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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Intangible Assets | Note 9 – Intangible Assets Intangible assets as of December 31, 2024 and 2023, consisted of the following:
|  |  |  | 2024 |  |  | 2023 |
(In thousands) | Weighted Average Useful Life (in years) |  |  | Gross Value |  |  | Accumulated Amortization |  |  | Net Value |  |  | Gross Value |  |  | Accumulated Amortization |  |  | Net Value |
Customer relationships |  | 11.0 |  |  | $ | 51,165 |  |  | $ | (18,778 | ) |  | $ | 32,387 |  |  | $ | 54,856 |  |  | $ | (15,943 | ) |  | $ | 38,913 |
Backlog |  | 1.7 |  |  |  | 53,839 |  |  |  | (52,258 | ) |  |  | 1,581 |  |  |  | 57,391 |  |  |  | (52,022 | ) |  |  | 5,369 |
Developed technology |  | 7.9 |  |  |  | 346,923 |  |  |  | (99,588 | ) |  |  | 247,335 |  |  |  | 339,189 |  |  |  | (61,653 | ) |  |  | 277,536 |
Licensed technology |  | 9.0 |  |  |  | 5,900 |  |  |  | (4,452 | ) |  |  | 1,448 |  |  |  | 5,900 |  |  |  | (3,797 | ) |  |  | 2,103 |
Licensing agreements |  | 8.5 |  |  |  | 560 |  |  |  | (407 | ) |  |  | 153 |  |  |  | 560 |  |  |  | (368 | ) |  |  | 192 |
Patents |  | 7.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 500 |  |  |  | (500 | ) |  |  | — |
Trade names |  | 3.0 |  |  |  | 27,851 |  |  |  | (25,862 | ) |  |  | 1,989 |  |  |  | 29,689 |  |  |  | (16,379 | ) |  |  | 13,310 |
Total |  |  |  | $ | 486,238 |  |  | $ | (201,345 | ) |  | $ | 284,893 |  |  | $ | 488,085 |  |  | $ | (150,662 | ) |  | $ | 337,423 |
Intangible assets are reviewed for impairment whenever events and circumstances indicate impairment may have occurred. During the first quarter of 2024, qualitative factors such as a decrease in the Company’s market capitalization, cautious service provider spending due to economic uncertainty and continued customer inventory adjustments triggered a quantitative reassessment of our estimated future undiscounted cash flows for the Network Solutions asset group. The significant inputs and assumptions used in the determination of the cash flows expected to be generated by the asset group, requires significant judgment and the use of estimates and assumptions related to revenue growth rates, EBITDA margins, peer group determination, and disposition exit multiple. The Company determined that our estimated future undiscounted cash flows exceeded the carrying value of our asset groups. No impairment losses of intangible assets were recorded during the years ended December 31, 2024, 2023 and 2022. Amortization expense was $63.0 million, $82.8 million and $47.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, and was included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Loss. As of December 31, 2024, estimated future amortization expense of intangible assets was as follows:
|  | As of |
(In thousands) |  | December 31, 2024 |
2025 |  | $ | 56,268 |
2026 |  |  | 53,231 |
2027 |  |  | 47,585 |
2028 |  |  | 40,374 |
2029 |  |  | 40,028 |
Thereafter |  |  | 47,407 |
Total |  | $ | 284,893 |

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