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Goodwill and Intangible Assets, Net (Tables)
6 Months Ended
Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Gross Carrying Amount of Goodwill

The following table displays the changes in the gross carrying amount of goodwill (in thousands):

 

 

 

 

 

Balance at December 31, 2021

 

$

531,163

 

Acquisition initial value adjustment

 

 

(1,788

)

Foreign currency translation

 

 

(21,557

)

Balance at June 30, 2022

 

$

507,818

 

Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands):

 

 

 

 

 

 

 

 

As of June 30, 2022

 

 

 

Gross
carrying
amount

 

 

Weighted
average life
(years)

 

Accumulated
amortization

 

 

Net
carrying
amount

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Developed technology

 

$

42,220

 

 

3.42

 

$

(22,062

)

 

$

20,158

 

Tradenames

 

 

25,706

 

 

4.02

 

 

(13,967

)

 

 

11,739

 

Customer relationships

 

 

211,870

 

 

8.36

 

 

(51,056

)

 

 

160,814

 

Total intangible assets

 

$

279,796

 

 

 

 

$

(87,085

)

 

$

192,711

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

 

 

Gross
carrying
amount

 

 

Weighted
average life
(years)

 

 

Accumulated
amortization

 

 

Net
carrying
amount

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Developed technology

 

$

43,178

 

 

 

3.41

 

 

$

(16,214

)

 

$

26,964

 

Tradenames

 

 

28,250

 

 

 

4.13

 

 

 

(12,779

)

 

 

15,471

 

Customer relationships

 

 

219,850

 

 

 

8.30

 

 

 

(42,966

)

 

 

176,884

 

Total intangible assets

 

$

291,278

 

 

 

 

 

$

(71,959

)

 

$

219,319

 

Schedule of Expected Amortization of Intangible Assets

The expected amortization of the intangible assets, as of June 30, 2022, for each of the next five years and thereafter is as follows (in thousands):

 

 

 

 

 

2022 (for the remaining six months)

 

$

20,638

 

2023

 

 

38,497

 

2024

 

 

33,213

 

2025

 

 

26,890

 

2026

 

 

20,984

 

Thereafter

 

 

52,489

 

 

 

$

192,711