Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.21.2
Intangible Assets and Goodwill
9 Months Ended
Sep. 30, 2021
Intangible Assets and Goodwill  
Intangible Assets and Goodwill

6. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization, and consist of the following, as of September 30, 2021:

Weighted

    

    

Average 

Intangible

Intangible 

Useful Life 

Assets,

Accumulated

Assets, 

    

(in years)

    

gross

    

Amortization

    

Net

Customer relationships

 

9.0

$

48,590

$

(5,006)

$

43,584

Acquired technology

 

6.0

 

19,565

(8,008)

 

11,557

Trademarks and tradenames

 

9.0

 

23,873

(2,009)

 

21,864

Non-compete agreements

2.0

410

(179)

231

Value of business acquired

1.0

400

(194)

206

Renewal rights

8.0

9,734

(486)

9,248

Insurance licenses

Indefinite

4,960

4,960

Total intangible assets

 

$

107,532

$

(15,882)

$

91,650

Intangible assets consist of the following, as of December 31, 2020:

Weighted

    

    

    

Average 

Intangible

Intangible 

Useful Life 

Assets,

Accumulated 

Assets, 

    

(in years)

    

gross

    

Amortization

    

Net

Customer relationships

 

7.0

$

8,440

$

(2,173)

$

6,267

Acquired technology

 

6.0

 

12,170

(5,481)

 

6,689

Trademarks and tradenames

 

9.0

 

3,688

(893)

 

2,795

Non-compete agreements

2.0

 

225

(15)

210

Total intangible assets

 

$

24,523

$

(8,562)

$

15,961

The aggregate amortization expense related to intangibles was $2,983 and $672 for the three months ended September 30, 2021 and 2020, respectively, and $7,043 and $2,141 for the nine months ended September 30, 2021 and 2020, respectively.

Goodwill

The following tables summarize the changes in the carrying amount of goodwill for the nine months ended September 30, 2021:

    

Goodwill

Balance as of December 31, 2020

$

28,289

Acquisitions

 

142,750

Purchase price adjustments

(612)

Balance as of September 30, 2021

$

170,427