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Goodwill and Acquired Intangible Assets
 6 Months Ended
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