Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

7. Intangible Assets

The Company holds definite and indefinite-lived intangible assets. As of June 30, 2024 and December 31, 2023, the indefinite-lived intangible assets consist of one trade name, arising from the acquisition of Hawk Parent.

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	$	216,949	$	306,901		5.82
Channel relationships		29,885		6,402		23,483		7.86
Software costs		269,465		203,551		65,914		0.73
Non-compete agreements		4,580		4,496		84		0.09
Trade name		20,000		—		20,000		—
Balance as of June 30, 2024	$	847,780	$	431,398	$	416,382		4.21

Client relationships	$	523,850	$	190,591	$	333,259		6.32
Channel relationships		29,785		4,792		24,993		8.39
Software costs		246,996		178,323		68,673		0.83
Non-compete agreements		4,580		4,364		216		0.23
Trade name		20,000		—		20,000		—
Balance as of December 31, 2023	$	825,211	$	378,070	$	447,141		4.68

The Company’s amortization expense for intangible assets was $26.6 million and $53.0 million for the three and six months ended June 30, 2024, respectively. The Company’s amortization expense for intangible assets was $25.7 million and $51.1 million for the three and six months ended June 30, 2023, 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
2024	$	47,083
2025		85,691
2026		70,910
2027		57,240
2028		55,167
Thereafter		80,291