Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill were as follows (in thousands):


Balance, January 1, 2023	$	705,894
Acquisitions	75,638
Divestiture	(9,222)
Measurement period and currency translation adjustments	4,237
Balance, December 31, 2023	$	776,547
Acquisitions	—
Divestiture	—
Measurement period and currency translation adjustments	(2,391)
Balance, March 31, 2024	$	774,156

Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets. Newmark completed its annual goodwill impairment testing for the year ended December 31, 2023, which did not result in a goodwill impairment (see Note 4 — “Acquisitions” for more information).

Other intangible assets consisted of the following (in thousands, except weighted-average life):


	March 31, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	11,350	$	—	$	11,350	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	16,157		(11,197)		4,960		1.8
Non-contractual customers	30,131		(17,673)		12,458		7.8

Non-compete agreements	12,462		(7,150)		5,312		4.2
Contractual customers	60,230		(22,648)		37,582		3.4
Other	4,551		(2,920)		1,631		9.9
Total	$	140,271	$	(61,588)	$	78,683	4.2


	December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	11,350	$	—	$	11,350	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	16,275		(10,557)		5,718		2.0
Non-contractual customers	30,131		(17,137)		12,994		8.0

Non-compete agreements	12,514		(6,827)		5,687		4.3
Contractual customers	60,802		(20,078)		40,724		3.5
Other	4,551		(2,788)		1,763		10.4
Total	$	141,013	$	(57,387)	$	83,626	4.3

Intangible amortization expense for the three months ended March 31, 2024 and 2023 was $4.4 million and $3.4 million, respectively. Intangible amortization is included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations. Impairment charges are included in intangible amortization expense.

The estimated future amortization of definite life intangible assets as of March 31, 2024 was as follows (in thousands):


2024	$	13,278
2025	16,282
2026	12,760
2027	8,777
2028	4,693
Thereafter	6,153
Total	$	61,943