Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table sets forth the changes in the carrying amount of the Company's goodwill for the six months ended June 30, 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	(1,405)		—		(1,405)
Balance as of June 30, 2024	$	82,111	$	218,884	$	300,995

(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 June 30, 2024 and December 31, 2023:


	As of June 30, 2024
(in thousands)	Gross		Accumulated Amortization		Net		Weighted Average Remaining Amortization Period in Years
Client relationships	$	797,854	$	(792,836)	$	5,018	1.3
Trademarks and domain names	223,916		(222,487)		1,429		2.5
Covenants not to compete	4,921		(4,728)		193		1.0
Total intangible assets	$	1,026,691	$	(1,020,051)	$	6,640	1.5


	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 and six months ended June 30, 2024 was $5.1 million and $10.5 million, respectively. Amortization expense for intangible assets for the three and six months ended June 30, 2023 was $6.5 million and $12.7 million, respectively.

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)	$	4,195
2025	1,867
2026	403
2027	134
2028	41
Total	$	6,640