Goodwill and Acquired Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

4. 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.

There were no changes to goodwill for the six months ended June 30, 2023.

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

			June 30, 2023
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Carrying Value
	(in years)
Customer relationships		7.6	$	10,200	$	(4,004	)	$	6,196
Developed technology	3			1,700		(1,075	)		625
Other identifiable intangible assets		2.8		570		(471	)		99
			$	12,470	$	(5,550	)	$	6,920

			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			1,700		(786	)		914
Other identifiable intangible assets		2.8		570		(376	)		194
			$	12,470	$	(4,515	)	$	7,955

Future amortization expense of intangible assets as of June 30, 2023 is expected to be as follows (in thousands):

Year Ending December 31,
2023 (remaining six months)	$	966
2024		1,715
2025		960
2026		685
2027		708
Thereafter		1,886
	$	6,920

As of June 30, 2023, the Company reassessed its asset groupings and performed an interim impairment analysis on certain intangible assets with a net book value of $1.1 million in connection with its decision to exit the health insurance vertical and concluded that the carrying value of such assets was not impaired at June 30, 2023 (see Note 11).