Goodwill and Intangibles Assets (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Summary of Goodwill |
The following table presents the changes in the carrying amount of goodwill for the periods indicated:
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Six Months Ended June 30, |
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2024 |
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2023 |
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(in thousands) |
| Beginning balance |
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$ |
318,588 |
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$ |
306,739 |
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Acquisitions (Note 3) |
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— |
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11,717 |
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| Ending balance |
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$ |
318,588 |
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$ |
318,456 |
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| Summary of Acquired Finite-Lived Intangible Assets by Major Class |
The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which are amortized over their estimated useful lives:
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June 30, 2024 |
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December 31, 2023 |
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Weighted
Average
Useful Life
(in Years) |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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(in thousands) |
| Licensed technology |
7.0 |
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$ |
23,276 |
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$ |
(1,924) |
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$ |
21,352 |
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$ |
20,133 |
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$ |
(1,431) |
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$ |
18,702 |
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| Developed technology |
6.9 |
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311,261 |
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(276,946) |
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34,315 |
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311,261 |
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(263,635) |
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47,626 |
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| Trademarks and trade names |
6.2 |
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14,800 |
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(14,348) |
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452 |
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14,800 |
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(14,276) |
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524 |
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| Customer relationships |
5.0 |
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128,800 |
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(127,117) |
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1,683 |
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128,800 |
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(126,347) |
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2,453 |
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| Patents |
7.0 |
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4,780 |
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(796) |
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3,984 |
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4,780 |
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(455) |
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4,325 |
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6.1 |
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$ |
482,917 |
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$ |
(421,131) |
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$ |
61,786 |
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$ |
479,774 |
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$ |
(406,144) |
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$ |
73,630 |
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| Summary of Finite-lived Intangible Assets Amortization Expense |
The following table sets forth amortization expense associated with finite-lived intangible assets, which is included in the consolidated statements of operations as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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(in thousands) |
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(in thousands) |
| Cost of net revenue |
$ |
5,336 |
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$ |
9,333 |
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$ |
13,804 |
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$ |
18,791 |
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| Research and development |
— |
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1 |
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— |
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2 |
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| Selling, general and administrative |
592 |
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709 |
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1,183 |
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1,637 |
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$ |
5,928 |
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$ |
10,043 |
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$ |
14,987 |
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$ |
20,430 |
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| Summary of Finite-Lived Intangible Assets |
The following table sets forth the activity related to finite-lived intangible assets:
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Six Months Ended June 30, |
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2024 |
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2023 |
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(in thousands) |
| Beginning balance |
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$ |
73,630 |
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$ |
109,316 |
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| Additions |
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3,143 |
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5,524 |
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| Other disposals |
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— |
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(769) |
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| Amortization |
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(14,987) |
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(20,430) |
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| Impairment losses |
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— |
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(2,438) |
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| Ending balance |
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$ |
61,786 |
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$ |
91,203 |
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| Summary of Finite-Lived Intangible Assets, Future Amortization Expense |
The following table presents future amortization of the Company’s finite-lived intangible assets at June 30, 2024:
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Amount |
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(in thousands) |
| 2024 (6 months) |
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$ |
8,370 |
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| 2025 |
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14,795 |
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| 2026 |
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13,966 |
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| 2027 |
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10,354 |
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| 2028 |
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5,016 |
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| Thereafter |
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9,285 |
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| Total |
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$ |
61,786 |
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