Company: EVCM
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001853145-25-000009
Chunk: 159

Company: EverCommerce Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 159
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.3 million and $1.7 million, respectively, which is included in cost of revenues expense on the consolidated statements of operations and comprehensive loss.

Note 5. GoodwillGoodwill activity for the years ended December 31, 2024 and 2023 (in thousands):Balance, January 1, 2023$914,082 Acquired goodwill12,497 Effect of foreign currency exchange rate changes852 Balance, December 31, 2023927,431 Impairments(34,468)Effect of foreign currency exchange rates(6,659)Balance, December 31, 2024$886,304 During the fourth quarter of 2024, in conjunction with our review of strategic alternatives for our marketing technology solutions, the Company evaluated the recoverability of our marketing technology reporting unit and determined that the estimated fair value was insufficient to recover the net carrying value of the reporting unit resulting in an impairment charge of approximately $28.1 million during the three months ended December 31, 2024 (see Note 20. Subsequent Event). Additionally, we recognized $6.4 million of goodwill impairment charges representing the allocated goodwill to Fitness Solutions (see Note 3. Acquisitions and Dispositions). Goodwill impairment charges are included in loss on sale and impairments on the consolidated statements of operations and comprehensive loss. There has been no other impairment of goodwill.

Note 6. Intangible AssetsIntangible assets consisted of the following as of:December 31, 2024UsefulLifeGross CarryingValueAccumulatedAmortizationNet BookValue(in thousands)Customer relationships 5-20 years$574,362 $376,010 $198,352 Developed technology 5-12 years102,395 83,878 18,517 Trade names 3-10 years37,287 27,325 9,962 Non-compete agreements5 years2,376 2,367 9 Total$716,420 $489,580 $226,840 

II-38

   EverCommerce Inc.Notes to Consolidated Financial Statements

December 31, 2023UsefulLifeGross CarryingValueAccumulatedAmortizationNet BookValue(in thousands)Customer relationships (1)3-20 years$605,908 $336,558 $269,350 Developed technology (1)2-12 years106,482 74,717 31,