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Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 – Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 were as follows:
(in thousands) |  | Dec. 31, 2020 |  |  | Goodwill acquired during 2021 |  |  | Foreign currency translation adjustments during 2021 |  |  | Dec. 31, 2021 |  |  | Goodwill acquired (impaired) during 2022 |  |  | Foreign currency translation adjustments during 2022 |  |  | Dec. 31, 2022 |
United States |  | $ | 123,883 |  |  | $ | 150,108 |  |  | $ | - |  |  | $ | 273,991 |  |  | $ | - |  |  | $ | - |  |  | $ | 273,991 |
Europe |  |  | 4,239 |  |  |  | 130,817 |  |  |  | (9,067 | ) |  |  | 125,989 |  |  |  | (118,008 | ) |  |  | (7,981 | ) |  |  | - |
Japan |  |  | 630 |  |  |  | - |  |  |  | - |  |  |  | 630 |  |  |  | (630 | ) |  |  | - |  |  |  | - |
Total goodwill |  | $ | 128,752 |  |  | $ | 280,925 |  |  | $ | (9,067 | ) |  | $ | 400,610 |  |  | $ | (118,638 | ) |  | $ | (7,981 | ) |  | $ | 273,991 |
Goodwill decreased $126.6 million for the year ended December 31, 2022 as a result of impairments related to our Europe and Japan reporting units. Goodwill increased $280.9 million for the year ended December 31, 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 $150.1 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 for the years ended December 31, 2022 and 2021 were as follows:
|  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |  |  |  |  |  |  | Weighted Average Useful Life |
(in thousands) |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Useful Life (in years) |  |  | Remaining (in years) |
Marketing assets |  | $930 |  |  | $(806 | ) |  | $124 |  |  | $930 |  |  | $(713 | ) |  | $217 |  |  | 10.0 |  |  | 1.3 |
Non-compete agreement |  | 828 |  |  | (487 | ) |  | $341 |  |  | 842 |  |  | (363 | ) |  | 479 |  |  | 2.0 - 5.0 |  |  | 2.1 |
Software technology |  | 13,229 |  |  | (6,383 | ) |  | $6,846 |  |  | 13,229 |  |  | (5,014 | ) |  | 8,215 |  |  | 10.0 |  |  | 5.5 |
Software platform |  | 26,054 |  |  | (4,337 | ) |  | $21,717 |  |  | 26,725 |  |  | (2,262 | ) |  | 24,463 |  |  | 12.0 |  |  | 10.1 |
Tradenames |  | 350 |  |  | (227 | ) |  | $123 |  |  | 359 |  |  | (114 | ) |  | 245 |  |  | 3.0 |  |  | 1.1 |
Customer relationships |  | 12,197 |  |  | (10,098 | ) |  | $2,099 |  |  | 12,252 |  |  | (7,873 | ) |  | 4,379 |  |  | 3.0 - 9.0 |  |  | 0.8 |
Total intangible assets |  | $ | 53,588 |  |  | $ | (22,338 | ) |  | $ | 31,250 |  |  | $ | 54,337 |  |  | $ | (16,339 | ) |  | $ | 37,998 |  |  |  |  |  |  |  |  |
Amortization expense for intangible assets for the years ended December 31, 2022, 2021 and 2020 was $6.0 million, $6.2 million and $3.0 million, respectively. 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. For the years ended December 31, 2022 and 2021, the foreign currency translation adjustment was $1.7 million and $0.9 million, respectively. There were no foreign currency translation adjustment for the year ended December 31, 2020. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows:
(in thousands) |  | Estimated Amortization Expense |
2023 |  | $ | 5,884 |
2024 |  |  | 3,732 |
2025 |  |  | 3,634 |
2026 |  |  | 3,532 |
2027 |  |  | 3,523 |
Thereafter |  |  | 10,945 |
Total estimated amortization expense |  | $ | 31,250 |

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