Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.25.0.1
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2024
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, 2023

 

$

51,155

 

Impact of foreign currency translation

 

 

(1,605

)

Balance at June 30, 2024

 

$

49,550

 

Intangible assets consisted of the following:

 

 

June 30, 2024

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

Customer relationships

 

$

22,692

 

 

$

(4,883

)

Developed technology

 

 

12,896

 

 

 

(2,776

)

Trade names

 

 

2,186

 

 

 

(1,129

)

Patents

 

 

419

 

 

 

(326

)

FCC licenses

 

 

480

 

 

 

(266

)

 

$

38,673

 

 

$

(9,380

)

 

 

 

 

 

 

 

 

 

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

)

As of June 30, 2024, the weighted-average amortization period for customer relationships and developed technology was 9.4 years, for trade names was 2.4 years, and for patents and FCC licenses was 5.9 years. Amortization expense related to intangible assets was $868 and $1,748 for the three and six months ended June 30, 2024, respectively, and $885 and $1,762 for the three and six months ended June 30, 2023, respectively.

No impairment charges were recognized for the three and six months ended June 30, 2024 and 2023. The patents asset balance included $32 and $57 of capitalized patent costs that will begin amortization upon the issuance of an official patent right to the Company as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024, the expected future amortization expense of intangible assets is as follows:

Fiscal year ending December 31,

 

Future Amortization Expense

 

Remainder of 2024

 

$

1,733

 

2025

 

 

3,458

 

2026

 

 

3,413

 

2027

 

 

3,004

 

2028

 

 

3,001

 

Thereafter

 

 

14,652

 

 

 

29,261

 

Capitalized patent costs, unissued

 

 

32

 

 

$

29,293