| Goodwill and Intangible Assets |
4. Goodwill and Intangible Assets
The following is a summary of changes to the goodwill carrying value from December 31, 2022 to March 31, 2023:
|
|
|
|
(in thousands) |
|
|
|
Goodwill at December 31, 2022 |
|
$ |
343,011 |
Foreign exchange impact |
|
|
848 |
Goodwill at March 31, 2023 |
|
$ |
343,859 |
The following table summarizes the Company’s intangible assets and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Trademarks and brands |
|
$ |
11,734 |
|
$ |
(4,506) |
|
$ |
7,228 |
|
$ |
11,733 |
|
$ |
(4,294) |
|
$ |
7,439 |
Customer relationships |
|
|
145,949 |
|
|
(52,789) |
|
|
93,160 |
|
|
145,834 |
|
|
(49,587) |
|
|
96,247 |
Developed technology |
|
|
76,827 |
|
|
(47,876) |
|
|
28,951 |
|
|
76,677 |
|
|
(44,956) |
|
|
31,721 |
Non-compete agreements |
|
|
65 |
|
|
(52) |
|
|
13 |
|
|
64 |
|
|
(42) |
|
|
22 |
Total intangible assets |
|
$ |
234,575 |
|
$ |
(105,223) |
|
$ |
129,352 |
|
$ |
234,308 |
|
$ |
(98,879) |
|
$ |
135,429 |
Amortization expense related to intangible assets for the three months ended March 31, 2023 and March 31, 2022 is $6.2 million and $6.3 million, respectively.
Estimated future expected amortization expense of intangible assets as of March 31, 2023 is as follows:
|
|
|
|
(in thousands) |
|
|
|
2023 (for remaining nine months) |
|
$ |
18,606 |
2024 |
|
|
23,314 |
2025 |
|
|
21,182 |
2026 |
|
|
16,084 |
2027 |
|
|
13,874 |
2028 |
|
|
13,453 |
Thereafter |
|
|
22,839 |
Total |
|
$ |
129,352 |
The weighted-average remaining useful life by major asset classes as of March 31, 2023 is as follows:
|
|
|
|
|
(In years) |
Trademarks and brands |
|
9 |
Customer relationships |
|
7 |
Developed technology |
|
3 |
Non-compete agreements |
|
1 |
There were no impairments identified during the three months ended March 31, 2023 or March 31, 2022.
|