Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

(7) Goodwill and Intangible Assets, Net

The following table displays the changes in the gross carrying amount of goodwill (in thousands):



Balance at December 31, 2023	$	517,184
Foreign currency translation		(4,639	)
Balance at March 31, 2024	$	512,545

There were no impairments recorded against goodwill during the three months ended March 31, 2024 and for the year ended December 31, 2023.

Intangible assets consisted of the following (in thousands):


				As of March 31, 2024
	Gross carrying amount		Weighted average life (years)	Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	24,688	3.66	$	(21,260	)	$	3,428
Tradenames		13,814	4.74		(8,387	)		5,427
Customer relationships		202,575	8.35		(90,621	)		111,954
Total intangible assets	$	241,077		$	(120,268	)	$	120,809


					As of December 31, 2023
	Gross carrying amount		Weighted average life (years)		Accumulated amortization			Net carrying amount
Amortizable intangible assets:
Developed technology	$	34,942		3.47	$	(29,981	)	$	4,961
Tradenames		16,505		4.52		(10,315	)		6,190
Customer relationships		206,235		8.34		(87,122	)		119,113
Total intangible assets	$	257,682			$	(127,418	)	$	130,264

Amortization expense for intangible assets was $8.4 million and $9.7 million for the three months ended March 31, 2024 and 2023, respectively. Included in the amortization expense amounts is amortization expense attributed to developed technology within cost of revenue of $1.5 million and $2.4 million for the three months ended March 31, 2024 and 2023, respectively. During 2022, the Company assigned $5.6 million net carrying amount of intangible assets associated with a pending asset sale to assets held for sale on the consolidated balance sheet. During the three months ended March 31, 2023, the Company completed the divestiture and derecognized the intangible assets (see Note 8). Additionally, during the three months ended March 31, 2024, the Company retired $12.5 million of fully amortized intangible assets.

The expected amortization of the intangible assets, as of March 31, 2024, for each of the next five years and thereafter is as follows (in thousands):



2024 (for the remaining nine months)	$	23,245
2025		26,074
2026		20,274
2027		15,945
2028		15,554
Thereafter		19,717
	$	120,809