Everus Construction Group, Inc.
For the period ended Mar 31, 2025. Filed May 15, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
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4. Goodwill and Other Intangible Assets
Note 4 –Goodwill and Other Intangible Assets
Goodwill
The Company’s carrying amount of goodwill remained unchanged at $143.2 million as of both March 31, 2025 and December 31, 2024. The Company’s reporting units are Electrical & Mechanical, Transmission & Distribution, and Wagner Smith Equipment (“WSE”). WSE is within the Transmission & Distribution reportable segment. Goodwill also remained unchanged for each reportable segment as of both March 31, 2025 and December 31, 2024, with $115.9 million for Electrical & Mechanical and $27.3 million for Transmission & Distribution. No impairments of goodwill were recorded for the three months ended March 31, 2025 and 2024.
Other Intangible Assets, Net
Finite-lived intangible assets were as follows as of:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| (In thousands) | ||
| Customer relationships | $6,990 | $10,450 |
| Less: accumulated amortization | (6,990) | (10,334) |
| Net customer relationships | — | 116 |
| Total | $— | $116 |
Amortization expense for finite-lived intangible assets was $0.1 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively. Amortization expense is recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income. No impairments of finite-lived intangible assets were recorded for the three months ended March 31, 2025 and 2024.
As of March 31, 2025, there wasno future amortization expense remaining for finite-lived intangible assets.
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