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

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):

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.