GOODWILL & INTANGIBLE ASSETS (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| GOODWILL & INTANGIBLE ASSETS |
|
| Schedule of goodwill activity |
The goodwill activity is as follows (in thousands):
|
|
|
|
|
|
|
Goodwill |
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 |
May Dental working capital adjustment |
|
|
23 |
Foreign currency translation adjustment |
|
|
(9,302) |
Balance at March 31, 2022 |
|
$ |
630,022 |
|
| Schedule of intangible assets |
Intangible assets consisted of the following (in thousands):
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March 31, 2022 |
|
December 31, 2021 |
|
|
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 |
|
9.0 |
|
|
$ |
197,828 |
|
$ |
17,833 |
|
$ |
179,995 |
|
$ |
198,631 |
|
$ |
11,421 |
|
$ |
187,210 |
Trade name |
|
10.7 |
|
|
|
12,469 |
|
|
1,106 |
|
|
11,363 |
|
|
12,475 |
|
|
684 |
|
|
11,791 |
Customer relationships |
|
10.5 |
|
|
|
68,673 |
|
|
9,156 |
|
|
59,517 |
|
|
69,127 |
|
|
6,296 |
|
|
62,831 |
Capitalized software |
|
1.3 |
|
|
|
518 |
|
|
393 |
|
|
125 |
|
|
518 |
|
|
366 |
|
|
152 |
Total intangible assets |
|
|
|
|
$ |
279,488 |
|
$ |
28,488 |
|
$ |
251,000 |
|
$ |
280,751 |
|
$ |
18,767 |
|
$ |
261,984 |
|
| Schedule of amortization expenses |
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|
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|
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|
|
|
|
Statement of |
|
Amortization |
|
Amortization |
|
|
Operations |
|
Expense |
|
Expense |
Category |
|
Line Item |
|
March 31, 2022 |
|
March 31, 2021 |
Acquired technology |
|
Cost of Sales |
|
$ |
5,990 |
|
$ |
1,091 |
Acquired technology |
|
Research and Development |
|
|
443 |
|
|
506 |
Trade name |
|
General and Administrative |
|
|
422 |
|
|
80 |
Customer relationships |
|
Sales and Marketing |
|
|
2,902 |
|
|
621 |
Capitalized software |
|
Research and Development |
|
|
27 |
|
|
45 |
|
|
|
|
|
|
$ |
9,784 |
|
$ |
2,343 |
|
| Schedule of future amortization expense |
The Company expects to recognize the following amortization expense (in thousands):
|
|
|
|
|
|
Amortization Expense |
2022 (remaining 9 months) |
|
$ |
29,340 |
2023 |
|
|
42,010 |
2024 |
|
|
42,072 |
2025 |
|
|
39,562 |
2026 |
|
|
29,707 |
2027 and after |
|
|
68,309 |
Total intangible amortization |
|
$ |
251,000 |
|