Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, net

v3.20.2
Intangible Assets, net
3 Months Ended
Mar. 31, 2020
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):
 
 
 
March 31, 2020
 
Weighted Average Useful Lives
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets:
 
 
 
 
 
 
 
Existing technology -- software
5.2 years
 
$
36,799

 
$
32,263

 
$
4,536

Developed technology
8.0 years
 
7,317

 
5,945

 
1,372

Customer relationships
8.7 years
 
138,358

 
95,259

 
43,099

Backlog
3.0 years
 
18,300

 
18,300

 

Other
5.1 years
 
1,248

 
980

 
268

Total
 
 
$
202,022

 
$
152,747

 
$
49,275


 
 
 
December 31, 2019
 
Weighted Average Useful Lives
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets:
 
 
 
 
 
 
 
Existing technology -- software
5.2 years
 
$
36,799

 
$
30,487

 
$
6,312

Developed technology
8.0 years
 
7,317

 
5,716

 
1,601

Customer relationships
8.7 years
 
138,358

 
91,124

 
47,234

Backlog
3.0 years
 
18,300

 
18,300

 

Other
5.1 years
 
1,249

 
913

 
336

Total
 
 
$
202,023

 
$
146,540

 
$
55,483



We expect to record amortization of intangible assets as follows (in thousands):
Year ending December 31,       
Amount
2020 (remaining nine months)
$
16,056

2021
13,824

2022
7,907

2023
6,890

2024
4,230

Thereafter
368

Total
$
49,275


    
We recorded amortization expense of $6.2 million and $7.8 million for the three months ended March 31, 2020 and 2019, respectively.