Quarterly report pursuant to Section 13 or 15(d)

GOODWILL & INTANGIBLE ASSETS

v3.21.2
GOODWILL & INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2021
GOODWILL & INTANGIBLE ASSETS  
GOODWILL & INTANGIBLE ASSETS

10. GOODWILL & INTANGIBLE ASSETS

The carrying amount of goodwill at June 30, 2021 and 2020 was $251.1 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

198,369

Acquisition of Adaptive3D

35,265

Acquisition of Aerosint

15,174

Balance at June 30, 2021

$

251,060

The Company has no accumulated impairment losses on goodwill.

Intangible assets consisted of the following (in thousands):

    

    

    

Accumulated

    

Balance

Gross Value

Estimated Life

Amortization

June 30, 2021

Acquired technology

$

126,540

5 – 12 years

$

5,514

$

121,026

Trade name

9,079

13 years

251

8,828

Customer relationships

50,900

10 years

1,894

49,006

Total intangible assets

$

186,519

$

7,659

$

178,860

The Company recognized $4.3 million and $6.6 million of amortization expense during the three and six months ended June 30, 2021, respectively. The Company recognized $0.2 million and $0.4 million of amortization expense during the three and six months ended June 30, 2020, respectively.

The weighted-average remaining amortization period is 10.0 years. Amortization of acquired technology, trade names, and customer relationships is recognized in cost of sales and research and development, research and development, and sales and marketing, respectively, in the condensed consolidated statements of operations.