Goodwill and Intangibles

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

11. GOODWILL AND INTANGIBLES

The following tables summarize the changes in the Company’s goodwill as of December 31, 2021 and March 31, 2022 (in thousands):

	December 31, 2021		December 31, 2021		December 31, 2021
	Gross Carrying Amount		Additions		Gross Carrying Amount		Goodwill Impairments			Accumulated Amortization		Net Book Value
Goodwill	$	47,318	$	72,623	$	119,941	$	—		$	—	$	119,941
-
	December 31, 2021		Three Months Ended March 31, 2022		March 31, 2022
	Gross Carrying Amount		Additions		Gross Carrying Amount		Goodwill Impairments (1)			Accumulated Amortization		Net Book Value
Goodwill	$	119,941	$	—	$	119,941	$	(29,020	)	$	—	$	90,921

(1)

The Company has experienced high volatility in the price of its common stock and a reduction in its market capitalization through March 31, 2022. This was considered an interim triggering event in the three months ended March 31, 2022. The Company assessed its goodwill as of March 31, 2022 and determined that the Company's goodwill was impaired. As a result, the Company recorded a goodwill impairment charge of $29.0 million in the three months ended March 31, 2022 primarily due to the decrease in its market capitalization. See Note 2 for goodwill impairment discussion.

The following tables summarize the changes in the Company’s intangibles assets as of December 31, 2021 and March 31, 2022 (in thousands):

	December 31, 2021		December 31, 2021		December 31, 2021
	Gross Carrying Amount		Additions		Gross Carrying Amount		Goodwill Impairments		Accumulated Amortization			Net Book Value
Trademarks	$	31,810	$	34,100	$	65,910	$	—	$	(6,332	)	$	59,578
Non-competition agreement		111		—		111		—		(54	)		57
Transition services agreement		23		—		23		—		(23	)		—
Customer relations		—		5,700		5,700		—		(380	)		5,320
Other		—		700		700		—		(700	)		—
Total intangibles	$	31,944	$	40,500	$	72,444	$	—	$	(7,489	)	$	64,955

	December 31, 2021		Three Months Ended March 31, 2022		March 31, 2022
	Gross Carrying Amount		Additions		Gross Carrying Amount		Goodwill Impairments		Accumulated Amortization			Net Book Value
Trademarks	$	65,910	$	—	$	65,910	$	—	$	(7,925	)	$	57,985
Non-competition agreement		111		—		111		—		(63	)		48
Transition services agreement		23		—		23		—		(23	)		—
Customer relations		5,700		—		5,700		—		(522	)		5,178
Other		700		—		700		—		(700	)		—
Total intangibles	$	72,444	$	—	$	72,444	$	—	$	(9,233	)	$	63,211

The following table sets forth the estimated aggregate amortization of the Company’s in-place intangible assets and favorable intangible assets for the next five years and thereafter (amounts in thousands):

Remainder of 2022	$	5,484
2023		7,214
2024		7,171
2025		7,130
2026		7,130
Thereafter		29,082
Total	$	63,211