Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill And Other Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6.Goodwill and Intangible Assets

Goodwill

The following table represents the change in the carrying value of goodwill for the six months ended June 30, 2024 (amounts in thousands):

Balance at December 31, 2023	$	987,120
Measurement period adjustment - Metenova		(56	)
Cumulative translation adjustment		(1,451	)
Balance at June 30, 2024	$	985,613

The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three and six months ended June 30, 2024.

Intangible assets

Indefinite-lived intangible assets are reviewed for impairment at least annually. There has been no impairment of the Company’s intangible assets for the periods presented.

Intangible assets, net, consisted of the following at June 30, 2024:

	June 30, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	246,917	$	(51,796	)	$	195,121		16
Patents		240		(240	)		—		8
Customer relationships		268,683		(92,419	)		176,264		15
Trademarks		8,698		(2,043	)		6,655		19
Other intangibles		3,859		(2,786	)		1,073		3
Total finite-lived intangible assets		528,397		(149,284	)		379,113		15
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	529,097	$	(149,284	)	$	379,813

Intangible assets, net, consisted of the following at December 31, 2023:

	December 31, 2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	249,594	$	(44,162	)	$	205,432		16
Patents		240		(240	)		—		8
Customer relationships		269,949		(83,963	)		185,986		15
Trademarks		8,757		(1,789	)		6,968		19
Other intangibles		3,914		(2,514	)		1,400		3
Total finite-lived intangible assets		532,454		(132,668	)		399,786		15
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	533,154	$	(132,668	)	$	400,486

Amortization expense for finite-lived intangible assets was $8.5 million and $7.5 million for each of the three months ended June 30, 2024 and 2023, respectively, and $17.2 million and $14.9 million for each of the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company expects to record the following amortization expense in future periods (amounts in thousands):

	Estimated
	Amortization
For the Years Ended December 31,	Expense
2024 (remaining six months)	$	16,882
2025		33,608
2026		33,270
2027		33,236
2028		33,137
2029 and thereafter		228,980
Total	$	379,113