Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

6.Goodwill and Intangible Assets, net

Identifiable intangible assets, net consist of the following:

	As of June 30,							As of December 31,
	2024							2023
(in thousands)	Cost		Accumulated Amortization			Net Book Value		Cost		Accumulated Amortization			Net Book Value
Internal-Use Software	$	6,248	$	(5,036	)	$	1,212	$	6,248	$	(3,994	)	$	2,254
Developed Technology		1,500		(103	)		1,397		—		—			—
Customer related		4,400		(194	)		4,206		—		—			—
Trademark and trade name		800		(37	)		763		—		—			—
Content		200		(28	)		172		—		—			—
Total identifiable intangible assets	$	13,148	$	(5,398	)	$	7,750	$	6,248	$	(3,994	)	$	2,254

Amortization expense amounted to $0.7 million and $0.5 million for each of the three months ended June 30, 2024 and 2023, respectively. Amortization expense amounted to $1.4 million and $1.0 million for each of the six months ended June 30, 2024 and 2023, respectively. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment.

As of June 30, 2024, estimated annual amortization expense for each of the next five fiscal years is as follows:

2024 (remaining)		1,047
2025		1,389
2026		815
2027		648
2028		582
Thereafter		3,269
Total	$	7,750

Total goodwill of $13.2 million and intangible assets of $6.9 million were acquired in the Acquisition and were recorded at fair value on the acquisition date. As of June 30, 2024 there was no goodwill impairment. Refer to Note 21 Acquisitions for more information.

Changes in goodwill for the six months ended June 30, 2024 are as follows:

(in thousands)	CLMBR, Inc.
Balance as of December 31, 2023	$	—
Goodwill acquired		13,165
Adjustments to goodwill		386
Balance as of June 30, 2024	$	13,551