Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill And Other Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6.Goodwill and Intangible Assets

Goodwill

The following table represents the change in the carrying value of goodwill for the three months ended March 31, 2024 (amounts in thousands):

Balance at December 31, 2023	$	987,120
Measurement period adjustment - Metenova		(56	)
Cumulative translation adjustment		(1,101	)
Balance at March 31, 2024	$	985,963

The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three months ended March 31, 2024.

Intangible assets

Indefinite-lived intangible assets are reviewed for impairment at least annually. There has been no impairment of the Company’s intangible assets for the periods presented.

Intangible assets, net, consisted of the following at March 31, 2024:

	March 31, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	246,722	$	(47,918	)	$	198,804		16
Patents		240		(240	)		—		8
Customer relationships		268,688		(88,043	)		180,645		16
Trademarks		8,695		(1,914	)		6,781		19
Other intangibles		3,857		(2,641	)		1,216		3
Total finite-lived intangible assets		528,202		(140,756	)		387,446		16
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	528,902	$	(140,756	)	$	388,146

Intangible assets, net, consisted of the following at December 31, 2023:

	December 31, 2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	249,594	$	(44,162	)	$	205,432		16
Patents		240		(240	)		—		8
Customer relationships		269,949		(83,963	)		185,986		15
Trademarks		8,757		(1,789	)		6,968		19
Other intangibles		3,914		(2,514	)		1,400		3
Total finite-lived intangible assets		532,454		(132,668	)		399,786		15
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	533,154	$	(132,668	)	$	400,486

Amortization expense for finite-lived intangible assets was $8.6 million and $7.4 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company expects to record the following amortization expense in future periods (amounts in thousands):

	Estimated
	Amortization
For the Years Ended December 31,	Expense
2024 (remaining nine months)	$	25,448
2025		33,648
2026		33,189
2027		33,225
2028		33,127
2029 and thereafter		228,809
Total	$	387,446