Annual report pursuant to Section 13 and 15(d)

Goodwill & Intangible Assets

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Goodwill & Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill & Intangible Assets Goodwill & Intangible Assets
During the year ended December 31, 2023, the Company identified indicators of impairment related to goodwill due to the significant decline in the Company’s stock price. Management concluded that due to the sustained decrease in its stock price and related market capitalization throughout 2023, it was more likely than not that the Company’s fair value was less than its carrying amount. After performing the quantitative impairment test in accordance with ASC 350, the Company determined that the carrying amount of its single reporting unit exceeded the fair value of the reporting unit, resulting in a full impairment of the goodwill asset for the year ended December 31, 2023. The following table presents changes in goodwill (in thousands):

Balance as of December 31, 2022 $ 38,481
Impairment loss (38,481)
Balance as of December 31, 2023 $ —
Intangible assets, net, consisted of the following as of December 31, 2023 (in thousands):
Gross Carrying Amount Accumulated Amortization Net Value Remaining Useful Life (Years)
Customer relationships $ 40,200 $ (4,397) $ 35,803 14.25
Trade name 7,400 (1,850) 5,550 5.25
Non-compete agreements 4,700 (4,700) — 0
Total: $ 52,300 $ (10,947) $ 41,353
Intangible assets, net, consisted of the following as of December 31, 2022 (in thousands):
Gross Carrying Amount Accumulated Amortization Net Value Remaining Useful Life (Years)
Customer relationships $ 40,200 $ (1,884) $ 38,316 15.25
Trade name 7,400 (793) 6,607 6.25
Non-compete agreements 4,700 (2,350) 2,350 0.75
Total: $ 52,300 $ (5,027) $ 47,273

As of December 31, 2023, future amortization expense is expected to be as follows (in thousands):

2024 $ 3,570
2025 3,570
2026 3,570
2027 3,570
2028 3,570
Thereafter 23,503
Total $ 41,353