Note 6 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 6 – Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 were as follows:

(in thousands)	Dec. 31, 2019		Goodwill acquired during 2020		Dec. 31, 2020		Goodwill acquired during 2021		Foreign currency translation adjustments during 2021			Dec. 31, 2021
United States	$	123,883	$	-	$	123,883	$	151,276	$	-		$	275,159
Europe		4,239		-		4,239		129,649		(9,067	)		124,821
Japan		630		-		630		-		-			630
Total goodwill	$	128,752	$	-	$	128,752	$	280,925	$	(9,067	)	$	400,610

Goodwill increased $280.9 million for the year ended December 31, 2021 as a result of our acquisition of Hubs. Goodwill has been allocated to the acquired Hubs entities consisting of goodwill of €106.5 million in Europe and $151.3 million in the United States as of the date of the acquisition. The Euro denominated goodwill is translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income.

Intangible assets other than goodwill for the years ended December 31, 2021 and 2020 were as follows: 

	Year Ended December 31, 2021							Year Ended December 31, 2020									Weighted Average Useful Life
(in thousands)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net		Useful Life (in years)		Remaining (in years)
Marketing assets	$	930	$	(713	)	$	217	$	930	$	(620	)	$	310		10.0		2.3
Non-compete agreement		842		(363	)		479		270		(238	)		32		2.0 - 5.0		2.9
Software technology		13,229		(5,014	)		8,215		13,229		(3,645	)		9,584		10.0		6.5
Software platform		26,725		(2,262	)		24,463		-		-			-		12.0		11.1
Tradenames		359		(114	)		245		-		-			-		3.0		2.1
Customer relationships		12,252		(7,873	)		4,379		10,070		(5,646	)		4,424		3.0 - 9.0		1.8
Total intangible assets	$	54,337	$	(16,339	)	$	37,998	$	24,499	$	(10,149	)	$	14,350

Amortization expense for intangible assets for the years ended December 31, 2021, 2020 and 2019 was $6.2 million, $3.0 million and $3.5 million, respectively. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. For the year ended December 31, 2021, the foreign currency translation adjustment was $0.9 million.  There were no foreign currency translation adjustments for the years ended December 31, 2020 and 2019.

Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows:

(in thousands)	Estimated Amortization Expense
2022	$	6,172
2023		5,968
2024		3,790
2025		3,690
2026		3,586
Thereafter		14,792
Total estimated amortization expense	$	37,998