Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.24.3
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets  
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 September 30, 2024:

(in thousands)

    

    

Goodwill at December 31, 2023

$

436,008

Measurement period adjustments

(300)

Foreign exchange impact

1,938

Goodwill at September 30, 2024

$

437,646

The following table summarizes the Company’s intangible assets and related accumulated amortization:

(in thousands)

September 30, 2024

    

December 31, 2023

Gross Carrying

Accumulated

Net Carrying

Gross Carrying

Accumulated

Net Carrying

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

Trademarks and brands

$

11,735

$

(5,775)

$

5,960

$

11,734

$

(5,140)

$

6,594

Customer relationships

 

161,474

(73,675)

 

87,799

 

161,173

 

(62,955)

 

98,218

Developed technology

 

93,356

(67,461)

 

25,895

 

93,013

 

(56,942)

 

36,071

Non-compete agreements

67

(67)

66

(66)

Total intangible assets

$

266,632

$

(146,978)

$

119,654

$

265,986

$

(125,103)

$

140,883

Amortization expense related to intangible assets for the three months ended September 30, 2024 and September 30, 2023 was $7.2 million and $7.4 million, respectively. Amortization expense related to intangible assets amounted to $21.6 million and $20.0 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Estimated future expected amortization expense of intangible assets as of September 30, 2024 is as follows:

(in thousands)

    

    

2024 (for remaining three months)

$

7,186

2025

26,983

2026

22,230

2027

18,252

2028

14,999

2029

12,648

Thereafter

 

17,356

Total

$

119,654

The weighted-average remaining useful life by major asset classes as of September 30, 2024 is as follows:

    

(In years)

Trademarks and brands

 

8

Customer relationships

 

6

Developed technology

2

There were no impairments of Goodwill or Intangible assets identified during the nine months ended September 30, 2024 and September 30, 2023.