Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2023

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, 2022	$	508,781
Foreign currency translation		4,357
Balance at June 30, 2023	$	513,138

There were no impairments recorded against goodwill during the six months ended June 30, 2023 and for the year ended December 31, 2022.

Intangible assets consisted of the following (in thousands):


				As of June 30, 2023
	Gross carrying amount		Weighted average life (years)	Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	35,109	3.48	$	(25,864	)	$	9,245
Tradenames		16,385	4.53		(8,635	)		7,750
Customer relationships		204,373	8.34		(73,726	)		130,647
Total intangible assets	$	255,867		$	(108,225	)	$	147,642


					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

Amortization expense for intangible assets was $9.3 million and $11.2 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense for intangible assets was $19.0 million and $22.8 million for the six months ended June 30, 2023 and 2022, respectively. Included in the amortization expense amounts is amortization expense attributed to developed technology within cost of revenue of $4.6 million and $6.3 million for the six months ended June 30, 2023 and 2022, respectively. During 2022, the Company assigned $5.6 million net carrying amount of intangible assets associated with a pending asset sale to assets held for sale on the consolidated balance sheet. During the three months ended March 31, 2023, the Company completed the divestiture and derecognized the intangible assets (see Note 8). Additionally, during the six months ended June 30, 2023, the Company retired $0.3 million of fully amortized intangible assets.

The expected amortization of the intangible assets, as of June 30, 2023, for each of the next five years and thereafter is as follows (in thousands):



2023 (for the remaining six months)	$	18,183
2024		31,861
2025		26,108
2026		20,304
2027		15,890
Thereafter		35,296
	$	147,642