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Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill consisted of the following:

 

 

 

Six Months Ended June 30, 2022

 

 

Beginning Balance as of January 1

 

$

442,761

 

 

Goodwill acquired

 

 

 

 

Currency translation adjustments

 

 

(8,921

)

 

Ending Balance

 

$

433,840

 

 

 

Identified intangible assets consisted of the following:

 

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Carrying
Value

 

 

Weighted
Average
Remaining
Life

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

80,201

 

 

$

(20,852

)

 

$

59,349

 

 

 

7.9

 

Contractor relationships

 

 

535

 

 

 

(268

)

 

 

267

 

 

 

6.5

 

Tradename

 

 

13,688

 

 

 

(1,781

)

 

 

11,907

 

 

 

5.5

 

Technology

 

 

88,575

 

 

 

(23,664

)

 

 

64,911

 

 

 

4.7

 

 

 

$

182,999

 

 

$

(46,565

)

 

$

136,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Carrying
Value

 

 

Weighted
Average
Remaining
Life

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

81,053

 

 

$

(16,842

)

 

$

64,211

 

 

 

8.2

 

Contractor relationships

 

 

535

 

 

 

(247

)

 

 

288

 

 

 

7.0

 

Trade name

 

 

14,435

 

 

 

(706

)

 

 

13,729

 

 

 

5.8

 

Technology

 

 

90,464

 

 

 

(16,283

)

 

 

74,181

 

 

 

5.0

 

 

 

$

186,487

 

 

$

(34,078

)

 

$

152,409

 

 

 

 

 

Amortization expense related to intangible assets for the three months ended June 30, 2022 and 2021 was $6,328 and $1,928, respectively. Amortization expense related to intangible assets for the six months ended June 30, 2022 and 2021 was $12,514 and $3,856, respectively. Estimated future amortization expense of the identified intangible assets as of June 30, 2022, is as follows:

 

2022

 

$

12,205

 

2023

 

 

24,361

 

2024

 

 

24,377

 

2025

 

 

24,361

 

2026

 

 

20,102

 

Thereafter

 

 

31,028

 

 

 

$

136,434