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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]

Summary of business combination assets acquired liabilities assumed

The following table presents the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of May 16, 2023 (in thousands):


Purchase Price
Cash paid	$	1,307,978
Less: cash acquired		(25,624	)

Net cash consideration		1,282,354

Identifiable Net Assets (Liabilities) Acquired
Accounts receivable		20,099
Inventory		14,706
Deferred tax assets		11,335
Prepaid and other assets		1,096
Property, plant and equipment		9,056
Operating lease assets		5,204
Intangible assets		418,100
Accounts payable and accrued expenses		(31,664	)
Operating lease liabilities		(5,204	)
Tax liabilities		(3,917	)
Deferred revenue		(15,219	)
Other liabilities		(5,728	)

Total identifiable net assets acquired		417,864
Goodwill		864,490

Cash consideration paid	$	1,282,354

Summary of the purchase price allocated to the intangible assets acquired and the estimated useful lives

The details of the purchase price allocated to the intangible assets acquired and the estimated useful lives are as follows (dollars in thousands):


	Amount		Weighted-Average Life
Developed technology	$	80,000		10 years
Customer relationships		330,600		10 years
Trade name		7,500		5 years

Total		$418,100

Summary of Business Acquisition Pro Forma Information

The following unaudited pro forma information shows the results of the Company’s operations for the twelve months ended December 31, 2023 and 2022, as if the acquisition had occurred on January 1, 2022 (in thousands):


	December 31, 2023		December 31, 2022
Revenue	$	2,995,001	$	3,086,281
Net income		658,431		651,869