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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 10. Goodwill and Intangible Assets

Goodwill

The following table represents the changes in the carrying value of goodwill as of September 30, 2023 and December 31, 2022 (in thousands):

​

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​		2023			2022
Balance at beginning of year	​	$	151,117	​	$	146,954
Foreign currency adjustment	​	​	(2,170)	​	​	(5,391)
Goodwill related to CTSA and F-airGate acquisitions	​		—	​		6
Goodwill related to Cell&Co acquisition	​	​	—	​	​	2,785
Goodwill related to Polar Expres acquisition	​	​	7	​	​	1,828
Goodwill related to Cell Matters acquisition	​	​	—	​	​	4,935
Total	​	$	148,954	​	$	151,117

​

Intangible Assets

The following table presents our intangible assets as of September 30, 2023 (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	Weighted
​	​	​	​	​	​	​	​	Net		​	Average
​	​	Gross		​	Accumulated		​	Carrying		​	Amortization
​		Amount			Amortization			Amount			Period (years)
Non-compete agreement	​	$	390	​	$	338	​	$	52		1
Technology	​	​	49,620	​	​	10,219	​	​	39,401	​	9
Customer relationships	​	​	131,326	​	​	27,902	​	​	103,424	​	11
Trade name/trademark	​	​	818	​	​	200	​	​	618	​	12
Agent network	​	​	10,871	​	​	7,500	​	​	3,371	​	1
Order backlog	​	​	2,600	​	​	2,600	​	​	—	​	—
Land use rights	​	​	2,255	​	​	293	​	​	1,962	​	35
Patents and trademarks	​	​	44,392	​	​	258	​	​	44,134	​	—
Total	​	$	242,272	​	$	49,310	​	$	192,962	​	​

​

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 and nine months ended September 30, 2023, was $4.0 million and $11.7 million, respectively. Amortization expense for intangible assets for the three and nine months ended September 30, 2022 was $3.4 million and $11.2 million, respectively.

Expected future amortization of intangible assets as of September 30, 2023 is as follows:

​

​	​	​	​
Years Ending December 31,		Amount
Remainder of 2023 (excluding the nine months ended September 30, 2023)	​	$	3,914
2024	​		15,069
2025	​		13,171
2026	​		12,927
2027	​		12,797
Thereafter	​		83,216
​	​	$	141,094

​

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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