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, 2023

Goodwill and Intangible Assets

Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

The following is a summary of changes to the goodwill carrying value from December 31, 2022 to June 30, 2023:


(in thousands)
Goodwill at December 31, 2022	$	343,011
Foreign exchange impact		671
Goodwill at June 30, 2023	$	343,682

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


(in thousands)	June 30, 2023						December 31, 2022
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trademarks and brands	$	11,733	$	(4,717)	$	7,016	$	11,733	$	(4,294)	$	7,439
Customer relationships		145,925		(55,974)		89,951		145,834		(49,587)		96,247
Developed technology		76,785		(50,783)		26,002		76,677		(44,956)		31,721
Non-compete agreements		65		(60)		5		64		(42)		22
Total intangible assets	$	234,508	$	(111,534)	$	122,974	$	234,308	$	(98,879)	$	135,429

Amortization expense related to intangible assets for the three months ended June 30, 2023 and June 30, 2022 was $6.4 million and $6.2 million, respectively. Amortization expense related to intangible assets amounted to $12.6 million for each of the six months ended June 30, 2023 and June 30, 2022.

Estimated future expected amortization expense of intangible assets as of June 30, 2023 is as follows:


(in thousands)
2023 (for remaining six months)	$	13,112
2024		22,792
2025		20,836
2026		16,082
2027		13,872
2028		13,451
Thereafter		22,829
Total	$	122,974

The weighted-average remaining useful life by major asset classes as of June 30, 2023 is as follows:


		(In years)
Trademarks and brands		9
Customer relationships		7
Developed technology		2
Non-compete agreements		1

There were no impairments identified during the six months ended June 30, 2023 or June 30, 2022.