Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.22.2
Intangible Assets
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
The gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives as of June 30, 2022 and December 31, 2021, included in intangible assets, net in the accompanying condensed consolidated balance sheets, are as follows:
June 30, 2022 December 31, 2021
Useful life
Weighted
Average
Amortization
Period 2022
 2022
Weighted
Average
Amortization
Period 2021
 2021
Customer relationships
 4 years 2.4 years $ 22,923  2.5 years $ 24,516 
Brands
 10 years 8.4 years 95,865  8.9 years 100,315 
Website design and software system
 3 years 2.2 years 1,883 
Trademarks
 5 years 2.8 years 109  3.3 years 114 
Total intangible assets
 118,897  126,828 
Less accumulated amortization
 (33,349) (28,541)
Total intangible assets, net
 $ 85,548  $ 98,287 
Amortization of acquired intangible assets with finite useful lives is included in general and administrative expenses and was $4.0 million and $3.8 million for the three months ended June 30, 2022 and 2021, respectively and $8.1 million and $6.2 million for the six months ended June 30, 2022 and 2021, respectively. Intangible assets that are fully depreciated as of the last day of a fiscal year are written off during the first quarter of the following year. On January 1, 2022, the Company established a policy to classify all capitalized software, website design and software systems as property and equipment, resulting in a reclassification of such assets and related depreciation and amortization from intangible assets, net, to property and equipment, net.
Future estimated amortization expense for acquired identifiable intangible assets is as follows:
Amortization Expense
Year ending December 31:
Remainder of 2022
 $ 6,399 
2023 12,234 
2024 11,712 
2025 9,970 
2026 9,582 
Thereafter 35,651 
Total amortization expense $ 85,548