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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill of $138.2 million and intangible assets of $39.9 million were recorded as a result of the Company's acquisition of Acqueon Inc. ("Acqueon") in August 2024. See Note 13 for further details. The following table summarizes the activity in the Company's goodwill and intangible asset balances during the nine months ended September 30, 2024 (in thousands):

						Goodwill						Intangible Assets
Beginning of the period, December 31, 2023						$	227,412					$	38,323
Addition (Acqueon)						138,181						39,900
Measurement period adjustment (Aceyus)						(143)						—
Amortization						—						(8,492)
End of the period, September 30, 2024						$	365,450					$	69,731

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

						September 30, 2024																								December 31, 2023
						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						$	105,714					$	(47,881)					$	57,833					6.5						$	75,314					$	(40,327)					$	34,987					5.2
Acquired workforce						470						(470)						—						0.0						470						(470)						—						0.0
Customer relationships						12,850						(2,039)						10,811						4.6						4,150						(1,252)						2,898						4.1
Trademarks						1,300						(213)						1,087						2.6						1,000						(562)						438						2.6
Total						$	120,334					$	(50,603)					$	69,731					6.1						$	80,934					$	(42,611)					$	38,323					5.1

Amortization expense related to intangible assets was $3.2 million and $8.5 million for the three and nine months ended September 30, 2024, respectively. Amortization expense related to intangible assets was $3.2 million and $8.9 million for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, the expected future amortization expense for intangible assets was as follows (in thousands):

Period						Expected Future Amortization Expense
Remaining 2024						$	4,100
2025						14,466
2026						13,008
2027						8,612
2028						8,246
Thereafter						21,299
Total						$	69,731

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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