v3.24.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

The following tables summarize the Company’s intangible assets (dollars in thousands):

 

 

 

September 30, 2024

 

 

 

Weighted
average
amortization
period in
years

 

 

Gross
carrying
amount

 

 

Accumulated
amortization

 

 

Net
carrying
amount

 

 

 

 

 

Intangible Assets

 

 

 

 

 

 

 

 

 

 

 

 

Amortizing intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer Relationships

 

 

15

 

 

$

36,600

 

 

$

6,862

 

 

$

29,738

 

Trade Names

 

 

10

 

 

 

800

 

 

 

225

 

 

 

575

 

Developed Technology

 

 

5

 

 

 

739

 

 

 

474

 

 

 

265

 

Vendor Relationships

 

 

15

 

 

 

1,265

 

 

 

398

 

 

 

867

 

Database

 

 

5

 

 

 

2,400

 

 

 

1,350

 

 

 

1,050

 

Patents

 

 

17

 

 

 

157

 

 

 

58

 

 

 

99

 

Subtotal intangible assets

 

 

 

 

 

41,961

 

 

 

9,367

 

 

 

32,594

 

In-place Lease Intangible Asset

 

 

4

 

 

 

568

 

 

 

397

 

 

 

171

 

Above Market Lease Intangible Asset

 

 

4

 

 

 

896

 

 

 

622

 

 

 

274

 

Total intangible assets

 

 

 

 

$

43,425

 

 

$

10,386

 

 

$

33,039

 

 

 

 

December 31, 2023

 

 

 

Weighted
average
amortization
period in
years

 

 

Gross
carrying
amount

 

 

Accumulated
amortization

 

 

Net
carrying
amount

 

Intangible Assets

 

 

 

 

 

 

 

 

 

 

 

 

Amortizing intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer Relationships

 

 

15

 

 

$

36,600

 

 

$

5,030

 

 

$

31,570

 

Trade Names

 

 

10

 

 

 

800

 

 

 

165

 

 

 

635

 

Developed Technology

 

 

5

 

 

 

739

 

 

 

349

 

 

 

390

 

Vendor Relationships

 

 

15

 

 

 

1,273

 

 

 

336

 

 

 

937

 

Database

 

 

5

 

 

 

2,400

 

 

 

990

 

 

 

1,410

 

Patents

 

 

17

 

 

 

157

 

 

 

51

 

 

 

106

 

Subtotal intangible assets

 

 

 

 

 

41,969

 

 

 

6,921

 

 

 

35,048

 

In-place Lease Intangible Asset

 

 

4

 

 

 

568

 

 

 

287

 

 

 

281

 

Above Market Lease Intangible Asset

 

 

4

 

 

 

896

 

 

 

457

 

 

 

439

 

Total intangible assets

 

 

 

 

$

43,433

 

 

$

7,665

 

 

$

35,768

 

 
Schedule of Carrying Amount of Goodwill

The following table provides a roll forward of the carrying amount of goodwill (in thousands):

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Balance as of January 1:

 

 

 

 

 

 

Gross goodwill

 

$

265,989

 

 

$

261,110

 

Accumulated impairments

 

 

(3,074

)

 

 

(3,074

)

Net goodwill as of January 1

 

 

262,915

 

 

 

258,036

 

Goodwill acquired during the year(1)

 

 

—

 

 

 

4,836

 

Impact of foreign exchange

 

 

40

 

 

 

43

 

Net goodwill as of September 30, 2024 and December 31, 2023:

 

$

262,955

 

 

$

262,915

 

(1) See Note 7 - Acquisitions.

Schedule of Amortization Expense

Amortization expense for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Sales and marketing

 

$

770

 

 

 

767

 

 

$

2,310

 

 

 

2,347

 

Product development

 

 

42

 

 

 

42

 

 

 

126

 

 

 

126

 

General and administrative (1)

 

 

4

 

 

 

7

 

 

 

11

 

 

 

20

 

Total

 

$

816

 

 

$

816

 

 

$

2,447

 

 

$

2,493

 

 

(1) Amortization of the lease related intangible assets is recorded as operating lease expense in general and administrative.