Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table sets forth the changes in the carrying amount of the Company's goodwill for the three months ended March 31, 2024 and the year ended December 31, 2023.

(in thousands)	Thryv Marketing Services		Thryv SaaS		Total
Balance as of December 31, 2022	$	347,120	$	218,884	$	566,004
Yellow Acquisition (1)	5,129		—		5,129
Impairments	(268,800)		—		(268,800)
Effects of foreign currency translation	67		—		67
Balance as of December 31, 2023	$	83,516	$	218,884	$	302,400
Effects of foreign currency translation	(2,774)		—		(2,774)
Balance as of March 31, 2024	$	80,742	$	218,884	$	299,626

(1)    Yellow was included in the Thryv Marketing Services reporting unit.

In the first quarter of 2024, the Company changed its reporting structure from four to two reporting units. Accordingly, the Company assessed its goodwill for impairment under a four reporting unit structure prior to the assessment. Upon completion of this assessment, the Company determined that no impairment existed. Subsequent to this review and after allocating goodwill to the new reporting units based on relative fair value, the Company reassessed goodwill for impairment at the new reporting unit level (i.e., the Marketing Services and SaaS reporting units). Based upon each of these assessments, the Company determined no impairment existed for any of the Company's reporting units.

Intangible Assets

The following tables set forth the details of the Company's intangible assets as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024
(in thousands)	Gross		Accumulated Amortization		Net		Weighted Average Remaining Amortization Period in Years
Client relationships	$	795,808	$	(787,496)	$	8,312	1.2
Trademarks and domain names	223,410		(221,024)		2,386		2.0
Covenants not to compete	9,220		(8,292)		928		0.5
Total intangible assets	$	1,028,438	$	(1,016,812)	$	11,626	1.3

	As of December 31, 2023
(in thousands)	Gross		Accumulated Amortization		Net		Weighted Average Remaining Amortization Period in Years
Client relationships	$	799,882	$	(787,736)	$	12,146	1.4
Trademarks and domain names	224,423		(220,886)		3,537		1.9
Covenants not to compete	10,446		(7,341)		3,105		0.8
Total intangible assets	$	1,034,751	$	(1,015,963)	$	18,788	1.4

Amortization expense for intangible assets for the three months ended March 31, 2024 was $5.4 million. Amortization expense for intangible assets for the three months ended March 31, 2023 was $6.2 million.

Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows:

(in thousands)	Estimated Future Amortization Expense
2024 (remaining)	$	9,170
2025	1,889
2026	395
2027	131
2028	41
Total	$	11,626