Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and intangible assets consisted of:


	As of
	June 30, 2021							December 31, 2020
(in thousands)	Useful life (months)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	120	$	25,040	$	(11,373)	$	13,667	$	25,040	$	(10,016)	$	15,024
Non-compete agreements	60	303		(240)		63		303		(211)		92
Domain names	60	1,224		(895)		329		1,224		(789)		435
Intangible assets		$	26,567	$	(12,508)	$	14,059	$	26,567	$	(11,016)	$	15,551
Goodwill	Indefinite	$	18,402	—		$	18,402	$	18,402	—		$	18,402

Amortization expense related to intangible assets totaled $0.7 million and $0.8 million for the three months ended June 30, 2021 and 2020, respectively, and $1.5 million and $1.6 million for the six months ended June 30, 2021 and 2020, respectively. Goodwill is not amortized and is tested for impairment at least annually in the fourth quarter or when events or circumstances indicate that the fair value of a reporting unit may be below its carrying value. The Company has no accumulated impairment of goodwill.

The following table presents the changes in goodwill and intangible assets:


	As of
	June 30, 2021				December 31, 2020
(in thousands)	Goodwill		Intangible assets		Goodwill		Intangible assets
Beginning balance	$	18,402	$	15,551	$	18,402	$	18,752
Additions to goodwill and intangible assets	—		—		—		—
Amortization	—		(1,492)		—		(3,201)
Ending balance	$	18,402	$	14,059	$	18,402	$	15,551

As of June 30, 2021, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows:


(in thousands)	Amortization expense
2021–Remaining Period	$	1,491
2022	2,730
2023	2,388
2024	2,211
2025	2,028
Thereafter	3,211
	$	14,059