Identifiable Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Identifiable Intangible Assets

The components of identifiable intangible assets are:

(in thousands)	June 30, 2024		December 31, 2023		Estimated Useful Life	Weighted-Average Amortization Period
Acquired developed technology	$	138,000	$	119,800	3 - 7 years	4.59 years
Internally developed software costs	36,605		34,735		3 years	2.64 years
Customer relationships	53,910		14,510		5 - 15 years	8.66 years
Trade names	1,410		1,410		2 - 5 years	0.5 years
Non-competition agreements	3,530		30		1 - 5 years	4.75 years
	233,455		170,485
Impact of currency translation on intangible assets	623		1,399
Less: accumulated amortization	(101,106)		(87,001)
	132,972		84,883
Internally developed software costs not meeting general release threshold	3,720		2,886
Trademarks, trade names (non-amortizable)	11,600		6,200		Indefinite
	$	148,292	$	93,969

Schedule of Amortization Expense

The following table summarizes amortization expense for acquired developed technology and internally developed software:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Amortization of acquired developed technology	$	4,717	$	4,092	$	8,968	$	8,171
Amortization of internally developed software	1,192		1,507		2,423		3,147
Amortization of identifiable intangible assets recorded in cost of sales	5,909		5,599		11,391		11,318
Amortization expense recorded in operating expenses	1,946		465		2,878		929
Impact of foreign currency translation on intangible assets	(29)		(212)		611		(341)

Schedule of Expected Future Amortization of Intangible Assets

The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software development costs not meeting the general release threshold is:

(in thousands)
2024, remaining	$	15,424
2025	29,447
2026	27,435
2027	23,335
2028	13,584
Thereafter	23,747
Total	$	132,972

Schedule of Goodwill

Goodwill carried is as follows:

(in thousands)	2024		2023
Beginning balance - January 1	$	488,918	$	486,026
Stuzo Acquisition	137,008		—
Foreign currency translation	(2,051)		885
Ending balance - June 30	$	623,875	$	486,911