Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

7. Intangible Assets

The Company holds definite and indefinite-lived intangible assets. As of March 31, 2023 and December 31, 2022, the indefinite-lived intangible assets consist of two trade names, arising from the acquisitions of Hawk Parent and MPI.

Intangible assets consisted of the following:


($ in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Client relationships	$	523,850	$	148,498	$	375,352		7.37
Channel relationships		16,240		3,580		12,660		7.81
Software costs		206,009		141,464		64,545		0.96
Non-compete agreements		4,580		4,129		451		0.45
Trade name		20,300		—		20,300		—
Balance as of March 31, 2023	$	770,979	$	297,671	$	473,308		5.58

Customer relationships	$	539,850	$	137,515	$	402,335		7.40
Channel relationships		16,240		3,168		13,072		8.06
Software costs		196,890		132,322		64,568		0.99
Non-compete agreements		4,580		4,030		550		0.54
Trade name		20,050		—		20,050		—
Balance as of December 31, 2022	$	777,610	$	277,035	$	500,575		5.71

The Company’s amortization expense for intangible assets was $25.4 million and $28.1 million for the three months ended March 31, 2023 and 2022, respectively.

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:


($ in thousands)	Estimated Future
Year Ending December 31,	Amortization Expense
2023	$	71,714
2024		82,931
2025		65,752
2026		56,047
2027		55,941
Thereafter		120,623