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v3.23.1

Goodwill and Acquired Intangible Assets | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets | Note 9. Goodwill and Acquired Intangible Assets Goodwill The following table summarizes the changes in the carrying amount of goodwill as of the dates presented (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
Beginning balance |  | $ | 97,766 |  |  | $ | 85,841 |
Goodwill related to acquisitions |  |  | — |  |  |  | 16,197 |
Foreign currency translation adjustment |  |  | 563 |  |  |  | (4,272 | )
Ending balance |  | $ | 98,329 |  |  | $ | 97,766 |
No goodwill impairment was recorded during the three months ended March 31, 2023 and 2022. Acquired Intangible Assets Acquired intangible assets subject to amortization consisted of the following (dollars in thousands):
|  | March 31, 2023 |  |  |  |
|  | Gross Carrying Value* |  |  | Accumulated Amortization** |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Life (Years) |
Developed Technology |  | $ | 31,792 |  |  | $ | (16,961 | ) |  | $ | 14,831 |  |  |  | 3.99 |
Acquired Relationships |  |  | 91,067 |  |  |  | (10,820 | ) |  |  | 80,247 |  |  |  | 10.70 |
Non-Compete Agreement |  |  | 469 |  |  |  | (468 | ) |  |  | 1 |  |  |  | 0.17 |
|  | $ | 123,328 |  |  | $ | (28,249 | ) |  | $ | 95,079 |  |  |  |
* Includes $(3,021) thousand of foreign currency translation adjustments. ** Includes $102 thousand of foreign currency translation adjustments.
|  | December 31, 2022 |  |  |  |
|  | Gross Carrying Value* |  |  | Accumulated Amortization** |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Life (Years) |
Developed Technology |  | $ | 31,848 |  |  | $ | (15,429 | ) |  | $ | 16,419 |  |  |  | 4.55 |
Acquired Relationships |  |  | 90,612 |  |  |  | (9,423 | ) |  |  | 81,189 |  |  |  | 10.92 |
Non-Compete Agreement |  |  | 469 |  |  |  | (461 | ) |  |  | 8 |  |  |  | 0.27 |
|  | $ | 122,929 |  |  | $ | (25,313 | ) |  | $ | 97,616 |  |  |  |
* Includes $(3,416) thousand of foreign currency translation adjustments. ** Includes $154 thousand of foreign currency translation adjustments. Amortization expense for the three months ended March 31, 2023 and 2022 was $2.8 million and $2.1 million, respectively. As of March 31, 2023, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):
|  | Estimated Amortization Expense |
Remaining of fiscal year 2023 |  | $ | 8,619 |
2024 |  |  | 10,968 |
2025 |  |  | 9,724 |
2026 |  |  | 8,963 |
2027 |  |  | 8,649 |
2028 |  |  | 8,013 |
Thereafter |  |  | 40,143 |
|  | $ | 95,079 |

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- References No definition available. + Details
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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 https://asc.fasb.org/topic&trid=2144416 + Details
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