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Intangible Assets

9 Months Ended

Sep. 30, 2022

Note 6 – Intangible Assets

Intangible assets as of September 30, 2022 and December 31, 2021 consist of the following:



		As of September 30, 2022				As of December 31, 2021
(In thousands)	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Acquired technology	3 to 7	$	41,154	$	41,034	$	43,034	$	42,281
Customer relationships	5 to 12		33,732		22,107		39,814		20,653
Patents and trademarks	10 to 20		13,474		12,181		13,549		12,193
Total		$	88,360	$	75,322	$	96,397	$	75,127

Amortization expense was $1.0 million and $1.4 million for the three months ended September 30, 2022 and 2021, respectively; and $3.6 million and $4.5 million for the nine months ended September 30, 2022 and 2021, respectively.

Certain intangible assets are denominated in functional currencies besides the U.S. dollar and are subject to currency fluctuations.

During the nine months ended September 30, 2022, the Company performed an impairment review of the customer relationships intangible assets obtained in its 2018 acquisition of Dealflo Limited (“Dealflo”). The impairment review was triggered by the Company’s July 2022 notification to customers regarding its intent to gradually sunset its Dealflo solution in the months leading up to December 31, 2023. As a result, all Dealflo solution customer contracts will terminate on or before December 31, 2023. The results of the impairment review indicated that the carrying value of the Dealflo customer relationships exceeded the fair value, and the Company recorded a $3.8 million impairment charge on the entire remaining value of the asset during the three months ended September 30, 2022. The charge is included in “Impairment of intangible assets” on the condensed consolidated statements of operations.

There were no additional impairments of intangible assets recorded during the nine months ended September 30, 2022 and 2021.