Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 8. 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 March 31, 2025	Weighted Average Useful Life (in years)	Intangible Assets, Gross		Accumulated Amortization and Impairment		Intangible Assets, Net
Customer relationships	9.0	$	66,374	$	(32,128)	$	34,246
Acquired technology	5.0	24,476		(18,348)		6,128
Trademarks and tradenames	11.0	22,025		(7,794)		14,231
Non-compete agreements	7.0	200		(96)		104

Renewal rights	6.0	9,734		(5,042)		4,692
Insurance licenses	Indefinite	4,960		—		4,960
Total intangible assets		$	127,769	$	(63,408)	$	64,361


As of December 31, 2024	Weighted Average Useful Life (in years)	Intangible Assets, Gross		Accumulated Amortization and Impairment		Intangible Assets, Net
Customer relationships	9.0	$	69,024	$	(32,620)	$	36,404
Acquired technology	5.0	28,001		(20,490)		7,511
Trademarks and tradenames	11.0	23,443		(8,708)		14,735
Non-compete agreements	5.0	301		(182)		119
Renewal rights	6.0	9,734		(4,717)		5,017
Insurance licenses	Indefinite	4,960		—		4,960
Total intangible assets		$	135,463	$	(66,717)	$	68,746

The aggregate amortization expense related to intangibles was $4.4 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively.

Goodwill

The following table summarizes goodwill balances by segment as of March 31, 2025.


	March 31, 2025
Software & Data	$	157,364
Consumer Services	34,543
Total	$	191,907

As of December 31, 2024, the entire $191.9 million goodwill balance was included in our legacy Vertical Software segment. On January 1, 2025, new segments were created per the discussion in Note 2. We performed a quantitative analysis as of January 1, 2025, reallocating the $191.9 million to the Software & Data and Consumer Services segments as shown in the table above on a relative fair value basis. We estimated the fair value of the Software & Data and Consumer Services reporting units using a combination of market and income approaches based on peer performance and discounted cash flow methodologies. The goodwill analysis required significant judgments to reallocate the fair value of the reporting units, including internal forecasts and determination of weighted average cost of capital. The weighted average cost of capital used was risk-adjusted to reflect the specific risk profile of the reporting units and ranged from 11% to 14%. Management considers historical experience and all available information at the time the fair values are estimated. Assumptions are subject to a high degree of judgment and complexity. Other than this reallocation to new segments, there were no changes in the carrying amount of goodwill for the three months ended March 31, 2025.