Intangible Assets and Goodwill |
Intangible Assets and Goodwill Intangible Assets Our intangible assets consist of the following: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Definite-lived intangible assets | (in thousands) | Intellectual property | $ | 12,450 | | | $ | 12,450 | | Customer relationships | 47,547 | | | 47,547 | | Capitalized internal-use software | 28,164 | | | 22,265 | | | | | | Less: Accumulated amortization | 22,317 | | | 18,573 | | Definite-lived intangible assets, net | 65,844 | | | 63,689 | | | | | | Indefinite-lived intangible assets | | | | Trademarks | 14,571 | | | 14,571 | | Total intangible assets, net | $ | 80,415 | | | $ | 78,260 | |
Amortization expense is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | (in thousands) | Amortization expense | $ | 1,669 | | | $ | 1,749 | | | $ | 3,744 | | | $ | 3,455 | |
The weighted-average amortization period for definite-lived intangible assets are as follows as of June 30, 2025:
| | | | | | | (in years) | Intellectual property | 17.3 | Customer relationships | 10.4 | Capitalized internal-use software | 7.5 | Definite-lived intangible assets | 10.9 |
Total future amortization expense for finite-lived intangible assets was estimated as follows: | | | | | | | (in thousands) | 2025 | $ | 3,079 | | 2026 | 6,157 | | 2027 | 6,100 | | 2028 | 5,536 | | 2029 | 5,154 | | Thereafter | 28,042 | | Total future amortization expense | 54,068 | | Internal-use software projects not in service | 11,776 | | Total | $ | 65,844 | |
Goodwill The changes in the carrying amount of goodwill were as follows: | | | | | | | | | | | | | | | Six Months Ended | | | | June 30, 2025 | | June 30, 2024 | | | | (in thousands) | | | Balance, beginning of period | $ | 81,892 | | | $ | 81,892 | | | | Additions (decreases) during the period | — | | | — | | | | Balance, end of period | $ | 81,892 | | | $ | 81,892 | | | |
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