| 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 March 31, 2022:
|
|
|
|
(in thousands) |
|
|
|
Goodwill at December 31, 2021 |
|
$ |
350,560 |
Measurement period adjustments |
|
|
(6,915) |
Foreign exchange impact |
|
|
(979) |
Goodwill at March 31, 2022 |
|
$ |
342,666 |
The following table summarizes the Company’s intangible assets and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
March 31, 2022 |
|
December 31, 2021 |
|
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Trademarks and brands |
|
$ |
11,734 |
|
$ |
(3,644) |
|
$ |
8,090 |
|
$ |
11,735 |
|
$ |
(3,422) |
|
$ |
8,313 |
Customer relationships |
|
|
146,093 |
|
|
(40,044) |
|
|
106,049 |
|
|
143,728 |
|
|
(36,831) |
|
|
106,897 |
Developed technology |
|
|
77,071 |
|
|
(36,746) |
|
|
40,325 |
|
|
72,065 |
|
|
(33,937) |
|
|
38,128 |
Non-compete agreements |
|
|
67 |
|
|
(19) |
|
|
48 |
|
|
68 |
|
|
(11) |
|
|
57 |
Total intangible assets |
|
$ |
234,965 |
|
$ |
(80,453) |
|
$ |
154,512 |
|
$ |
227,596 |
|
$ |
(74,201) |
|
$ |
153,395 |
Amortization expense for the three months ended March 31, 2022 and March 31, 2021 is $6.3 million and $4.5 million, respectively.
Estimated future expected amortization expense of intangible assets as of March 31, 2022 is as follows:
|
|
|
|
(in thousands) |
|
|
|
2022 (for remaining nine months) |
|
$ |
18,725 |
2023 |
|
|
24,901 |
2024 |
|
|
23,341 |
2025 |
|
|
21,199 |
2026 |
|
|
16,094 |
2027 |
|
|
13,884 |
Thereafter |
|
|
36,368 |
Total |
|
$ |
154,512 |
The weighted-average remaining useful life by major asset classes as of March 31, 2021 is as follows:
|
|
|
|
|
(In years) |
Trademarks and brands |
|
10 |
Customer relationships |
|
8 |
Developed technology |
|
4 |
Non-compete agreements |
|
1 |
There were no impairments identified during the three months ended March 31, 2022 or March 31, 2021.
|