General form of registration statement for all companies including face-amount certificate companies

Intangible Assets

v3.22.1
Intangible Assets
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Intangible Assets [Abstract]    
INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

Goodwill as of March 31, 2022 and December 31, 2021 was $161,678 and $52,541, respectively. The increase relates to goodwill acquired from the acquisition of Even Financial. See Note 17, “Mergers and Acquisitions,” for more information regarding goodwill and other intangible assets acquired from Even Financial.

Intangible assets consisted of the following:

 

Useful Life

 

March 31,
2022

 

December 31,
2021

Proprietary technology and capitalized internal-use
software

 

3 – 7 years

 

$

34,791

 

 

$

11,623

 

Work in process

     

 

2,291

 

 

 

1,481

 

Customer relationships

 

10 – 15 years

 

 

159,820

 

 

 

5,960

 

Trade names

 

10 – 15 years

 

 

24,980

 

 

 

11,820

 

Less: accumulated amortization

     

 

(8,934

)

 

 

(5,760

)

Intangible assets, net

     

$

212,948

 

 

$

25,124

 

For the three months ended March 31, 2022 and 2021, total amortization expense was $3,191 and $451, respectively.

The following table summarizes estimated future amortization expense of intangible assets placed in service at March 31, 2022 for the years ending:

Remainder of 2022

 

$

16,951

2023

 

 

22,219

2024

 

 

22,087

2025

 

 

22,087

2026

 

 

22,087

Thereafter

 

 

105,226

   

$

210,657

6. INTANGIBLE ASSETS

Goodwill as of December 31, 2021 and 2020 was $52,541 and $21,565, respectively. The increase relates to goodwill acquired from the acquisition of MALKA. See Note 17, “Mergers and Acquisitions,” for more information regarding goodwill and other intangible assets acquired from MALKA.

Intangible assets consisted of the following:

 

Useful
Life

 

December 31,
2021

 

December 31,
2020

Capitalized internal-use software

 

3 years

 

$

5,493

 

 

$

5,374

 

Work in process

     

 

1,481

 

 

 

1,481

 

Proprietary technology

 

7 years

 

 

6,130

 

 

 

6,130

 

Customer relationships

 

15 years

 

 

5,960

 

 

 

 

Trade names

 

15 years

 

 

11,820

 

 

 

 

Less: accumulated amortization

     

 

(5,760

)

 

 

(3,710

)

Intangible assets, net

     

$

25,124

 

 

$

9,275

 

For the twelve months ended December 31, 2021 and 2020, total amortization expense was $2,049 and $791, respectively.

The following table summarizes estimated future amortization expense of intangible assets placed in service at December 31, 2021 for the years ending:

2022

 

$

2,648

2023

 

 

2,221

2024

 

 

2,072

2025

 

 

2,061

2026

 

 

2,061

Thereafter

 

 

12,580

   

$

23,643