Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

A reporting unit is the level at which goodwill is tested for impairment, and is defined as an operating segment or one level below an operating segment, if certain criteria are met. Under its current corporate structure, the Company has one operating segment and eight reporting units.

Goodwill

The following table summarizes changes in the carrying amount of goodwill (in thousands):


Balance as of December 31, 2022	$	37,775

Goodwill acquired during the year (a)	13,020
Effect of change in foreign currency exchange rates	442

Balance as of June 30, 2023	$	51,237

(a) Refer to Note 5 for discussion of VIA acquisition.

Intangible Assets

The following tables summarize information regarding amortizing and indefinite lived intangible assets (in thousands):


	June 30, 2023
	Weighted Average Remaining Useful Life (in years)	Intangible before impairment		Accumulated amortization		Accumulated impairment charge		Net balance
Definite lived intangible assets*
Patents, trademarks and brands	21.4	$	26,357	$	(1,327)	$	—	$	25,030
Customer relationships	13.2	14,100		(1,446)		—		12,654
Licenses	3.9	105		(23)		—		82

Software	2.6	132		(57)		—		75
Technology	17.8	122,636		(9,850)		—		112,786
Total		163,330		(12,703)		—		150,627
Indefinite lived intangible assets

Website name		25		—		—		25
Total		$	163,355	$	(12,703)	$	—	$	150,652


	December 31, 2022
	Gross carrying amount		Accumulated amortization		Accumulated impairment charge		Net balance
Definite lived intangible assets*
Patents, trademarks and brands	$	14,734	$	(660)	$	—	$	14,074
Customer relationships	13,937		(824)		—		13,113
Licenses	141		(16)		—		125

Software	2,981		(667)		(2,299)		15
Technology	18,225		(1,953)		—		16,272
Total	50,018		(4,120)		(2,299)		43,599
Indefinite lived intangible assets
Website name	25		—		—		25
Total	$	50,043	$	(4,120)	$	(2,299)	$	43,624

*excludes intangible assets fully amortized or written off in prior period

As discussed in Note 17, update for purchase agreement discussion and impairment considerations. As a result, the Company recorded an impairment charge of $8.9 million for the six months ended June 30, 2023.

Amortization expense relating to intangible assets was $5.2 million and $1.7 million for the three month ended June 30, 2023 and 2022, respectively and $9.1 million and $1.9 million for the six months ended June 30, 2023 and 2022, respectively.

The following table summarizes the expected amortization expense for the following years (in thousands):


	Amortization to be recognized
2023 (excluding the three months ended March 31, 2023)	$	14,567
2024	18,748
2025	16,634
2026	14,732
2027	13,154
2028 and thereafter	72,792
Total	$	150,627