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 |
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|
$ |
62,951 |
|
Goodwill additions and measurement period adjustments |
7,099 |
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|
62,450 |
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Balance, end of period |
$ |
132,500 |
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|
$ |
125,401 |
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A summary of intangible assets is as follows:
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Weighted-Average |
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Amortization Period |
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of Intangible Assets |
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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 |
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December 31, 2021 |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Gross Carrying Amount |
|
Accumulated Amortization |
Trade names |
$ |
28,774 |
|
|
$ |
(6,377) |
|
|
$ |
28,300 |
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|
$ |
(4,948) |
|
Patents |
100 |
|
|
(45) |
|
|
100 |
|
|
(42) |
|
Customer relationships |
27,569 |
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|
(4,157) |
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|
25,175 |
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|
(3,055) |
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Non-competes |
1,639 |
|
|
(335) |
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|
1,384 |
|
|
(233) |
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Intellectual property |
2,065 |
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|
(447) |
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|
2,065 |
|
|
(344) |
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Total |
$ |
60,147 |
|
|
$ |
(11,361) |
|
|
$ |
57,024 |
|
|
$ |
(8,622) |
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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: |
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2022, remainder |
$ |
8,414 |
|
2023 |
11,217 |
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2024 |
11,094 |
|
2025 |
10,700 |
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2026 |
5,654 |
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Thereafter |
1,707 |
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Total |
$ |
48,786 |
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