Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 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 December 31, 2024	Weighted Average Useful Life (in years)	Intangible Assets, Gross		Accumulated Amortization and Impairment		Intangible Assets, Net
Customer relationships	9	$	69,024	$	(32,620)	$	36,404
Acquired technology	5	28,001		(20,490)		7,511
Trademarks and tradenames	11	23,443		(8,708)		14,735
Non-compete agreements	5	301		(182)		119

Renewal rights	6	9,734		(4,717)		5,017
Insurance licenses	Indefinite	4,960		—		4,960
Total intangible assets		$	135,463	$	(66,717)	$	68,746


As of December 31, 2023	Weighted Average Useful Life (in years)	Intangible Assets, Gross		Accumulated Amortization and Impairment		Intangible Assets, Net
Customer relationships	8	$	69,504	$	(24,153)	$	45,351
Acquired technology	5	36,041		(22,358)		13,683
Trademarks and tradenames	11	23,443		(6,701)		16,742
Non-compete agreements	3	616		(455)		161
Value of business acquired	1	400		(400)		—
Renewal rights	6	9,734		(3,415)		6,319
Insurance licenses	Indefinite	4,960		—		4,960
Total intangible assets		$	144,698	$	(57,482)	$	87,216

Aggregate amortization expense related to intangibles was $18.5 million, $19.4 million, and $23.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. The following table shows estimated future intangible amortization expense for the next five years and thereafter.


Year ending December 31,	Estimated Amortization Expense
2025	$	14,843
2026	10,182
2027	9,044
2028	8,328
2029	7,446
Thereafter	13,943
	$	63,786

Goodwill

The following table summarizes the changes in the carrying amount of goodwill:


Balance as of December 31, 2021	$	225,654
Acquisitions	38,064
Impairment loss (Insurance segment)	(43,758)
Purchase price adjustments(1)	24,737
Balance as of December 31, 2022, net of accumulated impairment of $43.8 million	244,697
Acquisitions	2,421
Impairment loss (Insurance segment)	(55,211)
Balance as of December 31, 2023 and 2024(2), net of accumulated impairment of $99.0 million	191,907

______________________________________

(1)During the year ended December 31, 2022, we recorded an adjustment to the fair value of net assets previously acquired during the year ended December 31, 2021.

(2)There were no changes in the carrying amount of goodwill for the year ended December 31, 2024.

During our annual impairment testing as of October 1, 2024, we performed a qualitative assessment and determined that it was not more likely than not that the fair value of each reporting unit was less than its carrying value. Therefore, we did not perform a quantitative assessment as of that date.

We continue to monitor our reporting units at risk of impairment for interim impairment indicators and believe that the estimates and assumptions used in the calculations are reasonable as of December 31, 2024. We also reconcile the fair value of our reporting units to our market capitalization. Should the fair value of either of our reporting units fall below its carrying amount because of reduced operating performance, market declines including a deterioration of the macroeconomic environment in the housing and real estate or insurance industries, changes in the discount rate, or other adverse conditions, goodwill impairment charges may be necessary in future periods