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Identifiable Intangible Assets and Goodwill (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Components of Identifiable Intangible Assets | The components of identifiable intangible assets are:
|  | December 31, |  |  |
(in thousands) |  | 2023 |  |  | 2022 |  | Estimated Useful Life | Weighted- Average Amortization Period
Acquired developed technology |  | $ | 119,800 |  |  | $ | 119,800 |  | 3 - 7 years | 4.40 years
Internally developed software costs |  |  | 34,735 |  |  |  | 30,515 |  | 3 years | 2.13 years
Customer relationships |  |  | 14,510 |  |  |  | 12,360 |  | 7 years | 4.60 years
Trade names |  |  | 1,410 |  |  |  | 1,410 |  | 2 - 5 years | 1.00 year
Non-competition agreements |  |  | 30 |  |  |  | 30 |  | 1 year | 1.00 year
|  |  | 170,485 |  |  |  | 164,115 |  |  |
Impact of currency translation on intangible assets |  |  | 1,399 |  |  |  | 304 |  |  |
Less: accumulated amortization |  |  | (87,001 | ) |  |  | (62,508 | ) |  |
|  | $ | 84,883 |  |  | $ | 101,911 |  |  |
Internally developed software costs not meeting general release threshold |  |  | 2,886 |  |  |  | 2,105 |  |  |
Trademarks, trade names (non-amortizable) |  |  | 6,200 |  |  |  | 6,200 |  | Indefinite |
|  | $ | 93,969 |  |  | $ | 110,216 |  |  |
Schedule of Expected Future Amortization of Intangible Assets | The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software costs not meeting the general release threshold, is as follows (in thousands):
2024 |  | $ | 22,790 |
2025 |  |  | 20,869 |
2026 |  |  | 18,857 |
2027 |  |  | 15,193 |
2028 |  |  | 7,174 |
Thereafter |  |  | — |
Total |  | $ | 84,883 |
Schedule of Amortization Expense | Amortization expense for identifiable intangible assets was allocated as follows:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Amortization of acquired developed technology |  | $ | 16,281 |  |  | $ | 15,307 |  |  | $ | 11,978 |
Amortization of internally developed software |  |  | 6,167 |  |  |  | 6,349 |  |  |  | 5,266 |
Amortization of identifiable intangible assets recorded in cost of sales |  | $ | 22,448 |  |  | $ | 21,656 |  |  | $ | 17,244 |
Amortization expense recorded in operating expense |  |  | 1,858 |  |  |  | 1,863 |  |  |  | 1,825 |
Impact of currency translation on intangible assets |  |  | (909 | ) |  |  | (304 | ) |  |  | — |
Schedule of Goodwill | The following table presents the goodwill activities for the periods presented:
(in thousands) |  |  |
Beginning balance - December 31, 2021 |  | $ | 456,570 |
Q1 2022 Acquisition |  |  | 1,212 |
MENU Acquisition |  |  | 28,495 |
Punchh Acquisition ASC 805 measurement period adjustment |  |  | (1,085 | )
Foreign currency translation |  |  | 834 |
Balance - December 31, 2022 |  |  | 486,026 |
Foreign currency translation |  |  | 2,892 |
Ending balance - December 31, 2023 |  | $ | 488,918 |
Refer to “Note 2 - Acquisitions” for additional information on goodwill recognized in acquisitions

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