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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 2. Goodwill and Intangible Assets Goodwill As of September 30, 2022, the Company performed its annual goodwill impairment analysis on one of its reporting units, the Agility segment. The Company also tested for impairment intangible assets for the Agility and Synodex segments. The impairment test involves estimating the fair value based on a combination of income (estimates of future discounted cash flows) and the market approach (market multiples for similar companies) using unobservable inputs (Level 3). The income approach uses a discounted cash flow (“DCF”) method that utilizes the present value of cash flows to estimate the segment’s fair value. The future cash flows of the segment were projected based on the Company’s estimates of future revenue, operating income, and other factors such as working capital and capital expenditures. As part of the DCF analysis, the Company projected revenue and operating profits and assumed long-term revenue growth rates in the terminal year. The market approach utilizes multiples of revenues and earnings before interest expense, taxes, depreciation, and amortization (“EBITDA”) to estimate the segment’s fair value. The market multiples used for the segment were based on a group of comparable companies’ market multiples applied to the Company’s revenue. The Company concluded that there is no impairment of goodwill and intangible assets for the Agility and Synodex segments. The change in the carrying amount of goodwill for the nine months ended September 30, 2022 was as follows (in thousands): ​
​ | ​ | ​ | ​
Balance as of January 1, 2022 |  | $ | 2,143
Foreign currency translation adjustment | ​ |  | (161)
Balance as of September 30, 2022 | ​ | $ | 1,982
​ The fair value measurement of goodwill for the Agility segment was classified within Level 3 of the fair value hierarchy because the Company used the income approach, which utilizes significant inputs that are unobservable in the market and the market multiple approach which utilizes comparable entities to further validate the carrying values. The Company believes it made reasonable estimates and assumptions to calculate the fair value of the reporting unit as of the impairment test measurement date. Intangibles Information regarding the Company acquired intangible assets and capitalized developed software was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Capitalized Developed | ​ | ​ | ​
​ | ​ | Company Acquired Intangible Assets |  | Software | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Capitalized | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Trademarks | ​ | ​ | ​ | ​ | Media | ​ | Capitalized | ​ | Developed | ​ | ​ | ​
​ | ​ | Developed | ​ | Customer | ​ | and | ​ | ​ | ​ | ​ | Contact | ​ | Developed | ​ | Software - in | ​ | ​ | ​
​ |  | technology |  | relationships |  | tradenames |  | Patents |  | Database |  | Software |  | Progress |  | Total
Gross carrying amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, 2022 | ​ | $ | 3,169 | ​ | $ | 2,228 | ​ | $ | 880 | ​ | $ | 45 | ​ | $ | 3,648 | ​ | $ | 8,576 | ​ | $ | 635 | ​ | $ | 19,181
Additions |  | ​ | - |  | ​ | - |  | ​ | - |  | ​ | - |  | ​ | - |  | ​ | - |  | ​ | 4,244 |  | ​ | 4,244
Transfers |  | ​ | - |  | ​ | - |  | ​ | - |  | ​ | - |  | ​ | - |  | ​ | 2,882 |  | ​ | (2,882) |  | ​ | -
Foreign currency translation |  | ​ | (235) |  | ​ | (162) |  | ​ | (42) |  | ​ | (3) |  | ​ | (284) |  | ​ | (656) |  | ​ | (12) |  | ​ | (1,394)
Balance as of September 30, 2022 | ​ | $ | 2,934 | ​ | $ | 2,066 | ​ | $ | 838 | ​ | $ | 42 | ​ | $ | 3,364 | ​ | $ | 10,802 | ​ | $ | 1,985 | ​ | $ | 22,031
