| Intangible Assets, net |
Intangible Assets, net
As a result of historical business combinations, the Company acquired finite-lived intangible assets that are primarily amortized on a straight-line basis and the values of which approximate their expected cash flow patterns. The Company’s finite-lived intangible assets have assigned useful lives ranging from 2.0 to 10.0 years (weighted average of 7.5 years).
Intangible assets, net consisted of the following (dollars in thousands):
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March 31, 2019 |
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Weighted Average Useful Lives |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
Intangible assets: |
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Definite life: |
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Existing technology -- software |
5.2 years |
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$ |
36,799 |
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$ |
24,960 |
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$ |
11,839 |
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Developed technology |
8.0 years |
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7,317 |
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|
5,030 |
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2,287 |
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Customer relationships |
8.7 years |
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138,358 |
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78,699 |
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59,659 |
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Backlog |
3.0 years |
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18,300 |
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16,268 |
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|
2,032 |
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Other |
5.1 years |
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1,249 |
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731 |
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|
518 |
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Total |
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$ |
202,023 |
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$ |
125,688 |
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$ |
76,335 |
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December 31, 2018 |
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Weighted Average Useful Lives |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
Intangible assets: |
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Definite life: |
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Existing technology -- software |
5.2 years |
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$ |
36,799 |
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$ |
23,114 |
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$ |
13,685 |
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Developed technology |
8.0 years |
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7,317 |
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|
4,802 |
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|
2,515 |
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Customer relationships |
8.7 years |
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138,358 |
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|
74,558 |
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|
63,800 |
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Backlog |
3.0 years |
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18,300 |
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|
14,742 |
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|
3,558 |
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Other |
5.1 years |
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1,249 |
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|
671 |
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|
578 |
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Total |
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$ |
202,023 |
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$ |
117,887 |
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$ |
84,136 |
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We expect to record amortization of intangible assets as follows (in thousands):
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Year ending December 31,
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Amount |
2019 (remaining nine months) |
$ |
20,844 |
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2020 |
22,263 |
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2021 |
13,824 |
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2022 |
7,907 |
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2023 |
6,890 |
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Thereafter |
4,607 |
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Total |
$ |
76,335 |
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We recorded amortization expense of $7.8 million and $10.7 million for the three months ended March 31, 2019 and 2018, respectively.
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