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Identifiable Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Identifiable Intangible Assets and Goodwill Identifiable Intangible Assets and Goodwill


Included in identifiable intangible assets are approximately $2.9 million and $2.1 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2023 and December 31, 2022, respectively. These software products will be ready for their intended use within the next 12 months. Software costs placed into service during the years ended December 31, 2023 and 2022 were $4.6 million and $6.5 million, respectively. Annual amortization charged to cost of sales is computed using the straight-line method over the remaining estimated economic life of the product, generally three years.


The components of identifiable intangible assets are:

   
December 31,
        
(in thousands)
  
2023
    
2022
  
Estimated
Useful Life
Weighted-
Average
Amortization
Period
Acquired developed technology
  
$
119,800
    
$
119,800
  
3 - 7 years
4.40 years
Internally developed software costs
    
34,735
      
30,515
  
3 years
2.13 years
Customer relationships
    
14,510
      
12,360
  
7 years
4.60 years
Trade names
    
1,410
      
1,410
  
2 - 5 years
1.00 year
Non-competition agreements
    
30
      
30
  
1 year
1.00 year
     
170,485
      
164,115
        
Impact of currency translation on intangible assets
    
1,399
      
304
        
Less: accumulated amortization
    
(87,001
)
    
(62,508
)
      
   
$
84,883
    
$
101,911
        
Internally developed software costs not meeting general release threshold
    
2,886
      
2,105
        
Trademarks, trade names (non-amortizable)
    
6,200
      
6,200
  
Indefinite
  
   
$
93,969
    
$
110,216
        


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

2024
  
$
22,790
  
2025
    
20,869
  
2026
    
18,857
  
2027
    
15,193
  
2028
    
7,174
  
Thereafter
    
—
  
Total
  
$
84,883
  


To value indefinite lived intangible assets, the Company utilizes the relief from royalty method to estimate the fair values of trade names. There was zero impairment to indefinite lived intangible assets in the years ended December 31, 2023, 2022 and 2021, respectively.


Amortization expense for identifiable intangible assets was allocated as follows:

(in thousands)
  
2023
    
2022
    
2021
  
Amortization of acquired developed technology
  
$
16,281
    
$
15,307
    
$
11,978
  
Amortization of internally developed software
    
6,167
      
6,349
      
5,266
  
Amortization of identifiable intangible assets recorded in cost of sales
  
$
22,448
    
$
21,656
    
$
17,244
  
Amortization expense recorded in operating expense
    
1,858
      
1,863
      
1,825
  
Impact of currency translation on intangible assets
    
(909
)
    
(304
)
    
—
  


The following table presents the goodwill activities for the periods presented:

(in thousands)
      
Beginning balance - December 31, 2021
  
$
456,570
  
Q1 2022 Acquisition
    
1,212
  
MENU Acquisition
    
28,495
  
Punchh Acquisition ASC 805 measurement period adjustment
    
(1,085
)
Foreign currency translation
    
834
  
Balance - December 31, 2022
    
486,026
  
Foreign currency translation
    
2,892
  
Ending balance - December 31, 2023
  
$
488,918
  

Refer to “Note 2 - Acquisitions” for additional information on goodwill recognized in acquisitions