Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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


(in thousands)
Goodwill as of December 31, 2022	$	849,609
Acquisitions	27,352
Foreign currency translation adjustment	251
Goodwill as of March 31, 2023	$	877,212

Intangible Assets

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


		December 31, 2022						March 31, 2023
(dollars in thousands)	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer lists	7 - 17 years	$	506,015	$	(340,579)	$	165,436	$	533,848	$	(348,729)	$	185,119
Trademarks	2 - 16 years	77,198		(37,519)		39,679		77,791		(39,010)		38,781
Non-compete agreement	1 - 5 years	3,179		(2,584)		595		3,976		(2,619)		1,357
Technology	3 - 8 years	246,220		(216,330)		29,890		252,943		(220,358)		32,585
Domain names	2 - 15 years	10,118		(4,682)		5,436		10,117		(4,850)		5,267
		$	842,730	$	(601,694)	$	241,036	$	878,675	$	(615,566)	$	263,109

Included within technology is $28.1 million and $30.2 million of internal-use software, net of accumulated amortization, as of December 31, 2022 and March 31, 2023, respectively. As of March 31, 2023, $5.1 million of technology assets have not yet been put in service.

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). The Company capitalized $4.1 million of costs to develop internal-use software included in technology during the three months ended March 31, 2023 (consisting of internal costs of $3.4 million and external costs of $0.7 million).

For the three months ended March 31, 2022, the Company recorded no write-down of capitalized software. For the three months ended March 31, 2023, the Company recorded a write-down related to the impairment of capitalized software in the amount of $0.1 million.

Amortization expense was $19.1 million and $14.1 million for the three months ended March 31, 2022 and 2023, 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, 2023 is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
Remainder of fiscal year 2023	$	71,305
2024	45,083
2025	35,729
2026	27,578
2027	22,070
Thereafter	61,344
	$	263,109