Intangible Assets

6 Months Ended

Jun. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

9. INTANGIBLE ASSETS

Intangible assets consisted of the following:


			As of June 30, 2024							As of December 31, 2023
(In thousands)	Weighted Average Useful Life (in years)		Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Developed technology		8.5	$	320,849	$	(78,762	)	$	242,087	$	329,369	$	(61,271	)	$	268,098
Customer relationships		10.9	$	52,587	$	(16,863	)	$	35,724	$	54,856	$	(15,943	)	$	38,913
Trade names		3.0		28,901		(21,391	)		7,510		29,689		(16,379	)		13,310
Backlog		1.6		55,868		(52,343	)		3,525		57,391		(52,022	)		5,369
Licensed technology		9.0		5,900		(4,125	)		1,775		5,900		(3,797	)		2,103
Licensing agreements		8.5		560		(388	)		172		560		(368	)		192
Patents		7.3		—		—			—		500		(500	)		—
Total			$	464,665	$	(173,872	)	$	290,793	$	478,265	$	(150,280	)	$	327,985

Intangible assets are reviewed for impairment whenever events and circumstances indicate impairment may have occurred. In connection with the preparation of the financial statements for each period in 2024 and 2023, the Company assessed impairment triggers related to intangible assets. No impairment losses related to intangible assets were recorded during the three and six months ended June 30, 2024 and 2023.

Amortization expense was $14.4 million and $26.5 million in the three months ended June 30, 2024 and 2023, respectively, and $29.0 million and $52.3 million in the six months ended June 30, 2024 and 2023, 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)	June 30, 2024
2024	$	28,814
2025		46,163
2026		42,915
2027		41,554
2028		41,408
Thereafter		89,939
Total	$	290,793