Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.24.0.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 7. Goodwill and Intangible Assets

The following tables summarize the Company’s goodwill and intangible assets, all of which are related to the acquisitions of Teton Simulation Software in April 2022 and Digital Metal AB in August 2022 (in thousands):

(in thousands)

 

Goodwill

 

December 31, 2021

 

$

 

Acquisition of Teton Simulation Software

 

 

4,711

 

Acquisition of Digital Metal

 

 

25,770

 

Foreign currency translation

 

 

635

 

December 31, 2022

 

$

31,116

 

Foreign currency translation

 

 

(1,649

)

Goodwill impairment

 

 

(29,467

)

December 31, 2023

 

$

 

 

 

 

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

Estimated Useful Life

 

Gross Carrying Value

 

 

Accumulated Amortization

 

 

Net Book Value

 

 

Gross Carrying Value

 

 

Accumulated Amortization

 

 

Net Book Value

 

Acquired technology

 

7 - 20 years

 

$

16,800

 

 

$

(970

)

 

$

15,830

 

 

$

16,800

 

 

$

(97

)

 

$

16,703

 

Customer relationships

 

9 years

 

 

560

 

 

 

(83

)

 

 

477

 

 

 

560

 

 

 

(19

)

 

 

541

 

Trade names

 

1 year

 

 

90

 

 

 

(90

)

 

 

 

 

 

90

 

 

 

(27

)

 

 

63

 

Foreign currency translation

 

 

 

 

848

 

 

 

(27

)

 

 

821

 

 

 

322

 

 

 

(3

)

 

 

319

 

Intangible Assets, net

 

 

 

$

18,298

 

 

$

(1,170

)

 

$

17,128

 

 

$

17,772

 

 

$

(146

)

 

$

17,626

 

 

The Company recognized the following amortization expense to cost of revenue and operating expense during the years ended December 31, 2023 and 2022.

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Cost of revenue

 

$

877

 

 

$

97

 

Operating expenses

 

 

147

 

 

 

49

 

Total

 

$

1,024

 

 

$

146

 

Revenue is the basis for the economic pattern used to determine the amortization schedule of developed technology and customer relationships. Trade name intangible amortization is based on the term in which the Company anticipates using the asset. The estimated future amortization expense for amortizable assets to be recognized is as follows as of December 31, 2023 (in thousands):

 

2024

 

$

1,524

 

2025

 

 

2,071

 

2026

 

 

2,286

 

2027

 

 

2,036

 

2028

 

 

1,655

 

Thereafter

 

 

7,556

 

Total

 

$

17,128