Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

(7) Goodwill and Intangible Assets, Net

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		(37,009	)
Balance at September 30, 2022	$	492,366

There were no impairments recorded against goodwill during the nine months ended September 30, 2022 and for the year ended December 31, 2021.

Intangible assets consisted of the following (in thousands):


				As of September 30, 2022
	Gross carrying amount		Weighted average life (years)	Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	36,311	3.48	$	(19,259	)	$	17,052
Tradenames		16,700	4.55		(6,359	)		10,341
Customer relationships		207,165	8.37		(56,048	)		151,117
Total intangible assets	$	260,176		$	(81,666	)	$	178,510


					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

Amortization expense for intangible assets was $10.4 million and $11.0 million for the three months ended September 30, 2022 and 2021, respectively. Amortization expense for intangible assets was $33.2 million and $28.9 million for the nine months ended September 30, 2022 and 2021, respectively. Included in the amortization expense amounts is amortization expense attributed to developed technology within cost of revenue of $9.1 million and $8.8 million for the nine months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022, the Company retired $19.2 million of fully amortized intangible assets.

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



2022 (for the remaining three months)	$	9,899
2023		37,715
2024		32,579
2025		26,327
2026		20,606
Thereafter		51,384
	$	178,510