GOODWILL AND INTANGIBLES

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES

The following table presents the changes in the Company’s goodwill balance (in thousands):

	Goodwill
Balance at December 31, 2021	$	—
Additions to goodwill	161,527
Impairment of goodwill	—
Balance at December 31, 2022	$	161,527

Refer to Note 18, Business Combinations, for further details.

The following table presents the Company’s intangible asset balance by asset class (in thousands):

Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(169)	$	731	Straight line	2 years
Developed Technology	$	49,100	$	(4,603)	$	44,497	Straight line	4 years
In-process R&D	$	1,177	$	—	$	1,177	Indefinite	N/A
Patents	$	33,900	$	(848)	$	33,052	Straight line	5-15 years
Customer Relationships	$	24,300	$	(911)	$	23,389	Straight line	10 years
Non-Competition Agreements	$	1,900	$	(143)	$	1,757	Straight line	5 years
Other	$	1,842	$	(825)	$	1,017	Straight line	5 years
Total	$	113,119	$	(7,499)	$	105,620

The following table presents the changes in the Company’s intangible asset balance (in thousands):

	Intangible Assets, net
Balance at December 31, 2021	$	170
Additions to intangible assets	$	112,309
Amortization expense	$	(6,859)
Balance at December 31, 2022	$	105,620

The amortization expense was $6.9 million for the fiscal years ended December 31, 2022 and was not material the fiscal year ended December 31 2021. There were no impairment charges for the fiscal years ended December 31, 2022 or 2021.