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Note 6 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and Intangible Assets

Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350. The Company has not identified any triggering events which indicate an impairment of goodwill in the three months ended March 31, 2021.

Intangible Assets

Intangible assets, net consisted of the following at March 31, 2021:

(In thousands, except weighted average useful life)	March 31, 2021
Finite-lived intangible assets:	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
Customer Relationships	$	8,220	$	(499	)	$	7,721		12.6
Tradenames		6,610		(644	)		5,966		13.8
Technology - acquired		19,670		(3,819	)		15,851		6.8
Non-compete agreements		660		(82	)		578		3.5
Total intangible assets	$	35,160	$	(5,044	)	$	30,116		9.6

Intangible assets, net consisted of the following at December 31, 2020:

	December 31, 2020
Finite-lived intangible assets:	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
Customer Relationships	$	8,220	$	(330	)	$	7,890		12.8
Tradenames		6,610		(508	)		6,102		14.0
Technology - acquired		19,670		(3,232	)		16,438		7.1
Non-compete agreements		660		(41	)		619		3.8
Total intangible assets	$	35,160	$	(4,111	)	$	31,049		9.7

Amortization expense for finite-lived intangible assets was $933,000 and $688,000 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company expects to record the following amortization expense:

(In thousands)
For the Years Ended December 31,	Estimated Amortization Expense
2021 (9 months remaining)	$	2,798
2022		3,731
2023		3,701
2024		3,635
2025		3,463
Thereafter		12,788
Total	$	30,116