DoubleVerify Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The following is a summary of changes to the goodwill carrying value from December 31, 2023 to June 30, 2024:


(in thousands)
Goodwill at December 31, 2023	$	436,008
Measurement period adjustments		(300)
Foreign exchange impact		(4,212)
Goodwill at June 30, 2024	$	431,496

The following table summarizes the Company’s intangible assets and related accumulated amortization:


(in thousands)	June 30, 2024						December 31, 2023
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trademarks and brands	$	11,733	$	(5,561)	$	6,172	$	11,734	$	(5,140)	$	6,594
Customer relationships		160,520		(69,985)		90,535		161,173		(62,955)		98,218
Developed technology		92,243		(63,530)		28,713		93,013		(56,942)		36,071
Non-compete agreements		64		(64)		—		66		(66)		—
Total intangible assets	$	264,560	$	(139,140)	$	125,420	$	265,986	$	(125,103)	$	140,883

Amortization expense related to intangible assets for the three months ended June 30, 2024 and June 30, 2023 was $7.1 million and $6.4 million, respectively. Amortization expense related to intangible assets amounted to $14.4 million and $12.6 million for the six months ended June 30, 2024 and June 30, 2023, respectively.

Estimated future expected amortization expense of intangible assets as of June 30, 2024 is as follows:


(in thousands)
2024 (for remaining six months)	$	14,247
2025		26,702
2026		21,948
2027		18,045
2028		14,913
2029		12,562
Thereafter		17,003
Total	$	125,420

The weighted-average remaining useful life by major asset classes as of June 30, 2024 is as follows:


		(In years)
Trademarks and brands		8
Customer relationships		6
Developed technology		2

There were no impairments of Goodwill or Intangible assets identified during the six months ended June 30, 2024 and June 30, 2023.