| Goodwill and Intangible Assets |
Goodwill and Intangible AssetsThe following table summarizes the carrying amounts of goodwill by segment at June 30, 2022 and December 31, 2021 (in thousands):
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June 30, 2022 |
|
December 31, 2021 |
| Clinical Services |
$ |
462,603 |
|
|
$ |
462,603 |
|
| Pharma Services |
64,512 |
|
|
64,512 |
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| Total |
$ |
527,115 |
|
|
$ |
527,115 |
|
Intangible assets consisted of the following (in thousands):
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June 30, 2022 |
| |
|
Amortization
Period (years) |
|
Cost |
|
Accumulated
Amortization |
|
Net |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Customer Relationships |
|
7 - 15 |
|
$ |
143,101 |
|
|
$ |
50,700 |
|
|
$ |
92,401 |
|
| Developed Technology |
|
10 - 15 |
|
310,226 |
|
|
22,457 |
|
|
287,769 |
|
| Marketing Assets |
|
4 |
|
549 |
|
|
169 |
|
|
380 |
|
| Trademarks |
|
15 |
|
31,473 |
|
|
2,174 |
|
|
29,299 |
|
| Trade Name |
|
5 |
|
2,584 |
|
|
542 |
|
|
2,042 |
|
| Trademark - Indefinite lived |
|
— |
|
13,447 |
|
|
— |
|
|
13,447 |
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| Total |
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|
|
$ |
501,380 |
|
|
$ |
76,042 |
|
|
$ |
425,338 |
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December 31, 2021 |
| |
|
Amortization
Period (years) |
|
Cost |
|
Accumulated
Amortization |
|
Net |
| Customer Relationships |
|
7 - 15 |
|
$ |
143,101 |
|
|
$ |
45,756 |
|
|
$ |
97,345 |
|
| Developed Technology |
|
10 - 15 |
|
310,226 |
|
|
11,798 |
|
|
298,428 |
|
| Marketing Assets |
|
4 |
|
549 |
|
|
100 |
|
|
449 |
|
| Trademarks |
|
15 |
|
31,473 |
|
|
1,125 |
|
|
30,348 |
|
| Trade Name |
|
5 |
|
2,584 |
|
|
276 |
|
|
2,308 |
|
| Trademark - Indefinite lived |
|
— |
|
13,447 |
|
|
— |
|
|
13,447 |
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| Total |
|
|
|
$ |
501,380 |
|
|
$ |
59,055 |
|
|
$ |
442,325 |
|
The Company records amortization expense within cost of revenue and general and administrative expense on the Consolidated Statement of Operations. The following table summarizes the amortization expense for the three and six months ended June 30, 2022 and 2021 (in thousands):
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
| Amortization of intangibles included in cost of revenue |
|
$ |
4,853 |
|
|
$ |
729 |
|
|
$ |
9,706 |
|
|
$ |
729 |
|
| Amortization of intangibles included in general and administrative expenses |
|
3,637 |
|
|
3,022 |
|
7,273 |
|
5,480 |
| Total amortization of intangibles |
|
$ |
8,490 |
|
|
$ |
3,751 |
|
|
$ |
16,979 |
|
|
$ |
6,209 |
|
The estimated amortization expense related to amortizable intangible assets for each of the following periods as of June 30, 2022 is as follows (in thousands):
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| Remainder of 2022 |
$ |
16,980 |
|
| 2023 |
33,962 |
|
| 2024 |
33,961 |
|
| 2025 |
33,858 |
|
| 2026 |
33,547 |
|
|
|
| Thereafter |
259,583 |
|
| Total |
$ |
411,891 |
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