INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

Intangible Assets

Intangible assets consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):

	Useful lives	2024		2023
INTANGIBLE ASSETS
Patents	4-10 years	$	182	$	182
Customer relationships	8-15 years	54,795		52,588
Technology	3-5 years	9,118		8,944
Domain	7 years	14		14
Non-compete	3 years	391		391
Tradenames	2-10 years	13,045		12,723
Intangible assets, at cost		77,545		74,842
Accumulated amortization		(35,843)		(28,878)
Intangible assets, net of accumulated amortization		$	41,702	$	45,964

For the three months ended September 30, 2024 and 2023, the Company recorded amortization expense of $1.9 million and $2.1 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded amortization expense of $5.7 million and $6.4 million, respectively. Changes to gross carrying amount of recognized intangible assets due to translation adjustments include approximately $2.5 million as of September 30, 2024 and ($0.1) million as of December 31, 2023.

During the quarter ended September 30, 2024, the Company determined that a triggering event had occurred as a result of a decline in the Company’s revenues resulting from lower sales volume primarily resulting from lower global demand for interactive flat panel displays, which suggested one or more of the reporting units may have fallen below the carrying amounts. As a result, the Company performed an interim impairment test on its finite-lived intangible assets using undiscounted cash flows. There was no impairment recorded on finite-lived intangible assets during the nine months ended September 30, 2024.

Goodwill

During the quarter ended September 30, 2023, due to further declines in the Company’s market capitalization and a reduction in cashflows resulting from continued softening in the industry leading to a reduction in sales from interactive flat-panel displays, the Company determined that a triggering event had occurred.

As of September 30, 2023, the Company performed an interim goodwill impairment test as a result of the triggering events identified. In analyzing goodwill for potential impairment in the quantitative impairment test, the Company used a combination of the income and market approaches to estimate the fair value. Certain estimates and assumptions, including the Company’s operating forecast for 2023 and future periods, were revised based on current industry and Company trends. For the three and nine months ended September 30, 2023, the Company recorded goodwill impairment charges of $10.4 million and $2.8 million to the Americas and EMEA reporting units, respectively, which also represents total accumulated goodwill impairment charges for each reporting unit.