Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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	28,226

Foreign currency translation adjustment	861
Goodwill as of June 30, 2023	$	878,696

Intangible Assets

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


		December 31, 2022						June 30, 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	$	532,853	$	(357,449)	$	175,404
Trademarks	2 - 16 years	77,198		(37,519)		39,679		77,760		(40,597)		37,163
Non-compete agreement	1 - 5 years	3,179		(2,584)		595		3,974		(2,708)		1,266
Technology	3 - 8 years	246,220		(216,330)		29,890		257,035		(224,935)		32,100
Domain names	2 - 15 years	10,118		(4,682)		5,436		10,117		(5,019)		5,098
		$	842,730	$	(601,694)	$	241,036	$	881,739	$	(630,708)	$	251,031

Included within technology is $28.1 million and $29.8 million of internal-use software, net of accumulated amortization, as of December 31, 2022 and June 30, 2023, respectively. As of June 30, 2023, $5.1 million of technology assets have not yet been put in service.

The Company capitalized $7.6 million of costs to develop internal-use software included in technology during the six months ended June 30, 2022 (consisting of internal costs of $6.1 million and external costs of $1.5 million). The Company capitalized $8.6 million of costs to develop internal-use software included in technology during the six months ended June 30, 2023 (consisting of internal costs of $7.3 million and external costs of $1.3 million).

For the three and six months ended June 30, 2022, the Company recorded no write-down of capitalized software. For the three and six months ended June 30, 2023, the Company recorded a write-down related to the impairment of capitalized software in the amount of $0.1 million and $0.2 million, respectively.

Amortization expense was $18.7 million and $15.2 million for the three months ended June 30, 2022 and 2023, respectively, and $37.8 million and $29.3 million for the six months ended June 30, 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 June 30, 2023 is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
Remainder of fiscal year 2023	$	32,638
2024	49,827
2025	40,918
2026	31,240
2027	24,739
Thereafter	71,669
	$	251,031