Franchise Rights Acquired, Goodwill and Other Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Change in Carrying Amount of Goodwill |
For the nine months ended September 30, 2023, the change in the carrying amount of goodwill was due to the acquisition of Sequence and the effect of exchange rate changes as follows:
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North America |
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International |
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Total |
|
Balance as of January 1, 2022 |
|
$ |
147,530 |
|
|
$ |
9,844 |
|
|
$ |
157,374 |
|
Goodwill acquired during the period |
|
|
— |
|
|
|
5,936 |
|
|
|
5,936 |
|
Goodwill impairment |
|
|
(1,101 |
) |
|
|
(2,023 |
) |
|
|
(3,124 |
) |
Effect of exchange rate changes |
|
|
(2,862 |
) |
|
|
(1,326 |
) |
|
|
(4,188 |
) |
Balance as of December 31, 2022 |
|
$ |
143,567 |
|
|
$ |
12,431 |
|
|
$ |
155,998 |
|
Goodwill acquired during the period |
|
|
89,190 |
|
|
|
— |
|
|
|
89,190 |
|
Effect of exchange rate changes |
|
|
(6 |
) |
|
|
(255 |
) |
|
|
(261 |
) |
Balance as of September 30, 2023 |
|
$ |
232,751 |
|
|
$ |
12,176 |
|
|
$ |
244,927 |
|
|
| Schedule of Assumptions Utilized in Annual Goodwill Impairment Analysis |
The following are the more significant assumptions utilized in the Company's annual goodwill impairment analyses for fiscal 2023 and fiscal 2022:
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Fiscal 2023 |
|
Fiscal 2022 |
Debt-Free Cumulative Annual Cash Flow Growth Rate |
|
3.9% to 24.9% |
|
1.2% to 20.6% |
Discount Rate |
|
10.8% |
|
9.6% |
|
| Schedule of Carrying Values of Finite-lived Intangible Assets |
The carrying values of finite-lived intangible assets as of September 30, 2023 and December 31, 2022 were as follows:
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|
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|
September 30, 2023 |
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|
December 31, 2022 |
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|
|
Gross |
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|
|
|
|
Gross |
|
|
|
|
|
|
Carrying |
|
|
Accumulated |
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|
Carrying |
|
|
Accumulated |
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|
Amount |
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Amortization |
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|
Amount |
|
|
Amortization |
|
Capitalized software costs |
|
$ |
109,250 |
|
|
$ |
101,753 |
|
|
$ |
107,229 |
|
|
$ |
94,375 |
|
Website development costs |
|
|
164,975 |
|
|
|
113,570 |
|
|
|
133,818 |
|
|
|
91,482 |
|
Trademarks |
|
|
12,177 |
|
|
|
12,003 |
|
|
|
12,162 |
|
|
|
11,882 |
|
Other |
|
|
13,949 |
|
|
|
6,493 |
|
|
|
13,961 |
|
|
|
6,125 |
|
Trademarks and other intangible assets |
|
$ |
300,351 |
|
|
$ |
233,819 |
|
|
$ |
267,170 |
|
|
$ |
203,864 |
|
Franchise rights acquired |
|
|
8,209 |
|
|
|
5,373 |
|
|
|
8,164 |
|
|
|
5,101 |
|
Total finite-lived intangible assets |
|
$ |
308,560 |
|
|
$ |
239,192 |
|
|
$ |
275,334 |
|
|
$ |
208,965 |
|
|
| Schedule of Estimated Amortization Expense of Finite-lived Intangible Assets |
Estimated amortization expense of existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows:
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|
|
|
Remainder of fiscal 2023 |
|
$ |
10,937 |
|
Fiscal 2024 |
|
$ |
27,292 |
|
Fiscal 2025 |
|
$ |
17,679 |
|
Fiscal 2026 |
|
$ |
5,500 |
|
Fiscal 2027 |
|
$ |
725 |
|
Fiscal 2028 |
|
$ |
533 |
|
Thereafter |
|
$ |
6,702 |
|
|