| 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 June 30, 2022:
|
|
|
|
(in thousands) |
|
|
|
Goodwill at December 31, 2021 |
|
$ |
350,560 |
Measurement period adjustments |
|
|
(6,915) |
Foreign exchange impact |
|
|
(4,156) |
Goodwill at June 30, 2022 |
|
$ |
339,489 |
The following table summarizes the Company’s intangible assets and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2022 |
|
December 31, 2021 |
|
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Trademarks and brands |
|
$ |
11,732 |
|
$ |
(3,865) |
|
$ |
7,867 |
|
$ |
11,735 |
|
$ |
(3,422) |
|
$ |
8,313 |
Customer relationships |
|
|
145,662 |
|
|
(43,200) |
|
|
102,462 |
|
|
143,728 |
|
|
(36,831) |
|
|
106,897 |
Developed technology |
|
|
76,444 |
|
|
(39,198) |
|
|
37,246 |
|
|
72,065 |
|
|
(33,937) |
|
|
38,128 |
Non-compete agreements |
|
|
63 |
|
|
(26) |
|
|
37 |
|
|
68 |
|
|
(11) |
|
|
57 |
Total intangible assets |
|
$ |
233,901 |
|
$ |
(86,289) |
|
$ |
147,612 |
|
$ |
227,596 |
|
$ |
(74,201) |
|
$ |
153,395 |
Amortization expense for the three months ended June 30, 2022 and June 30, 2021 is $6.2 million and $4.4 million, respectively. Amortization expense related to intangible assets amounted to $12.6 million and $8.9 million for the six months ended June 30, 2022 and June 30, 2021, respectively.
Estimated future expected amortization expense of intangible assets as of June 30, 2022 is as follows:
|
|
|
|
(in thousands) |
|
|
|
2022 (for remaining six months) |
|
$ |
12,397 |
2023 |
|
|
24,740 |
2024 |
|
|
23,269 |
2025 |
|
|
21,148 |
2026 |
|
|
16,064 |
2027 |
|
|
13,854 |
Thereafter |
|
|
36,140 |
Total |
|
$ |
147,612 |
The weighted-average remaining useful life by major asset classes as of June 30, 2022 is as follows:
|
|
|
|
|
(In years) |
Trademarks and brands |
|
10 |
Customer relationships |
|
8 |
Developed technology |
|
3 |
Non-compete agreements |
|
1 |
There were no impairments identified during the six months ended June 30, 2022 or June 30, 2021.
|