Goodwill and Intangible Assets (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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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 March 31, 2023 and December 31, 2022 (in thousands):
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March 31, 2023 |
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December 31, 2022 |
| Clinical Services |
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$ |
458,782 |
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$ |
458,782 |
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| Pharma Services |
|
63,984 |
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|
63,984 |
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| Total |
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$ |
522,766 |
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$ |
522,766 |
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| Schedule of Classes of Intangible Assets |
Intangible assets consisted of the following (in thousands):
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March 31, 2023 |
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|
Amortization
Period (years) |
|
Cost |
|
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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$ |
58,117 |
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$ |
84,984 |
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| Developed Technology |
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10 - 15 |
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310,226 |
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38,447 |
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271,779 |
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| Marketing Assets |
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4 |
|
549 |
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|
273 |
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|
276 |
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| Trademarks |
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15 |
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31,473 |
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|
3,748 |
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27,725 |
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| Trade Name |
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2.5 |
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2,584 |
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1,318 |
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1,266 |
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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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$ |
101,903 |
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$ |
399,477 |
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December 31, 2022 |
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|
Amortization
Period (years) |
|
Cost |
|
Accumulated
Amortization |
|
Net |
| Customer Relationships |
|
7 - 15 |
|
$ |
143,101 |
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$ |
55,645 |
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$ |
87,456 |
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| Developed Technology |
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10 - 15 |
|
310,226 |
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|
33,117 |
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|
277,109 |
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| Marketing Assets |
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4 |
|
549 |
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|
238 |
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|
311 |
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| Trademarks |
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15 |
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31,473 |
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3,223 |
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28,250 |
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| Trade Name |
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2.5 |
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2,584 |
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|
897 |
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1,687 |
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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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$ |
93,120 |
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$ |
408,260 |
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| Schedule of Intangible Asset Amortization Expense |
The following table summarizes the amortization expense for the three months ended March 31, 2023 and 2022 (in thousands):
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Three Months Ended March 31, |
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2023 |
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2022 |
| Amortization of intangibles included in cost of revenue |
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$ |
4,853 |
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$ |
4,853 |
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| Amortization of intangibles included in general and administrative expenses |
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3,930 |
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|
3,637 |
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| Total amortization of intangibles |
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$ |
8,783 |
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$ |
8,490 |
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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 March 31, 2023 is as follows (in thousands):
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| Remainder of 2023 |
$ |
26,350 |
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| 2024 |
33,447 |
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| 2025 |
33,343 |
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| 2026 |
33,308 |
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| 2027 |
32,758 |
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| Thereafter |
226,824 |
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| Total |
$ |
386,030 |
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