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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

The following table presents goodwill as of December 31, 2023 (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Balance at beginning of period

 

$

3,881

 

 

$

3,881

 

Additions from acquisition

 

 

15,590

 

 

 

 

Foreign currency translation adjustment

 

 

225

 

 

 

 

   Total

 

$

19,696

 

 

$

3,881

 

Schedule of Intangible Assets

As of December 31, 2023, intangible assets comprised of the following (in thousands):

 

 

 

Estimated Useful Life in Years

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net

 

Definite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

   Backlog

 

0.25

 

$

773

 

 

$

(773

)

 

$

 

   Customer Relationships

 

1

 

 

3,698

 

 

 

(2,773

)

 

 

925

 

   Developed Technology

 

7.25

 

 

13,024

 

 

 

(1,348

)

 

 

11,676

 

   Patent

 

3

 

 

250

 

 

 

(38

)

 

 

212

 

   Tradename

 

8

 

 

1,214

 

 

 

(114

)

 

 

1,100

 

   Total definite-lived intangible assets (1)

 

 

 

 

18,959

 

 

 

(5,046

)

 

 

13,913

 

(1) Foreign intangible asset carrying amounts are affected by foreign currency translation

 

Schedule of Estimated Intangible Asset Amortization Expense

As of December 31, 2023, the estimated intangible asset amortization expense for the next five years and thereafter is as follows:

 

Estimated Amortization

 

 

 

(in thousands)

 

2024

 

 

2,956

 

2025

 

 

2,032

 

2026

 

 

1,993

 

2027

 

 

1,948

 

2028

 

 

1,948

 

Thereafter

 

 

3,036

 

Total

 

$

13,913