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Goodwill and Intangible Assets (Successor)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets (Successor)  
Goodwill and Intangible Assets (Successor)

Note 5. Goodwill and Intangible Assets (Successor)

In connection with the business combinations on February 19, 2019, the Company recognized goodwill and certain identifiable intangible assets, which were subsequently adjusted with measurement period adjustments. See Note 4.

Goodwill

 

The following table provides a rollforward of Goodwill for the 2019 Successor Period (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Bonfire

    

CityBase

    

eCivis

    

OpenCounter

    

Questica

    

Sherpa

    

Total

Balance at February 18, 2019

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

Goodwill from initial purchase price allocation

 

 

81,964

 

 

119,741

 

 

47,397

 

 

22,524

 

 

57,479

 

 

3,497

 

 

332,602

Measurement period adjustment

 

 

(299)

 

 

(13,384)

 

 

990

 

 

(568)

 

 

492

 

 

(1,000)

 

 

(13,769)

Goodwill impairment

 

 

(12,921)

 

 

(18,030)

 

 

(1,247)

 

 

 —

 

 

 —

 

 

 —

 

 

(32,198)

Balance at December 31, 2019

 

$

68,744

 

$

88,327

 

$

47,140

 

$

21,956

 

$

57,971

 

$

2,497

 

$

286,635

 

Intangible Assets

 

Identifiable intangible assets consist of the following as of December 31, 2019 for the Successor (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Intangible Asset

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization

 

 

 

 

 

 

 

Weighted average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for the Period

 

 

 

 

 

 

 

remaining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 19, 2019

 

 

 

 

 

Economic

 

economic life

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Through

 

 

 

 

 

Life (Years)

 

(years)

 

Bonfire

 

CityBase

 

eCivis

 

OpenCounter

 

Questica

 

Sherpa

 

Gross Total

 

December 31, 2019

 

Net Total

Patents / Developed Technology

 

 8

 

7.1

 

$

11,964

 

$

31,987

 

$

3,315

 

$

5,829

 

$

6,090

 

$

899

 

$

60,084

 

$

6,496

 

$

53,588

Trade Names / Trademarks

 

1 - 10

 
9.1

 

 

3,491

 

 

7,816

 

 

1,722

 

 

1,222

 

 

1,880

 

 

217

 

 

16,348

 

 

1,579

 

 

14,769

Customer Relationships

 

10

 

9.1

 

 

7,172

 

 

5,660

 

 

6,744

 

 

3,174

 

 

25,229

 

 

3,024

 

 

51,003

 

 

4,400

 

 

46,603

Non-Compete Agreements

 

 3

 

2.1

 

 

243

 

 

451

 

 

145

 

 

107

 

 

130

 

 

86

 

 

1,162

 

 

334

 

 

828

 

 

  

 

 

 

$

22,870

 

$

45,914

 

$

11,926

 

$

10,332

 

$

33,329

 

$

4,226

 

$

128,597

 

$

12,809

 

$

115,788

 

Amortization expense recognized by the Company related to intangible assets for the 2019 Successor Period was $12.8 million. Amortization expense recognized by the Predecessor for the 2019 Predecessor Period and the year ended December 31, 2018 was $32,000 and $0.4 million, respectively.  There were no impairment charges recorded for amortizable intangible assets for the 2019 Successor Period, the 2019 Predecessor Period or the year ended December 31, 2018.

 

The estimated aggregate future amortization expense for intangible assets is as follows (in thousands):

 

 

 

 

 

Year ended December 31, 2020

 

$

14,685

Year ended December 31, 2021

 

 

14,655

Year ended December 31, 2022

 

 

14,655

Year ended December 31, 2023

 

 

14,655

Year ended December 31, 2024

 

 

14,655

Thereafter

 

 

42,483

 

 

$

115,788