Identifiable Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Identifiable Intangible Assets and Goodwill

Identifiable Intangible Assets and Goodwill

The components of identifiable intangible assets are:

(in thousands)	March 31, 2025		December 31, 2024		Estimated Useful Life	Weighted-Average Amortization Period
Acquired developed technology	$	183,840	$	181,600	3 - 7 years	4.16 years
Internally developed software costs	44,185		42,353		3 years	2.87 years
Customer relationships	119,046		115,910		5 - 15 years	8.80 years
Trade names	3,210		3,210		2 - 8 years	7.33 years
Non-competition agreements	7,230		7,230		1 - 5 years	4 years
	357,511		350,303
Impact of currency translation on intangible assets	(3,758)		(5,557)
Less: accumulated amortization	(131,531)		(119,900)
	222,222		224,846
Internally developed software costs not meeting general release threshold	635		1,287
Trademarks, trade names (non-amortizable)	11,200		11,200		Indefinite
	$	234,057	$	237,333

Software costs placed into service during the three months ended March 31, 2025 and 2024, were $1.8 million and $0.5 million, respectively.

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

	Three Months Ended March 31,
(in thousands)	2025		2024
Amortization of acquired developed technology	$	6,209	$	4,235
Amortization of internally developed software	1,430		1,231
Amortization of identifiable intangible assets recorded in cost of sales	$	7,639	$	5,466
Amortization expense recorded in operating expenses	3,259		932
Impact of foreign currency translation on intangible assets	733		639

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)
2025, remaining	$	33,079
2026	42,244
2027	37,757
2028	25,961
2029	18,947
Thereafter	64,234
Total	$	222,222

Goodwill carried is as follows:

(in thousands)	2025		2024
Beginning balance - January 1	$	887,459	$	488,918
Stuzo Acquisition	—		132,140
Foreign currency translation	2,909		(2,162)
Delaget Acquisition ASC 805 measurement period adjustment	125		—
Ending balance - March 31	$	890,493	$	618,896