| Goodwill and Intangible Assets |
6. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the six months ended June 30, 2022 were as follows:
|
|
Goodwill |
|
|
|
(in thousands) |
|
|
Balance as of December 31, 2021 |
$ |
1,588,452 |
|
|
Goodwill acquired |
|
60,791 |
|
|
Foreign currency translation |
|
(15,158 |
) |
|
Balance as of June 30, 2022 |
$ |
1,634,085 |
|
Intangible assets consisted of the following:
|
|
As of June 30, 2022 |
|
|
|
Weighted-
Average
Remaining
Useful Life -
Years |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
|
(in thousands, except years) |
|
|
Domain names |
|
4.4 |
|
|
$ |
949 |
|
|
$ |
462 |
|
|
$ |
487 |
|
|
Trademarks |
|
1.7 |
|
|
|
800 |
|
|
|
344 |
|
|
|
456 |
|
|
Technology |
|
3.5 |
|
|
|
336,687 |
|
|
|
138,139 |
|
|
|
198,548 |
|
|
Customer relationships |
|
6.0 |
|
|
|
21,000 |
|
|
|
4,578 |
|
|
|
16,422 |
|
|
Patents |
|
5.9 |
|
|
|
26,629 |
|
|
|
12,905 |
|
|
|
13,724 |
|
|
Other |
|
1.5 |
|
|
|
6,000 |
|
|
|
1,376 |
|
|
|
4,624 |
|
|
|
|
|
|
|
$ |
392,065 |
|
|
$ |
157,804 |
|
|
$ |
234,261 |
|
|
|
As of 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 |
|
Amortization of intangible assets was $64.1 million and $14.4 million for the three months ended June 30, 2022 and 2021, respectively, and $86.6 million and $24.8 million for the six months ended June 30, 2022 and 2021, respectively. In the second quarter of 2022, we revised the useful lives of certain customer relationships and trademarks, which resulted in a $41.7 million increase to amortization expense for the second quarter.
As of June 30, 2022, the estimated intangible asset amortization expense for the next five years and thereafter is as follows:
|
|
Estimated
Amortization |
|
|
|
(in thousands) |
|
|
Remainder of 2022 |
$ |
37,371 |
|
|
2023 |
|
72,338 |
|
|
2024 |
|
57,813 |
|
|
2025 |
|
40,464 |
|
|
2026 |
|
15,270 |
|
|
Thereafter |
|
11,005 |
|
|
Total |
$ |
234,261 |
|
|