Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Intangible Assets

Intangible Assets

Total intangible assets consisted of the following at December 31, 2023 and December 31, 2022 (in thousands):

	December 31, 2023						December 31, 2022
	Gross Amount		Accumulated Amortization		Net Balance		Gross Amount		Accumulated Amortization		Net Balance
Customer relationships	$	43,644	$	(5,643)	$	38,001	$	23,595	$	(2,330)	$	21,265
Contract rights	14,261		(8,036)		6,225		7,281		(2,416)		4,865
Favorable leaseholds	518		(105)		413		187		(48)		139
Domain name	281		–		281		281		–		281
Licensing rights	1,374		–		1,374		1,400		–		1,400
Total	$	60,078	$	(13,784)	$	46,294	$	32,744	$	(4,794)	$	27,950

The domain name and licensing rights acquired during the year ended December 31, 2022 totaled $1.0 million and has an indefinite useful life. No such assets were acquired during the year ended December 31, 2023.

The following table summarizes the total weighted average useful lives of intangible assets by asset class used for expense purposes:

	December 31, 2023	December 31, 2022
Customer relationships	11.27	11.97
Contract rights	1.84	2.47
Leases	7.86	8.05

Amortization expense for the years ended December 31, 2023 and 2022 was $9.0 million and $3.9 million, respectively.

Future amortization is as follows for the years ending December 31 (in thousands):

Year ending December 31,
2024	$	10,103
2025	5,002
2026	4,411
2027	4,319
2028	4,302
Thereafter	16,502
Total	$	44,639