Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.24.0.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 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

 

 

1,201

 

Balance at December 31, 2023

 

$

51,155

 

Intangible assets consisted of the following:

 

 

 

December 31, 2023

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

Customer relationships

 

$

23,427

 

 

$

(4,064

)

Developed technology

 

 

13,313

 

 

 

(2,312

)

Trade names

 

 

2,257

 

 

 

(940

)

Backlog

 

 

3,117

 

 

 

(3,117

)

Patents

 

 

419

 

 

 

(308

)

FCC licenses

 

 

480

 

 

 

(249

)

 

$

43,013

 

 

$

(10,990

)

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

Customer relationships

 

$

22,877

 

 

$

(2,062

)

Developed technology

 

 

13,001

 

 

 

(1,174

)

Trade names

 

 

2,204

 

 

 

(478

)

Backlog

 

 

3,043

 

 

 

(3,036

)

Patents

 

 

419

 

 

 

(276

)

FCC licenses

 

 

480

 

 

 

(217

)

 

$

42,024

 

 

$

(7,243

)

 

As of December 31, 2023, the weighted-average amortization period for customer relationships and developed technology was 9.9 years, trade names was 2.9 years, and patents and FCC licenses was 6.4 years. Amortization expense related to intangible assets for the years ended December 31, 2023 and 2022 was $3,518 and $6,570, respectively.

During the year ended December 31, 2023 the Company did not recognize any impairment charges and during the year ended December 31, 2022, the Company recognized impairment charges of $72 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 each of December 31, 2023 and 2022 included $57 of capitalized patent costs that will begin amortization upon the issuance of an official patent right to the Company.

As of December 31, 2023, the expected future amortization expense of intangible assets is as follows:

 

Years ending December 31,

 

 

 

2024

 

$

3,572

 

2025

 

 

3,563

 

2026

 

 

3,517

 

2027

 

 

3,095

 

2028

 

 

3,094

 

Thereafter

 

 

15,125

 

 

 

31,966

 

Capitalized patent costs, unissued

 

 

57

 

 

$

32,023