Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2025

Intangible Assets and Goodwill

Intangible Assets and Goodwill

5. Intangible Assets and Goodwill

The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years):

	Weighted
	Average	As of March 31, 2025						As of December 31, 2024
	Amortization	Initial		Accumulated		Net		Initial		Accumulated		Net
	Period	Cost		Amortization		Balance		Cost		Amortization		Balance
Franchise agreements	11.9	$	222,343	$	(144,891)	$	77,452	$	222,055	$	(140,869)	$	81,186
Other intangible assets:
Software (a)	3.8	$	58,554	$	(48,499)	$	10,055	$	57,243	$	(46,829)	$	10,414
Trademarks	9.7		912		(705)		207		900		(684)		216
Non-compete agreements	5.0		12,747		(10,422)		2,325		12,721		(9,969)		2,752
Training materials	—		—		—		—		2,400		(2,400)		—
Other	—		—		—		—		870		(870)		—
Total other intangible assets	4.2	$	72,213	$	(59,626)	$	12,587	$	74,134	$	(60,752)	$	13,382

(a) As of March 31, 2025 and December 31, 2024, capitalized software development costs of $1.7 million and $1.2 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization.

Amortization expense was $6.0 million and $7.2 million for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the estimated future amortization expense related to intangible assets includes the estimated amortization expense associated with the Company’s intangible assets assumed with the Company’s acquisitions (in thousands):

Remainder of 2025	$	17,385
2026		17,232
2027		10,141
2028		8,419
2029		7,005
Thereafter		29,857
	$	90,039

The following table presents changes to goodwill at the Real Estate reporting unit (in thousands):

	Real Estate
Balance, January 1, 2025	$	237,239
Effect of changes in foreign currency exchange rates		309
Balance, March 31, 2025	$	237,548

As of March 31, 2025, there were no events or circumstances that would indicate impairment may have occurred.