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Note 3 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill

The carrying value of goodwill is allocated to reporting units as follows:

Reporting Units:	*June 30, 2022*		*December 31, 2021*
Americas		64,315		64,315
India		12,554		12,554
Malaysia		47,543		47,543
Saudi Arabia		54,840		54,840
Australia		4,145		4,145
Total	$	183,397	$	183,397

We perform a goodwill impairment analysis at least annually (in the fourth quarter of each year) unless indicators of impairment exist in interim periods. The assumptions used in the analysis are based on the Company’s internal budget. The Company projects revenue, operating margins, and cash flows for a period of five years and applies a perpetual long-term growth rate using discounted cash flows (DCF) method. These assumptions are reviewed annually as part of management’s budgeting and strategic planning cycles. These estimates may differ from actual results.

As of June 30, 2022 and December 31, 2021, based on the qualitative assessment, we concluded that there is no impairment of goodwill.

The following table presents the changes in goodwill during the six months ended June 30, 2022 and year ended December 31, 2021:

	*June 30, 2022*		*December 31, 2021*
Opening balance		183,397		183,397
Impairment		-		-
Closing balance	$	183,397	$	183,397

Intangible Assets

The following table presents our intangible assets:

	*As of June 30, 2022*
	*Gross Intangibles*		*Accumulated Amortization*		*Net Intangibles*		*Weighted Average Amortization Period (years)*
Customer relationships		66,220		24,670		41,550		6.5
Brand		49,500		16,892		32,608		7.1
Trademarks		13,210		3,476		9,734		7.5
Other intangibles		2,130		1,072		1,058		4.9
	$	131,060	$	46,110	$	84,950

	*As of December 31, 2021*
	*Gross Intangibles*		*Accumulated Amortization*		*Net Intangibles*		*Weighted Average Amortization Period (years)*
Customer relationships		66,220		21,887		44,333		6.5
Brand		49,500		15,074		34,426		7.1
Trademarks		13,210		3,036		10,174		7.5
Other intangibles		2,130		971		1,159		4.9
	$	131,060	$	40,968	$	90,092

As of June 30, 2022, based on the management assessment, we concluded there is no impairment on the Company's intangible assets.

Expected future amortization of intangible as of June 30, 2022 is as follows:

Year ending December 31,	*Amount*
Remainder of 2022		5,175
2023		10,306
2024		10,252
2025		10,252
2026		9,490
Thereafter		39,475