Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill And Other Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

4.Goodwill and Intangible Assets

Goodwill

The following table represents the change in the carrying value of goodwill for the three months ended March 31, 2023 (amounts in thousands):

Balance at December 31, 2022	$	855,513
Cumulative translation adjustment		788
Balance at March 31, 2023	$	856,301

During each of the fourth quarters of 2022, 2021 and 2020, the Company completed its annual impairment assessments and concluded that goodwill was not impaired in any of those years. The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three months ended March 31, 2023.

Intangible Assets

Indefinite-lived intangible assets are reviewed for impairment at least annually. There has been no impairment of the Company’s intangible assets for the periods presented.

Intangible assets, net, consisted of the following at March 31, 2023:

	March 31, 2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	190,620	$	(33,983	)	$	156,637		16
Patents		240		(240	)		—		8
Customer relationships		253,181		(70,844	)		182,337		16
Trademarks		7,687		(1,431	)		6,256		19
Other intangibles		2,819		(2,154	)		665		4
Total finite-lived intangible assets		454,547		(108,652	)		345,895		16
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	455,247	$	(108,652	)	$	346,595

Intangible assets, net, consisted of the following at December 31, 2022:

	December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	190,463	$	(30,992	)	$	159,471		16
Patents		240		(240	)		—		8
Customer relationships		252,934		(66,559	)		186,375		15
Trademarks		7,682		(1,319	)		6,363		19
Other intangibles		2,811		(2,044	)		767		4
Total finite-lived intangible assets		454,130		(101,154	)		352,976		16
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	454,830	$	(101,154	)	$	353,676

Amortization expense for finite-lived intangible assets was $7.4 million and $6.6 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the Company expects to record the following amortization expense in future periods (amounts in thousands):

	Estimated
	Amortization
For the Years Ended December 31,	Expense
2023 (remaining nine months)	$	22,073
2024		28,628
2025		28,370
2026		28,388
2027		28,302
2028 and thereafter		210,134
Total	$	345,895