Opening of Proposals - WWTP Solar Guaranteed Energy Savings Contract Proj. No. 124-015 - Ameresco

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Table of Contents AMERESCO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share amounts) Intangible Assets, Net Definite -lived intangible assets, net consisted of the following: Gross carrying amount Customer contracts Customer relationships Non -compete agreements Technology Tradenames Total gross carrying amount Accumulated Amortization Customer contracts Customer relationships Non -compete agreements Technology Tradenames Total accumulated amortization Intangible assets, net As of December 31, 2023 2022 $ 8,859 21,182 3,013 2,723 1,370 37,147 8,859 14,979 3,013 2,723 765 $ 8,288 17,755 2,980 2,713 541 32,277 8,288 13,066 2,980 2,713 537 30,339 27,584 $ 6,808 $ 4,693 Customer contracts are amortized ratably over the period of the acquired customer contracts ranging in periods from approximatelyone to eight years. All other intangible assets are amortized over periods ranging from approximately four to fifteen years, as defined by the nature of the respective intangible asset. Separable intangible assets that are not deemed to have indefinite lives are amortized over their useful lives. We annually assess whether a change in the useful life is necessary, or more frequently if events or circumstances warrant. No changes to useful lives were made during the years ended December 31, 2023, 2022, and 2021. The table below sets forth amortization expense: Year Ended December 31, Location 2023 2022 2021 Customer contracts Cost of revenues $ — $ 551 $ — Customer relationships Selling, general and administrative expenses 2,141 1,303 310 Technology Selling, general and administrative expenses — 1 8 Tradenames Selling, general and administrative expenses 225 3 3 Total amortization expense $ 2,366 $ 1,858 $ 321 73