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Goodwill and Intangible Assets, Net (Tables)
6 Months Ended
Jun. 30, 2021
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 acquisition

 

 

219,345

 

Foreign currency translation

 

 

(1,533

)

Balance at June 30, 2021

 

$

405,223

 

 

Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

As of June 30, 2021

 

 

 

Gross

carrying

amount

 

 

Weighted

average life

(years)

 

Accumulated

amortization

 

 

Net

carrying

amount

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Developed technology

 

$

42,581

 

 

3.40

 

$

(9,754

)

 

$

32,827

 

Tradenames

 

 

25,722

 

 

4.04

 

 

(9,404

)

 

 

16,318

 

Customer relationships

 

 

198,999

 

 

8.20

 

 

(31,421

)

 

 

167,578

 

Total intangible assets

 

$

267,302

 

 

 

 

$

(50,579

)

 

$

216,723

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2020

 

 

 

Gross

carrying

amount

 

 

Weighted

average life

(years)

 

 

Accumulated

amortization

 

 

Net

carrying

amount

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Developed technology

 

$

31,851

 

 

 

3.54

 

 

$

(5,322

)

 

$

26,529

 

Tradenames

 

 

15,360

 

 

 

3.52

 

 

 

(6,638

)

 

 

8,722

 

Customer relationships

 

 

100,590

 

 

 

7.41

 

 

 

(22,079

)

 

 

78,511

 

Total intangible assets

 

$

147,801

 

 

 

 

 

 

$

(34,039

)

 

$

113,762

 

Schedule of Expected Amortization of Intangible Assets

The expected amortization of the intangible assets, as of June 30, 2021, for each of the next five years and thereafter is as follows (in thousands):

 

 

 

 

 

 

2021 (for the remaining six months)

 

$

22,166

 

2022

 

 

41,275

 

2023

 

 

36,270

 

2024

 

 

31,509

 

2025

 

 

23,664

 

Thereafter

 

 

61,839

 

 

 

$

216,723