Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.2
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2022
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, 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.