Intangible Assets, net

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets, net as of December 31, 2024 and 2023 consist of the following:


		December 31,
		2024				2023
(In thousands)	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Acquired technology	3 to 7	$	41,658	$	41,658	$	43,869	$	42,712
Customer relationships	5 to 12	34,653		28,091		34,773		25,960
Patents and trademarks	10 to 20	13,356		12,437		13,103		12,241
Total		$	89,667	$	82,186	$	91,745	$	80,913

Amortization expense was $2.6 million, $2.8 million, and $4.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense includes cost of sales amortization expense directly related to delivering cloud subscription revenue of $0.2 million, $0.4 million, and $0 for the years ended December 31, 2024, 2023, and 2022, respectively. Costs are recorded in "Services and other cost of goods sold" on the consolidated statements of operations.

Certain intangible assets are denominated in local currencies and are subject to currency fluctuations.

In connection with the continued execution of cost reductions, during the quarter ended June 30, 2024, the Company decided to stop any incremental development investments supporting its previously acquired blockchain technology and related commercial efforts (see Note 19, Restructuring and Other Related Charges). This asset contributed no revenue as it was still in its investment stage. As a result, the Company wrote-off $0.8 million associated with the remaining unamortized value of this intangible asset in "Services and other cost of goods sold" on the consolidated statement of operations for the year ended December 31, 2024.

During the year ended December 31, 2022, the Company performed an impairment review of the customer relationships intangible assets obtained in its 2018 acquisition of Dealflo Limited (“Dealflo”). The impairment review was triggered by the Company’s July 2022 notification to customers regarding its intent to gradually sunset its Dealflo solution in the months leading up to December 31, 2023. As a result, substantially all Dealflo solution customer contracts terminated on or before December 31, 2023. The results of the impairment review indicated that the carrying value of the Dealflo customer relationships exceeded the fair value, and the Company recorded a $3.8 million impairment charge on the entire remaining value of the asset during the year ended December 31, 2022. The charge is included in “Restructuring and

other related charges” on the consolidated statements of operations and is included in "Operating income" of the Security Solutions reportable operating segment.

There were no additional write-offs or impairments of intangible assets recorded during the years ended December 31, 2024, 2023, and 2022.

The estimated future amortization expense of intangible assets as of December 31, 2024, is as follows:


2025	$	2,333
2026	2,340
2027	2,122
2028	49
2029	40
Thereafter	214
Subject to amortization	7,098
Trademarks	383
Total intangible assets	$	7,481