Intangible Assets

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

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