Annual report pursuant to Section 13 and 15(d)

Intangible Assets (Tables)

v3.22.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Acquired Finite-Lived Intangible Assets The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:
Fair Value at Acquisition Date
Annual Amortization Expense
Estimated Useful
Life in Years
Brand names
 $ 68,354  $ 6,835  10 years
Customer relationships
 4,855  1,214  4 years
Total $ 73,209 
The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:
Fair Value at Acquisition Date
Amortization Period
Brand $ 11,800  10 years
Customer relationships 2,500  3 years
Total intangible assets $ 14,300 
The gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives as of December 31, 2022 and 2021, included in intangible assets, net in the accompanying consolidated balance sheets, are as follows:
December 31,
Useful life
Weighted
Average
Amortization
Period 2022
 2022
Weighted
Average
Amortization
Period 2021
 2021
Customer relationships
 4 years 2.0 years $ 21,703  2.5 years $ 24,516 
Brands
 10 years 7.9 years 84,278  8.9 years 100,315 
Website design and software system
 3 years 2.2 years 1,883 
Trademarks
 5 years 2.3 years 107  3.3 years 114 
Total intangible assets
 106,088  126,828 
Less accumulated amortization
 (29,983) (28,541)
Total intangible assets, net
 $ 76,105  $ 98,287 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Future estimated amortization expense for acquired identifiable intangible assets is as follows:
Year ending December 31:
2023 $ 10,812 
2024 10,288 
2025 9,578 
2026 8,923 
2027 8,423 
Thereafter 28,081 
Total amortization expense $ 76,105