Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.23.3
Goodwill and Intangible Assets
9 Months Ended
Sep. 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

 

 

(41

)

Balance at September 30, 2023

 

$

49,913

 

 

Intangible assets consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

2023

 

 

2022

 

Customer relationships

 

$

22,858

 

 

$

22,877

 

Developed technology

 

 

12,990

 

 

 

13,001

 

Trade names

 

 

2,202

 

 

 

2,204

 

Backlog

 

 

3,041

 

 

 

3,043

 

Patents

 

 

419

 

 

 

419

 

FCC licenses

 

 

480

 

 

 

480

 

 

 

41,990

 

 

 

42,024

 

Less: Accumulated amortization

 

 

(9,863

)

 

 

(7,243

)

 

$

32,127

 

 

$

34,781

 

 

As of September 30, 2023, the weighted-average amortization period for customer relationships and developed technology was 10.2 years, for trade names was 3.2 years, for backlog was 0.3 years, and for patents and FCC licenses was 6.5 years. Amortization expense related to intangible assets for the three and nine months ended September 30, 2023 was $881 and $2,644, respectively, and for the three and nine months ended September 30, 2022 was $1,730 and $3,478, respectively.

No impairment charges were recognized for the three and nine months ended September 30, 2023 and 2022. The patents asset balance as of each of September 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 September 30, 2023, the expected future amortization expense of intangible assets is as follows:

 

Years ending December 31,

 

 

 

Remainder of 2023

 

$

874

 

2024

 

 

3,487

 

2025

 

 

3,478

 

2026

 

 

3,432

 

2027

 

 

3,021

 

Thereafter

 

 

17,778

 

 

 

32,070

 

Capitalized patent costs, unissued

 

 

57

 

 

$

32,127