Intangible Assets, net

12 Months Ended

Dec. 31, 2022

8. Intangible Assets, net

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

	December 31, 2022		December 31, 2021
Tradenames	$	43,373	$	38,790
Customer and referral relationships, net of accumulated amortization of $23,736 and $17,762, respectively (weighted average amortization period 12.9 years)		63,238		45,643
Non-compete agreements, net of accumulated amortization of $6,999 and $6,450 respectively (weighted average amortization period 5.6 years)		2,144		1,949
	$	108,755	$	86,382

Tradenames, customer and 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 customer and referral relationships is being amortized over their respective estimated useful lives which range from 6 to 16 years. Non-compete agreements are amortized over the respective term of the agreements which range from 5 to 6 years.

The following table details the amount of amortization expense recorded for intangible assets for the years ended December 31, 2022, 2021 and 2020 (in thousands):

	December 31, 2022		December 31, 2021		December 31, 2020
Customer and referral relationships	$	5,974	$	3,240	$	2,845
Non-compete agreements		549		458		569
	$	6,523	$	3,698	$	3,414

The remaining balances of the customer and referral relationships and non-compete agreements are expected to be amortized as follows (in thousands):

Customer and Referral Relationships			Non-Compete Agreements
Years		Annual Amount	Years		Annual Amount
Ending December 31,			Ending December 31,
2023	$	6,651	2023	$	604
2024	$	6,504	2024	$	556
2025	$	6,359	2025	$	490
2026	$	5,891	2026	$	349
2027	$	5,728	2027	$	145
Thereafter	$	32,105	Thereafter	$	-