Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 4 - Goodwill and Intangible Assets

Goodwill

All of the Company’s goodwill is allocated to its Software and Payments segment. A summary of goodwill and the changes in it carrying amount is shown in the following table (in thousands):

	Consolidated Goodwill
Balance at January 1, 2021 (1)	$	36,956
Addition from acquisition (2)	52,386
Translation adjustments	(1,194)
Balance at December 31, 2021	$	88,148

(1)The carrying value of goodwill as of December 31, 2020 was unchanged from the prior year.

(2)The entire increase is related to the acquisition of iController (refer to Note 3 - Business Combination & Acquisitions).

Finite-Lived Intangible Assets

The gross carrying values, accumulated amortization, and net carrying values (reduced for fully amortized intangibles) of finite-lived intangible assets as of December 31, 2021 and December 31, 2020 were as follows (in thousands):

	December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	$	23,621	$	(3,524)	$	20,097
Non-compete agreements	1,430		(917)		513
Trademarks and trade names	1,066		(111)		955
Technology	3,692		(918)		2,774
Total	$	29,809	$	(5,470)	$	24,339

	December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	$	16,350	$	(8,698)	$	7,652
Non-compete agreements	1,460		(660)		800
Trademarks and trade names	160		(47)		113
Technology	1,540		(571)		969
Total	$	19,510	$	(9,976)	$	9,534

Amortization expense for finite-lived intangible assets was $2.2 million for both the years ended December 31, 2021, and 2020, and $3.2 million for the year ended December 31, 2019.

Estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

2022	$	2,707
2023	2,613
2024	2,369
2025	2,176
2026	2,138
Thereafter	12,336
Total	$	24,339