GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill as of June 30, 2024 and December 31, 2023 was as follows:

Goodwill	June 30, 2024		December 31, 2023
	(In thousands)
Goodwill, beginning of period	$	214,562	$	213,559
Currency translation adjustment	(1,323)		1,003
Goodwill, end of period	$	213,239	$	214,562

The Company’s purchased intangible assets as of June 30, 2024 and December 31, 2023 were as follows:

	June 30, 2024						December 31, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Impairment		Net
	(In thousands)
Intangible assets:
Other indefinite-lived intangibles	$	286	$	—	$	286	$	286	$	—	$	—	$	286
Intangible assets with finite lives:
Developed technology	51,054		(32,017)		19,037		51,044		(27,093)		—		23,951
Customer relationships	51,306		(32,671)		18,635		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(18,943)		18,757		37,700		(15,173)		—		22,527
Total purchased intangible assets	$	140,346	$	(83,631)	$	56,715	$	144,136	$	(71,793)	$	(3,807)	$	68,536

During the six months ended June 30, 2024, intangible assets decreased by less than $0.1 million due to the impact of foreign currency translation.

Amortization expense related to finite-lived intangible assets were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Developed technology	$	2,458	$	2,455	$	4,925	$	4,910
Customer relationships	1,567		2,454		3,143		4,908
Trade names	1,885		1,885		3,770		3,770
Total amortization expense	$	5,910	$	6,794	$	11,838	$	13,588

Amortization of developed technology is recorded to cost of revenues, amortization of customer relationships and trade names are recorded to sales and marketing expense, and amortization of certain customer relationships is recorded as a reduction to revenue.

Finite-lived intangible assets are tested for impairment whenever an event occurs or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows. As of June 30, 2024, the balance of customer intangible relationship assets is $18.6 million, which includes $8.1 million related to one customer. This customer is experiencing considerable financial difficulties as of July 23, 2024. The management has evaluated that the carrying amount of that asset as of June 30, 2024 is recoverable and will continue to evaluate the impacts on its financial statements as more information is publicly available.

The expected future amortization expense of intangible assets as of June 30, 2024 is presented below:

	June 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining six months)	$	10,887
2025	21,370
2026	19,080
2027	5,092
Total	$	56,429