| Intangible Assets |
Note 8. Intangible Assets
The following is a summary of the Company’s acquired intangible assets (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
|
Weighted
average
amortization
period
(in years) |
|
Gross
carrying
amount |
|
Accumulated
amortization |
|
Net
carrying amount |
|
Market related intangibles |
5 |
|
$ |
1,820 |
|
$ |
540 |
|
$ |
1,280 |
|
Customer relationships |
7 |
|
|
13,780 |
|
|
5,015 |
|
|
8,765 |
|
Developed technologies |
11 |
|
|
4,380 |
|
|
997 |
|
|
3,383 |
|
Covenants to non-compete |
2 |
|
|
115 |
|
|
71 |
|
|
44 |
|
Total intangible assets, net |
|
|
$ |
20,095 |
|
$ |
6,623 |
|
$ |
13,472 |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
Weighted
average
amortization
period
(in years) |
|
Gross
carrying
amount |
|
Accumulated
amortization |
|
Net
carrying amount |
|
Market related intangibles |
5 |
|
$ |
1,820 |
|
$ |
454 |
|
$ |
1,366 |
|
Customer relationships |
7 |
|
|
13,780 |
|
|
4,447 |
|
|
9,333 |
|
Developed technologies |
11 |
|
|
4,380 |
|
|
908 |
|
|
3,472 |
|
Covenants to non-compete |
2 |
|
|
115 |
|
|
57 |
|
|
58 |
|
Total intangible assets, net |
|
|
$ |
20,095 |
|
$ |
5,866 |
|
$ |
14,229 |
|
Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands):
|
|
|
|
|
Estimated future amortization |
|
2022 (remaining nine months) |
$ |
2,269 |
|
2023 |
|
2,969 |
|
2024 |
|
2,968 |
|
2025 |
|
2,958 |
|
2026 |
|
557 |
|
Thereafter |
|
1,751 |
|
Total |
$ |
13,472 |
|
Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors. Amortization expense was $0.8 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively.
|