Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7. Goodwill and Other Intangible Assets

Acquired Intangible Assets

Acquired identifiable intangible assets, and related accumulated amortization, as of March 31, 2024 and December 31, 2023 consisted of:


	March 31, 2024
	Gross Carrying Value			Accumulated Amortization			Net Book Value
	(in thousands)
Customer relationships	$	10,152		$	7,336		$	2,816
Tradenames		18,225			2,812			15,413
Developed technology		32,307			1,853			30,454
Foreign currency		(1,121	)		(1,142	)		21
Total Intangible Assets (1)	$	59,563		$	10,859		$	48,704


	December 31, 2023
	Gross Carrying Value			Accumulated Amortization			Net Book Value
	(in thousands)
Customer relationships	$	8,085		$	7,214		$	871
Tradenames		3,066			2,607			459
Developed technology		1,884			1,613			271
Foreign currency		(1,159	)		(1,292	)		133
Total Intangible Assets (1)	$	11,876		$	10,142		$	1,734

(1) The accumulated amortization includes $1.9 million of accumulated impairment charges as of March 31, 2024 and December 31, 2023.

In May 2019, the Company completed its acquisition of the business and assets of ROCCAT. The acquired intangible assets relating to developed technology, customer relationships, and trade name are subject to amortization. In January 2021, the Company completed its acquisition of the business and assets relating to the Neat Microphones business. The acquired intangible assets relating to developed technology, customer relationships, and trade name are subject to amortization.

In March 2024, the Company completed its acquisition of the business and assets of PDP. The acquired intangible assets relating to developed technology, customer relationships, and trade name are subject to amortization. Refer to Note 3, “Acquisitions” for additional information related to PDP’s identifiable intangible assets.

Amortization expense related to definite lived intangible assets of $0.6 million was recognized for the three months ended March 31, 2024, respectively, and $0.3 million was recognized for the three months ended March 31, 2023.

As of March 31, 2024, estimated annual amortization expense related to definite lived intangible assets in future periods was as follows:


	(in thousands)
2024	$	6,440
2025		8,006
2026		7,751
2027		7,581
Thereafter		18,905
Total	$	48,683

Changes in the carrying values of goodwill for the three months ended March 31, 2024 from the balance as of December 31, 2023.


	(in thousands)
Balance as of January 1, 2024	$	10,686
PDP acquisition		42,221
Balance as of March 31, 2024	$	52,907