GOODWILL AND LONG-LIVED ASSETS

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS

Goodwill

As of September 30, 2024 and December 31, 2023, the balance of our goodwill was $178.7 million. There was no goodwill activity during the nine months ended September 30, 2024. All goodwill is within our North America segment.

Long-Lived Assets

In March 2024, we entered into an agreement with a third party to sell the rights to certain intangible assets in exchange for cash consideration of $10.0 million, subject to license-back provisions that permit continued use of the assets in the ordinary course of our business. The sale was completed in April 2024 and resulted in a pre-tax gain of $5.0 million. The pre-tax gain is presented within Gain on sale of assets on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024. The cash activity is presented within Proceeds from sale of assets, net in the investing section on the Condensed Consolidated Statements of Cash Flows and includes cash consideration received of $10.0 million, less $1.0 million in fees. The assets were within our North America segment.

The following table summarizes intangible assets as of September 30, 2024 and December 31, 2023 (in thousands):

	September 30, 2024						December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Merchant relationships	$	19,823	$	19,823	$	—	$	18,842	$	17,944	$	898
Trade names	9,585		9,081		504		9,459		8,753		706
Patents (1)	1,250		945		305		13,235		7,237		5,998
Other intangible assets	10,517		6,156		4,361		9,318		5,516		3,802
Total	$	41,175	$	36,005	$	5,170	$	50,854	$	39,450	$	11,404

(1) The change in the net carrying value is primarily due to the sale of certain intangible assets.

Amortization of intangible assets is computed using the straight-line method over their estimated useful lives, which range from 1 to 10 years. Amortization expense related to intangible assets was $0.4 million and $2.0 million for the three months ended September 30, 2024 and 2023 and $2.6 million and $6.2 million for the nine months ended September 30, 2024 and 2023. As of September 30, 2024, estimated future amortization expense related to intangible assets is as follows (in thousands):

Remaining amounts in 2024	$	405
2025	1,524
2026	1,235
2027	1,069
2028	853
Thereafter	84
Total	$	5,170