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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the year ended December 31, 2023 were as follows (in thousands): ​
​ | ​ | ​ | ​
Balance - January 1, 2023 |  | $ | 2,038
Foreign currency translation adjustment | ​ |  | 37
Balance - December 31, 2023 | ​ | $ | 2,075
​ As of September 30, 2023 the Company performed its annual goodwill impairment analysis on the Agility segment. It involved a quantitative goodwill impairment test and estimated the fair value based on a combination of the income approach (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 revenues, operating income, and other factors such as working capital and capital expenditures. As part of the DCF analysis, the Company projected revenue and operating profit 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. 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 approaches using 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. The carrying value of Goodwill was $2.1 million and $2.0 million as of December 31, 2023, and 2022, respectively. Information regarding the Company acquired intangible assets and capitalized developed software was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | ​ |  | ​ |  | Foreign Currency |  | ​
​ | ​ | Gross | ​ | Accumulated | ​ | Translation | ​ | Net
​ | ​ | Carrying Value | ​ | Amortization | ​ | Adjustment | ​ | Carrying Value
Acquired Intangible Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Developed technology | ​ | $ | 2,999 | ​ | $ | (2,640) | ​ | $ | 7 | ​ | $ | 366
Customer relationships | ​ |  | 2,096 | ​ |  | (1,645) | ​ |  | 10 | ​ |  | 461
Trademarks and tradenames | ​ |  | 852 | ​ |  | (774) | ​ |  | 2 | ​ |  | 80
Patents | ​ |  | 43 | ​ |  | (40) | ​ |  | - | ​ |  | 3
Media Contact Database | ​ |  | 3,492 | ​ |  | (2,621) | ​ |  | 16 | ​ |  | 887
Total Acquired Intangible Assets | ​ | $ | 9,482 | ​ | $ | (7,720) | ​ | $ | 35 | ​ | $ | 1,797
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capitalized Developed Software | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Capitalized Developed Software | ​ | $ | 15,216 | ​ | $ | (6,862) | ​ | $ | 138 | ​ | $ | 8,492
Capitalized Developed Software - in Progress | ​ |  | 3,480 | ​ |  | - | ​ |  | (11) | ​ |  | 3,469
Total Capitalized Developed Software | ​ | $ | 18,696 | ​ | $ | (6,862) | ​ | $ | 127 | ​ | $ | 11,961
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 28,178 | ​ | $ | (14,582) | ​ | $ | 162 | ​ | $ | 13,758
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ |  | ​ |  | Foreign Currency |  | ​
​ | ​ | Gross | ​ | Accumulated | ​ | Translation | ​ | Net
​ | ​ | Carrying Value | ​ | Amortization | ​ | Adjustment | ​ | Carrying Value
Acquired Intangible Assets |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Developed technology | ​ | $ | 3,169 | ​ | $ | (2,468) | ​ | $ | (43) | ​ | $ | 658
Customer relationships | ​ |  | 2,228 | ​ |  | (1,560) | ​ |  | (42) | ​ |  | 626
Trademarks and tradenames | ​ |  | 880 | ​ |  | (740) | ​ |  | (8) | ​ |  | 132
Patents | ​ |  | 45 | ​ |  | (38) | ​ |  | 1 | ​ |  | 8
Media Contact Database | ​ |  | 3,648 | ​ |  | (2,358) | ​ |  | (68) | ​ |  | 1,222
Total Acquired Intangible Assets | ​ | $ | 9,970 | ​ | $ | (7,164) | ​ | $ | (160) | ​ | $ | 2,646
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capitalized Developed Software | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Capitalized Developed Software | ​ | $ | 11,845 | ​ | $ | (4,398) | ​ | $ | (348) | ​ | $ | 7,099
Capitalized Developed Software - in Progress | ​ |  | 2,787 | ​ |  | - | ​ |  | (6) | ​ |  | 2,781
Total Capitalized Developed Software | ​ | $ | 14,632 | ​ | $ | (4,398) | ​ | $ | (354) | ​ | $ | 9,880
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 24,602 | ​ | $ | (11,562) | ​ | $ | (514) | ​ | $ | 12,526
​ Amortization expense relating to acquired intangible assets was approximately $0.9 million for each of the years ended December 31, 2023 and 2022, respectively. Amortization expense relating to capitalized developed software was approximately $2.7 million and $1.8 million for the years ended December 31, 2023 and 2022, respectively. Estimated annual amortization expense for intangible assets subsequent to December 31, 2023 is as follows (in thousands): ​
​ | ​ | ​ | ​
Year |  | Amortization
2024 | ​ | $ | 4,929
2025 | ​ |  | 3,976
2026 | ​ | ​ | 2,704
2027 | ​ |  | 739
2028 | ​ |  | 597
Thereafter | ​ |  | 813
​ | ​ | $ | 13,758
​

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