GOODWILL AND INTANGIBLES

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. Goodwill and indefinite-lived intangible assets are tested for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired.

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


	Goodwill
Balance at December 31, 2022	$	161,527
Purchase price adjustment	(85)
Balance at March 31, 2023	$	161,442

Refer to Note 17, Business Combinations, for further details.

The following table presents the Company’s intangible asset balance by asset class as of March 31, 2023 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(281)	$	619	Straight line	2 years
Developed Technology	53,500		(7,672)		45,828		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	33,900		(1,412)		32,488		Straight line	5-15 years
Customer Relationships	24,300		(1,519)		22,781		Straight line	10 years
Non-Competition Agreements	1,900		(238)		1,662		Straight line	5 years
Other	1,926		(912)		1,014		Straight line	5 years
Total	$	117,603	$	(12,034)	$	105,569

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


	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,485
Amortization expense	(4,536)
Balance at March 31, 2023	$	105,569

The amortization expense was $4.5 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively.

There were no impairment charges during the three months ended March 31, 2023 and 2022.