INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2021

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of September 30, 2021 and December 31, 2020 consisted of the following (in thousands):

	September 30, 2021		December 31, 2020
Tradenames	$	33,456	$	32,317
Referral relationships, net of accumulated amortization of $16,934 and $14,522, respectively		25,055		22,119
Non-compete agreements, net of accumulated amortization of $6,313 and $5,993, respectively		1,575		1,844
	$	60,086	$	56,280

Tradenames, referral relationships and non-compete agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. The value assigned to referral relationships is being amortized over their respective estimated useful lives which range from six to thirteen years. Non-compete agreements are amortized over the respective term of the agreements which range from five to six years.

The following table details the amount of amortization expense recorded for intangible assets for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Referral relationships	$	852	$	684	$	2,412	$	2,133
Non-compete agreements		143		150		320		414
	$	995	$	834	$	2,732	$	2,547

Based on the balance of referral relationships and non-compete agreements as of September 30, 2021, the expected amount to be amortized in 2021 and thereafter by year is as follows (in thousands):

Referral Relationships			Non-Compete Agreements
Years	Annual Amount		Years	Annual Amount
Ending December 31,			Ending December 31,
2021 (excluding the nine months ended September 30, 2021)	$	828	2021 (excluding the nine months ended September 30, 2021)	$	138
2022	$	3,264	2022	$	412
2023	$	3,156	2023	$	343
2024	$	2,992	2024	$	287
2025	$	2,848	2025	$	221
Thereafter	$	11,967	Thereafter	$	174