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GOODWILL AND PURCHASED INTANGIBLE ASSETS
 6 Months Ended
Nov. 29, 2024
GOODWILL AND PURCHASED INTANGIBLE ASSETS  
GOODWILL AND PURCHASED INTANGIBLE ASSETS

5. GOODWILL AND PURCHASED INTANGIBLE ASSETS

 

Goodwill

 

The Company's goodwill activity during the six months ended November 29, 2024 was as follows:

 

(In thousands)

 

Total

 

Balance as of May 31, 2024

 

$-

 

Addition due to business combination

 

 

10,742

 

Balance as of November 29, 2024

 

$10,742

 

 

There were no impairments to goodwill during the three and six months ended November 29, 2024.

Purchased Intangible Assets

 

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

 

 

 

November 29, 2024

 

(In thousands)

 

 

 

Accumulated

 

 

 

Finite-lived intangible assets:

 

Gross

 

 

Amortization

 

 

Net

 

Developed technology

 

$9,130

 

 

$(254)

 

$8,876

 

Trade names

 

 

1,050

 

 

 

(35)

 

 

1,015

 

Customer relationships

 

 

810

 

 

 

(25)

 

 

785

 

Non-compete agreements and others

 

 

1,010

 

 

 

(174)

 

 

836

 

Total

 

$12,000

 

 

$(488)

 

$11,512

 

 

Amortization expense related to purchased intangible assets with finite lives was $0.3 million and $0.5 million for the three and six months ended November 29, 2024, respectively.

 

As of November 29, 2024, the estimated future amortization expense of purchased intangible assets with finite lives is as follows:

 

(In thousands)

 

Amount

 

Remainder of 2025

 

$731

 

2026

 

 

1,229

 

2027

 

 

1,183

 

2028

 

 

980

 

2029

 

 

940

 

Thereafter

 

 

6,449

 

Total

 

$11,512

 

 

There were no impairment charges related to purchased intangible assets for the three and six months ended November 29, 2024.