Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the periods presented:


(in thousands)
Goodwill at December 31, 2020	$	831,800
Foreign currency translation adjustment	(985)
Acquisition of EBI	21,721
Goodwill at December 31, 2021	852,536
Foreign currency translation adjustment	(2,412)
Acquisition of EBI - purchase price and measurement period adjustment	(515)
Goodwill at December 31, 2022	$	849,609

There have been no impairments of the recognized goodwill through December 31, 2022.

Intangible Assets

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


		December 31, 2021						December 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	$	506,015	$	(340,579)	$	165,436
Trademarks	2 - 16 years	77,434		(31,685)		45,749		77,198		(37,519)		39,679
Non-compete agreement	1 - 5 years	3,191		(2,462)		729		3,179		(2,584)		595
Technology	3 - 7 years	231,165		(191,320)		39,845		246,220		(216,330)		29,890
Domain names	3 - 15 years	10,118		(4,009)		6,109		10,118		(4,682)		5,436
Favorable leases	4 - 14 years	4,940		(2,458)		2,482		—		—		—
		$	833,935	$	(536,789)	$	297,146	$	842,730	$	(601,694)	$	241,036

Included within technology is $30.7 million and $28.1 million of internal-use software, net of accumulated amortization, as of December 31, 2021 and 2022, respectively. As of December 31, 2022, $6.9 million of technology assets have not yet been put in service.

The Company capitalized costs to develop internal-use software included in technology of $15.9 million in 2021 (consisting of internal costs of $12.5 million and external costs of $3.4 million) and of $15.7 million in 2022 (consisting of internal costs of $12.8 million and external costs of $2.9 million).

During the years ended December 31, 2020, 2021 and 2022, the Company recorded a write-down related to the impairment of capitalized software in the amount of $0.7 million, $0.3 million and $0.2 million, respectively.

Amortization expense was $84.1 million, $77.5 million and $68.7 million, for the years ended December 31, 2020, 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 is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
2023	$	51,970
2024	43,709
2025	34,348
2026	27,827
2027	22,065
Thereafter	61,117
	$	241,036