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Note 5 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

5.	Goodwill and Intangible Assets

The change in the carrying amount of goodwill was as follows:

	December 31,
(in thousands)	2024			2023
Carrying amount at beginning of period	$	57,065		$	56,260
Effect of change in currency translation		(741	)		805
Carrying amount at end of period	$	56,324		$	57,065

Intangible assets, net at December 31, 2024 and 2023 consisted of the following:

			December 31, 2024							December 31, 2023
(in thousands)	Average				Accumulated							Accumulated
Amortizable intangible assets:	Life*		Gross		Amortization			Net		Gross		Amortization			Net
Customer relationships		5	$	15,603	$	(10,450	)	$	5,153	$	16,038	$	(9,706	)	$	6,332
Technology and software development		1		35,397		(30,556	)		4,841		35,007		(27,029	)		7,978
Trade names and patents		2		7,452		(6,509	)		943		7,613		(6,094	)		1,519
Total amortizable intangible assets			$	58,452	$	(47,515	)	$	10,937	$	58,658	$	(42,829	)	$	15,829
Indefinite-lived intangible assets:									195							207
Total intangible assets								$	11,132						$	16,036

* Weighted average remaining life in years as of December 31, 2024

The Company capitalized $0.6 million and $0.5 million of software development costs during the year ended December 31, 2024, and 2023, respectively.

Intangible asset amortization expense was $5.4 million and $5.5 million for the years ended December 31, 2024 and 2023, respectively.

	Year Ended December 31,
(in thousands)	2024		2023
Cost of revenues	$	175	$	-
Operating expense		5,255		5,525
Total amortization of intangible assets	$	5,430	$	5,525

Estimated amortization expense of existing amortizable intangible assets for each of the five succeeding years and thereafter is as follows: