Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and impairment. The following tables summarize intangible asset balances.


As of September 30, 2024	Weighted Average Useful Life (in years)	Intangible Assets, gross		Accumulated Amortization And Impairment		Intangible Assets, Net
Customer relationships	9.0	$	69,024	$	(30,471)	$	38,553
Acquired technology	5.0	28,001		(18,947)		9,054
Trademarks and tradenames	11.0	23,443		(8,208)		15,235
Non-compete agreements	5.0	301		(173)		128

Renewal rights	6.0	9,734		(4,391)		5,343
Insurance licenses	Indefinite	4,960		—		4,960
Total intangible assets		$	135,463	$	(62,190)	$	73,273


As of December 31, 2023	Weighted Average Useful Life (in years)	Intangible Assets, gross		Accumulated Amortization And Impairment		Intangible Assets, Net
Customer relationships	8.0	$	69,504	$	(24,153)	$	45,351
Acquired technology	5.0	36,041		(22,358)		13,683
Trademarks and tradenames	11.0	23,443		(6,701)		16,742
Non-compete agreements	3.0	616		(455)		161
Value of business acquired	1.0	400		(400)		—
Renewal rights	6.0	9,734		(3,415)		6,319
Insurance licenses	Indefinite	4,960		—		4,960
Total intangible assets		$	144,698	$	(57,482)	$	87,216

The aggregate amortization expense related to intangibles was $4.5 million and $4.9 million for the three months ended September 30, 2024 and 2023, respectively, and $13.9 million and $14.7 million for the nine months ended September 30, 2024 and 2023, respectively.

Goodwill

The goodwill balance at September 30, 2024, and December 31, 2023, was $191.9 million and is entirely included in our Vertical Software segment. We had no changes in the carrying amount of goodwill for the nine months ended September 30, 2024.