Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.2.2
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2022
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, 2021

 

$

53,627

 

Impact of foreign currency translation

 

 

618

 

Balance at March 31, 2022

 

$

54,245

 

 

Intangible assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Customer relationships

 

$

24,780

 

 

$

24,559

 

Developed technology

 

 

14,105

 

 

 

13,957

 

Trade names

 

 

2,391

 

 

 

2,366

 

Backlog

 

 

3,294

 

 

 

3,268

 

Patents

 

 

491

 

 

 

491

 

FCC licenses

 

 

480

 

 

 

480

 

 

 

 

45,541

 

 

 

45,121

 

Less: Accumulated amortization

 

 

(2,743

)

 

 

(968

)

 

 

$

42,798

 

 

$

44,153

 

 

As of March 31, 2022, the weighted-average amortization period for Customer relationships and Developed technology was 11.7 years, Trade names was 4.7 years, Backlog was 0.7 years and Patents and FCC licenses was 7.4 years. Amortization expense related to intangible assets for the three months ended March 31, 2022 and 2021 was $1,748 and $25, respectively.

No impairment charges were recognized for the three months ended March 31, 2022 and 2021. The patents asset balance as of March 31, 2022 and December 31, 2021 includes $196 for both periods of capitalized patent costs, that will begin amortization upon the issuance of an official patent right to the Company.

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

 

Years ending December 31,

 

 

 

Remainder of 2022

 

$

5,046

 

2023

 

 

3,772

 

2024

 

 

3,764

 

2025

 

 

3,764

 

2026

 

 

3,711

 

2027 and thereafter

 

 

22,545

 

 

 

 

42,602

 

Capitalized patent costs, unissued

 

 

196

 

 

 

$

42,798