Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets deemed to have an indefinite life are not amortized, but are reviewed annually for impairment of value or when indicators of a potential impairment are present. As part of the Company’s business planning cycle, the Company performs an annual goodwill impairment test in the fourth quarter of the fiscal year. There were no indications of impairment of goodwill noted for the years ended December 31, 2022 and 2021. For the year ended December 31, 2022, the Company recorded $99.9 million to goodwill related to the acquisition of Segmint. See Note 3 for further information. Goodwill has a carrying value of $148.0 million and $48.1 million as of December 31, 2022 and 2021, respectively.

Total intangibles, net, consisted of the following as of December 31, 2022 and 2021:


	As of December 31, 2022
(In thousands)	Carrying Value		Accumulated Amortization		Net Carrying Value
Finite-lived:
Customer Relationships	$	20,470	$	(1,455)	$	19,015
Developed Technology	27,700		(4,800)		22,900
Tradenames	750		(97)		653
Subtotal amortizable intangible assets	48,920		(6,352)		42,568
Website domain name	25		—		25
Total intangible assets	$	48,945	$	(6,352)	$	42,593


	As of December 31, 2021
(In thousands)	Carrying Value		Accumulated Amortization		Net Carrying Value
Finite-lived:
Customer Relationships	$	5,270	$	(428)	$	4,842
Developed Technology	7,100		(822)		6,278
Tradenames	50		(31)		19
Subtotal amortizable intangible assets	12,420		(1,281)		11,139
Website domain name	25		—		25
Total intangible assets	$	12,445	$	(1,281)	$	11,164

Amortization expense recognized on intangible assets was $5.1 million, $1.1 million, and $0.2 million for the years ended December 31, 2022, 2021, and 2020, respectively.

The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands):


2023	6,786
2024	6,786
2025	6,786
2026	6,554
2027	3,194
Thereafter	12,462
	$	42,568