Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2021

Intangible Assets and Goodwill

Intangible Assets and Goodwill

6. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization.

Intangible assets consist of the following as of December 31, 2021:

	Weighted
	Average	Intangible				Intangible
	Useful Life	Assets,		Accumulated		Assets,
	(in years)	gross		Amortization		Net
Customer relationships	9.0	$	56,810	$	(6,760)	$	50,050
Acquired technology	5.0		48,135		(10,095)		38,040
Trademarks and tradenames	12.0		25,389		(2,587)		22,802
Non-compete agreements	2.0		450		(251)		199
Value of business acquired	1.0		400		(294)		106
Renewal rights	6.0		9,734		(811)		8,923
Trademarks and tradenames	Indefinite		4,750		—		4,750
Insurance licenses	Indefinite		4,960		—		4,960
Total intangible assets		$	150,628	$	(20,798)	$	129,830

Intangible assets consist of the following as of December 31, 2020:

	Weighted
	Average	Intangible				Intangible
	Useful Life	Assets,		Accumulated		Assets,
	(in years)	gross		Amortization		Net
Customer relationships	7.0	$	8,440	$	(2,173)	$	6,267
Acquired technology	6.0		12,170		(5,481)		6,689
Trademarks and tradenames	9.0		3,688		(893)		2,795
Non-compete agreements	2.0		225		(15)		210
Total intangible assets		$	24,523	$	(8,562)	$	15,961

Aggregate amortization expense related to intangibles was $12.3 million, $2.9 million and $3.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated intangibles amortization expense for the next five years and thereafter consists of the following:

	Estimated
	Amortization
	Expense
2022	$	21,419
2023		20,773
2024		19,722
2025		16,648
2026		8,718
Thereafter		32,840
	$	120,120

Goodwill

The following tables summarize the changes in the carrying amount of goodwill:

	Goodwill
Balance as of January 1, 2019	$	21,305
Acquisitions		916
Divestitures		(3,657)
Purchase price adjustments		(290)
Balance as of December 31, 2019		18,274
Acquisitions		10,176
Divestitures		(161)
Balance as of December 31, 2020		28,289
Acquisitions		197,365
Balance as of December 31, 2021	$	225,654