Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

Intangible assets consisted of the following:

		March 31,			December 31,
	Useful Life	2024			2023
Proprietary technology and capitalized internal-use software	3 - 7 years	$	44,943		$	43,105
Work in process			1,680			1,695
Customer relationships	10 - 15 years		160,500			160,500
Trade names	9 - 15 years		15,960			15,960
Less: accumulated amortization			(50,708	)		(44,719	)
Intangible assets, net		$	172,375		$	176,541

The Company capitalizes certain internal-use software development costs, consisting primarily of contractor costs and employee salaries and benefits allocated to the software. Capitalization of costs incurred in connection with internally developed software commences when both the preliminary project stage is completed and management has authorized further funding for the project, based on a determination that it is probable the project will be completed and used to perform the function intended. Costs incurred for enhancements that are expected to result in additional functionalities are capitalized in a similar manner. Capitalization of costs ceases no later than the point at which the project is substantially complete and ready for its intended use, at which point amortization of capitalized costs begins. All other costs are expensed as incurred. Costs capitalized in connection with internal-use software were $1,860 for the three months ended March 31, 2024 and were $1,162 for the three months ended March 31, 2023.

For the three months ended March 31, 2024 and 2023, total amortization expense was $6,026 and $5,880, respectively.

The following table summarizes estimated future amortization expense of intangible assets placed in service at March 31, 2024 for the years ending:

Remainder of 2024	$	18,173
2025		24,231
2026		24,231
2027		23,659
2028		21,350
Thereafter		59,051
	$	170,695