Annual report pursuant to Section 13 and 15(d)

GOODWILL & INTANGIBLE ASSETS

v3.22.0.1
GOODWILL & INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2021
GOODWILL & INTANGIBLE ASSETS  
INTANGIBLE ASSETS

11. GOODWILL & INTANGIBLE ASSETS

The carrying amount of goodwill at December 31, 2021 and 2020 was $639.3 million and $2.3 million, respectively, and has been recorded in connection with the Company’s acquisitions. The goodwill activity is as follows (in thousands):

Goodwill

Balance at December 31, 2019

$

2,252

Balance at December 31, 2020

$

2,252

Acquisition of EnvisionTEC

195,688

Acquisition of Adaptive3D

35,113

Acquisition of Aerosint

14,581

Acquisition of Dental Arts Labs

8,839

Acquisition of A.I.D.R.O.

3,515

Acquisition of Brewer Dental

2,463

Acquisition of May Dental

6,782

Acquisition of ExOne

374,636

Foreign currency translation adjustment

(4,568)

Balance at December 31, 2021

$

639,301

The Company has no accumulated impairment losses on goodwill.

The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized (in thousands):

December 31, 2021

 

December 31, 2020

Weighted Average

Gross

Net

Gross

Net

Remaining Useful

Carrying

Accumulated

Carrying

Carrying

Accumulated

Carrying

Lives (in years)

Amount

Amortization

Amount

 

Amount

Amortization

Amount

Acquired technology

9.2

$

198,631

$

11,421

$

187,210

 

$

10,193

$

1,091

$

9,102

Trade name

10.8

12,475

684

11,791

Customer relationships

10.8

69,127

6,296

62,831

Capitalized software

1.5

518

366

152

1,127

815

312

Total intangible assets

$

280,751

$

18,767

$

261,984

$

11,320

$

1,906

$

9,414

The Company recognized $17.5 million and $0.9 million of amortization expense for years ended December 31, 2021 and 2020, respectively, as follows (in thousands):

Statement of

Amortization

Amortization

Operations

Expense

Expense

Category

Line Item

December 31, 2021

December 31, 2020

Acquired technology

Cost of Sales

$

8,569

$

114

Acquired technology

Research and Development

1,761

646

Trade name

General and Administrative

685

Customer relationships

Sales and Marketing

6,339

Capitalized software

Research and Development

161

128

$

17,515

$

888

The Company expects to recognize the following amortization expense (in thousands):

Amortization

2022

$

39,307

2023

42,206

2024

42,263

2025

39,747

2026

29,854

2027 and after

68,607

Total intangible amortization

$

261,984