Goodwill and Other Intangibles

12 Months Ended

Dec. 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 or intangibles noted for the years ended December 31, 2024 and 2023. Goodwill has a carrying value of $148.1 million as of both December 31, 2024 and 2023.

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


	As of December 31, 2024
(in thousands)	Carrying Value		Accumulated Amortization		Net Carrying Value
Finite-lived:
Customer Relationships	$	20,470	$	(4,185)	$	16,285
Developed Technology	27,700		(15,502)		12,198
Tradenames	750		(237)		513
Subtotal amortizable intangible assets	48,920		(19,924)		28,996
Website domain name	25		—		25
Total intangible assets	$	48,945	$	(19,924)	$	29,021


	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 $6.8 million, $6.8 million, and $5.1 million for the years ended December 31, 2024, 2023, and 2022, 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):


2025	$	6,786
2026	6,554
2027	3,162
2028	1,435
2029	1,435
Thereafter	9,624
	$	28,996