Intangible Assets

12 Months Ended

Dec. 31, 2024

Intangible Assets Disclosure [Abstract]

NOTE 9: INTANGIBLE ASSETS

Intangible assets consist of the following:


	As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Balance		Weighted-Average Amortization Period Remaining
	(in thousands)							(in years)
Customer relationships	$	1,461,276	$	(456,575	)	$	1,004,701		12.9
OEM authorizations and licenses		334,009		(172,487	)		161,522		11.8
Trademarks		204,000		(78,247	)		125,753		9.3
Technology and other		9,127		(4,915	)		4,212		5.6
Total intangible assets	$	2,008,412	$	(712,224	)	$	1,296,188		12.4


	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Balance		Weighted-Average Amortization Period Remaining
	(in thousands)							(in years)
Customer relationships	$	1,386,276	$	(375,529	)	$	1,010,747		13.7
OEM authorizations and licenses		299,710		(159,227	)		140,483		11.8
Trademarks		204,000		(64,646	)		139,354		10.3
Technology and other		9,092		(3,949	)		5,143		6.2
Total intangible assets	$	1,899,078	$	(603,351	)	$	1,295,727		13.1

The Company’s amortization expense was $125.2 million, $127.0 million and $126.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization of OEM authorizations and licenses is included within cost of revenue and the remainder is presented separately in the consolidated statement of operations.

Estimated amortization expense for each of the five succeeding fiscal years is as follows:


	Amortization Expense
	(in thousands)
2025	$	130,974
2026		121,389
2027		111,095
2028		109,586
2029		106,421

There were no impairment charges recorded for intangible assets for the years ended December 31, 2024 or 2023. During the year ended December 31, 2022, the Company determined that the carrying value of an OEM license exceeded its fair value and recorded a non-cash impairment charge of $3.6 million to “Cost of revenue” in the Consolidated Statements of Operations.