| Goodwill and Intangible Assets Changes in the carrying amount of goodwill as of March 31, 2023 and December 31, 2022 are as follows:
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March 31,
2023 |
|
December 31,
2022 |
| Balance, beginning of period |
$ |
6,286 |
|
|
$ |
1,835 |
|
| Acquired goodwill |
— |
|
|
4,451 |
|
Balance, end of period |
$ |
6,286 |
|
|
$ |
6,286 |
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The Company had no accumulated impairment losses on goodwill during the three months ended March 31, 2023 and 2022.
Intangible assets consisted of the following as of March 31, 2023:
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Gross carrying amount |
|
Accumulated amortization |
|
Intangible assets, net |
|
Weighted average amortization period (in years) |
| Customer relationships |
$ |
3,086 |
|
|
$ |
(283) |
|
|
$ |
2,803 |
|
|
10 |
| Trade name |
987 |
|
|
(91) |
|
|
896 |
|
|
10 |
| Acquired software platform |
910 |
|
|
(83) |
|
|
827 |
|
|
10 |
| Customer lists |
190 |
|
|
(58) |
|
|
132 |
|
|
3 |
| Noncompete agreement |
52 |
|
|
(24) |
|
|
28 |
|
|
2 |
| Favorable operating lease |
699 |
|
|
(160) |
|
|
539 |
|
|
4 |
| Unfavorable operating lease |
(21) |
|
|
5 |
|
|
(16) |
|
|
4 |
| Total intangible assets, net |
$ |
5,903 |
|
|
$ |
(694) |
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|
$ |
5,209 |
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Intangible assets consisted of the following as of December 31, 2022:
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Gross carrying amount |
|
Accumulated amortization |
|
Intangible assets, net |
|
Weighted average amortization period (in years) |
| Customer relationships |
$ |
3,086 |
|
|
$ |
(206) |
|
|
$ |
2,880 |
|
|
10 |
| Trade name |
987 |
|
|
(66) |
|
|
921 |
|
|
10 |
| Acquired software platform |
910 |
|
|
(61) |
|
|
849 |
|
|
10 |
| Customer lists |
190 |
|
|
(42) |
|
|
148 |
|
|
3 |
| Noncompete agreement |
52 |
|
|
(17) |
|
|
35 |
|
|
2 |
| Favorable operating lease |
699 |
|
|
(117) |
|
|
582 |
|
|
4 |
| Unfavorable operating lease |
(21) |
|
|
4 |
|
|
(17) |
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|
4 |
| Total intangible assets, net |
$ |
5,903 |
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|
$ |
(505) |
|
|
$ |
5,398 |
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The Company recognized $189 of amortization expense during the three months ended March 31, 2023. There was no amortization expense recorded during the three months ended March 31, 2022. The Company estimates the future aggregate amortization expense related to its intangible assets as of March 31, 2023 will be as follows:
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Amortization expense |
| Remainder of 2023 |
$ |
568 |
|
| 2024 |
740 |
|
| 2025 |
689 |
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| 2026 |
555 |
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| 2027 |
498 |
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| Thereafter |
2,159 |
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| Total |
$ |
5,209 |
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