Goodwill and Other Intangibles

3 Months Ended

Mar. 31, 2024

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 as of March 31, 2024. Goodwill had a carrying value of $148.1 million as of both March 31, 2024 and December 31, 2023.

Total intangibles, net, consisted of the following as of March 31, 2024 and December 31, 2023:


	As of March 31, 2024
(in thousands)	Carrying Value		Accumulated Amortization		Net Carrying Value
Finite-lived:
Customer Relationships	$	20,470	$	(3,161)	$	17,309
Developed Technology	27,700		(11,489)		16,211
Tradenames	750		(184)		566
Subtotal amortizable intangible assets	48,920		(14,834)		34,086
Website domain name	25		—		25
Total intangible assets	$	48,945	$	(14,834)	$	34,111


	As of December 31, 2023
(in thousands)	Carrying Value		Accumulated Amortization		Net Carrying Value
Finite-lived:
Customer Relationships	$	20,470	$	(2,820)	$	17,650
Developed Technology	27,700		(10,151)		17,549
Tradenames	750		(167)		583
Subtotal amortizable intangible assets	48,920		(13,138)		35,782
Website domain name	25		—		25
Total intangible assets	$	48,945	$	(13,138)	$	35,807

Amortization expense recognized on intangible assets was $1.7 million for both the three months ended March 31, 2024 and 2023.

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


2024 (remaining nine months)	$	5,090
2025	6,786
2026	6,554
2027	3,162
2028	1,435
Thereafter	11,059
	$	34,086