Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

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

(in thousands)
Goodwill at December 31, 2021	$	852,536
Acquisitions, net of measurement period adjustments	(515)
Foreign currency translation adjustment	(2,412)
Goodwill at December 31, 2022	849,609
Acquisitions, net of measurement period adjustments	28,118
Foreign currency translation adjustment	1,681
Goodwill at December 31, 2023	$	879,408

There have been no impairments of the recognized goodwill for the years ended December 31, 2023, 2022 and 2021.

Intangible Assets

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

	December 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer lists	$	533,204	$	(375,107)	$	158,097	$	506,015	$	(340,579)	$	165,436
Trademarks	77,860		(43,815)		34,045		77,198		(37,519)		39,679
Non-compete agreement	3,979		(2,869)		1,110		3,179		(2,584)		595
Technology	266,194		(233,996)		32,198		246,220		(216,330)		29,890
Domain names	10,118		(5,356)		4,762		10,118		(4,682)		5,436
	$	891,355	$	(661,143)	$	230,212	$	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 December 31, 2023 and 2022, respectively. As of December 31, 2023, $6.1 million of technology assets have not yet been put in service.

The Company capitalized costs of $17.8 million to develop internal-use software included in technology during the year ended December 31, 2023 (consisting of internal costs of $15.4 million and external costs of $2.4 million) and capitalized costs of $15.7 million to develop internal-use software included in technology during the year ended December 31, 2022 (consisting of internal costs of $12.8 million and external costs of $2.9 million).

During the years ended December 31, 2023, 2022 and 2021, the Company recorded a write-down related to the impairment of capitalized software in the amount of $0.4 million, $0.2 million and $0.3 million, respectively.

Amortization expense was $59.2 million, $68.7 million and $77.5 million, for the years ended December 31, 2023, 2022 and 2021, respectively. Except for the customer lists, which are amortized utilizing an accelerated method, all other intangible assets are amortized on a straight-line basis. These amortization methods approximate the pattern in which economic benefits are consumed. Estimated amortization expense is as follows for each of the next five years and thereafter:

(in thousands)
Year Ending December 31,
2024	$	54,087
2025	44,226
2026	34,192
2027	25,039
2028	20,619
Thereafter	52,049
	$	230,212