Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.22.4
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
7.
Goodwill and Intangible Assets

The following table summarizes changes in goodwill balance:

 

Balance at December 31, 2021

 

$

53,627

 

Impact of foreign currency translation

 

 

(3,673

)

Balance at December 31, 2022

 

$

49,954

 

Intangible assets consisted of the following:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Customer relationships

 

$

22,877

 

 

$

24,559

 

Developed technology

 

 

13,001

 

 

 

13,957

 

Trade names

 

 

2,204

 

 

 

2,366

 

Backlog

 

 

3,043

 

 

 

3,268

 

Patents

 

 

419

 

 

 

491

 

FCC licenses

 

 

480

 

 

 

480

 

 

 

 

42,024

 

 

 

45,121

 

Less: Accumulated amortization

 

 

(7,243

)

 

 

(968

)

 

 

$

34,781

 

 

$

44,153

 

As part of the Acquisition, the Company acquired intangible assets for a total of $43,621 in November 2021. As of December 31, 2022, the weighted-average amortization period for customer relationships and developed technology was 10.9 years, trade names was 3.9 years, and patents and FCC licenses was 7.0 years. Amortization expense related to intangible assets for the years ended December 31, 2022 and 2021, was $6,570 and $666, respectively.

During the years ended December 31, 2022 and 2021, the Company recognized impairment charges of $72 and $91, respectively, for intangible assets relating to patent costs which are included in other expense, net in the consolidated statements of operations. The patents asset balance as of December 31, 2022 and 2021 includes $57 and $196 of capitalized patent costs, respectively, that will begin amortization upon the issuance of an official patent right to the Company.

As of December 31, 2022, the expected future amortization expense of intangible assets is as follows:

 

Years ending December 31,

 

 

 

2023

 

$

3,503

 

2024

 

 

3,489

 

2025

 

 

3,480

 

2026

 

 

3,435

 

2027

 

 

3,023

 

Thereafter

 

 

17,794

 

 

 

 

34,724

 

Capitalized patent costs, unissued

 

 

57

 

 

 

$

34,781