Anuvu Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, net

Intangible Assets, net

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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):


		June 30, 2020
	Weighted Average Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets:
Existing technology - software	5.2 years	$	36,799	$	34,010	$	2,789
Developed Technology	8.0 years	7,317		6,174		1,143
Customer relationships	8.7 years	138,358		99,402		38,956
Backlog	3.0 years	18,300		18,300		—
Other	5.1 years	1,249		1,040		209
Total		$	202,023	$	158,926	$	43,097


		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 six months ended)	$	9,878
2021	13,824
2022	7,907
2023	6,890
2024	4,230
Thereafter	368
Total	$	43,097

We recorded amortization expense of $6.2 million and $7.8 million for the three months ended June 30, 2020 and 2019, respectively, and $12.4 million and $15.6 million for the six months ended June 30, 2020 and 2019, respectively.