GOODWILL AND INTANGIBLE ASSETS-NET

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS-NET

3. GOODWILL AND INTANGIBLE ASSETS-NET

The following is the summary of the carrying amount of goodwill for the six months ended June 30, 2023 and the year ended December 31, 2022:

	Six Months Ended		Year Ended
	June 30, 2023		December 31, 2022
	($ in thousands)
Beginning gross balance	$	61,186	$	61,186
Acquisitions		-		-
Ending gross balance	$	61,186	$	61,186

Intangible assets – net as of June 30, 2023 and December 31, 2022 consist of the following:

	June 30, 2023		December 31, 2022
	($ in thousands)
Contracts and relationships acquired	$	47,597	$	47,597
Capitalized software		25,165		21,547
Non-compete agreements		1,236		1,236
Other intangible assets		8,417		8,415
Total intangible assets		82,415		78,795
Less: Accumulated amortization		54,492		49,275
Intangible assets - net	$	27,923	$	29,520

Capitalized software represents payroll and development costs incurred for internally developed software. Other intangible assets primarily represent purchased intangibles. Amortization expense was approximately $5.4 million and $4.9 million for the six months ended June 30, 2023 and 2022. The weighted-average amortization period is three years.

As of June 30, 2023, future amortization scheduled to be expensed is as follows:

Years ending December 31,	($ in thousands)
2023 (six months)	$	7,180
2024		10,237
2025		6,992
2026		2,464
2027		300
Thereafter		750
Total	$	27,923