| Goodwill and Intangible Assets |
5. Goodwill and Intangible Assets
The following is a summary of changes to the goodwill carrying value from December 31, 2023 to March 31, 2024:
|
|
|
|
(in thousands) |
|
|
|
Goodwill at December 31, 2023 |
|
$ |
436,008 |
Foreign exchange impact |
|
|
(3,143) |
Goodwill at March 31, 2024 |
|
$ |
432,865 |
The following table summarizes the Company’s intangible assets and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
March 31, 2024 |
|
December 31, 2023 |
|
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Trademarks and brands |
|
$ |
11,733 |
|
$ |
(5,351) |
|
$ |
6,382 |
|
$ |
11,734 |
|
$ |
(5,140) |
|
$ |
6,594 |
Customer relationships |
|
|
160,687 |
|
|
(66,462) |
|
|
94,225 |
|
|
161,173 |
|
|
(62,955) |
|
|
98,218 |
Developed technology |
|
|
92,443 |
|
|
(60,235) |
|
|
32,208 |
|
|
93,013 |
|
|
(56,942) |
|
|
36,071 |
Non-compete agreements |
|
|
65 |
|
|
(65) |
|
|
— |
|
|
66 |
|
|
(66) |
|
|
— |
Total intangible assets |
|
$ |
264,928 |
|
$ |
(132,113) |
|
$ |
132,815 |
|
$ |
265,986 |
|
$ |
(125,103) |
|
$ |
140,883 |
Amortization expense related to intangible assets for the three months ended March 31, 2024 and March 31, 2023 was $7.3 million and $6.2 million, respectively.
Estimated future expected amortization expense of intangible assets as of March 31, 2024 is as follows:
|
|
|
|
(in thousands) |
|
|
|
2024 (for remaining nine months) |
|
$ |
21,417 |
2025 |
|
|
26,751 |
2026 |
|
|
21,997 |
2027 |
|
|
18,081 |
2028 |
|
|
14,928 |
2029 |
|
|
12,577 |
Thereafter |
|
|
17,064 |
Total |
|
$ |
132,815 |
The weighted-average remaining useful life by major asset classes as of March 31, 2024 is as follows:
|
|
|
|
|
(In years) |
Trademarks and brands |
|
8 |
Customer relationships |
|
7 |
Developed technology |
|
2 |
There were no impairments of Goodwill or Intangible assets identified during the three months ended March 31, 2024 and March 31, 2023.
|