Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the nine months ended September 30, 2025 were as follows (in thousands):


	Connected Devices		Software and Services		Total
Balance, beginning of period (1)	$	46,674	$	710,164	$	756,838
Goodwill acquired	4,733		15,517		20,250
Purchase accounting adjustments	(446)		(7,082)		(7,528)
Foreign currency translation adjustments	281		3,545		3,826
Balance, end of period	$	51,242	$	722,144	$	773,386

(1)Due to the Segment Realignment, the beginning goodwill balances have been recast to conform to the new segment presentation. Refer to Note 1 for additional details.

Intangible assets (other than goodwill) consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):


		September 30, 2025						December 31, 2024
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable (definite-lived) intangible assets:
Developed technology	3 ‑ 8 years	$	136,972	$	(36,884)	$	100,088	$	118,322	$	(21,337)	$	96,985
Customer relationships	5 ‑ 10 years	34,027		(7,663)		26,364		33,223		(4,716)		28,507
Issued trademarks	3 ‑ 23 years	6,704		(3,221)		3,483		6,706		(1,784)		4,922
Issued patents	8 ‑ 26 years	2,990		(1,552)		1,438		2,931		(1,470)		1,461
Domain names	5 ‑ 10 years	3,043		(2,662)		381		3,043		(2,433)		610
Total amortizable		183,736		(51,982)		131,754		164,225		(31,740)		132,485
Non-amortizable (indefinite-lived) intangible assets:
In-process research and development (1)		25,750		—		25,750		41,000		—		41,000
Trademarks		1,068		—		1,068		1,068		—		1,068
Patents and trademarks pending		476		—		476		604		—		604
Total non-amortizable		27,294		—		27,294		42,672		—		42,672
Total intangible assets		$	211,030	$	(51,982)	$	159,048	$	206,897	$	(31,740)	$	175,157

(1)Consists of in-process research and development costs pertaining to the acquisition of Dedrone Holdings, Inc. (“Dedrone”). During the nine months ended September 30, 2025, approximately $15.3 million has been placed into service.

Amortization expense of intangible assets for the three and nine months ended September 30, 2025 was $6.9 million and $20.2 million, respectively. Amortization expense of intangible assets for the three and nine months ended September 30, 2024 was $3.8 million and $10.7 million, respectively. Estimated amortization for intangible assets with definite lives for the remaining three months of 2025, the next five years ended December 31, and thereafter, is as follows (in thousands):


2025 remaining	$	7,048
2026	28,179
2027	26,946
2028	24,714
2029	22,366
2030	13,377
Thereafter	9,124
Total	$	131,754