Quarterly report pursuant to Section 13 or 15(d)

Goodwill and intangible assets

v3.22.1
Goodwill and intangible assets
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets Goodwill and intangible assets
Goodwill
Goodwill was $18.6 million as of March 31, 2022 and December 31, 2021, respectively. The Company performed a quantitative assessment for its annual impairment test as of October 1, 2021. Under the quantitative approach, the Company makes various estimates and assumptions to determine the estimated fair value of the reporting unit using a combination of a discounted cash flow model and earnings multiples for guideline public companies. As of March 31, 2022 and December 31, 2021, there was no accumulated impairment loss and no impairment expense related to goodwill and no indicators, events or changes in circumstances that would indicate goodwill was impaired during the period from October 2, 2021 through March 31, 2022.
Intangible assets
The Company’s intangible assets (in thousands) and related useful lives (in years) are as follows:
March 31, 2022 December 31, 2021
Estimated useful life Gross
carrying
amount		 Accumulated
amortization		 Net carrying
amount		 Accumulated
amortization		 Net carrying
amount
Customer relationships 7 $ 7,190  $ (2,344) $ 4,846  $ (2,088) $ 5,102 
Trade name 15 7,500  (1,141) 6,359  (1,016) 6,484 
Total intangible assets $ 14,690  $ (3,485) $ 11,205  $ (3,104) $ 11,586 
Amortization expense was $0.4 million for the three months ended March 31, 2022 and 2021, respectively.
The estimated future amortization of intangible assets over the remaining weighted average useful life of 9.3 years is as follows (in thousands):
Remainder of 2022 $ 1,145 
2023 1,527 
2024 1,527 
2025 1,527 
2026 1,494 
Thereafter 3,985 
$ 11,205 
There were no indicators or impairment of the intangible assets as of March 31, 2022.