Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and intangible assets

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired.

Goodwill amounts are not amortized but tested for impairment on an annual basis. There was no impairment of goodwill as of June 30, 2023 and 2022.

Intangible assets are amortized on a straight-line basis over the useful life. Intangible assets amortization was $2.0 million and $2.0 million for the three months ended June 30, 2023 and 2022, respectively and was $4.1 million and $4.0 million for the six months ended June 30, 2023 and 2022, respectively.

6. Goodwill and intangible assets (continued)

Intangible assets consists of the following:


(in thousands)	June 30, 2023							December 31, 2022							Weighted average remaining useful life as of June 30, 2023 (in years)
	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization			Net carrying amount
Developed technology	$	13,367	$	(6,463	)	$	6,904	$	13,367	$	(4,745	)	$	8,622		2.0
Customer relationship		22,525		(7,727	)		14,798		22,525		(5,734	)		16,791		3.8
Tradename		2,470		(958	)		1,512		2,470		(711	)		1,759		3.1
Non-compete agreement		162		(105	)		57		162		(78	)		84		1.1
Other intangibles		485		(239	)		246		485		(158	)		327		1.5
Total intangible assets	$	39,009	$	(15,492	)	$	23,517	$	39,009	$	(11,426	)	$	27,583

As of June 30, 2023, expected amortization expense for intangible assets was as follows:


(in thousands)	June 30, 2023

Remaining six months of 2023	$	4,066
2024		7,997
2025		6,308
2026		3,429
2027		1,717
Thereafter		—
Total	$	23,517