Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, net

v3.19.3
Intangible Assets, net
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
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, which approximate their expected cash flow patterns. The Company’s finite-lived intangible assets have been 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):
 
 
 
September 30, 2019
 
Weighted Average Useful Lives
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets:
 
 
 
 
 
 
 
Existing technology -- software
5.2 years
 
$
36,799

 
$
28,647

 
$
8,152

Developed technology
8.0 years
 
7,317

 
5,488

 
1,829

Customer relationships
8.7 years
 
138,358

 
86,980

 
51,378

Backlog
3.0 years
 
18,300

 
18,300

 

Other
5.1 years
 
1,248

 
853

 
395

Total
 
 
$
202,022

 
$
140,268

 
$
61,754


 
 
 
December 31, 2018
 
Weighted Average Useful Lives
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets:
 
 
 
 
 
 
 
Existing technology -- software
5.2 years
 
$
36,799

 
$
23,114

 
$
13,685

Developed technology
8.0 years
 
7,317

 
4,802

 
2,515

Customer relationships
8.7 years
 
138,358

 
74,558

 
63,800

Backlog
3.0 years
 
18,300

 
14,742

 
3,558

Other
5.1 years
 
1,249

 
671

 
578

Total
 
 
$
202,023

 
$
117,887

 
$
84,136



We expect to record amortization of intangible assets as follows (in thousands):
Year ending December 31,       
Amount
2019 (remaining three months)
$
6,268

2020
22,263

2021
13,824

2022
7,907

2023
6,890

Thereafter
4,602

Total
$
61,754


    
We recorded amortization expense of $6.8 million and $9.4 million for the three months ended September 30, 2019 and 2018, respectively, and $22.4 million and $30.4 million for the nine months ended September 30, 2019 and 2018, respectively.