Goodwill and Intangibles

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Note 10. Goodwill and Intangibles

Changes in goodwill for the years ended December 31, 2022 and December 31, 2021 are as follows:

Balance at December 31, 2020	$	369,982
Purchase price adjustment		1,103
Increase from acquisitions		47,616
Balance at December 31, 2021	$	418,701
Purchase price adjustment		(11	)
Increase from acquisition		87,948
Balance at December 31, 2022	$	506,638

Due to new information that became available during the year ended December 31, 2021 and a revision to the Company's outside basis and intangibles from finalizing the tax return, there was an adjustment to Enhanced that resulted in a purchase price adjustment. This was the result of using an estimate as of December 31, 2020 and resulted in a $1.3 million adjustment to the purchase price. Since this was completed during the measurement period, the adjustment was recorded as an adjustment to goodwill.

Intangibles consists of the following:

	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Technology		30		—			30
Total indefinite-lived intangible assets		17,380		—			17,380
Finite-lived intangible assets:
Trade names		28,251		(3,472	)		24,779
Management and advisory contracts		194,066		(85,563	)		108,503
Technology		2,374		(1,241	)		1,133
Total finite-lived intangible assets		224,691		(90,276	)		134,415
Total intangible assets	$	242,071	$	(90,276	)	$	151,795

	As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Technology		30		—			30
Total indefinite-lived intangible assets		17,380		—			17,380
Finite-lived intangible assets:
Trade names		21,440		(1,785	)		19,655
Management and advisory contracts		151,166		(60,934	)		90,232
Technology		8,160		(6,639	)		1,521
Total finite-lived intangible assets		180,766		(69,358	)		111,408
Total intangible assets	$	198,146	$	(69,358	)	$	128,788

Management and advisory contracts and finite lived trade names are amortized over 7 - 16 years and are being amortized in line with pattern in which the economic benefits that are expected to occur. Technology is amortized on a straight-line basis over 4 years. The amortization expense for each of the next five years and thereafter are as follows:

2023		30,501
2024		26,794
2025		22,367
2026		17,625
2027		12,810
Thereafter		24,318
Total amortization	$	134,415