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, 2023

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, 2022 to September 30, 2023:


(in thousands)
Goodwill at December 31, 2022	$	343,011
Business combinations (Scibids)		92,053
Foreign exchange impact		(3,757)
Goodwill at September 30, 2023	$	431,307

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


(in thousands)	September 30, 2023						December 31, 2022
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trademarks and brands	$	11,732	$	(4,927)	$	6,805	$	11,733	$	(4,294)	$	7,439
Customer relationships		160,239		(59,326)		100,913		145,834		(49,587)		96,247
Developed technology		93,921		(54,333)		39,588		76,677		(44,956)		31,721
Non-compete agreements		63		(63)		—		64		(42)		22
Total intangible assets	$	265,955	$	(118,649)	$	147,306	$	234,308	$	(98,879)	$	135,429

Amortization expense related to intangible assets for the three months ended September 30, 2023 and September 30, 2022 was $7.4 million and $6.2 million, respectively. Amortization expense related to intangible assets amounted to $20.0 million and $18.8 million for the nine months ended September 30, 2023 and September 30, 2022, respectively.

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


(in thousands)
2023 (for remaining three months)	$	7,951
2024		28,565
2025		26,618
2026		21,865
2027		17,984
2028		14,888
Thereafter		29,435
Total	$	147,306

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


		(In years)
Trademarks and brands		9
Customer relationships		7
Developed technology		2

There were no impairments identified during the nine months ended September 30, 2023 or September 30, 2022.