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):
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March 31, 2020 |
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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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Existing technology -- software |
5.2 years |
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$ |
36,799 |
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$ |
32,263 |
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$ |
4,536 |
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Developed technology |
8.0 years |
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7,317 |
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5,945 |
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1,372 |
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Customer relationships |
8.7 years |
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138,358 |
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95,259 |
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43,099 |
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Backlog |
3.0 years |
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18,300 |
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18,300 |
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— |
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Other |
5.1 years |
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1,248 |
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980 |
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268 |
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Total |
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$ |
202,022 |
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$ |
152,747 |
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$ |
49,275 |
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December 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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Existing technology -- software |
5.2 years |
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$ |
36,799 |
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$ |
30,487 |
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$ |
6,312 |
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Developed technology |
8.0 years |
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7,317 |
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5,716 |
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1,601 |
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Customer relationships |
8.7 years |
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138,358 |
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91,124 |
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47,234 |
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Backlog |
3.0 years |
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18,300 |
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18,300 |
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— |
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Other |
5.1 years |
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1,249 |
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913 |
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336 |
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Total |
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$ |
202,023 |
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$ |
146,540 |
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$ |
55,483 |
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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 |
2020 (remaining nine months) |
$ |
16,056 |
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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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2024 |
4,230 |
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Thereafter |
368 |
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Total |
$ |
49,275 |
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We recorded amortization expense of $6.2 million and $7.8 million for the three months ended March 31, 2020 and 2019, respectively.
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