Intangible assets, net

9 Months Ended

Sep. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

3. Intangible assets, net

Intangible assets other than goodwill consist of the following:


		September 30, 2024							December 31, 2023
(In thousands)	Amortization period	Gross amount		Accumulated amortization			Net		Gross amount		Accumulated amortization			Net
Software developed for internal use	5-10 years	$	71,712	$	(35,981	)	$	35,731	$	63,545	$	(29,142	)	$	34,403

The gross amount associated with software developed for internal use represents capitalized costs of internally-developed software, including eligible salaries and staff benefits, share-based compensation, travel expenses incurred by relevant employees, and other relevant costs.

Amortization expenses of $2,382 and $2,112 for the three months ended September 30, 2024 and 2023, respectively, and $6,918 and $5,965 for the nine months ended September 30, 2024 and 2023, respectively, were included in depreciation and amortization expense. As of September 30, 2024, intangible assets of $5,939, included in the gross amounts of software developed for internal use, have not started amortization, as they are not ready for their intended use.

The Company capitalized costs of software developed for internal use of $2,708 and $2,929 during the three months ended September 30, 2024 and 2023, respectively, and $8,328 and $8,310 during the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, estimated amortization expense related to the Company’s intangible assets for the remainder of 2024 through 2029 and thereafter are as follows:


(In thousands)
Year	September 30, 2024
Remainder of 2024	$	2,448
2025		9,748
2026		8,361
2027		6,745
2028		4,313
2029 and thereafter		4,116
Total	$	35,731