Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.23.2
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
5.
Goodwill and Intangible Assets

 

The following table summarizes changes in goodwill balance:

 

Balance at December 31, 2022

 

$

49,954

 

Impact of foreign currency translation

 

 

1,183

 

Balance at June 30, 2023

 

$

51,137

 

 

Intangible assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

 

2023

 

 

2022

 

Customer relationships

 

$

23,418

 

 

$

22,877

 

Developed technology

 

 

13,309

 

 

 

13,001

 

Trade names

 

 

2,256

 

 

 

2,204

 

Backlog

 

 

3,116

 

 

 

3,043

 

Patents

 

 

419

 

 

 

419

 

FCC licenses

 

 

480

 

 

 

480

 

 

 

42,998

 

 

 

42,024

 

Less: Accumulated amortization

 

 

(9,197

)

 

 

(7,243

)

 

$

33,801

 

 

$

34,781

 

 

As of June 30, 2023, the weighted-average amortization period for customer relationships and developed technology was 10.4 years, for trade names was 3.4 years, for backlog was 0.5 years, and for patents and FCC licenses was 6.7 years. Amortization expense related to intangible assets for the three and six months ended June 30, 2023 was $885 and $1,762, respectively, and for the three and six months ended June 30, 2022 was $1,730 and $3,478, respectively.

No impairment charges were recognized for the three and six months ended June 30, 2023 and 2022. The patents asset balance as of each of June 30, 2023 and December 31, 2022 included $57 of capitalized patent costs that will begin amortization upon the issuance of an official patent right to the Company.

As of June 30, 2023, the expected future amortization expense of intangible assets is as follows:

 

Years ending December 31,

 

 

 

Remainder of 2023

 

$

1,790

 

2024

 

 

3,571

 

2025

 

 

3,562

 

2026

 

 

3,515

 

2027

 

 

3,096

 

Thereafter

 

 

18,210

 

 

 

33,744

 

Capitalized patent costs, unissued

 

 

57

 

 

$

33,801