Ginkgo Bioworks Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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7. Goodwill and Intangible Assets, net
- Goodwill and Intangible Assets, net
All goodwill is allocated to the Cell Engineering reporting unit and segment identified in Note 15. Changes in the carrying amount of goodwill consisted of the following (in thousands):
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Beginning balance | $60,210 | $21,312 |
| Goodwill acquired in acquisitions | — | 39,712 |
| Deconsolidation of Zymergen | (10,660) | — |
| Measurement period adjustments (1) | (2,120) | (548) |
| Impact of foreign currency translation | 1,808 | (266) |
| Ending balance | $49,238 | $60,210 |
(1)For the year ended December 31, 2023, the measurement period adjustment is primarily related to the Zymergen acquisition. See Note 3 for a description.
Intangible assets, net consisted of the following (in thousands):
| GrossCarryingValue (1) | AccumulatedAmortization (1) | NetCarryingValue | Weighted AverageAmortization Period(in years) | |
|---|---|---|---|---|
| Developed technology (2) | $105,279 | $(22,663) | $82,616 | 8.8 |
| Customer relationships | 380 | (261) | 119 | 0.9 |
| Assembled workforce | 190 | (184) | 6 | 0.3 |
| Total intangible assets | $105,849 | $(23,108) | $82,741 | |
| Developed technology | $115,824 | $(8,825) | $106,999 | 9.4 |
| Database | 3,700 | (107) | 3,593 | 6.8 |
| Customer relationships | 380 | (71) | 309 | 1.6 |
| Assembled workforce | 190 | (50) | 140 | 1.0 |
| Total intangible assets | $120,094 | $(9,053) | $111,041 |
(1)Gross carrying value and accumulated amortization include the impact of cumulative foreign currency translation adjustments.
(2)During 2023, the Company deconsolidated $13.5 million of developed technology and $3.2 million of database intangible assets related to the deconsolidation of Zymergen (see Note 3).
Amortization expense was $15.7 million, $5.6 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated future amortization expense for intangible assets remaining as of December 31, 2023 is as follows (in thousands):
| 2024 | $13,747 |
| 2025 | 13,623 |
| 2026 | 13,623 |
| 2027 | 10,548 |
| 2028 | 3,442 |
| Thereafter | 27,758 |
| Total | $82,741 |
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