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v3.23.1

Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | Note 8. Goodwill and Intangible Assets Goodwill The following table represents the changes in the carrying value of goodwill for the three months ended March 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31,
​ |  | 2023 |  | 2022
Balance at beginning of year |  | ​ | 151,117 | ​ | ​ | 146,954
Foreign currency adjustment |  | ​ | 499 | ​ | ​ | (369)
Goodwill related to CTSA and F-airGate acquisitions | ​ | ​ | — | ​ | ​ | 6
Total |  | $ | 151,616 | ​ | $ | 146,591
​ Intangible Assets The following table presents our intangible assets as of March 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | Average
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying | ​ | Amortization
​ |  | Amount |  | Amortization |  | Amount |  | Period (years)
Non-compete agreement | ​ | $ | 390 | ​ | $ | 299 | ​ | $ | 91 | ​ | 1
Technology | ​ | ​ | 36,397 | ​ | ​ | 8,106 | ​ | ​ | 28,291 | ​ | 9
Customer relationships | ​ | ​ | 131,326 | ​ | ​ | 23,093 | ​ | ​ | 108,233 | ​ | 12
Trade name/trademark | ​ | ​ | 818 | ​ | ​ | 165 | ​ | ​ | 653 | ​ | 12
Agent network | ​ | ​ | 10,871 | ​ | ​ | 6,051 | ​ | ​ | 4,820 | ​ | 2
Order backlog | ​ | ​ | 2,600 | ​ | ​ | 2,600 | ​ | ​ | — | ​ | —
Land use rights | ​ | ​ | 2,255 | ​ | ​ | 143 | ​ | ​ | 2,112 | ​ | 35
Patents and trademarks | ​ | ​ | 43,953 | ​ | ​ | (22) | ​ | ​ | 43,975 | ​ | —
Total | ​ | $ | 228,610 | ​ | $ | 40,435 | ​ | $ | 188,175 | ​ | ​
​ The following table presents our intangible assets as of December 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | Average
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying | ​ | Amortization
​ |  | Amount |  | Amortization |  | Amount |  | Period (years)
Non-compete agreement | ​ | $ | 390 | ​ | $ | 280 | ​ | $ | 110 |  | 1
Technology | ​ | ​ | 36,592 | ​ | ​ | 8,056 | ​ | ​ | 28,536 | ​ | 9
Customer relationships | ​ | ​ | 131,716 | ​ | ​ | 21,254 | ​ | ​ | 110,462 | ​ | 12
Trade name/trademark | ​ | ​ | 820 | ​ | ​ | 158 | ​ | ​ | 662 | ​ | 13
Agent network | ​ | ​ | 11,667 | ​ | ​ | 6,199 | ​ | ​ | 5,468 | ​ | 2
Order backlog | ​ | ​ | 2,600 | ​ | ​ | 2,600 | ​ | ​ | — | ​ | —
Land use rights | ​ | ​ | 2,378 | ​ | ​ | 257 | ​ | ​ | 2,121 | ​ | 35
Patents and trademarks | ​ | ​ | 45,181 | ​ | ​ | 1,531 | ​ | ​ | 43,650 |  | —
Total | ​ | $ | 231,344 | ​ | $ | 40,335 | ​ | $ | 191,009 | ​ | ​
​ Amortization expense for intangible assets for the three months ended March 31, 2023 and 2022, was $3.8 million and $3.8 million, respectively. Expected future amortization of intangible assets as of March 31, 2023 is as follows: ​
​ | ​ | ​ | ​
Years Ending December 31, |  | Amount
Remainder of 2023 (excluding the three months ended March 31, 2023) | ​ | $ | 11,478
2024 | ​ |  | 14,694
2025 | ​ |  | 12,758
2026 | ​ |  | 12,505
2027 | ​ |  | 12,277
Thereafter | ​ |  | 78,087
​ | ​ | $ | 141,799
​

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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