| 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 |
|