Goodwill and Intangible Assets

9 Months Ended

Sep. 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 at December 31, 2022	$	849,609
Acquisitions	28,570

Foreign currency translation adjustment	211
Goodwill at September 30, 2023	$	878,390

Intangible Assets

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


	September 30, 2023						December 31, 2022
(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer lists	$	532,376	$	(365,853)	$	166,523	$	506,015	$	(340,579)	$	165,436
Trademarks	77,659		(42,135)		35,524		77,198		(37,519)		39,679
Non-compete agreement	3,969		(2,781)		1,188		3,179		(2,584)		595
Technology	261,573		(229,257)		32,316		246,220		(216,330)		29,890
Domain names	10,118		(5,187)		4,931		10,118		(4,682)		5,436
	$	885,695	$	(645,213)	$	240,482	$	842,730	$	(601,694)	$	241,036

Included within technology is $30.2 million and $28.1 million of internal-use software, net of accumulated amortization, as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, $6.1 million of technology assets have not yet been put in service.

The Company capitalized $13.4 million of costs to develop internal-use software included in technology during the nine months ended September 30, 2023 (consisting of internal costs of $11.5 million and external costs of $1.8 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 and nine months ended September 30, 2023, the Company recorded a write-down related to the impairment of capitalized software in the amount of less than $0.1 million and $0.2 million, respectively. For the three and nine months ended September 30, 2022, the Company recorded no write-down of capitalized software.

Amortization expense was $15.1 million and $15.5 million for the three months ended September 30, 2023 and 2022, respectively, and $44.3 million and $53.3 million for the nine months ended September 30, 2023 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, 2023 is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
Remainder of fiscal year 2023	$	15,144
2024	52,636
2025	42,591
2026	32,526
2027	24,991
Thereafter	72,594
	$	240,482