Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company's goodwill relates to the following reporting units:


(in thousands)	March 31, 2024		December 31, 2023
SMB Payments	$	124,139	$	124,139
Enterprise Payments	244,712		244,712
Plastiq (B2B Payments)	7,261		7,252
Total	$	376,112	$	376,103

The following table summarizes the changes in the carrying value of goodwill:


(in thousands)	Amount
Balance at December 31, 2023	$	376,103
Plastiq adjustment	9
Balance at March 31, 2024	$	376,112

As of March 31, 2024, the Company is not aware of any triggering events for impairment that have occurred since the last annual impairment test.

Other Intangible Assets

Other intangible assets consisted of the following:


	March 31, 2024						Weighted-average Useful Life
(in thousands, except weighted-average data)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Other intangible assets:
ISO and referral partner relationships	$	182,339	$	(39,824)	$	142,515	14.6
Residual buyouts	135,164		(95,505)		39,659		6.3
Customer relationships	109,017		(93,459)		15,558		8.4
Merchant portfolios	83,350		(59,565)		23,785		6.5
Technology	57,639		(23,989)		33,650		8.7
Trade names	7,104		(2,713)		4,391		10.6
Non-compete agreements	3,390		(3,390)		—		0.0
Money transmission licenses(1)	2,100		—		2,100
Total	$	580,103	$	(318,445)	$	261,658	9.6

(1)These assets have an indefinite useful life.


	December 31, 2023						Weighted-average Useful Life
(in thousands, except weighted-average data)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Other intangible assets:
ISO and referral partner relationships	$	182,339	$	(36,506)	$	145,833	14.7
Residual buyouts	135,164		(92,699)		42,465		6.3
Customer relationships	109,017		(92,781)		16,236		8.4
Merchant portfolios	83,350		(56,139)		27,211		6.5
Technology	57,639		(22,712)		34,927		9.0
Trade names	7,104		(2,526)		4,578		11.7
Non-compete agreements	3,390		(3,390)		—		0.0
Money transmission licenses(1)	2,100		—		2,100
Total	$	580,103	$	(306,753)	$	273,350	9.7

(1)These assets have an indefinite useful life.


	Three Months Ended March 31,
(in thousands)		2024		2023


Amortization expense(1)		$	12,083	$	15,291

(1)Included in amortization expense is $0.4 million and $0.1 million as of March 31, 2024 and 2023, respectively, related to the amortization of certain contract acquisition costs.

As of March 31, 2024, there were no impairment indicators present.