Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.2.2
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 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

 

 

(1,089

)

Balance at June 30, 2022

 

$

52,538

 

 

Intangible assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Customer relationships

 

$

24,000

 

 

$

24,559

 

Developed technology

 

 

13,661

 

 

 

13,957

 

Trade names

 

 

2,316

 

 

 

2,366

 

Backlog

 

 

3,191

 

 

 

3,268

 

Patents

 

 

491

 

 

 

491

 

FCC licenses

 

 

480

 

 

 

480

 

 

 

 

44,139

 

 

 

45,121

 

Less: Accumulated amortization

 

 

(4,386

)

 

 

(968

)

 

 

$

39,753

 

 

$

44,153

 

 

As of June 30, 2022, the weighted-average amortization period for customer relationships and developed technology was 11.4 years, trade names was 4.4 years, backlog was 0.4 years and patents and FCC licenses was 7.3 years. Amortization expense related to intangible assets for the three and six months ended June 30, 2022 was $1,730 and $3,478, respectively and for the three and six months ended June 30, 2021 was $22 and $47, respectively.

No impairment charges were recognized for the three and six months ended June 30, 2022 and 2021. The patents asset balance as of June 30, 2022 and December 31, 2021 includes $182 and $196, respectively of capitalized patent costs, that will begin amortization upon the issuance of an official patent right to the Company.

As of June 30, 2022, the expected future amortization expense of intangible assets is as follows:

 

Years ending December 31,

 

 

 

Remainder of 2022

 

$

3,168

 

2023

 

 

3,662

 

2024

 

 

3,656

 

2025

 

 

3,647

 

2026

 

 

3,598

 

2027 and thereafter

 

 

21,840

 

 

 

 

39,571

 

Capitalized patent costs, unissued

 

 

182

 

 

 

$

39,753