v3.21.2

Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill was $512.9 million and $462.3 million at September 30, 2021 and December 31, 2020, respectively. During the second quarter of 2021, the Company added $50.6 million of goodwill from the ClickSWITCH acquisition. Goodwill represents the excess purchase price over the fair value of assets acquired. The Company has one operating segment and one reporting unit. Goodwill is tested for impairment on an annual basis in the fourth quarter of the fiscal year, and between annual tests if indicators of potential impairment exist, using a fair-value-based approach based on the market capitalization of the reporting unit. The annual impairment test was performed as of October 31, 2020, and no impairment of goodwill was identified, nor has any impairment of goodwill been recorded to date. Intangible assets at September 30, 2021 and December 31, 2020 were as follows:
|  | As of September 30, 2021 |  | As of December 31, 2020
|  | Gross Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships |  | $ | 63,050 |  |  | $ | (25,441) |  |  | $ | 37,609 |  |  | $ | 64,405 |  |  | $ | (18,568) |  |  | $ | 45,837 |
Non-compete agreements |  | 13,275 |  |  | (5,212) |  |  | 8,063 |  |  | 12,705 |  |  | (3,205) |  |  | 9,500 |
Trademarks |  | 19,870 |  |  | (5,297) |  |  | 14,573 |  |  | 19,870 |  |  | (3,612) |  |  | 16,258 |
Acquired technology |  | 152,080 |  |  | (46,617) |  |  | 105,463 |  |  | 141,340 |  |  | (30,256) |  |  | 111,084 |
Capitalized software development costs |  | 9,010 |  |  | (3,758) |  |  | 5,252 |  |  | 5,103 |  |  | (2,923) |  |  | 2,180 |
|  | $ | 257,285 |  |  | $ | (86,325) |  |  | $ | 170,960 |  |  | $ | 243,423 |  |  | $ | (58,564) |  |  | $ | 184,859 |
The Company recorded intangible assets from the business combination discussed in Note 3 - Business Combinations. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from two to ten years. Amortization expense included in cost of revenues in the condensed consolidated statements of comprehensive loss was $5.6 million and $5.3 million for the three months ended September 30, 2021 and 2020, respectively, and $16.4 million and $16.2 million for the nine months ended September 30, 2021 and 2020, respectively. Amortization expense included in operating expenses in the condensed consolidated statements of comprehensive loss was $4.5 million for each of the three months ended September 30, 2021 and 2020, and $13.5 million and $13.4 million for the nine months ended September 30, 2021 and 2020, respectively. Gross capitalized software development costs were $9.0 million and $5.1 million as of September 30, 2021 and December 31, 2020, respectively. The Company amortized $0.4 million and $0.2 million of capitalized software development costs for the three months ended September 30, 2021 and 2020, respectively, and $0.8 million and $0.6 million for the nine months ended September 30, 2021 and 2020, respectively. Capitalized software development costs associated with internal use software and the Company's SaaS platform are computed on an individual product basis and those products available for market are amortized to cost of revenues over the products' estimated economic lives, which are expected to be three to five years. The estimated future amortization expense related to intangible assets as of September 30, 2021 was as follows:
|  | Amortization
Year Ended December 31, |  |
2021 (October 1 to December 31) |  | $ | 10,458 |
2022 |  | 41,335
2023 |  | 40,578
2024 |  | 35,469
2025 |  | 23,229
Thereafter |  | 19,891
Total amortization |  | $ | 170,960 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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