Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The gross amount and accumulated amortization of intangible assets with finite useful lives included in “Intangible assets, net” on the consolidated balance sheets are as follows (in thousands except for years):


	September 30, 2024							December 31, 2023							Weighted Average
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Amortization Period (in years)
Backlog	$	139,968	$	(44,857	)	$	95,111	$	130,000	$	(45,964	)	$	84,036		4.2
Customer relationships		322,962		(133,326	)		189,636		297,120		(124,194	)		172,926		11.7
Leases		-		-			-		120		(106	)		14		-
Developed technology		22,900		(6,243	)		16,657		31,600		(15,823	)		15,777		4.6
Trade name		1,000		(125	)		875		1,000		(417	)		583		1.0
Non-compete agreements		4,400		(552	)		3,848		1,500		(1,097	)		403		3.0
In process research and development		1,800		-			1,800		1,800		-			1,800	n/a
Other intangibles		25		-			25		375		(348	)		27	n/a
Total intangible assets	$	493,055	$	(185,103	)	$	307,952	$	463,515	$	(187,949	)	$	275,566

The aggregate amortization expense of intangible assets for the three months ended September 30, 2024 and September 30, 2023 was $13.3 million and $18.8 million, respectively and $40.8 million and $54.9 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Estimated amortization expense for the remainder of the current fiscal year and in each of the next four years and beyond is as follows (in thousands):


	September 30, 2024
2024	$	15,189
2025		59,512
2026		52,462
2027		43,372
2028		27,478
Thereafter		108,114
Total	$	306,127