v3.24.0.1
Goodwill and Acquired Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in the Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 (in thousands):

 

Year Ended December 31,

 

 

2023

 

 

2022

 

Beginning balance

 

$

97,766

 

 

$

85,841

 

Goodwill related to acquisitions

 

 

20,705

 

 

 

16,197

 

Foreign currency translation adjustment

 

 

3,175

 

 

 

(4,272

)

Ending balance

 

$

121,646

 

 

$

97,766

 
Summary of Acquired Intangible Assets Subject to Amortization

Acquired intangible assets subject to amortization consisted of the following (in thousands):

 

December 31, 2023

 

 

 

 

 

Gross Carrying
Value*

 

 

Accumulated
Amortization**

 

 

Net Carrying
Amount

 

 

Weighted
Average
Remaining Life
(Years)

 

Developed Technology

 

$

39,624

 

 

$

(21,446

)

 

$

18,178

 

 

 

4.71

 

Acquired Relationships

 

 

104,007

 

 

 

(14,143

)

 

 

89,864

 

 

 

11.04

 

Trade Name/Trademark

 

 

136

 

 

 

—

 

 

 

136

 

 

 

1.83

 

 

$

143,767

 

 

$

(35,589

)

 

$

108,178

 

 

 

 

* Includes $(750) thousand of foreign currency translation adjustments.

** Includes $(41) thousand of foreign currency translation adjustments.

 

December 31, 2022

 

 

 

 

 

Gross Carrying
Value*

 

 

Accumulated
Amortization**

 

 

Net Carrying
Amount

 

 

Weighted
Average
Remaining Life
(Years)

 

Developed Technology

 

$

31,848

 

 

$

(15,429

)

 

$

16,419

 

 

 

4.55

 

Acquired Relationships

 

 

90,612

 

 

 

(9,423

)

 

 

81,189

 

 

 

10.92

 

Non-Compete Agreement

 

 

469

 

 

 

(461

)

 

 

8

 

 

 

0.27

 

 

$

122,929

 

 

$

(25,313

)

 

$

97,616

 

 

 

 

* Includes $(3,416) thousand of foreign currency translation adjustments.

** Includes $154 thousand of foreign currency translation adjustments.
Schedule of Estimated Annual Amortization Expense Of Intangible Assets

As of December 31, 2023, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):

 

Estimated
Amortization
Expense

 

2024

 

$

11,984

 

2025

 

 

12,245

 

2026

 

 

11,521

 

2027

 

 

10,947

 

2028

 

 

10,598

 

Thereafter

 

 

50,883

 

 

$

108,178