Quarterly report pursuant to Section 13 or 15(d)

Intangible assets

v3.23.2
Intangible assets
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets Intangible assets
Intangible assets
The Company’s intangible assets (in thousands) and related useful lives (in years) are as follows:
June 30, 2023 December 31, 2022
Estimated useful life Gross
carrying
amount
Accumulated
amortization
Net carrying
amount
Accumulated
amortization
Net carrying
amount
Customer relationships 7 $ 7,190  $ (3,628) $ 3,562  $ (3,115) $ 4,075 
Trade name 15 7,500  (1,766) 5,734  (1,516) 5,984 
Total intangible assets $ 14,690  $ (5,394) $ 9,296  $ (4,631) $ 10,059 
Amortization expense was $0.38 million and $0.76 million for the for the three and six months ended June 30, 2023 and June 30, 2022, respectively.
The estimated future amortization of intangible assets over the remaining weighted average useful life of 8.3 years is as follows (in thousands):
Remainder of 2023 $ 764 
2024 1,527 
2025 1,527 
2026 1,494 
2027 500 
Thereafter 3,484 
  $ 9,296 
The Company assesses intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. If impairment indicators are present, the Company performs a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to these long-lived assets to their carrying value. There were no indicators of impairment of the intangible assets as of June 30, 2023.