Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.21.2
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

5.    Goodwill and Intangible Assets

As of September 30, 2021 and December 31, 2020, the carrying value of goodwill was $244.7 million and $227.3 million, respectively. The total change in the carrying value of goodwill was primarily related to $17.1 million from the Meetrics acquisition. The remaining change in goodwill was deemed immaterial.

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

(in thousands)

September 30, 2021

    

December 31, 2020

Gross Carrying

Accumulated

Net Carrying

Gross Carrying

Accumulated

Net Carrying

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

Trademarks and brands

11,736

(3,200)

8,536

11,690

(2,562)

9,128

Customer relationships

 

109,301

(34,194)

 

75,107

 

102,220

 

(27,720)

 

74,500

Developed technology

 

65,599

(31,604)

 

33,995

 

63,210

 

(25,128)

 

38,082

Non-compete agreements

69

(2)

67

Total intangible assets

$

186,705

$

(69,000)

$

117,705

$

177,120

$

(55,410)

$

121,710

Amortization expense for the three months ended September 30, 2021 and September 30, 2020 is $4.6 million and $4.4 million, respectively. Amortization expense related to intangible assets amounted to $13.5 million and $13.4 million for the nine months ended September 30, 2021 and September 30, 2020, respectively.

Estimated future expected amortization expense of intangible assets as of September 30, 2021 is as follows:

(in thousands)

    

    

2021

$

4,755

2022

19,001

2023

18,929

2024

17,303

2025

15,146

2026

10,283

Thereafter

 

32,288

Total

$

117,705

The weighted-average remaining useful life by major asset classes as of September 30, 2021 is as follows:

    

(In years)

Trademarks and brands

 

11

Customer relationships

 

8

Developed technology

4

Non-compete agreements

 

2

There were no impairments identified during the nine months ended September 30, 2021 or September 30, 2020.