GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS:

The carrying amount of goodwill as of December 31, 2023 and 2022 was $91.8 million; there were no changes to goodwill in either of the respective fiscal years.

Intangible assets consist primarily of developed technology, acquired licenses, and domain name and are reported net of accumulated amortization.

The Company amortizes the cost of all intangible assets over the estimated useful life of the developed technology and technology licenses, which range from two to twelve years, with the exception of $1.3 million paid to acquire an internet domain name. The Company acquired the rights to the internet domain name www.power.com, the Company’s

primary domain name; the cost to acquire the domain name has been recorded as an intangible asset and will not be amortized as it has an indefinite useful life.

Amortization of acquired intangible assets was approximately $2.2 million, $2.4 million and $3.5 million in the years ended December 31, 2023, 2022 and 2021, respectively. The Company does not believe there is any significant residual value associated with the following intangible assets:

	December 31, 2023						December 31, 2022
			Accumulated						Accumulated
(In thousands)	Gross		Amortization		Net		Gross		Amortization		Net
Domain name	$	1,261	$	—	$	1,261	$	1,261	$	—	$	1,261
Developed technology		37,960		(35,459)		2,501		37,960		(33,531)		4,429
Technology licenses		1,926		(1,264)		662		1,926		(1,019)		907
Total intangible assets	$	41,147	$	(36,723)	$	4,424	$	41,147	$	(34,550)	$	6,597

The estimated future amortization expense related to definite-lived intangible assets at December 31, 2023, is as follows:

	Estimated
	Amortization
Fiscal Year	(In thousands)
2024	$	1,279
2025		832
2026		687
2027		365
Total	$	3,163