Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 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, 2021	$	531,163
Acquisition initial value adjustment		(1,788	)
Foreign currency translation		(20,594	)
Balance at December 31, 2022		508,781
Foreign currency translation		8,403
Balance at December 31, 2023	$	517,184

There were no impairments recorded against goodwill in 2023, 2022 or 2021.

Intangible assets consisted of the following (in thousands):


					As of December 31, 2023
	Gross carrying amount		Weighted- average life (years)		Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	34,942		3.47	$	(29,981	)	$	4,961
Tradenames		16,505		4.52		(10,315	)		6,190
Customer relationships		206,235		8.34		(87,122	)		119,113
Total intangible assets	$	257,682			$	(127,418	)	$	130,264


					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 $36.9 million, $43.0 million and $40.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization expense of tradenames and customer relationships is included within general and administrative expenses, while amortization of developed technology is included in cost of revenue. The Company recorded amortization expense attributed to developed technology of $8.4 million, $11.7 million and $12.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In December 2020, the Company completed an asset acquisition and recorded $17.1 million to developed technology. During the years ended December 31, 2023 and 2022 and 2021, the Company recognized a $0.4 million, a $1.0 million and a $3.0 million, respectively, reduction in the cost basis of the developed technology due to a partial return of the purchase price. The average useful life for the December 2020 asset acquisition of acquired technology is 4.0 years. 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 2023, the Company completed the divestiture and derecognized the intangible assets (see Note 8). Additionally, during the year ended December 31, 2023, the Company retired $0.3 million of fully amortized intangible assets.

The expected amortization of the intangible assets, as of December 31, 2023, for each of the next five years and thereafter is as follows (in thousands):


2024	$	31,976
2025		26,274
2026		20,433
2027		16,083
2028		15,677
Thereafter		19,821
	$	130,264