Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

(7) Goodwill and Intangible Assets, Net

The following table displays the changes in the gross carrying amount of goodwill (in thousands):



Balance at December 31, 2022	$	508,781
Foreign currency translation		(1,361	)
Balance at September 30, 2023	$	507,420

There were no impairments recorded against goodwill during the nine months ended September 30, 2023 and for the year ended December 31, 2022.

Intangible assets consisted of the following (in thousands):


				As of September 30, 2023
	Gross carrying amount		Weighted average life (years)	Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	34,846	3.48	$	(27,641	)	$	7,205
Tradenames		16,232	4.53		(9,337	)		6,895
Customer relationships		203,106	8.34		(79,536	)		123,570
Total intangible assets	$	254,184		$	(116,514	)	$	137,670


					As of December 31, 2022
	Gross carrying amount		Weighted average life (years)		Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	34,924		3.47	$	(21,217	)	$	13,707
Tradenames		16,513		4.55		(7,057	)		9,456
Customer relationships		204,697		8.34		(61,683	)		143,014
Total intangible assets	$	256,134			$	(89,957	)	$	166,177

Amortization expense for intangible assets was $9.0 million and $10.4 million for the three months ended September 30, 2023 and 2022, respectively. Included in the amortization expense amounts is amortization expense attributed to developed technology within cost of revenue of $1.9 million and $2.8 million for the three months ended September 30, 2023 and 2022, respectively. Amortization expense for intangible assets was $28.0 million and $33.2 million for the nine months ended September 30, 2023 and 2022, respectively. Included in the amortization expense amounts is amortization expense attributed to developed technology within cost of revenue of $6.5 million and $9.1 million for the nine months ended September 30, 2023 and 2022, respectively. During 2022, the Company assigned $5.6 million net carrying amount of intangible assets associated with a pending asset sale to assets held for sale on the consolidated balance sheet. During the three months ended March 31, 2023, the Company completed the divestiture and derecognized the intangible assets (see Note 8). Additionally, during the nine months ended September 30, 2023, the Company retired $0.3 million of fully amortized intangible assets.

The expected amortization of the intangible assets, as of September 30, 2023, for each of the next five years and thereafter is as follows (in thousands):



2023 (for the remaining three months)	$	8,997
2024		31,801
2025		25,911
2026		20,158
2027		15,801
Thereafter		35,002
	$	137,670