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Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets

Schedule of goodwill

The following table represents the changes in the carrying value of goodwill as of September 30, 2024 and December 31, 2023 (in thousands):

​

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​		2024			2023
Balance at beginning of period	​	​	​	​	​	​
Goodwill	​	$	157,972	​	$	151,117
Accumulated impairment losses	​	​	(49,569)	​	​	—
Subtotal	​	​	108,403	​	​	151,117
​	​	​	​	​	​	​
Activity during the period	​	​	​	​	​	​
Foreign currency adjustment	​	​	16	​	​	(284)
Goodwill impairment charge	​	​	(54,563)	​	​	(49,569)
Goodwill related to Tec4med acquisition	​		—	​		2,694
Goodwill related to Bluebird Express acquisition	​	​	201	​	​	4,445
​	​	​	​	​	​	​
Balance at end of period	​	​	​	​	​	​
Goodwill	​	​	158,189	​	​	157,972
Accumulated impairment losses	​	​	(104,132)	​	​	(49,569)
Total	​	$	54,057	​	$	108,403

Schedule of intangible assets

The following table presents our intangible assets as of September 30, 2024 (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

​

​

​

Net

​

Average

​

​

Gross

​

Accumulated

​

​

​

Carrying

​

Amortization

​

Amount

Amortization

Impairment

Amount

Period (years)

Non-compete agreement

​

$

810

​

$

463

​

$

—

​

$

347

4

Technology

​

​

53,316

​

​

14,602

​

​

—

​

​

38,714

​

8

Customer relationships

​

​

131,785

​

​

37,065

​

​

—

​

​

94,720

​

10

Trade name/trademark

​

​

947

​

​

323

​

​

(265)

​

​

359

​

8

Agent network

​

​

14,020

​

​

11,025

​

​

—

​

​

2,995

​

3

Order backlog

​

​

2,600

​

​

2,600

​

​

—

​

​

—

​

—

Land use rights

​

​

2,198

​

​

215

​

​

—

​

​

1,983

​

34

Patents and trademarks

​

​

45,762

​

​

85

​

​

(8,980)

​

​

36,697

​

—

Total

​

$

251,438

​

$

66,378

​

$

(9,245)

​

$

175,815

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The following table presents our intangible assets as of December 31, 2023 (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	Weighted
​	​	​	​	​	​	​	​	Net		​	Average
​	​	Gross		​	Accumulated		​	Carrying		​	Amortization
​		Amount			Amortization			Amount			Period (years)
Non-compete agreement	​	$	810	​	$	368	​	$	442		5
Technology	​	​	50,376	​	​	11,205	​	​	39,171	​	9
Customer relationships	​	​	131,578	​	​	29,964	​	​	101,614	​	11
Trade name/trademark	​	​	938	​	​	211	​	​	727	​	10
Agent network	​	​	13,761	​	​	8,148	​	​	5,613	​	3
Order backlog	​	​	2,600	​	​	2,600	​	​	—	​	—
Land use rights	​	​	2,255	​	​	247	​	​	2,008	​	34
Patents and trademarks	​	​	44,932	​	​	125	​	​	44,807		—
Total	​	$	247,250	​	$	52,868	​	$	194,382	​	​

Schedule of expected future amortization of intangible assets

Expected future amortization of intangible assets as of September 30, 2024 is as follows:

​

​	​	​	​
Years Ending December 31,		Amount
Remainder of 2024 (excluding the nine months ended September 30, 2024)	​	$	3,898
2025	​		15,124
2026	​		14,831
2027	​		14,450
2028	​		13,406
Thereafter	​		70,961
​	​	$	132,670

​

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