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Goodwill and Intangible Assets, Net (Tables)
6 Months Ended
Jun. 30, 2023
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, 2022

 

$

508,781

 

Foreign currency translation

 

 

4,357

 

Balance at June 30, 2023

 

$

513,138

 

Schedule of Intangible Assets

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

 

Schedule of Expected Amortization of 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