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Goodwill and Other Intangible Assets, Net (Tables)
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Components of Intangible Assets and Related Amortization Expense

The following is a summary of the components of intangible assets and the related amortization expense (in thousands):

 

 

 

September 30, 2024

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

 

Weighted-average remaining life (years)

 

Developed technology

 

$

18,876

 

 

$

(13,045

)

 

$

5,831

 

 

 

4.5

 

Customer relationships

 

 

40,269

 

 

 

(39,274

)

 

 

995

 

 

1.2

 

Trade names

 

 

328

 

 

 

(328

)

 

 

 

 

 

 

Total intangibles

 

$

59,473

 

 

$

(52,647

)

 

$

6,826

 

 

 

 

 

 

 

December 31, 2023

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

 

Weighted-average remaining life (years)

 

Developed technology

 

$

12,235

 

 

$

(11,452

)

 

$

783

 

 

0.3

 

Customer relationships

 

 

39,921

 

 

 

(32,896

)

 

 

7,025

 

 

0.9

 

Trade names

 

 

323

 

 

 

(323

)

 

 

 

 

 

 

Capitalized software costs - WIP

 

 

5,550

 

 

 

 

 

 

5,550

 

 

N/A

 

Total intangibles

 

$

58,029

 

 

$

(44,671

)

 

$

13,358

 

 

0.8

 

Summary of Expected Future Amortization Expense for Intangible Assets

Expected future amortization expense for intangible assets as of September 30, 2024 is as follows (in thousands):

 

Year ended December 31,

 

 

 

2024

 

$

526

 

2025

 

 

2,088

 

2026

 

 

1,293

 

2027

 

 

1,293

 

Thereafter

 

 

1,626

 

Total

 

$

6,826

 

Summary of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):

 

 

September 30, 2024

 

 

December 31, 2023

 

Beginning Balance

 

$

95,869

 

 

$

92,728

 

Foreign currency translation

 

 

1,115

 

 

 

2,323

 

Additions from acquisitions

 

 

 

 

 

818

 

Ending Balance

 

$

96,984

 

 

$

95,869