Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net consist of the following:


	March 31, 2024							December 31, 2023
	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	6.0	$	106,966	$	(21,420)	$	85,546	6.3	$	106,512	$	(17,876)	$	88,636
Software licenses	0.7	23,874		(21,158)		2,716		1.0	23,745		(18,828)		4,917
Customer relationships	8.9	41,691		(5,998)		35,693		9.4	41,441		(5,156)		36,285
Intellectual property licenses	0.8	1,918		(1,736)		182		0.3	1,911		(1,736)		175
Trade names	5.8	26,067		(5,091)		20,976		6.0	25,970		(4,311)		21,659
Backlog	1.3	1,589		(821)		768		1.2	1,570		(700)		870
Effect of exchange rate on gross carrying amount		(3,539)				(3,539)			(917)		—		(917)
Intangible assets with finite lives		198,566		(56,224)		142,342			200,232		(48,607)		151,625

IPR&D		57,258		—		57,258			56,508		—		56,508
Effect of exchange rate on gross carrying amount		(965)		—		(965)			1		—		1
Total intangible assets with indefinite lives		56,293		—		56,293			56,509		—		56,509

Total intangible assets		$	254,859	$	(56,224)	$	198,635		$	256,741	$	(48,607)	$	208,134

The Company obtained software licenses, which it uses for its research and development efforts related to its products. In both fiscal 2024 and 2023, the Company acquired developed technology, customer relationships, trade names, backlog and IPR&D as a result of business combinations. See Note 2 — 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.

Amortization of intangible assets for the three months ended March 31, 2024 and 2023 was $8,066 and $5,080, respectively, and is included within Cost of goods sold, Research and development expenses, and Selling, general and administrative expenses based their respective nature, in the condensed consolidated statements of operations.

Based on the amount of definite-lived intangible assets subject to amortization as of March 31, 2024, amortization expense for each of the next five fiscal years is expected to be as follows:


2024 (remaining 9 months)	$	19,509
2025	23,197
2026	21,171
2027	18,187
2028	17,932
Thereafter	42,346
Total	$	142,342