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GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
9 Months Ended
Sep. 30, 2023
Components of Intangible Assets

The components of intangible assets consisted of the following as of September 30, 2023 and December 31, 2022:

 

September 30, 2023

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Finite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Developed Technology

 

$

56,065

 

 

$

(14,939

)

 

$

41,126

 

Capitalized software

 

 

10,589

 

 

 

(6,631

)

 

 

3,958

 

Customer relationships

 

 

16,120

 

 

 

(2,897

)

 

 

13,223

 

Trademarks and tradenames

 

 

10,103

 

 

 

(1,581

)

 

 

8,522

 

Backlog

 

 

3,491

 

 

 

(2,991

)

 

 

500

 

Other

 

 

1,155

 

 

 

(380

)

 

 

775

 

Indefinite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

In-process Technology

 

 

2,300

 

 

 

 

 

 

2,300

 

Total

 

$

99,823

 

 

$

(29,419

)

 

$

70,404

 

 

 

December 31, 2022

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Finite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Developed Technology

 

$

55,765

 

 

$

(9,809

)

 

$

45,956

 

Capitalized software

 

 

10,502

 

 

 

(5,023

)

 

 

5,479

 

Customer relationships

 

 

16,122

 

 

 

(1,866

)

 

 

14,256

 

Trademarks and tradenames

 

 

10,104

 

 

 

(947

)

 

 

9,157

 

Backlog

 

 

3,491

 

 

 

(1,866

)

 

 

1,625

 

Other

 

 

898

 

 

 

(279

)

 

 

619

 

Indefinite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

In-process Technology

 

 

2,600

 

 

 

 

 

 

2,600

 

Total

 

$

99,482

 

 

$

(19,790

)

 

$

79,692

 

 

Summary of Amortization expense

Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three and nine months ended September 30, 2023 and 2022, respectively consisted of the following:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cost of revenues

 

$

1,775

 

 

$

1,856

 

 

$

5,335

 

 

$

3,269

 

Research and development

 

 

13

 

 

 

29

 

 

 

79

 

 

 

3,394

 

Selling, general and administrative

 

 

1,462

 

 

 

1,568

 

 

 

4,395

 

 

 

3,016

 

Total amortization expense

 

$

3,250

 

 

$

3,453

 

 

$

9,809

 

 

$

9,679

 

 

Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets

The following table outlines the estimated future amortization expense related to intangible assets held as of September 30, 2023:

2023 (for the remaining period)

 

$

3,456

 

2024

 

 

11,315

 

2025

 

 

9,379

 

2026

 

 

9,221

 

2027

 

 

8,249

 

Thereafter

 

 

26,484

 

Total

 

$

68,104