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Intangible Assets, Net | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, Net | 4. Intangible Assets, Net At June 30, 2024, the Company’s intangible assets, net, consisted of the following (in thousands):
|  | Useful Life (Years) |  | Gross June 30, 2024 |  |  | Accumulated Amortization |  |  | Net June 30, 2024 |
Indefinite lived assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | N/A |  | $ | 2,150 |  |  | $ | — |  |  | $ | 2,150 |
Licenses |  | N/A |  |  | 1,900 |  |  |  | — |  |  |  | 1,900 |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Network relationships |  | 11-21 |  |  | 156,779 |  |  |  | (109,380 | ) |  |  | 47,399 |
Management contracts |  | 15 |  |  | 22,832 |  |  |  | (17,341 | ) |  |  | 5,491 |
Member relationships |  | 7-14 |  |  | 71,977 |  |  |  | (13,428 | ) |  |  | 58,549 |
Patient management platform |  | 5 |  |  | 2,060 |  |  |  | (2,060 | ) |  |  | — |
Tradename/trademarks |  | 20 |  |  | 1,011 |  |  |  | (333 | ) |  |  | 678 |
Developed technology |  | 6 |  |  | 107 |  |  |  | (43 | ) |  |  | 64 |
|  |  |  | $ | 258,816 |  |  | $ | (142,585 | ) |  | $ | 116,231 |
At December 31, 2023, the Company’s intangible assets, net, consisted of the following (in thousands):
|  | Useful Life (Years) |  | Gross December 31, 2023 |  |  | Accumulated Amortization |  |  | Net December 31, 2023 |
Indefinite lived assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | N/A |  | $ | 2,150 |  |  | $ | — |  |  | $ | 2,150 |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Network relationships |  | 11-21 |  |  | 150,679 |  |  |  | (104,859 | ) |  |  | 45,820 |
Management contracts |  | 15 |  |  | 22,832 |  |  |  | (16,662 | ) |  |  | 6,170 |
Member relationships |  | 10-14 |  |  | 24,077 |  |  |  | (7,345 | ) |  |  | 16,732 |
Patient management platform |  | 5 |  |  | 2,060 |  |  |  | (2,060 | ) |  |  | — |
Tradename/trademarks |  | 20 |  |  | 1,011 |  |  |  | (308 | ) |  |  | 703 |
Developed technology |  | 6 |  |  | 107 |  |  |  | (34 | ) |  |  | 73 |
|  |  |  | $ | 202,916 |  |  | $ | (131,268 | ) |  | $ | 71,648 |
For the three months ended June 30, 2024 and 2023, the Company recognized amortization expenses of $6.9 million and $3.3 million, respectively, in depreciation and amortization on the accompanying condensed consolidated statements of income. For the six months ended June 30, 2024 and 2023, the Company recognized amortization expenses of $11.3 million and $6.3 million, respectively, in depreciation and amortization on the accompanying condensed consolidated statements of income. The Company determined that there was no impairment of its finite-lived intangible or long-lived assets during the six months ended June 30, 2024 and 2023. Future amortization expense is estimated to be as follows for the following years ending December 31 (in thousands):
|  | Amount |
2024 (excluding the six months ended June 30, 2024) |  | $ | 13,452 |
2025 |  |  | 22,948 |
2026 |  |  | 18,710 |
2027 |  |  | 15,220 |
2028 |  |  | 12,497 |
Thereafter |  |  | 29,354 |
Total |  | $ | 112,181 |

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