| Goodwill and Intangible Assets |
6. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 were as follows:
|
|
Goodwill |
|
|
|
(in thousands) |
|
|
Balance as of December 31, 2019 |
$ |
761,153 |
|
|
Goodwill acquired |
|
162,747 |
|
|
Foreign currency translation |
|
15,359 |
|
|
Balance as of December 31, 2020 |
$ |
939,259 |
|
|
Goodwill acquired |
|
661,850 |
|
|
Foreign currency translation |
|
(12,657 |
) |
|
Balance as of December 31, 2021 |
$ |
1,588,452 |
|
Intangible assets consisted of the following:
|
|
December 31, 2021 |
|
|
|
Weighted-
Average
Remaining
Useful Life -
Years |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
|
(in thousands, except years) |
|
|
Domain names |
|
4.6 |
|
|
$ |
967 |
|
|
$ |
365 |
|
|
$ |
602 |
|
|
Trademarks |
|
4.3 |
|
|
|
21,384 |
|
|
|
2,613 |
|
|
|
18,771 |
|
|
Technology |
|
3.6 |
|
|
|
343,800 |
|
|
|
142,588 |
|
|
|
201,212 |
|
|
Customer relationships |
|
5.1 |
|
|
|
53,709 |
|
|
|
6,332 |
|
|
|
47,377 |
|
|
Patents |
|
4.0 |
|
|
|
21,195 |
|
|
|
11,503 |
|
|
|
9,692 |
|
|
|
|
|
|
|
$ |
441,055 |
|
|
$ |
163,401 |
|
|
$ |
277,654 |
|
|
|
December 31, 2020 |
|
|
|
Weighted-
Average
Remaining
Useful Life -
Years |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
|
(in thousands except years) |
|
|
Domain names |
|
1.6 |
|
|
$ |
414 |
|
|
$ |
283 |
|
|
$ |
131 |
|
|
Technology |
|
3.2 |
|
|
|
206,197 |
|
|
|
111,129 |
|
|
|
95,068 |
|
|
Patents |
|
4.9 |
|
|
|
19,860 |
|
|
|
9,130 |
|
|
|
10,730 |
|
|
|
|
|
|
|
$ |
226,471 |
|
|
$ |
120,542 |
|
|
$ |
105,929 |
|
Amortization of intangible assets for the years ended December 31, 2021, 2020, and 2019 was $63.2 million, $33.5 million, and $33.4 million, respectively.
As of December 31, 2021, the estimated intangible asset amortization expense for the next five years and thereafter is as follows:
|
|
Estimated
Amortization |
|
|
|
(in thousands) |
|
|
Year ending December 31, |
|
|
|
|
2022 |
$ |
79,186 |
|
|
2023 |
|
73,240 |
|
|
2024 |
|
61,590 |
|
|
2025 |
|
44,331 |
|
|
2026 |
|
14,624 |
|
|
Thereafter |
|
4,683 |
|
|
Total |
$ |
277,654 |
|
|