Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

4.Intangible Assets, Net

At September 30, 2024, the Company’s intangible assets, net, consisted of the following (in thousands):

	Useful Life (Years)	Gross September 30, 2024		Accumulated Amortization			Net September 30, 2024
Indefinite lived assets:
Trademarks	N/A	$	2,150	$	—		$	2,150
Licenses	N/A		1,900		—			1,900
Amortized intangible assets:
Network relationships	11-21		156,779		(111,626	)		45,153
Management contracts	15		22,832		(17,647	)		5,185
Member relationships	7-14		71,577		(17,582	)		53,995
Patient management platform	5		2,060		(2,060	)		—
Tradename/trademarks	20		1,011		(345	)		666
Developed technology	6		107		(48	)		59
		$	258,416	$	(149,308	)	$	109,108

At December 31, 2023, the Company’s intangible assets, net, consisted of the following (in thousands):

	Useful Life (Years)	Gross December 31, 2023		Accumulated Amortization			Net December 31, 2023
Indefinite lived assets:
Trademarks	N/A	$	2,150	$	—		$	2,150
Amortized intangible assets:
Network relationships	11-21		150,679		(104,859	)		45,820
Management contracts	15		22,832		(16,662	)		6,170
Member relationships	10-14		24,077		(7,345	)		16,732
Patient management platform	5		2,060		(2,060	)		—
Tradename/trademarks	20		1,011		(308	)		703
Developed technology	6		107		(34	)		73
		$	202,916	$	(131,268	)	$	71,648

For the three months ended September 30, 2024 and 2023, the Company recognized amortization expenses of $6.7 million and $3.2 million, respectively, in depreciation and amortization on the accompanying condensed consolidated statements of income. For the nine months ended September 30, 2024 and 2023, the Company recognized amortization expenses of $18.0 million and $9.5 million, respectively, in depreciation and amortization on the accompanying condensed consolidated statements of income. The Company determined that there was no impairment of its finite-lived intangible or long-lived assets during the nine months ended September 30, 2024 and 2023.

Future amortization expense is estimated to be as follows for the following years ending December 31 (in thousands):

	Amount
2024 (excluding the nine months ended September 30, 2024)	$	6,630
2025		22,856
2026		18,642
2027		15,170
2028		12,459
Thereafter		29,301
Total	$	105,058