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GOODWILL AND PURCHASED INTANGIBLE ASSETS
 12 Months Ended
May 30, 2025
GOODWILL AND PURCHASED INTANGIBLE ASSETS  
GOODWILL AND PURCHASED INTANGIBLE ASSETS

5. GOODWILL AND PURCHASED INTANGIBLE ASSETS

 

Goodwill

 

The Company's goodwill activity during the year ended May 30, 2025 was as follows:

 

(In thousands)

 

Total

 

Balance as of May 31, 2024

 

$-

 

Addition due to business combination

 

 

10,719

 

Balance as of May 30, 2025

 

$10,719

 

 

Goodwill was tested for impairment in the fourth quarter at the reporting unit level. There were no impairments to goodwill during the year ended May 30, 2025.

 

Purchased Intangible Assets

 

The Company’s purchased intangible assets, net, were as follows:

 

 

 

May 30, 2025

 

(In thousands)

 

 

 

 

Accumulated

 

 

 

 

Finite-lived intangible assets:

 

Gross

 

 

Amortization

 

 

Net

 

Developed technology

 

$9,130

 

 

$(634)

 

$8,496

 

Trade names

 

 

1,050

 

 

 

(88)

 

 

962

 

Customer relationships

 

 

810

 

 

 

(61)

 

 

749

 

Non-compete agreements and others

 

 

1,010

 

 

 

(436)

 

 

574

 

Total

 

$12,000

 

 

$(1,219)

 

$10,781

 

 

Amortization expense related to purchased intangible assets with finite lives was $1.2 million for the year ended May 30, 2025.

 

As of May 30, 2025, the estimated future amortization expense of purchased intangible assets with finite lives is as follows:

 

(In thousands)

 

Amount

 

 

 

 

 

2026

 

$1,229

 

2027

 

 

1,183

 

2028

 

 

981

 

2029

 

 

939

 

2030

 

 

939

 

Thereafter

 

 

5,510

 

Total

 

$10,781

 

 

There were no impairment charges related to purchased intangible assets for the year ended May 30, 2025.