Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

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, 2023	$	879,408
Acquisition of Vault	24,203

Foreign currency translation adjustment	(749)
Goodwill as of March 31, 2024	$	902,862

Intangible Assets

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


	March 31, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer lists	$	571,582	$	(383,343)	$	188,239	$	533,204	$	(375,107)	$	158,097
Trademarks	79,205		(45,188)		34,017		77,860		(43,815)		34,045
Non-compete agreements	3,971		(2,939)		1,032		3,979		(2,869)		1,110
Technology	274,883		(238,207)		36,676		266,194		(233,996)		32,198
Domain names	10,118		(5,524)		4,594		10,118		(5,356)		4,762
	$	939,759	$	(675,201)	$	264,558	$	891,355	$	(661,143)	$	230,212

Included within technology is $31.0 million and $30.2 million of internal-use software, net of accumulated amortization, as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, $7.1 million of technology assets have not yet been put in service.

The Company capitalized $4.9 million of costs to develop internal-use software included in technology during the three months ended March 31, 2024 (consisting of internal costs of $3.9 million and external costs of $1.0 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, 2024, 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 $14.9 million and $14.1 million for the three months ended March 31, 2024 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, 2024 is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
Remainder of fiscal year 2024	$	44,563
2025	50,671
2026	42,044
2027	31,520
2028	25,842
Thereafter	69,918
	$	264,558