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Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

8.       Goodwill and Intangible Assets

The changes in the carrying amount of the Company’s goodwill balance from December 31, 2021 to March 31, 2022 were as follows (in thousands):

Beginning balance

$

528,548

Foreign currency translation adjustment

(615)

Ending balance

$

527,933

The Company’s intangible assets as of March 31, 2022 were as follows:

March 31, 2022

Gross

Accumulated

Net Carrying

    

Amount

    

Amortization

    

Value

(in thousands)

Developed technology

 

$

145,939

 

$

(75,102)

 

$

70,837

Customer relationships

 

 

95,124

 

 

(43,223)

 

 

51,901

Trade names

 

 

56,793

 

 

(32,512)

 

 

24,281

Product backlog

617

(338)

279

Capitalized internal-use software

 

54,836

 

 

(19,624)

 

 

35,212

Other intangible assets

 

 

1,535

 

 

(756)

 

 

779

Total intangible assets

 

$

354,844

 

$

(171,555)

 

$

183,289

The Company’s intangible assets as of December 31, 2021 were as follows:

December 31, 2021

    

Gross

    

Accumulated

    

Net Carrying

    

Amount

    

Amortization

    

Value

(in thousands)

Developed technology

$

146,142

 

$

(69,802)

 

$

76,340

Customer relationships

 

95,131

 

 

(41,326)

 

 

53,805

Trade names

 

56,778

 

 

(31,093)

 

 

25,685

Product backlog

 

634

(287)

347

Capitalized internal-use software

 

50,934

 

 

(17,760)

 

 

33,174

Other intangible assets

 

1,481

 

 

(755)

 

 

726

Total intangible assets

$

351,100

 

$

(161,023)

 

$

190,077

The Company capitalized $5.2 million and $4.2 million of internal-use software costs during the three months ended March 31, 2022 and 2021, respectively, which included $0.3 million and $0.2 million of stock-based compensation costs, respectively.

Amortization expense for the three months ended March 31, 2022 and 2021 was $12.0 million and $9.3 million, respectively.

As of March 31, 2022, expected amortization expense for intangible assets subject to amortization for the next five years is as follows:

Year Ending December 31, 

    

March 31, 2022

(in thousands)

2022 (remaining nine months)

$

36,129

2023

 

45,885

2024

 

42,376

2025

 

30,020

2026

 

11,601

Thereafter

 

17,278

Total

$

183,289