Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible AssetsGoodwill is primarily attributable to the planned growth in the combined business after the acquisition of Remix Global EAD (“Remix”). Goodwill is reviewed for impairment at least annually, absent any interim indicators of impairment. Goodwill was $10.6 million and $12.2 million as of September 30, 2022 and December 31, 2021, respectively. The decrease in goodwill during the nine months ended September 30, 2022 was due to foreign currency translation adjustments.

The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of September 30, 2022 and December 31, 2021 were as follows:


		September 30, 2022
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	4,420	$	(542)	$	3,878
Developed technology	3	4,166		(1,362)		2,804
Trademarks	9	3,995		(435)		3,560
Total		$	12,581	$	(2,339)	$	10,242


		December 31, 2021
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	5,092	$	(150)	$	4,942
Developed technology	3	4,798		(373)		4,425
Trademarks	9	4,602		(115)		4,487
Total		$	14,492	$	(638)	$	13,854

The changes in the gross carrying amounts were due to foreign currency translation adjustments.

Amortization expense related to developed technology, customer relationships, and trademarks is recorded within operations, product and technology; sales, general and administrative; and marketing expense, respectively, within the Company’s condensed consolidated statements of operations. Amortization expense of intangible assets with determinable lives was $0.6 million and zero for the three months ended September 30, 2022 and 2021, respectively, and $1.9 million and zero for the nine months ended September 30, 2022 and 2021, respectively.