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Note 5 - Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 – Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill during the nine months ended September 30, 2021 were as follows:
(in thousands) |  | Nine Months Ended September 30, 2021 |
Balance as of the beginning of the period |  | $ | 128,752 |
Goodwill acquired during the period |  |  | 281,845 |
Foreign currency translation adjustments |  |  | (6,357 | )
Balance as of the end of the period |  | $ | 404,240 |
Goodwill increased $281.8 million during the nine months ended September 30, 2021 as a result of our acquisition of Hubs. Goodwill has been allocated to the acquired Hubs entities consisting of goodwill of €106.5 million in Europe and $152.2 million in the United States as of the date of the acquisition. The Euro denominated goodwill is translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Intangible assets other than goodwill at September 30, 2021 and December 31, 2020 were as follows:
|  | September 30, 2021 |  |  | December 31, 2020 |  |  | Useful |  | Weighted Average
(in thousands) |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Life (in years) |  | Useful Life Remaining (in years)
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketing assets |  | $930 |  |  | $(690 | ) |  | $240 |  |  | $930 |  |  | $(620 | ) |  | $310 |  |  | 10.0 |  | 2.5
Non-compete agreement |  | 847 |  |  | (330 | ) |  | 517 |  |  | 270 |  |  | (238 | ) |  | 32 |  |  | 2.0 - 5.0 |  | 3.1
Software technology |  | 13,229 |  |  | (4,672 | ) |  | 8,557 |  |  | 13,229 |  |  | (3,645 | ) |  | 9,584 |  |  | 10.0 |  | 6.8
Software platform |  | 26,933 |  |  | (1,672 | ) |  | 25,261 |  |  | - |  |  | - |  |  | - |  |  | 10.0 |  | 9.3
Tradenames |  | 362 |  |  | (84 | ) |  | 278 |  |  | - |  |  | - |  |  | - |  |  | 3.0 |  | 2.3
Customer relationships |  | 12,269 |  |  | (7,306 | ) |  | 4,963 |  |  | 10,070 |  |  | (5,646 | ) |  | 4,424 |  |  | 3.0 - 9.0 |  | 2.1
Total intangible assets |  | $ | 54,570 |  |  | $ | (14,754 | ) |  | $ | 39,816 |  |  | $ | 24,499 |  |  | $ | (10,149 | ) |  | $ | 14,350 |  |  |  |  |
Intangible assets increased $30.8 million during the nine months ended September 30, 2021 as a result of our acquisition of Hubs. Intangible assets have been allocated to the acquired Hubs entities consisting of intangible assets of €11.6 million in Europe and $16.6 million in the United States as of the date of the acquisition. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Foreign currency losses related to intangible assets were $0.7 million as of September 30, 2021. There was no foreign currency translation impact as of December 31, 2020. Amortization expense for intangible assets was $1.6 million and $0.8 million for the three months ended September 30, 2021 and 2020, respectively, and $4.6 million and $2.3 million for the nine months ended September 30, 2021 and 2020, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:
(in thousands) |  | Estimated Amortization Expense |
Remaining 2021 |  | $ | 1,555 |
2022 |  |  | 6,225 |
2023 |  |  | 6,022 |
2024 |  |  | 3,806 |
2025 |  |  | 3,725 |
Thereafter |  |  | 18,483 |
Total estimated amortization expense |  | $ | 39,816 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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