Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the changes in the carrying amount of goodwill by segment as of December 31, 2022 and 2021 (in thousands):


	Clinical Services		Pharma Services		Total
Balance at December 31, 2021	$	462,603	$	64,512	$	527,115
Adjustment(1)	(3,821)		(528)		(4,349)
Balance at December 31, 2022	$	458,782	$	63,984	$	522,766

(1) During the third quarter of 2022, the Company recorded a $4.3 million decrease to goodwill and corresponding decrease to deferred income tax liabilities, net, on the Consolidated Balance Sheets to correct an immaterial error related to a prior period. The error was not material to any previously reported annual or interim consolidated financial statements.

Intangible assets consisted of the following as of December 31, 2022 and 2021 (in thousands):


		2022
	Amortization Period (years)	Cost		Accumulated Amortization		Net
Customer Relationships	7-15	$	143,101	$	55,645	$	87,456
Developed Technology	10-15	310,226		33,117		277,109
Marketing Assets	4	549		238		311
Trademarks	15	31,473		3,223		28,250
Trade Name	2.5	2,584		897		1,687
Trademark - Indefinite lived	—	13,447		—		13,447
Total		$	501,380	$	93,120	$	408,260

		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
Total		$	501,380	$	59,055	$	442,325

For the years ended December 31, 2022, 2021 and 2020, amortization on the Consolidated Statements of Operations was recorded as follows (in thousands):


	2022		2021		2020
Amortization recorded in:
Cost of revenue	$	19,412	$	10,407	$	—
General and administrative	14,646		12,753		9,817
Total amortization	$	34,058	$	23,160	$	9,817

As of December 31, 2022, the estimated amortization expense related to amortizable intangible assets for each of the five following years and thereafter is as follows (in thousands):


2023	$	35,133
2024	33,446
2025	33,343
2026	33,308
2027	32,758
Thereafter	226,825
Total	$	394,813