Goodwill and Intangible Assets (Tables)
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9 Months Ended |
Sep. 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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Nine Months Ended September 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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September 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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$ |
23,857 |
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$ |
(2,172) |
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$ |
21,685 |
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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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(280,443) |
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30,818 |
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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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(14,383) |
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417 |
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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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(127,502) |
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1,298 |
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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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(967) |
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3,813 |
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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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$ |
483,498 |
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$ |
(425,467) |
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$ |
58,031 |
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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 September 30, |
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Nine Months Ended September 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 |
$ |
3,745 |
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$ |
8,581 |
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$ |
17,549 |
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$ |
27,372 |
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| Research and development |
— |
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— |
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— |
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2 |
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| Selling, general and administrative |
591 |
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653 |
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1,774 |
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2,290 |
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$ |
4,336 |
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$ |
9,234 |
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$ |
19,323 |
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$ |
29,664 |
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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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Nine Months Ended September 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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4,961 |
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6,198 |
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| Other disposals |
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— |
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(769) |
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| Amortization |
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(19,323) |
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(29,664) |
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| Impairment losses |
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(1,237) |
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(2,438) |
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| Ending balance |
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$ |
58,031 |
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$ |
82,643 |
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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 September 30, 2024:
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Amount |
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(in thousands) |
| 2024 (3 months) |
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$ |
3,992 |
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| 2025 |
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14,619 |
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| 2026 |
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13,916 |
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| 2027 |
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10,437 |
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| 2028 |
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5,099 |
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| Thereafter |
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9,968 |
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| Total |
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$ |
58,031 |
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