Goodwill and intangible assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets consisted of:


	As of
		September 30, 2024						December 31, 2023
(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	$	(28,113)	$	15,387	$	43,500	$	(23,947)	$	19,553
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	9,284		(3,083)		6,201		8,884		(2,422)		6,462
Intangible assets		$	53,087	$	(31,499)	$	21,588	$	52,687	$	(26,672)	$	26,015
Goodwill	Indefinite	$	47,739	$	—	$	47,739	$	47,739	$	—	$	47,739

Amortization expense related to intangible assets amounted to $1.6 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively, and $4.8 million and $5.2 million for the nine months ended September 30, 2024 and 2023, respectively. The Company has no accumulated impairment of goodwill.

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


	As of
	September 30, 2024				December 31, 2023
(in thousands)	Goodwill		Intangible assets		Goodwill		Intangible assets
Beginning balance at January 1,	$	47,739	$	26,015	$	47,739	$	32,932
Additions to goodwill and intangible assets	—		400		—		—
Amortization	—		(4,827)		—		(6,917)
Ending balance	$	47,739	$	21,588	$	47,739	$	26,015

As of September 30, 2024, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows:


(in thousands)	Amortization expense
2024–Remaining Period	$	1,603
2025	5,776
2026	5,173
2027	4,140
2028	2,336
Thereafter	2,560
	$	21,588