| Goodwill and Intangible Assets |
5. Goodwill and Intangible Assets
The following is a summary of changes to the goodwill carrying value from January 1, 2022 through December 31, 2023:
|
|
|
|
(in thousands) |
|
|
|
Goodwill as of January 1, 2022 |
|
$ |
350,560 |
Measurement period adjustments |
|
|
(4,660) |
Foreign exchange impact |
|
|
(2,889) |
Goodwill as of December 31, 2022 |
|
|
343,011 |
Business combinations (Scibids) |
|
|
90,668 |
Foreign exchange impact |
|
|
2,329 |
Goodwill as of December 31, 2023 |
|
$ |
436,008 |
The Company completed its analyses for each of the years ended December 31, 2023, 2022, and 2021 and determined that there was no impairment of Goodwill.
The following table summarizes the Company’s intangible assets and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
|
Gross |
|
|
|
|
Net |
|
Gross |
|
|
|
|
Net |
|
|
Carrying |
|
Accumulated |
|
Carrying |
|
Carrying |
|
Accumulated |
|
Carrying |
(in thousands) |
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Trademarks and brands |
|
$ |
11,734 |
|
$ |
(5,140) |
|
$ |
6,594 |
|
$ |
11,733 |
|
$ |
(4,294) |
|
$ |
7,439 |
Customer relationships |
|
|
161,173 |
|
|
(62,955) |
|
|
98,218 |
|
|
145,834 |
|
|
(49,587) |
|
|
96,247 |
Developed technology |
|
|
93,013 |
|
|
(56,942) |
|
|
36,071 |
|
|
76,677 |
|
|
(44,956) |
|
|
31,721 |
Non-compete agreements |
|
|
66 |
|
|
(66) |
|
|
— |
|
|
64 |
|
|
(42) |
|
|
22 |
Total intangible assets |
|
$ |
265,986 |
|
$ |
(125,103) |
|
$ |
140,883 |
|
$ |
234,308 |
|
$ |
(98,879) |
|
$ |
135,429 |
Amortization expense related to intangible assets amounted to $28.1 million, $25.1 million, and $18.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Estimated future expected amortization expense of intangible assets as of December 31, 2023 is as follows:
|
|
|
|
(in thousands) |
|
|
|
2024 |
|
$ |
28,823 |
2025 |
|
|
26,894 |
2026 |
|
|
22,141 |
2027 |
|
|
18,187 |
2028 |
|
|
14,972 |
Thereafter |
|
|
29,866 |
Total |
|
$ |
140,883 |
The weighted-average remaining useful life by major asset classes as of December 31, 2023 is as follows:
|
|
|
|
|
(In years) |
Trademarks and brands |
|
9 |
Customer relationships |
|
7 |
Developed technology |
|
2 |
There were no impairments of Intangible assets identified during the years ended December 31, 2023, 2022 and 2021.
|