Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

5. Goodwill and Acquired Intangible Assets

Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Company considers its business to be one reporting unit for purposes of performing its goodwill impairment analysis. To date, the Company has had no impairments to goodwill.

Changes in goodwill were as follows (in thousands):

Balance December 31, 2020	$	9,794
Final adjustment to Eversurance purchase price allocation		175
Goodwill resulting from PolicyFuel acquisition		11,532
Balance December 31, 2021 and 2022	$	21,501

Acquired intangible assets consisted of the following (in thousands):

			December 31, 2022
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Carrying Value
	(in years)
Customer relationships		7.6	$	10,200	$	(3,353	)	$	6,847
Developed technology		3.0		1,700		(786	)		914
Other identifiable intangible assets		2.8		570		(376	)		194
			$	12,470	$	(4,515	)	$	7,955

			December 31, 2021
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Carrying Value
	(in years)
Customer relationships		7.6	$	10,200	$	(1,830	)	$	8,370
Developed technology		3.0		1,700		(217	)		1,483
Other identifiable intangible assets		2.8		570		(194	)		376
			$	12,470	$	(2,241	)	$	10,229

Amortization expense for intangible assets for the years ended December 31, 2022, 2021 and 2020 was $2.3 million, $1.7 million and $0.5 million, respectively. Future amortization expense of the intangible assets as of December 31, 2022, is expected to be as follows (in thousands):

Year Ending December 31,
2023	$	2,001
2024		1,715
2025		960
2026		685
2027		2,594
	$	7,955