Intangible Assets

9 Months Ended

Sep. 30, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

10. INTANGIBLE ASSETS

Intangible assets consisted of the following:


			As of September 30, 2023							As of December 31, 2022
(In thousands)	Weighted Average Useful Life (in years)		Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Customer relationships		10.9	$	53,247	$	(14,490	)	$	38,757	$	55,517	$	(12,772	)	$	42,745
Backlog		1.6		55,017		(49,061	)		5,956		55,782		(22,725	)		33,057
Developed technology		8.5		316,083		(49,944	)		266,139		320,364		(21,856	)		298,508
Licensed technology		9.0		5,900		(3,633	)		2,267		5,900		(3,141	)		2,759
Licensing agreements		8.5		560		(353	)		207		560		(298	)		262
Patents		7.3		500		(483	)		17		500		(431	)		69
Trade names		3.0		28,461		(13,109	)		15,352		29,066		(5,255	)		23,811
Total			$	459,768	$	(131,073	)	$	328,695	$	467,689	$	(66,478	)	$	401,211

Intangible assets are reviewed for impairment whenever events and circumstances indicate impairment may have occurred. The Company assessed impairment triggers related to intangible assets during each financial period in 2023 and 2022. During the third quarter of 2023, the Company's market capitalization and long-term projections decreased which triggered a reassessment of our estimated future undiscounted cash flows. The Company determined that our estimated future undiscounted cash flows exceeded the carrying amount of intangible assets as of September 30, 2023. No quantitative impairment test of long-lived assets was performed as of September 30, 2022. No impairment losses of intangible assets were recorded during the three and nine months ended September 30, 2023 and 2022.

Amortization expense was $16.5 million and $20.4 million in the three months ended September 30, 2023 and 2022, respectively, and $68.8 million and $22.2 million in the nine months ended September 30, 2023 and 2022, respectively and was included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Loss.

Estimated future amortization expense of intangible assets is as follows:


	As of
(In thousands)	September 30, 2023
2023	$	13,770
2024		56,800
2025		45,504
2026		42,290
2027		40,941
Thereafter		129,390
Total	$	328,695