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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows:

						Nine months ended September 30, 2023
						(in thousands)
Balance as of December 31, 2022						$	670,185
Foreign currency translation and other adjustments						171
Balance as of September 30, 2023						$	670,356

The Company did not record an impairment charge on goodwill during both the three and nine months ended September 30, 2023 or 2022.

Intangible Assets, net

As of September 30, 2023 and December 31, 2022, the Company’s intangible assets consisted of the following:

						As of September 30, 2023																		As of December 31, 2022
						Gross carrying value						Accumulated amortization						Net carrying value						Gross carrying value						Accumulated amortization						Net carrying value
						(in thousands)
Intangible assets:
Customer relationships						$	69,860					$	(26,250)					$	43,610					$	69,860					$	(19,582)					$	50,278
Developed technology						50,130						(29,910)						20,220						50,130						(22,367)						27,763
Trade names						3,910						(3,504)						406						3,910						(2,564)						1,346
Internet protocol addresses						4,984						(1,845)						3,139						4,984						(1,471)						3,513
Backlog						$	—					$	—					$	—					$	2,200					$	(2,200)					$	—
Total intangible assets						$	128,884					$	(61,509)					$	67,375					$	131,084					$	(48,184)					$	82,900

The Company’s customer relationships, developed technology, trade names, backlog and Internet protocol addresses represent intangible assets subject to amortization. Amortization expense was $5.2 million and $5.5 million for the three months

ended September 30, 2023 and 2022, respectively. Amortization expense was $15.5 million and $16.1 million for the nine months ended September 30, 2023 and 2022, respectively.

The Company did not purchase any intangible assets during both the three and nine months ended September 30, 2023 and 2022. The Company did not record any impairment charges on its intangible assets during both the three and nine months ended September 30, 2023 and 2022.

The expected amortization expense of intangible assets subject to amortization as of September 30, 2023 is as follows:

			As of September 30, 2023
			(in thousands)
Remainder of 2023			$	4,900
2024			19,599
2025			16,976
2026			9,193
2027			9,051
Thereafter			7,656
Total			$	67,375

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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