v3.22.2.2
Goodwill and other intangibles
9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill and other intangibles

Note 7—Goodwill and other intangibles

 

There were no additions to goodwill for the year ended December 31, 2021 or the nine months ended September 30, 2022. No impairment of goodwill was identified for the year ended December 31, 2021 or the nine months ended September 30, 2022.

 

Intangible assets consisted of the following (in thousands, except years):

 

                   
   September 30, 2022 
   Useful Life
(in years)
   Gross Carrying
Amount
   Accumulated
Amortization
   Net Carrying
Amount
 
Trade Name  5   $728   $(728)  $- 
Customer and hauler relationships  2 to 8    20,976    (11,502)   9,474 
Non-competition agreements  3 to 4    550    (550)   - 
Technology  3    3,178    (1,802)   1,376 
Total finite-lived intangible assets       25,432    (14,582)   10,850 
Domain Name  Indefinite    835    -    835 
Total intangible assets      $26,267   $(14,582)  $11,685 

 

   December 31, 2021 
   Useful Life
(in years)
   Gross Carrying
Amount
   Accumulated
Amortization
   Net Carrying
Amount
 
Trade Name  5   $728   $(728)  $- 
Customer and hauler relationships  2 to 8    20,976    (9,582)   11,394 
Non-competition agreements  3 to 4    550    (487)   63 
Technology  3    3,178    (1,307)   1,871 
Total finite-lived intangible assets       25,432    (12,104)   13,328 
Domain Name  Indefinite    835    -    835 
Total intangible assets      $26,267   $(12,104)  $14,163 

 

Amortization expense for intangible assets was $0.8 million and $0.7 million for the three months ended September 30, 2022 and 2021, respectively. Amortization expense for intangible assets was $2.5 million and $2.2 million for the nine months ended September 30, 2022 and 2021, respectively. Future amortization expense for the remainder of fiscal year 2022 and subsequent years is as follows (in thousands):

 

     
Fiscal Years Ending December 31,    
2022  $804 
2023   3,220 
2024   3,110 
2025   2,559 
2026   1,157 
Total finite-lived intangible assets, net  $10,850 

 

Note 6—Goodwill and other intangibles

 

The Company holds certain intangible assets recorded in accordance with the accounting policies disclosed in Note 1. Intangible assets consisted of the following (in thousands):

 

                               
   

December 31,

2021

 
    Useful Life
(in years)
    Gross
Carrying Amount
    Accumulated Amortization     Net
Carrying Amount
 
Trade Name     5     $ 728     $ (728 )    $ -  
Customer and hauler relationships     2 to 8       20,976       (9,582 )     11,394  
Non-competition agreements     3 to 4       550       (487 )     63  
Technology     3       3,178       (1,307 )     1,871  
              25,432       (12,104 )     13,328  
Domain Name     Indefinite       835       -       835  
            $ 26,267     $ (12,104 )   $ 14,163  

 

   

December 31,

2020

 
    Useful Life
(in years)
    Gross
Carrying Amount
    Accumulated Amortization     Net
Carrying Amount
 
Trade Name     5     $ 728     $ (719 )   $ 9  
Customer and hauler relationships     2 to 8       20,976       (7,023 )     13,953  
Non-competition agreements     3 to 4       550       (349 )     201  
Technology     3       1,197       (997 )     200  
              23,451       (9,088 )     14,363  
Domain Name     Indefinite       785       -       785  
            $ 24,236     $ (9,088 )   $ 15,148  

 

Amortization of these intangible assets for the years ended December 31, 2021 and 2020 was $3.0 million and $3.3 million, respectively, and future amortization expense is as follows (in thousands):

 

       
Fiscal Years Ending December 31,      
2022   $ 3,282  
2023     3,220  
2024     3,110  
2025     2,559  
2026     1,157  
Future amortization of intangible assets    $ 13,328  

 

Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. Goodwill amounts are not amortized but are tested for impairment at least annually during the fourth quarter. The carrying amounts of goodwill were as follows (in thousands):

 

       
Balance at January 1, 2020   $ 32,132  
Balance at December 31, 2020   $ 32,132  
Balance at December 31, 2021   $ 32,132