Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The Company’s goodwill balance was $487,292 and $487,225 as of June 30, 2023 and December 31, 2022, respectively. The Company performed an annual test for goodwill impairment in October for the years ended December 31,

2022 and 2021 and determined that goodwill was not impaired. The Company performed a qualitative analysis of factors and determined that goodwill was not impaired as of June 30, 2023.

Other Intangible Assets

Information regarding the Company’s intangible assets is as follows:

June 30, 2023	Gross carrying amount		Accumulated amortization		Net carrying amount
Indefinite-lived intangible assets:
Broker-dealer relationships	$	570,480	$	—	$	570,480
Enterprise distribution channel customer relationships	17,500		—		17,500
Definite-lived intangible assets:
Trade names	50,530		(15,939)		34,591
Technology	19,600		(4,206)		15,394
Customer relationships	36,450		(8,394)		28,056
Regulatory licenses	34,850		(11,616)		23,234
Non-compete agreements	400		(267)		133
Total	$	729,810	$	(40,422)	$	689,388

December 31, 2022	Gross carrying amount		Accumulated amortization		Net carrying amount
Indefinite-lived intangible assets:
Broker-dealer relationships	$	570,480	$	—	$	570,480
Enterprise distribution channel customer relationships	17,500		—		17,500
Definite-lived intangible assets:
Trade names	50,530		(14,573)		35,957
Technology	19,600		(2,717)		16,883
Customer relationships	36,450		(6,948)		29,502
Regulatory licenses	34,850		(10,745)		24,105
Non-compete agreements	400		(200)		200
Total	$	729,810	$	(35,183)	$	694,627

Amortization expense for definite-lived intangible assets was $2,623 and $2,171 for the three months ended June 30, 2023 and 2022, respectively and $5,239 and $4,342 for the six months ended June 30, 2023 and 2022, respectively. The Company performed an annual test for intangible assets impairment in October for the years ended December 31, 2022 and 2021 and determined that intangible assets were not impaired. The Company performed a qualitative analysis of factors and determined that intangible assets were not impaired as of June 30, 2023.

Estimated amortization expense for definite‑lived intangible assets for future years is as follows:

Remainder of 2023	$	5,245
2024	10,425
2025	10,308
2026	9,158
2027	9,158
2028 and thereafter	57,114
Total	$	101,408