Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

3. Goodwill and Intangible Assets

Goodwill

There have been no changes to the $50,177 carrying amount of goodwill during the three and six months ended June 30, 2023 and 2022.

Intangible Assets

Intangible assets, net consisted of intangible assets resulting from the acquisition of NetComm and purchased software to be used in the Company’s products. Intangible assets, net consisted of the following at June 30, 2023 and December 31, 2022, respectively:


	Cost		Accumulated Amortization			Net Balance
Developed Technology	$	25,000	$	(14,288	)	$	10,712
Customer Relationships		18,000		(7,200	)		10,800
Trade Name		1,000		(1,000	)		—
Purchased software		2,638		(1,317	)		1,321
Totals as of June 30, 2023	$	46,638	$	(23,805	)	$	22,833


	Cost		Accumulated Amortization			Net Balance
Developed Technology	$	25,000	$	(12,502	)	$	12,498
Customer Relationships		18,000		(6,300	)		11,700
Trade Name		1,000		(1,000	)		—
Purchased software		2,545		(984	)		1,561
Totals as of December 31, 2022	$	46,545	$	(20,786	)	$	25,759

As of June 30, 2023, amortization expense on existing intangible assets for the next five years and beyond is as follows:


Year Ending December 31,
Remainder of 2023	$	3,003
2024		5,929
2025		5,784
2026		3,617
2027		1,800
Thereafter		2,700
	$	22,833

A summary of amortization expense recorded during the three and six months ended June 30, 2023 and 2022 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Product cost of revenue	$	893	$	893	$	1,786	$	1,786
Research and development		169		141		333		244
Selling, general and administrative		450		533		900		1,070
Totals	$	1,512	$	1,567	$	3,019	$	3,100