INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2022

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of March 31, 2022 and December 31, 2021 consisted of the following (in thousands):

	March 31, 2022		December 31, 2021
Tradenames	$	39,456	$	38,790
Customer and referral relationships, net of accumulated amortization of $19,959 and $17,762, respectively		50,076		45,643
Non-compete agreements, net of accumulated amortization of $6,597 and $6,450, respectively		2,014		1,949
	$	91,546	$	86,382

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 fourteen 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 months ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Customer and referral relationships	$	2,050	$	783
Non-compete agreements		147		39
	$	2,197	$	822

Based on the balance of referral relationships and non-compete agreements as of March 31, 2022, the expected amount to be amortized in 2022 and thereafter by year is as follows (in thousands):

Customer and Referral Relationships			Non-Compete Agreements
Years	Annual Amount		Years	Annual Amount
Ending December 31,			Ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	3,851	2022 (excluding the three months ended March 31, 2022)	$	413
2023	$	5,200	2023	$	494
2024	$	5,036	2024	$	438
2025	$	4,892	2025	$	371
2026	$	4,424	2026	$	243
Thereafter	$	26,673	Thereafter	$	55