Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.22.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
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.
Schedule of Intangible Assets and Goodwill
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 
Schedule of Finite-lived Intangible Assets Amortization Expense
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 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
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