GOODWILL AND PURCHASED INTANGIBLE ASSETS

3 Months Ended

Aug. 30, 2024

GOODWILL AND PURCHASED INTANGIBLE ASSETS

GOODWILL AND PURCHASED INTANGIBLE ASSETS

5. GOODWILL AND PURCHASED INTANGIBLE ASSETS

Goodwill

The Company’s goodwill activity during the three months ended August 30, 2024 was as follows:

(In thousands)	Total
Balance as of May 31, 2024	$	-
Addition due to business combination		10,353
Balance as of August 30, 2024	$	10,353

Purchased Intangible Assets

The Company’s purchased intangible assets, net, were as follows:

	August 30, 2024
(In thousands)			Accumulated
Finite-lived intangible assets:	Gross		Amortization			Net
Developed technology	$	9,130	$	(87	)	$	9,043
Trade names		1,050		(9	)		1,041
Customer relationships		810		(6	)		804
Non-compete agreements and others		1,010		(44	)		966
Total	$	12,000	$	(146	)	$	11,854

Amortization expense related to purchased intangible assets with finite lives was $0.1 million for the three months ended August 30, 2024.

As of August 30, 2024, the estimated future amortization expense of purchased intangible assets with finite lives is as follows:

(In thousands)	Amount
Remainder of 2025	$	1,073
2026		1,229
2027		1,183
2028		980
2029		940
Thereafter		6,449
Total	$	11,854