Goodwill and Intangible Assets (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Goodwill |
The 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 |
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December 31, 2021 |
| Clinical Services |
$ |
462,603 |
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$ |
462,603 |
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| Pharma Services |
64,512 |
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|
64,512 |
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| Total |
$ |
527,115 |
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$ |
527,115 |
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| Schedule of Classes of Intangible Assets |
Intangible assets consisted of the following (in thousands):
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June 30, 2022 |
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Amortization
Period (years) |
|
Cost |
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Accumulated
Amortization |
|
Net |
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| Customer Relationships |
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7 - 15 |
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$ |
143,101 |
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$ |
50,700 |
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$ |
92,401 |
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| Developed Technology |
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10 - 15 |
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310,226 |
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|
22,457 |
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|
287,769 |
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| Marketing Assets |
|
4 |
|
549 |
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|
169 |
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|
380 |
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| Trademarks |
|
15 |
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31,473 |
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|
2,174 |
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29,299 |
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| Trade Name |
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5 |
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2,584 |
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|
542 |
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2,042 |
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| Trademark - Indefinite lived |
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— |
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13,447 |
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— |
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13,447 |
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| Total |
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$ |
501,380 |
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$ |
76,042 |
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$ |
425,338 |
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December 31, 2021 |
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|
Amortization
Period (years) |
|
Cost |
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Accumulated
Amortization |
|
Net |
| Customer Relationships |
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7 - 15 |
|
$ |
143,101 |
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$ |
45,756 |
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$ |
97,345 |
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| Developed Technology |
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10 - 15 |
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310,226 |
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|
11,798 |
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298,428 |
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| Marketing Assets |
|
4 |
|
549 |
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|
100 |
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|
449 |
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| Trademarks |
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15 |
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31,473 |
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|
1,125 |
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30,348 |
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| Trade Name |
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5 |
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2,584 |
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|
276 |
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2,308 |
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| Trademark - Indefinite lived |
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— |
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13,447 |
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— |
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13,447 |
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| Total |
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$ |
501,380 |
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$ |
59,055 |
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$ |
442,325 |
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| Schedule of Intangible Asset Amortization Expense |
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, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Amortization of intangibles included in cost of revenue |
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$ |
4,853 |
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$ |
729 |
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$ |
9,706 |
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$ |
729 |
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| Amortization of intangibles included in general and administrative expenses |
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3,637 |
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|
3,022 |
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7,273 |
|
5,480 |
| Total amortization of intangibles |
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$ |
8,490 |
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$ |
3,751 |
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$ |
16,979 |
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$ |
6,209 |
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| Schedule of Estimated Amortization Expense |
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 |
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| 2023 |
33,962 |
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| 2024 |
33,961 |
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| 2025 |
33,858 |
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| 2026 |
33,547 |
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| Thereafter |
259,583 |
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| Total |
$ |
411,891 |
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