Intangible Assets, net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Note 11 — Intangible Assets, net

In September 2020, the Company acquired Orange142 for a purchase price of $26.2 million. The acquisition of Orange142 was recorded by allocating the total purchase consideration to the fair value of the net tangible assets acquired, including goodwill and intangible assets, in accordance with ASC 805. The purchase consideration exceeded the fair value of the net assets, resulting in goodwill of $4.1 million and intangible assets of $18.0 million. The Company records amortization expense on a straight-line basis over the life of the identifiable intangible assets. For the three months ended March 31, 2024 and 2023, amortization expense of $0.5 million was recognized. As of March 31, 2024 and December 31, 2023, intangible assets net of accumulated amortization was $11.2 million and $11.7 million, respectively.

As of March 31, 2024, intangible assets and the related accumulated amortization, weighted-average remaining life and future amortization expense are as follows:

	March 31, 2024
	Weighted-Average	Original		Accumulated		Net
	Remaining Life (Years)	Amount		Amortization		Total
Customer Lists	6.5	$	13,028	$	(4,560)	$	8,468
Trademarks and tradenames	6.5	3,501		(1,225)		2,276
Non-compete agreements	1.5	1,504		(1,053)		451
Total intangible assets, net		$	18,034	$	(6,838)	$	11,195
	December 31, 2023
	Weighted-Average	Original		Accumulated		Net
	Remaining Life (Years)	Amount		Amortization		Total
Customer Lists	6.8	$	13,028	$	(4,234)	$	8,794
Trademarks and tradenames	6.8	3,501		(1,138)		2,363
Non-compete agreements	1.8	1,504		(978)		527
Total intangible assets, net		$	18,034	$	(6,350)	$	11,684

	Total
2024	$	1,464
2025	1,879
2026	1,653
2027	1,653
2028	1,653
Thereafter	2,893
Total future amortization expense	$	11,195