Goodwill and intangible assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets consisted of:


	As of
		September 30, 2023						December 31, 2022
(in thousands)	Useful life (months)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	84 - 120	$	43,500	$	(22,415)	$	21,085	$	43,500	$	(17,820)	$	25,680
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	8,884		(2,225)		6,659		8,884		(1,632)		7,252
Intangible assets		$	52,687	$	(24,943)	$	27,744	$	52,687	$	(19,755)	$	32,932
Goodwill	Indefinite	$	47,739	$	—	$	47,739	$	47,739	$	—	$	47,739

Amortization expense related to intangible assets amounted to $1.7 million for the three months ended September 30, 2023 and 2022, respectively, and $5.2 million and $4.1 million for the nine months ended September 30, 2023 and 2022, respectively. The Company has no accumulated impairment of goodwill.

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


	As of
	September 30, 2023				December 31, 2022
(in thousands)	Goodwill		Intangible assets		Goodwill		Intangible assets
Beginning balance at January 1,	$	47,739	$	32,932	$	18,402	$	12,567
Additions to goodwill and intangible assets	—		—		29,337		26,120
Amortization	—		(5,188)		—		(5,755)
Ending balance	$	47,739	$	27,744	$	47,739	$	32,932

As of September 30, 2023, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows:


(in thousands)	Amortization expense
2023–Remaining Period	$	1,729
2024	6,428
2025	5,759
2026	5,143
2027	4,106
Thereafter	4,579
	$	27,744