Note 9 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

9. 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 is determined to have an indefinite useful life and is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350.

Intangible assets

Intangible assets, net consisted of the following as of March 31, 2023 and December 31, 2022:

(In thousands, except weighted average useful life)	March 31, 2023
Intangible assets:	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
Customer Relationships	$	11,288	$	(4,446	)	$	6,842		9.1
Tradenames		13,731		(4,556	)		9,175		12.6
Technology - acquired		27,892		(13,528	)		14,364		4.6
Non-compete agreements		1,187		(939	)		248		1.8
Total intangible assets	$	54,098	$	(23,469	)	$	30,629		8.0

(In thousands, except weighted average useful life)	December 31, 2022
Intangible assets:	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
Customer Relationships	$	11,288	$	(3,993	)	$	7,295		9.3
Tradenames		13,731		(4,323	)		9,408		12.8
Technology - acquired		27,892		(12,796	)		15,096		4.9
Non-compete agreements		1,187		(898	)		289		2.0
Total intangible assets	$	54,098	$	(22,010	)	$	32,088		8.2

Amortization expense for definite-lived intangible assets was $1.5 million and $2.9 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the Company expects to record the following amortization expense for definite-lived intangible assets:

(In thousands)	Amortization
For the Years Ending December 31,	Expense
2023 (9 months remaining)	$	3,972
2024		4,607
2025		4,435
2026		4,137
2027		3,383
Thereafter		10,095
Total	$	30,629