Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows:


	Year ended December 31,
	2023		2022
	(in thousands)
Beginning balance	$	670,185	$	636,805
Goodwill acquired from business combinations	—		33,419
Foreign currency translation and other adjustments	171		(39)
Ending balance	$	670,356	$	670,185

The goodwill acquired from business combinations are from the Company’s acquisition described in Note 5 — Business Combinations. The Company did not record an impairment charge on goodwill for the fiscal years ended December 31, 2023, 2022 and 2021.

Intangible Assets, net

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


	As of December 31, 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	$	(28,473)	$	41,387	$	69,860	$	(19,582)	$	50,278
Developed technology	50,130		(32,424)		17,706		50,130		(22,367)		27,763
Trade names	3,910		(3,542)		368		3,910		(2,564)		1,346
Internet protocol addresses	4,984		(1,970)		3,014		4,984		(1,471)		3,513
Backlog	—		—		—		2,200		(2,200)		—
Total intangible assets	$	128,884	$	(66,409)	$	62,475	$	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 $20.4 million, $21.7 million and $21.2 million, for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company did not purchase any intangible assets during the year ended December 31, 2023. During the year ended December 31, 2022, the Company added $2.0 million of intangible assets from the acquisition of Glitch, which are subject to amortization. During the year ended December 31, 2021, the Company purchased $2.1 million of intangible assets. The Company did not record any impairments during the years ended December 31, 2023, 2022 and 2021.

The expected amortization expense of intangible assets subject to amortization as of December 31, 2023 is as follows:


	As of December 31, 2023
	(in thousands)
2024	$	19,599
2025	16,976
2026	9,193
2027	9,051
2028	6,891
Thereafter	765
Total	$	62,475