INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2023

7. INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

	September 30, 2023		December 31, 2022
	(In thousands)
Tradenames	$	45,908	$	43,373
Customer and referral relationships, net of accumulated amortization of $28,708 and $23,736, respectively (weighted average amortization period 13.0 years)		64,210		63,238
Non-compete agreements, net of accumulated amortization of $7,449 and $6,999 respectively (weighted average amortization period 6.0 years)		1,994		2,144
	$	112,112	$	108,755

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 7 to 14 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 three and nine months ended September 30, 2023, and 2022:

	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022

Customer and referral relationships	$	1,669	$	1,404	$	4,972	$	4,415
Non-compete agreements		148		129		450		396
	$	1,817	$	1,533	$	5,422	$	4,811

Based on the balance of referral relationships and non-compete agreements as of September 30, 2023, the expected amount to be amortized in 2023 and thereafter by year is as follows:

Customer and Referral Relationships			Non-Compete Agreements
(In thousands)
Years	Annual Amount		Years	Annual Amount
Ending December 31,			Ending December 31,
2023 (excluding the nine months ended September 30, 2023)	$	1,780	2023 (excluding the nine months ended September 30, 2023)	$	159
2024	$	6,983	2024	$	607
2025	$	6,839	2025	$	541
2026	$	6,371	2026	$	401
2027	$	6,207	2027	$	234
Thereafter	$	36,030	2028	$	51