Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of purchase consideration in a business combination over the fair value of tangible and intangible assets acquired net of the liabilities assumed. All goodwill relates to the Company’s platform segment.

Intangible Assets

The following table is the summary of the Company’s intangible assets (in thousands, except years):

	As of June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Useful Lives (in years)
Developed technology	$	73,367	$	(43,183)	$	30,184	5.9
Customer relationships	14,100		(12,683)		1,417		4.0
Tradename	20,400		(4,966)		15,434		9.8
Patents	4,076		(1,043)		3,033		14.0
Total intangible assets	$	111,943	$	(61,875)	$	50,068	6.7

	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Useful Lives (in years)
Developed technology	$	73,367	$	(37,278)	$	36,089	5.9
Customer relationships	14,100		(10,920)		3,180		4.0
Tradename	20,400		(3,966)		16,434		9.8
Patents	4,076		(898)		3,178		14.0
Total intangible assets	$	111,943	$	(53,062)	$	58,881	6.7

The Company recorded expenses of $4.4 million and $4.5 million for amortization of intangible assets during the three months ended June 30, 2023 and 2022, respectively. The Company recorded expenses of $8.8 million and $9.0 million for amortization of intangible assets during the six months ended June 30, 2023 and 2022, respectively. During the three and six months ended June 30, 2023 and 2022, the Company recorded amortization of developed technology in Cost of revenue, platform and Research and development expenses. The Company recorded amortization of customer relationships and tradename in Sales and marketing expenses, and recorded amortization of patents in General and administrative expenses in the condensed consolidated statements of operations.

As of June 30, 2023, the estimated future amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands):

Year Ending December 31,
2023 (remaining 6 months)	$	8,253
2024	14,275
2025	12,571
2026	4,074
2027	2,737
Thereafter	8,158
Total	$	50,068