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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
 
Goodwill

Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired less liabilities assumed arising from business combinations. The Company believes the goodwill represents the synergies expected from expanded market opportunities when integrating with its offerings.

The changes in the carrying amount of goodwill for the three months ended March 31, 2025 is due to the acquisition. For additional information regarding the acquisition, see Note 4.

The following table reflects goodwill activity for the three months ended March 31, 2025 (in thousands):

 Amount
(unaudited)
Balance at December 31, 2024$23,135 
Goodwill acquired16,615 
Balance at March 31, 2025$39,750 
Intangible Assets

Total cost and amortization of intangible assets is comprised of the following (in thousands, except useful life):
 Estimated Useful LifeMarch 31, 2025
Intangible assets, net(in years)(unaudited)
Developed technology & non-compete9$6,040 
Total intangible assets6,040 
Less: Accumulated amortization(26)
Total intangible assets, net$6,014 

Intangible assets are expensed on a straight-line basis over the useful life of the asset. The Company recorded amortization expense of $26 and $381 for the three months ended March 31, 2025 and 2024, respectively.

The following table summarizes estimated future amortization expense of the Company's intangible assets as of March 31, 2025 (in thousands):

 Amount
Years ending December 31,(unaudited)
2025$510 
2026680 
2027680 
2028669 
2029667 
Thereafter2,808 
Total future amortization expense$6,014