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Intangible Assets, net and Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net and Goodwill

Note 9: Intangible Assets, net and Goodwill

 

Intangible Assets, net

 

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  As of December 31, 
   Period  2024   2023 
Customer Relationships  5.5  $17,325   $17,325 
Digital Networks  13.3   803    803 
Trade Names  66.4   9,970    9,970 
Intangible Assets, gross      28,098    28,098 
              
Less Accumulated Amortization      (5,822)   (3,794)
Foreign Currency Translation Adjustment      (2,555)   (1,311)
Intangible Assets, net     $19,722   $22,993 

 

During the years ended December 31, 2024 and 2023, the Company recorded intangible asset amortization expense of $2.0 million and $2.1 million, respectively.

 

During the year ended December 31, 2023, as a result of the Company’s annual impairment testing, the Company recorded an impairment charge of $4.4 million related to Beacon’s Non-Compete Agreements and Customer Relationships.

 

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

     
Fiscal Year:     
2025  $1,950 
2026   1,950 
2027   1,950 
2028   1,950 
Thereafter   6,652 
Total  $14,452 

 

As of December 31, 2024, $5.3 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.

 

Goodwill

 

During the year ended December 31, 2023, the Company conducted its annual goodwill impairment assessment in accordance with applicable accounting standards. Based on this evaluation, it was determined that the carrying amount of goodwill exceeded its recoverable amount due to changes in market conditions and business performance. As a result, the Company has recognized a full impairment charge of $33.5 million, reducing the goodwill balance to $nil.