Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2022 were as follows:


(in thousands)
Goodwill as of December 31, 2021	$	852,536
Foreign currency translation adjustment	(3,113)
Goodwill as of September 30, 2022	$	849,423

Intangible Assets

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


		December 31, 2021						September 30, 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	$	505,426	$	(331,179)	$	174,247
Trademarks	2 - 16 years	77,434		(31,685)		45,749		77,035		(35,939)		41,096
Non-compete agreement	1 - 5 years	3,191		(2,462)		729		3,171		(2,537)		634
Technology	3 - 7 years	231,165		(191,320)		39,845		242,255		(211,462)		30,793
Domain names	3 - 15 years	10,118		(4,009)		6,109		10,118		(4,514)		5,604
Favorable leases	4 - 14 years	4,940		(2,458)		2,482		4,940		(2,704)		2,236
		$	833,935	$	(536,789)	$	297,146	$	842,945	$	(588,335)	$	254,610

Included within technology is $30.7 million and $29.0 million of internal-use software, net of accumulated amortization, as of December 31, 2021 and September 30, 2022, respectively. As of September 30, 2022, $7.2 million of technology assets have not yet been put in service.

The Company capitalized $12.0 million of costs to develop internal-use software included in technology during the nine months ended September 30, 2021 (consisting of internal costs of $9.3 million and external costs of $2.7 million). The Company capitalized $11.7 million of costs to develop internal-use software included in technology during the nine months ended September 30, 2022 (consisting of internal costs of $9.4 million and external costs of $2.3 million).

For the three months ended September 30, 2021, the Company recorded no write-down of capitalized software. For the nine months ended September 30, 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 and nine months ended September 30, 2022.

Amortization expense was $19.2 million and $15.5 million for the three months ended September 30, 2021 and 2022, respectively, and $57.7 million and $53.3 million for the nine months ended September 30, 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 September 30, 2022 is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
2022	$	15,560
2023	52,447
2024	42,724
2025	33,288
2026	26,387
Thereafter	84,204
	$	254,610