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Goodwill and Intangible Assets, Net (Tables)
3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Gross Carrying Amount of Goodwill

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

 

Schedule of Intangible Assets

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

 

Schedule of Expected Amortization of 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