Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill of $62.0 million and intangible assets of $22.1 million were recognized as a result of the Company's acquisition of Aceyus, Inc. ("Aceyus") in August 2023. See Note 14 for further details. The following table summarizes the activity in the Company's goodwill and intangible asset balances during the years ended December 31, 2023 and 2022 (in thousands):


	Goodwill		Intangible Assets
Beginning of the period, January 1, 2022	$	165,420	$	39,897
Amortization	—		(11,705)
Beginning of the period, December 31, 2022	165,420		28,192
Addition (Aceyus)	61,992		22,150
Amortization	—		(12,019)
End of the period, December 31, 2023	$	227,412	$	38,323

During the fourth quarter of 2023, the Company completed its annual goodwill impairment test. Based on the Company’s assessment, it concluded that it is more likely than not that the fair values are more than their carrying values. Accordingly, there was no indication of impairment of goodwill, and further quantitative testing was not required. Subsequent to the 2023 annual impairment test, the Company believes there have been no significant events or circumstances negatively affecting the valuation of goodwill. As of December 31, 2023 and 2022, there was no impairment to the carrying value of the Company’s goodwill.

The components of intangible assets were as follows (in thousands):


	December 31, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Developed technology	$	75,314	$	(40,327)	$	34,987	5.2	$	56,214	$	(28,881)	$	27,333	3.2
Acquired workforce	470		(470)		—		0.0	470		(470)		—		0.0
Customer relationships	4,150		(1,252)		2,898		4.1	1,600		(741)		859		2.7
Trademarks	1,000		(562)		438		2.6	500		(500)		—		0.0
Total	$	80,934	$	(42,611)	$	38,323	5.1	$	58,784	$	(30,592)	$	28,192	3.2

Amortization expense related to intangible assets was $12.0 million, $11.7 million and $11.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
2024	$	10,591
2025	8,660
2026	7,201
2027	2,898
2028	2,706
Thereafter	6,267
Total	$	38,323

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company concluded that there was no indicators of impairment of its intangible assets as of December 31, 2023 and 2022.