Intangible Assets, net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The Company had the following intangible assets (in thousands) with their weighted average remaining amortization period (in years):

Intangible Assets, net


	Weighted Average Remaining Amortization Period	As of
		March 31, 2024		December 31, 2023
Customer Relationships	6.2	$	17,396	$	17,325
Digital Networks	14.0	803		803
Trade Names	67.2	9,971		9,970
Intangible Assets, gross		28,170		28,098

Less Accumulated Amortization		(4,381)		(3,794)
Foreign Currency Translation Adjustment		(1,674)		(1,311)
Intangible Assets, net		$	22,115	$	22,993

_______________________

During the three months ended March 31, 2024 and 2023, the Company recorded intangible asset amortization expense of $0.5 million and $0.6 million, respectively.

During the three months ended March 31, 2023, due to changes in the Company's financial projections, the Company reassessed its definite and indefinite-lived intangible asset values to determine whether impairments existed. As a result, the Company recorded a total Impairment of Intangible Assets of $4.0 million within Operating Expenses in the condensed consolidated statement of operations for the three months ended March 31, 2023.

Expected future amortization of intangible assets subject to amortization as of March 31, 2024 is as follows (in thousands):


Fiscal Year:
2024	$	1,544
2025	2,059
2026	2,059
2027	2,059
2028	2,059
Thereafter	6,787
Total	$	16,567

As of March 31, 2024, $5.5 million of the Company’s intangible assets related to the acquired trade names from the Wow acquisition had indefinite lives and are not subject to amortization.