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated amortization: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Balance as of January 1, 2022 | ​ | $ | 2,158 | ​ | $ | 1,377 | ​ | $ | 685 | ​ | $ | 34 | ​ | $ | 2,005 | ​ | $ | 2,575 | ​ | $ | - | ​ | $ | 8,834
Amortization expense | ​ |  | 235 | ​ |  | 139 | ​ |  | 42 | ​ |  | 3 | ​ |  | 267 | ​ |  | 1,286 | ​ |  | - | ​ |  | 1,972
Foreign currency translation | ​ |  | (175) | ​ |  | (110) | ​ |  | (30) | ​ |  | (3) | ​ |  | (170) | ​ |  | (229) | ​ |  | - | ​ |  | (717)
Balance as of September 30, 2022 | ​ | $ | 2,218 | ​ | $ | 1,406 | ​ | $ | 697 | ​ | $ | 34 | ​ | $ | 2,102 | ​ | $ | 3,632 | ​ | $ | - | ​ | $ | 10,089
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net carrying values - September 30, 2022 | ​ | $ | 716 | ​ | $ | 660 | ​ | $ | 141 | ​ | $ | 8 | ​ | $ | 1,262 | ​ | $ | 7,170 | ​ | $ | 1,985 | ​ | $ | 11,942
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Company Acquired Intangible Assets | ​ | Capitalized Developed Software | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Capitalized | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Trademarks | ​ | ​ | ​ | ​ | Media | ​ | Capitalized | ​ | Developed | ​ | ​ | ​
​ |  | Developed |  | Customer |  | and | ​ | ​ | ​ | ​ | Contact | ​ | Developed | ​ | Software - in | ​ | ​ | ​
​ |  | technology |  | relationships |  | tradenames |  | Patents |  | Database |  | Software |  | Progress |  | Total
Gross carrying amounts: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |
Balance as of January 1, 2021 | ​ | $ | 3,175 | ​ | $ | 2,228 | ​ | $ | 882 | ​ | $ | 45 | ​ | $ | 3,670 | ​ | $ | 5,507 | ​ | $ | 1,360 | ​ | $ | 16,867
Additions | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 376 | ​ | ​ | 2,005 | ​ | ​ | 2,381
Transfers | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 2,752 | ​ | ​ | (2,752) | ​ | ​ | -
Foreign currency translation adjustment | ​ |  | (6) | ​ |  | - | ​ |  | (2) | ​ |  | - | ​ |  | (22) | ​ | ​ | (59) | ​ | ​ | 22 | ​ |  | (67)
Balance as of December 31, 2021 | ​ | $ | 3,169 | ​ | $ | 2,228 | ​ | $ | 880 | ​ | $ | 45 | ​ | $ | 3,648 | ​ | $ | 8,576 | ​ | $ | 635 | ​ | $ | 19,181
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, 2021 | ​ | $ | 1,844 | ​ | $ | 1,192 | ​ | $ | 629 | ​ | $ | 29 | ​ | $ | 1,650 | ​ | $ | 1,492 | ​ | $ | - | ​ | $ | 6,836
Amortization expense | ​ | ​ | 315 | ​ | ​ | 187 | ​ | ​ | 56 | ​ | ​ | 5 | ​ | ​ | 354 | ​ | ​ | 1,089 | ​ | ​ | - | ​ | ​ | 2,006
Foreign currency translation adjustment | ​ | ​ | (1) | ​ | ​ | (2) | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1 | ​ | ​ | (6) | ​ | ​ | - | ​ | ​ | (8)
Balance as of December 31, 2021 | ​ | $ | 2,158 | ​ | $ | 1,377 | ​ | $ | 685 | ​ | $ | 34 | ​ | $ | 2,005 | ​ | $ | 2,575 | ​ | $ | - | ​ | $ | 8,834
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net carrying amounts - December 31, 2021 | ​ | $ | 1,011 | ​ | $ | 851 | ​ | $ | 195 | ​ | $ | 11 | ​ | $ | 1,643 | ​ | $ | 6,001 | ​ | $ | 635 | ​ | $ | 10,347
​ Amortization expense relating to acquired intangible assets was $0.2 million and $0.7 million for the three and nine months ended September 30, 2022. Amortization expense relating to capitalized developed software was $0.5 million and $1.3 million for the three and nine months ended September 30, 2022. As of September 30, 2022, estimated future amortization expense for intangible assets was as follows (in thousands): ​
​ | ​ | ​ | ​
Year |  | Amortization
2022 | ​ | $ | 761
2023 | ​ | $ | 3,579
2024 | ​ | $ | 3,124
2025 | ​ | $ | 2,217
2026 | ​ | $ | 818
Thereafter | ​ | $ | 1,443
​ | ​ | $ | 11,942
​

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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