Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2022

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, and consist of the following, as of June 30, 2022:

	Weighted
	Average	Intangible				Intangible
	Useful Life	Assets,		Accumulated		Assets,
	(in years)	gross		Amortization		Net
Customer relationships	8.0	$	71,480	$	(10,557)	$	60,923
Acquired technology	5.0		50,115		(15,105)		35,010
Trademarks and tradenames	12.0		26,088		(3,790)		22,298
Non-compete agreements	3.0		650		(378)		272
Value of business acquired	1.0		400		(400)		—
Renewal rights	6.0		9,824		(1,462)		8,362
Trademarks and tradenames	Indefinite		4,750		—		4,750
Insurance licenses	Indefinite		4,960		—		4,960
Total intangible assets		$	168,267	$	(31,692)	$	136,575

The aggregate amortization expense related to intangibles was $5.4 million and $2.7 million for the three months ended June 30, 2022 and 2021, respectively, and $10.9 million and $4.1 million for the six months ended June 30, 2022 and 2021, respectively.

Goodwill

The following tables summarize the changes in the carrying amount of goodwill for the three and six months ended June 30, 2022:

	Goodwill
Balance as of December 31, 2021	$	225,654
Purchase price adjustments		922
Balance as of March 31, 2022		226,576
Acquisitions		47,445
Purchase price adjustments		(190)
Balance as of June 30, 2022	$	273,831