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GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 26, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

GOODWILL AND INTANGIBLE ASSETS, NET

During the thirteen weeks ended March 26, 2023, there were no changes in the carrying amount of goodwill of $36.0 million.

The following table presents the Company’s intangible assets, net balances:

(dollar amounts in thousands)			As of March 26, 2023						As of December 25, 2022
Internal use software			$	33,002					$	31,502
Developed technology			20,050						20,050
Total intangible assets			53,052						51,552
Accumulated amortization			(22,970)						(20,990)
Intangible assets, net			$	30,082					$	30,562

Developed technology intangible assets were recognized in conjunction with the Company’s acquisition of Spyce on September 7, 2021. The estimated useful life of developed technology is five years. As of March 26, 2023, developed technology has not been placed into service.

Amortization expense for intangible assets was $2.0 million and $1.9 million for the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.

Estimated amortization of internal use software for each of the next five years is as follows:

(dollar amounts in thousands)
2023			$	4,629
2024			3,953
2025			1,400
2026			50
2027			—

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI https://asc.fasb.org/topic&trid=2144416

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