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Note 4 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill

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

Reporting Units:	March 31, 2023		December 31, 2022
Americas		60,128		60,128
India		12,554		12,554
Malaysia		43,678		43,678
Australia		4,145		4,145
Total		120,505		120,505

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 March 31, 2023, based on the qualitative assessment, we concluded that there is no impairment of goodwill.

The following table presents the changes in goodwill during the three months ended March 31, 2023 and year ended December 31, 2022:

	March 31, 2023		December 31, 2022
Opening balance		120,505		128,557
Impairment		-		(8,052	)
Closing balance		120,505		120,505

Intangible Assets

The following table presents our intangible assets:

	As of March 31, 2023
	Gross Intangibles		Accumulated Amortization		Net Intangibles		Weighted Average Amortization Period (years)
Customer relationships		66,220		28,871		37,349		6.5
Brand		49,500		19,643		29,857		7.1
Trademarks		13,210		4,137		9,073		7.5
Other intangibles		2,130		1,225		905		4.9
		131,060		53,876		77,184

	As of December 31, 2022
	Gross Intangibles		Accumulated Amortization		Net Intangibles		Weighted Average Amortization Period (years)
Customer relationships		66,220		27,484		38,736		6.5
Brand		49,500		18,740		30,760		7.1
Trademarks		13,210		3,917		9,293		7.5
Other intangibles		2,130		1,174		956		4.9
		131,060		51,315		79,745

As of March 31,2023 based on the management assessment, we concluded that there is no impairment on the Company's intangible assets.

Expected future amortization of intangible assets as of March 31, 2023 is as follows:

Year ending December 31,	Amount
Remainder of 2023		7,786
2024		10,252
2025		10,252
2026		9,490
2027		8,549
Thereafter		30,855