Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The table below sets forth the changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2023.


	Healthcare		Education		Commercial		Total
Balance as of December 31, 2022:
Goodwill	$	644,238	$	123,652	$	312,968	$	1,080,858
Accumulated impairment losses	(190,024)		(1,417)		(264,451)		(455,892)
Goodwill, net as of December 31, 2022	$	454,214	$	122,235	$	48,517	$	624,966
Goodwill recorded in connection with business acquisition(1)	745		—		—		745

Goodwill, net as of September 30, 2023	$	454,959	$	122,235	$	48,517	$	625,711

(1)On September 1, 2023, we completed the acquisition of Roundtable Analytics, Inc. ("Roundtable"), a healthcare analytics company. The results of operations of Roundtable are included within our consolidated financial statements and results of operations of our Healthcare segment as of the acquisition date. The acquisition of Roundtable is not significant to our consolidated financial statements.

Intangible Assets

Intangible assets as of September 30, 2023 and December 31, 2022 consisted of the following:


		As of September 30, 2023				As of December 31, 2022
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	5 to 13	$	65,083	$	52,003	$	74,583	$	57,219
Technology and software	2 to 5	16,230		9,613		13,330		7,975
Trade names	6	6,000		6,000		6,000		5,907
Non-competition agreements	2 to 5	920		527		920		340

Total		$	88,233	$	68,143	$	94,833	$	71,441

Identifiable intangible assets with finite lives are amortized over their estimated useful lives. Customer relationships as well as certain trade names and technology and software are amortized on an accelerated basis to correspond to the cash flows expected to be derived from the assets. All other intangible assets with finite lives are amortized on a straight-line basis.

Intangible asset amortization expense was $2.0 million and $2.8 million for the three months ended September 30, 2023 and 2022, respectively; and $6.2 million and $8.5 million for the nine months ended September 30, 2023 and 2022, respectively. The table below sets forth the estimated annual amortization expense for the intangible assets recorded as of September 30, 2023.


Year Ending December 31,	Estimated Amortization Expense
2023	$	8,219
2024	$	5,554
2025	$	4,344
2026	$	3,112
2027	$	2,127

Actual future amortization expense could differ from these estimated amounts as a result of future acquisitions, dispositions, and other factors.