Goodwill and intangible assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

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, 2024 and December 31, 2023:

(In thousands, except weighted average useful life)	March 31, 2024
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer relationships	$	9,936	$	(4,353)	$	5,583	10.4
Tradenames	8,134		(2,231)		5,903		11.0
Technology - acquired	18,372		(9,705)		8,667		3.8
Non-compete agreements	750		(668)		82		0.5
Total intangible assets	$	37,192	$	(16,957)	$	20,235	7.1

(In thousands, except weighted average useful life)	December 31, 2023
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer relationships	$	9,936	$	(4,217)	$	5,719	10.7
Tradenames	8,134		(2,077)		6,057		11.3
Technology - acquired	18,372		(9,123)		9,249		4.1
Non-compete agreements	750		(626)		124		0.8
Total intangible assets	$	37,192	$	(16,043)	$	21,149	7.3

Amortization expense for definite-lived intangible assets was $0.9 million and $1.5 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company expects to record the following amortization expense for definite-lived intangible assets:

(In thousands)	Amortization Expense
For the Years Ending December 31,
2024 (9 months remaining)	$	2,689
2025	3,468
2026	3,358
2027	2,605
2028	1,500
Thereafter	6,615
Total	$	20,235