Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill And Other Intangible Assets Disclosure [Abstract]

Goodwill

The following table represents the change in the carrying value of goodwill for the nine months ended September 30, 2024 (amounts in thousands):


Balance at December 31, 2023	$	987,120
Measurement period adjustment - Metenova		(56	)
Cumulative translation adjustment		556
Balance at September 30, 2024	$	987,620

The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three and nine months ended September 30, 2024.

Intangible assets (As Restated)

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 September 30, 2024:


	September 30, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology – developed	$	256,482	$	(56,803	)	$	199,679		16
Patents		240		(240	)		—		8
Customer relationships		270,049		(97,210	)		172,839		15
Trademarks		8,757		(2,183	)		6,574		19
Other intangibles		3,917		(2,955	)		962		3
Total finite-lived intangible assets		539,445		(159,391	)		380,054		15
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	540,145	$	(159,391	)	$	380,754

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:	(As Restated)		(As Restated)			(As Restated)
Technology – developed	$	256,536	$	(44,633	)	$	211,903		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		539,396		(133,139	)		406,257		15
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	540,096	$	(133,139	)	$	406,957

Amortization expense for finite-lived intangible assets was $8.6 million and $7.6 million for each of the three months ended September 30, 2024 and 2023, respectively, and $26.0 million and $22.8 million for each of the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 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 three months)	$	8,620
2025		34,354
2026		34,000
2027		33,965
2028		33,863
2029 and thereafter		235,252
Total	$	380,054