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Goodwill and Other Intangible Assets, net (Tables) | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Reconciliation of Goodwill | A reconciliation of the beginning and ending amounts of goodwill by operating segment for the periods ended June 30, 2024 and December 31, 2023 is as follows:
|  | Six Months Ended |  |  | Twelve Months Ended |
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | (in thousands) |
IT Staffing Services: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,427 |  |  | $ | 8,427 |
Goodwill recorded |  |  | — |  |  |  | — |
Impairment |  |  | — |  |  |  | — |
Ending Balance |  | $ | 8,427 |  |  | $ | 8,427 |
|  | Six Months Ended |  |  | Twelve Months Ended |
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | (in thousands) |
Data and Analytics Services: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 18,783 |  |  | $ | 24,083 |
Goodwill recorded |  |  | — |  |  |  | — |
Impairment |  |  | — |  |  |  | (5,300 | )
Ending Balance |  | $ | 18,783 |  |  | $ | 18,783 |
Components of Identifiable Intangible assets | The Company is amortizing the identifiable intangible assets on a straight-line basis over estimated average lives ranging from 3 to 12 years. Identifiable intangible assets were comprised of the following as of June 30, 2024 and December 31, 2023:
|  | As of June 30, 2024 |
(Amounts in thousands) |  | Amortization Period (In Years) |  |  | Gross Carrying Value |  |  | Accumulative Amortization |  |  | Net Carrying Value |
IT Staffing Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 12 |  |  | $ | 7,999 |  |  | $ | 6,027 |  |  | $ | 1,972 |
Covenant-not-to-compete |  |  | 5 |  |  |  | 319 |  |  |  | 319 |  |  |  | — |
Trade name |  |  | 3 |  |  |  | 249 |  |  |  | 249 |  |  |  | — |
Data and Analytics Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 12 |  |  |  | 19,641 |  |  |  | 10,595 |  |  |  | 9,046 |
Covenant-not-to-compete |  |  | 5 |  |  |  | 1,201 |  |  |  | 1,091 |  |  |  | 110 |
Trade name |  |  | 5 |  |  |  | 1,711 |  |  |  | 1,588 |  |  |  | 123 |
Technology |  |  | 7 |  |  |  | 1,979 |  |  |  | 1,615 |  |  |  | 364 |
Total Intangible Assets |  |  |  |  |  | $ | 33,099 |  |  | $ | 21,484 |  |  | $ | 11,615 |
|  | As of December 31, 2023 |
(Amounts in thousands) |  | Amortization Period (In Years) |  |  | Gross Carrying Value |  |  | Accumulative Amortization |  |  | Net Carrying Value |
IT Staffing Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 12 |  |  | $ | 7,999 |  |  | $ | 5,694 |  |  | $ | 2,305 |
Covenant-not-to-compete |  |  | 5 |  |  |  | 319 |  |  |  | 319 |  |  |  | — |
Trade name |  |  | 3 |  |  |  | 249 |  |  |  | 249 |  |  |  | — |
Data and Analytics Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 12 |  |  |  | 19,641 |  |  |  | 9,776 |  |  |  | 9,865 |
Covenant-not-to-compete |  |  | 5 |  |  |  | 1,201 |  |  |  | 1,047 |  |  |  | 154 |
Trade name |  |  | 5 |  |  |  | 1,711 |  |  |  | 1,539 |  |  |  | 172 |
Technology |  |  | 7 |  |  |  | 1,979 |  |  |  | 1,474 |  |  |  | 505 |
Total Intangible Assets |  |  |  |  |  | $ | 33,099 |  |  | $ | 20,098 |  |  | $ | 13,001 |
Schedule of Estimated Amortization Expense | The estimated aggregate amortization expense for intangible assets for the years ending December 31, 2024 through 2028 is as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |
|  | (Amounts in thousands) |
Amortization expense |  | $ | 2,693 |  |  | $ | 2,553 |  |  | $ | 2,413 |  |  | $ | 2,025 |  |  | $ | 1,637 |

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