Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. The Company performs impairment tests related to its goodwill on an annual basis or when certain triggering events or circumstances are identified that would more likely than not reduce the estimated fair value of the goodwill below its carrying amount.

The Company performed a goodwill impairment test as of August 1, 2021 using a quantitative approach. The Company considered macroeconomics, industry-specific and Company-specific factors, and estimates and assumptions in its analysis. The Company estimated the fair value of its reporting unit using the income and market approaches and determined there was no impairment as the fair value exceeded the carrying value.

The following table represents changes in goodwill:

Intangible Assets, Net

Intangible assets, net, consisted of the following as of January 31, 2022 and 2021:

The Company recognized amortization expense of intangible assets in the following operating expense categories:

The Company’s finite-lived intangible assets were fully amortized as of January 31, 2022.