Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net consist of the following:


	December 31, 2023							December 31, 2022
	Weighted average remaining useful life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted average remaining useful life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	6.3	$	106,512	$	(17,876)	$	88,636	4.0	$	22,734	$	(4,993)	$	17,741
Software licenses	1.0	23,745		(18,828)		4,917		1.5	23,305		(11,514)		11,791
Customer relationships	9.4	41,441		(5,156)		36,285		8.2	17,569		(1,895)		15,674
Intellectual property licenses	0.3	1,911		(1,736)		175		1.0	1,777		(1,716)		61
Trade names	6.0	25,970		(4,311)		21,659		5.5	9,536		(1,466)		8,070
Backlog	1.2	1,570		(700)		870		1.0	366		(175)		191
Effect of exchange rate on gross carrying amount		(917)		—		(917)			(3,614)		—		(3,614)
Intangible assets with finite lives		200,232		(48,607)		151,625			71,673		(21,759)		49,914

IPR&D		56,508		—		56,508			14,160		—		14,160
Effect of exchange rate on gross carrying amount		1		—		1			(957)		—		(957)
Total intangible assets with indefinite lives		56,509		—		56,509			13,203		—		13,203

Total intangible assets		$	256,741	$	(48,607)	$	208,134		$	84,876	$	(21,759)	$	63,117

The Company obtained software licenses, which it uses for its research and development efforts related to its products. In fiscal 2022, the Company obtained additional software licenses. Further, the Company has acquired developed technology, customer relationships, trade names, backlog and IPR&D as a result of business combinations. The change in gross amount of intangible assets is related to the business combination valuations for the Exalos, GEO and Silicon Radar acquisitions during the year ended December 31, 2023. See Note 3 — Business Combinations for additional information.

Intangible assets with finite lives are amortized on a straight-line basis over the expected period to be benefited by future cash flows. The Company monitors and assesses these assets for impairment on a periodic basis. For the years ended December 31, 2023, 2022, and 2021, the Company determined that there were no impairment of intangible assets.

Amortization of intangible assets for the years ended December 31, 2023, 2022 and 2021 was $26,481, $11,644, and $4,769, respectively, and is included within Cost of goods sold, Research and development expenses, and Selling, general and administrative expenses based on their respective nature, in the consolidated statements of operations.

Based on the amount of definite-lived intangible assets subject to amortization as of December 31, 2023, amortization expense for each of the next five fiscal years is expected to be as follows:


2024	$	28,442
2025	22,675
2026	21,373
2027	18,324
2028	18,063
Thereafter	42,748
Total	$	151,625