Intangible Assets, net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Intangible Assets, net

The intangible asset balances and accumulated amortization are as follows:

	June 30, 2024
	Gross carrying amount		Accumulated amortization		Net carrying amount		Weighted average useful life in years
Customer relationships	$	96,270	$	(13,660)	$	82,610	20
Technology	41,035		(13,733)		27,302		7
Software for sale	7,053		(224)		6,829		3
Trade name	1,560		(104)		1,456		5
Total	$	145,918	$	(27,721)	$	118,197
	December 31, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Weighted average useful life in years
Customer relationships	$	74,600	$	(11,432)	$	63,168	20
Technology	26,200		(11,156)		15,044		7
Software for sale	3,828		—		3,828		3
Trade name	—		—		—		5
Total	$	104,628	$	(22,588)	$	82,040

Amortization expense of $0.2 million and zero was recognized for the capitalized software development costs during the three and the six months ended June 30, 2024 and June 30, 2023, respectively.

The table below presents the amortization expense related to intangible assets for the following periods:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Amortization expense related to intangible assets	$	2,794	$	1,868	$	5,133	$	3,737

The table below presents the estimated amortization expense on intangible assets for the next five years and thereafter as of June 30, 2024:

Remainder of 2024	$	6,396
2025	13,484
2026	13,484
2027	12,022
2028	7,745
Thereafter	65,066
Total estimated amortization expense	$	118,197