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Goodwill and Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 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, 2020

 

$

187,411

 

Increase due to acquisitions

 

 

348,794

 

Foreign currency translation

 

 

(5,042

)

Balance at December 31, 2021

 

 

531,163

 

Acquisition initial value adjustment

 

 

(1,788

)

Foreign currency translation

 

 

(20,594

)

Balance at December 31, 2022

 

$

508,781

 

 

Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands):

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

Gross
carrying
amount

 

 

Weighted-
average life
(years)

 

 

Accumulated
amortization

 

 

Net
carrying
amount

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Developed technology

 

$

34,924

 

 

 

3.47

 

 

$

(21,217

)

 

$

13,707

 

Tradenames

 

 

16,513

 

 

 

4.55

 

 

 

(7,057

)

 

 

9,456

 

Customer relationships

 

 

204,697

 

 

 

8.34

 

 

 

(61,683

)

 

 

143,014

 

Total intangible assets

 

$

256,134

 

 

 

 

 

$

(89,957

)

 

$

166,177

 

 

 

 

 

 

 

 

 

 

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 December 31, 2022, for each of the next five years and thereafter is as follows (in thousands):

2023

 

$

37,321

 

2024

 

 

31,811

 

2025

 

 

26,022

 

2026

 

 

20,212

 

2027

 

 

15,752

 

Thereafter

 

 

35,059

 

 

 

$

166,177