$	47,465	$	111,837	$	(57,095	)	$	54,742
Other		27,865		(19,782	)		8,083		29,892		(16,603	)		13,289
Total	$	133,866	$	(78,318	)	$	55,548	$	141,729	$	(73,698	)	$	68,031

The expected future annual amortization expense for the years ending December 31, is as follows (in thousands):

2025	$	12,757
2026		9,528
2027		8,745
2028		5,547
2029		3,935
Thereafter		15,036
Total	$	55,548