Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2022 were as follows:


(in thousands)
Goodwill as of December 31, 2021	$	852,536
Foreign currency translation adjustment	(890)
Goodwill as of March 31, 2022	$	851,646

Intangible Assets

Intangible assets, net consisted of the following for the periods presented:


		December 31, 2021						March 31, 2022
(dollars in thousands)	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer lists	7 - 17 years	$	507,087	$	(304,855)	$	202,232	$	507,549	$	(314,327)	$	193,222
Trademarks	4 - 16 years	77,434		(31,685)		45,749		77,550		(33,293)		44,257
Non-compete agreement	1 - 4 years	3,191		(2,462)		729		3,197		(2,487)		710
Technology	3 - 7 years	231,165		(191,320)		39,845		235,057		(199,533)		35,524
Domain names	3 - 15 years	10,118		(4,009)		6,109		10,118		(4,177)		5,941
Favorable leases	4 - 14 years	4,940		(2,458)		2,482		4,940		(2,541)		2,399
		$	833,935	$	(536,789)	$	297,146	$	838,411	$	(556,358)	$	282,053

Included within technology is $30.7 million and $30.0 million of internal-use software, net of accumulated amortization, as of December 31, 2021 and March 31, 2022, respectively. As of March 31, 2022, $6.2 million of technology assets have not yet been put in service.

The Company capitalized $3.8 million of costs to develop internal-use software included in technology during the three months ended March 31, 2021 (consisting of internal costs of $2.9 million and external costs of $0.9 million). The Company capitalized $3.7 million of costs to develop internal-use software included in technology during the three months ended March 31, 2022 (consisting of internal costs of $3.0 million and external costs of $0.7 million).

For the three months ended March 31, 2021, the Company recorded a write-down related to the impairment of capitalized software in the amount of $0.1 million. There was no write-down of capitalized software during the three months ended March 31, 2022.

Amortization expense was $19.3 million and $19.1 million for the three months ended March 31, 2021 and 2022, respectively.

Except for the customer lists, which are amortized utilizing an accelerated method, all other intangible assets are amortized on a straight-line basis, which approximates the pattern in which economic benefits are consumed. Estimated amortization expense as of March 31, 2022 is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
2022	$	49,658
2023	50,128
2024	40,326
2025	31,160
2026	26,468
Thereafter	84,313
	$	282,053