XML 33 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
Intangible assets
During the year ended December 31, 2024, the Company completed the acquisition of Intelliwave, which was accounted for as a business combination, as described in Note 7 above. The Company also completed an asset acquisition for $3.9 million. The acquired developed technology intangible asset has an estimated useful life of four years, and the amortization expense is recorded in cost of revenue on the accompanying consolidated statements of operations and comprehensive loss.
During the year ended December 31, 2023, the Company completed the acquisition of all outstanding equity of Unearth Technologies Inc. for $9.2 million. The acquisition was accounted for as an asset acquisition as substantially all of the fair value of the gross assets acquired were concentrated in a single identifiable asset. The acquired developed technology intangible asset has an estimated useful life of five years, and the amortization expense is recorded in cost of revenue on the accompanying consolidated statements of operations and comprehensive loss. The Company also acquired a $2.8 million IPR&D intangible asset, which was capitalized as an indefinite-lived intangible asset and recorded in intangible assets within the accompanying consolidated balance sheet.
No impairments of IPR&D were recorded during the years ended December 31, 2024 or 2023.
The Company’s finite-lived and indefinite-lived intangible assets are summarized as follows (dollars in thousands):
December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Weighted-Average Remaining Useful Life
(Years)
Developed technology$185,947 $(95,216)$90,731 4.0
Customer relationships71,050 (43,683)27,367 4.9
Total finite-lived intangible assets
256,997 (138,899)118,098 4.2
In-process research and development2,848 2,848 
Total intangible assets$259,845 $(138,899)120,946 
December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Weighted-Average Remaining Useful Life
(Years)
Developed technology$166,453 $(67,221)$99,232 4.3
Customer relationships66,350 (30,884)35,466 4.2
Total finite-lived intangible assets
232,803 (98,105)134,698 4.3
In-process research and development2,848 — 2,848 
Total intangible assets$235,651 $(98,105)$137,546 
The Company estimates that there is no significant residual value related to its finite-lived intangible assets. Amortization expense recorded on the Company's finite-lived intangible assets is summarized as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$25,437 $22,396 $22,428 
Sales and marketing12,700 12,425 12,425 
Research and development2,657 2,757 3,528 
Total amortization of acquired finite-lived intangible assets
$40,794 $37,578 $38,381 
The following table outlines the estimated future amortization expense related to finite-lived intangible assets (in thousands):
Years Ending December 31,
2025$38,776 
202624,198 
202723,354 
202819,715 
20294,752 
Thereafter7,303 
Total$118,098 
Goodwill
The following table presents the changes in carrying amount of goodwill (in thousands):
Year Ended December 31,
20242023
Beginning balance$539,354 $539,128 
Additions11,333 — 
Other adjustments, net (1)
(1,036)226 
Ending balance
$549,651 $539,354 
(1) Includes post-closing working capital adjustments and the effect of foreign currency translation.
There was no impairment of goodwill during any period presented.