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Goodwill and Acquired Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets | Note 9. Goodwill and Acquired Intangible Assets Goodwill The following table summarizes the changes in the carrying amount of goodwill as of the dates presented (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Beginning balance |  | $ | 121,646 |  |  | $ | 97,766 |
Goodwill related to acquisitions |  |  | — |  |  |  | 20,705 |
Foreign currency translation adjustment |  |  | (989 | ) |  |  | 3,175 |
Ending balance |  | $ | 120,657 |  |  | $ | 121,646 |
Acquired Intangible Assets Acquired intangible assets subject to amortization consisted of the following (dollars in thousands):
|  | June 30, 2024 |  |  |  |
|  | Gross Carrying Value* |  |  | Accumulated Amortization** |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Life (Years) |
Developed Technology |  | $ | 39,340 |  |  | $ | (23,894 | ) |  | $ | 15,446 |  |  |  | 4.31 |
Acquired Relationships |  |  | 103,337 |  |  |  | (17,573 | ) |  |  | 85,764 |  |  |  | 10.48 |
Trade Name/Trademark |  |  | 133 |  |  |  | (40 | ) |  |  | 93 |  |  |  | 1.33 |
|  | $ | 142,810 |  |  | $ | (41,507 | ) |  | $ | 101,303 |  |  |  |
* Includes $(1,670) thousand of foreign currency translation adjustments. ** Includes $59 thousand of foreign currency translation adjustments.
|  | December 31, 2023 |  |  |  |
|  | Gross Carrying Value* |  |  | Accumulated Amortization** |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Life (Years) |
Developed Technology |  | $ | 39,624 |  |  | $ | (21,446 | ) |  | $ | 18,178 |  |  |  | 4.71 |
Acquired Relationships |  |  | 104,007 |  |  |  | (14,143 | ) |  |  | 89,864 |  |  |  | 11.04 |
Trade Name/Trademark |  |  | 136 |  |  |  | — |  |  |  | 136 |  |  |  | 1.83 |
|  | $ | 143,767 |  |  | $ | (35,589 | ) |  | $ | 108,178 |  |  |  |
* Includes $(750) thousand of foreign currency translation adjustments. ** Includes $(41) thousand of foreign currency translation adjustments. Amortization expense for the three months ended June 30, 2024 and 2023 was $3.0 million and $3.0 million, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $5.9 million and $5.8 million, respectively. As of June 30, 2024, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):
|  | Estimated Amortization Expense |
Remaining of fiscal year 2024 |  | $ | 5,949 |
2025 |  |  | 12,153 |
2026 |  |  | 11,427 |
2027 |  |  | 10,854 |
2028 |  |  | 10,508 |
2029 |  |  | 9,674 |
Thereafter |  |  | 40,738 |
|  | $ | 101,303 |

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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 + Details
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