| Goodwill and Intangible Assets |
Goodwill and Intangible Assets
During the three months ended March 31, 2016, we completed a business combination that was not material to our condensed consolidated financial statements. The changes in the carrying amount of goodwill for the three months ended March 31, 2016, are as follows:
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Goodwill |
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(in thousands) |
Balance as of December 31, 2015 |
$ |
303,875 |
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Goodwill resulting from business combinations and finalization of fair value |
912 |
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Balance as of March 31, 2016 |
$ |
304,787 |
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The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets.
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As of December 31, 2015 |
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As of March 31, 2016 |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Value |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Value |
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(in thousands) |
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(in thousands) |
Finite-lived intangible assets |
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Patents |
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$ |
8,030 |
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$ |
(1,824 |
) |
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$ |
6,206 |
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$ |
8,030 |
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$ |
(2,007 |
) |
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$ |
6,023 |
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Developed technology |
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56,050 |
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(1,265 |
) |
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54,785 |
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56,166 |
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(4,346 |
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51,820 |
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Customer relationships - clients |
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37,300 |
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(777 |
) |
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36,523 |
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37,400 |
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(1,953 |
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35,447 |
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Customer relationships - users |
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1,940 |
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(318 |
) |
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1,622 |
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1,940 |
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(561 |
) |
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1,379 |
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Trade names |
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11,720 |
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(304 |
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11,416 |
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11,735 |
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(754 |
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10,981 |
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Total finite-lived intangible assets |
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$ |
115,040 |
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$ |
(4,488 |
) |
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$ |
110,552 |
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$ |
115,271 |
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$ |
(9,621 |
) |
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$ |
105,650 |
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Indefinite-lived intangible assets |
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FCC license - Broadcast Radio |
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$ |
193 |
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$ |
— |
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$ |
193 |
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$ |
193 |
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$ |
— |
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$ |
193 |
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Total intangible assets |
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$ |
115,233 |
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$ |
(4,488 |
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$ |
110,745 |
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$ |
115,464 |
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$ |
(9,621 |
) |
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$ |
105,843 |
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Amortization expense of intangible assets was $0.2 million and $5.1 million for the three months ended March 31, 2015 and 2016.
The following is a schedule of future amortization expense related to finite-lived intangible assets as of March 31, 2016.
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As of
March 31,
2016 |
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(in thousands) |
Remainder of 2016 |
$ |
15,414 |
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2017 |
20,118 |
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2018 |
17,654 |
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2019 |
17,129 |
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2020 |
15,896 |
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Thereafter |
19,439 |
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Total future amortization expense |
$ |
105,650 |
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