Veritone, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

NOTE 7. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill was $80,247 as of December 31, 2023 and $46,498 as of December 31, 2022.


	Goodwill
Balance at December 31, 2022	$	46,498
Broadbean acquisition		32,923
Foreign currency translation/other		826
Balance at December 31, 2023	$	80,247

Intangible Assets

The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which continue to be amortized:


			December 31, 2023							December 31, 2022
	Weighted Average Remaining Useful Life (in years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Software and technology		0.0	$	3,582	$	(3,582	)	$	—	$	3,582	$	(3,582	)	$	—
Licensed technology		0.0		500		(500	)		—		500		(500	)		—
Developed technology		1.7		44,100		(24,601	)		19,499		33,800		(15,512	)		18,288
Customer and supplier relationships		4.0		99,000		(36,323	)		62,677		81,800		(22,091	)		59,709
Noncompete agreements		0.0		800		(800	)		—		800		(800	)		—
Trademarks and trade names		3.1		2,300		(1,053	)		1,247		2,300		(633	)		1,667
Total		3.2	$	150,282	$	(66,859	)	$	83,423	$	122,782	$	(43,118	)	$	79,664

The following table presents future amortization of the Company’s finite-lived intangible assets as of December 31, 2023:


2024	$	23,953
2025		21,427
2026		16,569
2027		13,541
2028		7,870
Thereafter		63
Total	$	83,423

Impairment Assessment

During the year ended December 31, 2023, the Company experienced multiple adverse financial trends. As a result, the Company determined that an indicator of impairment was present and performed a quantitative goodwill impairment assessment as of September 30, 2023 using a market approach, which estimates fair value based on the Company’s market capitalization and an estimate of a reasonable range of values of a control premium. The Company determined that goodwill was not impaired, as the estimated fair value of the Company’s reporting units exceeded their carrying values. Additionally, as of September 30, 2023, the Company performed a quantitative analysis of the recoverability of each of the Company’s asset groups. The result of the analyses was that the assets were not impaired, as the expected undiscounted cash flows exceeded the carrying value for each asset group.