Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 4. Goodwill and Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The following table presents goodwill as of March 31, 2025 (in thousands):


	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	18,723	$	19,696
Foreign currency translation adjustment		654		(353	)
Total	$	19,377	$	19,343

As of March 31, 2025, intangible assets comprised the following (in thousands):


	Estimated Useful Life in Years	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Backlog	0.25	$	757	$	(757	)	$	—
Customer Relationships	1		3,623		(3,623	)		—
Developed Technology	7.25		12,761		(3,521	)		9,240
Patent	3		250		(142	)		108
Tradename	8		1,190		(297	)		893
Total definite-lived intangible assets (1)		$	18,581	$	(8,340	)	$	10,241
(1) Foreign intangible asset carrying amounts are affected by foreign currency translation

We amortize identifiable intangible assets with finite lives over their useful lives on a straight-line basis. The weighted average life of our intangible assets is approximately six years. Amortization of intangible assets was $0.5 million for the three months ended March 31, 2025 and $1.4 million for the three months ended March 31, 2024, respectively.

As of March 31, 2025, the estimated intangible asset amortization expense for the next five years and thereafter is as follows:


	Estimated Amortization
	(in thousands)
2025		1,494
2026		1,954
2027		1,909
2028		1,909
2029		1,909
Thereafter		1,066
Total	$	10,241