Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2023

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.

There were no changes to goodwill as of December 31, 2023 or 2022.

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

			December 31, 2023
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Carrying Value
	(in years)
Customer relationships		9.0	$	6,600	$	(1,748	)	$	4,852
Developed technology		3.0		1,700		(1,364	)		336
Other identifiable intangible assets		2.0		300		(300	)		—
			$	8,600	$	(3,412	)	$	5,188

			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

In August 2023, the Company sold Eversurance LLC, which included health-related intangible assets with a gross amount of $3.9 million, accumulated amortization of $2.9 million and a carrying value of $1.0 million (see Note 16). Amortization expense for intangible assets for the years ended December 31, 2023, 2022 and 2021 was $1.8 million, $2.3 million and $1.7 million, respectively.

Future amortization expense of the intangible assets as of December 31, 2023, is expected to be as follows (in thousands):

Year Ending December 31,
2024	$	1,261
2025		651
2026		685
2027		708
2028		697
Thereafter		1,186
	$	5,188