Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 consisted of:


	June 30, 2024
	Gross Carrying Value			Accumulated Amortization			Net Book Value
	(in thousands)
Customer relationships	$	12,541		$	7,530		$	5,011
Tradenames		18,673			3,468			15,205
Developed technology		29,590			3,148			26,442
Foreign currency		(1,189	)		(1,214	)		25
Total Intangible Assets (1)	$	59,615		$	12,932		$	46,683


	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 June 30, 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 $2.1 million and $2.7 million was recognized for the three and six months ended June 30, 2024, respectively, and $0.2 million and $0.5 million was recognized for the three and six months ended June 30, 2023, respectively.

As of June 30, 2024, estimated annual amortization expense related to definite lived intangible assets in future periods was as follows:


	(in thousands)
2024	$	4,299
2025		8,016
2026		7,761
2027		7,591
Thereafter		18,991
Total	$	46,658

Changes in the carrying values of goodwill for the six months ended June 30, 2024 from the balance as of December 31, 2023.


	(in thousands)
Balance as of January 1, 2024	$	10,686
PDP acquisition		46,076
Balance as of June 30, 2024	$	56,762