Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS (Tables)

v3.22.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
The changes in goodwill are as follows:
 
  June 30, 2022 December 31,
2021
Balance, beginning of period $ 125,401  $ 62,951 
Goodwill additions and measurement period adjustments 7,099  62,450 
Impairment $ (116,657) $ — 
Balance, end of period $ 15,843  $ 125,401 
 
The goodwill balance and impairment by segment are as follows:

Retail E-commerce Distribution Total
Gross carrying value December 31, 2020 $ 55,180  $ 2,911  $ 4,860  $ 62,951 
Acquisitions & measurement period adjustments 47,583  8,748  6,119  62,450 
Gross carrying value December 31, 2021 102,763  11,659  10,979  125,401 
Acquisitions & measurement period adjustments 331  (341) 7,109  7,099 
Gross carrying value June 30, 2022 $ 103,094  $ 11,318  $ 18,088  $ 132,500 
Accumulated impairment losses December 31, 2020 $ —  $ —  $ —  $ — 
Impairment —  —  —  — 
Accumulated impairment losses December 31, 2021 —  —  —  — 
Impairment (103,094) (9,848) (3,715) (116,657)
Accumulated impairment losses June 30, 2022 $ (103,094) $ (9,848) $ (3,715) $ (116,657)
Net carrying value at December 31, 2021 $ 102,763  $ 11,659  $ 10,979  $ 125,401 
Net carrying value at June 30, 2022 $ —  $ 1,470  $ 14,373  $ 15,843 
Schedule of intangible assets
A summary of intangible assets is as follows:
Weighted-Average
Amortization Period
of Intangible Assets
as of June 30, 2022
(in years)
Trade names 3.68
Patents 3.59
Customer relationships 5.00
Non-competes 2.33
Intellectual property 3.67
Total 3.90

Intangible assets consist of the following:
 
  June 30, 2022
  Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Trade names $ 28,774  $ (7,815) $ 20,959 
Patents 100  (49) 51 
Customer relationships 17,102  (5,317) 11,785 
Non-competes 932  (444) 489 
Intellectual property 2,065  (551) 1,514 
Total $ 48,973  $ (14,176) $ 34,798 

  December 31, 2021
  Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Trade names $ 28,300  $ (4,948) $ 23,352 
Patents 100  (42) 58 
Customer relationships 25,175  (3,055) 22,120 
Non-competes 1,384  (233) 1,151 
Intellectual property 2,065  (344) 1,721 
Total $ 57,024  $ (8,622) $ 48,402 
Intangibles and impairment by segment are as follows:

Retail E-commerce Distribution Total
Gross carrying value December 31, 2020 $ 17,635  $ —  $ 3,481  $ 21,116 
Acquisitions & measurement period adjustments 20,190  2,501  13,217  35,908 
Gross carrying value December 31, 2021 37,825  2,501  16,698  57,024 
Acquisitions & measurement period adjustments (57) —  3,181  3,124 
Gross carrying value June 30, 2022 $ 37,768  $ 2,501  $ 19,879  $ 60,148 
Accumulated amortization December 31, 2020 $ (540) $ —  $ (27) $ (567)
Amortization (5,745) (354) (1,956) (8,055)
Accumulated amortization December 31, 2021 (6,285) (354) (1,983) (8,622)
Amortization (3,554) (237) (1,763) (5,554)
Accumulated amortization June 30, 2022 $ (9,839) $ (591) $ (3,746) $ (14,176)
Accumulated impairment losses December 31, 2020 $ —  $ —  $ —  $ — 
Impairments —  —  —  — 
Accumulated impairment losses December 31, 2021 —  —  —  — 
Impairments (11,079) (95) —  (11,174)
Accumulated impairment losses June 30, 2022 $ (11,079) $ (95) $ —  $ (11,174)
Net carrying value at December 31, 2021 $ 31,540  $ 2,147  $ 14,715  $ 48,402 
Net carrying value at June 30, 2022 $ 16,850  $ 1,815  $ 16,133  $ 34,798 
Schedule of future amortization expense
Amortization expense for the three and six months ended June 30, 2022 was $2.8 million and $5.6 million. Amortization expense for the three and six months ended June 30, 2021 was $2.1 million and $3.5 million.
Future amortization expense is as follows:  
2022, remainder $ 4,383 
2023 8,785 
2024 8,668 
2025 8,295 
2026 3,532 
Thereafter 1,135 
Total $ 34,798