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

9 Months Ended

Sep. 30, 2022

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, 2021 to September 30, 2022:


(in thousands)
Goodwill at December 31, 2021	$	350,560
Measurement period adjustments		(6,915)
Foreign exchange impact		(7,100)
Goodwill at September 30, 2022	$	336,545

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


(in thousands)	September 30, 2022						December 31, 2021
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trademarks and brands	$	11,729	$	(4,080)	$	7,649	$	11,735	$	(3,422)	$	8,313
Customer relationships		145,263		(46,343)		98,920		143,728		(36,831)		106,897
Developed technology		75,886		(41,641)		34,245		72,065		(33,937)		38,128
Non-compete agreements		59		(32)		27		68		(11)		57
Total intangible assets	$	232,937	$	(92,096)	$	140,841	$	227,596	$	(74,201)	$	153,395

Amortization expense related to intangible assets for the three months ended September 30, 2022 and September 30, 2021 is $6.2 million and $4.6 million, respectively. Amortization expense related to intangible assets amounted to $18.8 million and $13.5 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.

Estimated future expected amortization expense of intangible assets as of September 30, 2022 is as follows:


(in thousands)
2022 (for remaining three months)	$	6,157
2023		24,589
2024		23,202
2025		21,100
2026		16,036
2027		13,827
Thereafter		35,930
Total	$	140,841

The weighted-average remaining useful life by major asset classes as of September 30, 2022 is as follows:


		(In years)
Trademarks and brands		10
Customer relationships		8
Developed technology		3
Non-compete agreements		1

There were no impairments identified during the nine months ended September 30, 2022 or September 30, 2021.