| GOODWILL AND INTANGIBLE ASSETS |
GOODWILL AND INTANGIBLE ASSETS
The changes in goodwill are as follows:
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| |
March 31, 2022 |
|
December 31,
2021 |
| Balance, beginning of period |
$ |
125,401 |
|
|
$ |
62,951 |
|
| Goodwill additions and measurement period adjustments |
7,099 |
|
|
62,450 |
|
| Balance, end of period |
$ |
132,500 |
|
|
$ |
125,401 |
|
A summary of intangible assets is as follows:
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Weighted-Average |
|
|
Amortization Period |
|
|
of Intangible Assets |
|
|
as of March 31, 2022 |
|
|
(in years) |
| Trade names |
|
3.92 |
| Patents |
|
3.83 |
| Customer relationships |
|
5.12 |
| Non-competes |
|
3.20 |
| Intellectual property |
|
3.92 |
| Total |
|
4.34 |
Intangible assets consist of the following:
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March 31, 2022 |
|
December 31, 2021 |
| |
Gross
Carrying
Amount |
|
Accumulated
Amortization |
|
Gross
Carrying
Amount |
|
Accumulated
Amortization |
| Trade names |
$ |
28,774 |
|
|
$ |
(6,377) |
|
|
$ |
28,300 |
|
|
$ |
(4,948) |
|
| Patents |
100 |
|
|
(45) |
|
|
100 |
|
|
(42) |
|
| Customer relationships |
27,569 |
|
|
(4,157) |
|
|
25,175 |
|
|
(3,055) |
|
| Non-competes |
1,639 |
|
|
(335) |
|
|
1,384 |
|
|
(233) |
|
| Intellectual property |
2,065 |
|
|
(447) |
|
|
2,065 |
|
|
(344) |
|
| Total |
$ |
60,147 |
|
|
$ |
(11,361) |
|
|
$ |
57,024 |
|
|
$ |
(8,622) |
|
Amortization expense for the three months ended March 31, 2022 and 2021 was $2.7 million and $1.4 million, respectively.
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| Future amortization expense is as follows: |
|
| 2022, remainder |
$ |
8,414 |
|
| 2023 |
11,217 |
|
| 2024 |
11,094 |
|
| 2025 |
10,700 |
|
| 2026 |
5,654 |
|
| Thereafter |
1,707 |
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| Total |
$ |
48,786 |
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