Identifiable Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Identifiable Intangible Assets

The components of identifiable intangible assets are:

(in thousands)	September 30, 2024		December 31, 2023		Estimated Useful Life	Weighted-Average Amortization Period
Acquired developed technology	$	173,889	$	119,800	3 - 7 years	5.40 years
Internally developed software costs	37,913		34,735		3 years	2.76 years
Customer relationships	101,910		14,510		5 - 15 years	11.26 years
Trade names	3,210		1,410		2 - 8 years	7.73 years
Non-competition agreements	3,530		30		1 - 5 years	4.5 years
	320,452		170,485
Impact of currency translation on intangible assets	1,376		1,399
Less: accumulated amortization	(110,900)		(87,001)
	210,928		84,883
Internally developed software costs not meeting general release threshold	3,923		2,886
Trademarks, trade names (non-amortizable)	11,200		6,200		Indefinite
	$	226,051	$	93,969

Schedule of Amortization Expense

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Amortization of acquired developed technology	$	5,660	$	4,020	$	14,628	$	12,160
Amortization of internally developed software	1,168		1,460		3,591		4,606
Amortization of identifiable intangible assets recorded in cost of sales	6,828		5,480		18,219		16,766
Amortization expense recorded in operating expenses	2,699		464		5,577		1,393
Impact of foreign currency translation on intangible assets	(484)		215		126		(126)

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	$	9,910
2025	38,423
2026	36,411
2027	32,163
2028	22,123
Thereafter	71,898
Total	$	210,928

Schedule of Goodwill

Goodwill carried is as follows:

(in thousands)	2024		2023
Beginning balance - January 1	$	488,918	$	486,026
Stuzo Acquisition	136,602		—
TASK Group Acquisition	181,442		—
Foreign currency translation	(3,878)		311
Ending balance - September 30	$	803,084	$	486,337