Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

A reporting unit is the level at which goodwill is tested for impairment, and is defined as an operating segment or one level below an operating segment, if certain criteria are met. Under its current corporate structure, the Company has one operating segment and eight reporting units.

Goodwill

The following table summarizes changes in the carrying amount of goodwill (in thousands):


Balance as of December 31, 2022	37,775

Goodwill acquired during the year (a)	13,020
Effect of change in foreign currency exchange rates	576

Balance as of March 31, 2023	$	51,371

(a) Refer to Note 5 for discussion of VIA acquisition.

Intangible Assets

The following tables summarize information regarding amortizing and indefinite lived intangible assets (in thousands):


	March 31, 2023
	Weighted Average Remaining Useful Life (in years)	Intangible before impairment		Accumulated amortization		Accumulated impairment charge		Net balance
Definite lived intangible assets*
Patents, trademarks and brands	19.8	33,128		(2,060)		(5,644)		25,424
Customer relationships	13.5	14,149		(1,179)		—		12,970
Licenses	4.2	1,105		(166)		(851)		88
Lender relationships	0	2,510		(594)		(1,916)		—
Software	2.7	142		(48)		—		94
Technology	18.1	122,705		(5,216)		—		117,489
Total		173,739		(9,263)		(8,411)		156,065
Indefinite lived intangible assets
Timios title plant		500		—		(500)		—
Website name		25		—		—		25
Total		$	174,264	$	(9,263)	$	(8,911)	$	156,090


	December 31, 2022
	Gross carrying amount		Accumulated amortization		Accumulated impairment charge		Net balance
Definite lived intangible assets*
Patents, trademarks and brands	$	22,974	$	(1,625)	$	(1,520)	$	19,829
Customer relationships	13,937		(824)		—		13,113
Licenses	1,141		(148)		—		993
Lender relationships	16,600		(2,034)		(12,548)		2,018
Software	4,491		(1,288)		(3,182)		21
Technology	18,225		(1,956)		—		16,269
Total	77,368		(7,875)		(17,250)		52,243
Indefinite lived intangible assets
Timios title plant	500		—		—		500
Website name	25		—		—		25
Total	$	77,893	$	(7,875)	$	(17,250)	$	52,768

*excludes intangible assets fully amortized or written off in prior period

As discussed in Note 17, update for purchase agreement discussion and impairment considerations. As a result, the Company recorded an impairment charge of $8.9 million for the three months ended March 31, 2023.

Amortization expense relating to intangible assets was $4.1 million and $1.0 million for the three month ended March 31, 2023 and 2022, respectively.

The following table summarizes the expected amortization expense for the following years (in thousands):


	Amortization to be recognized
2023 (excluding the three months ended March 31, 2023)	$	15,766
2024	18,764
2025	16,651
2026	14,773
2027	13,168
2028 and thereafter	76,943
Total	$	156,065