GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

5. 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 platform segment.

The following table reflects the changes in the carrying value of goodwill (in thousands):


	Carrying Value
Balance as of December 31, 2024	$	161,519
Frndly acquisition (see Note 4)	147,887
Balance as of September 30, 2025	$	309,406

Intangible Assets

The following tables summarize the Company’s intangible assets for the periods presented (in thousands, except years):


	As of September 30, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Useful Lives (in years)
Developed technology	$	73,367	$	(69,753)	$	3,614	5.9
Customer relationships	46,100		(19,320)		26,780		6.3
Tradename	34,400		(10,632)		23,768		7.9
Patents	4,076		(1,698)		2,378		14.0
Total Intangible assets	$	157,943	$	(101,403)	$	56,540	6.7


	As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Useful Lives (in years)
Developed technology	$	73,367	$	(60,896)	$	12,471	5.9
Customer relationships	14,100		(14,100)		—		4.0
Tradename	20,400		(7,966)		12,434		9.8
Patents	4,076		(1,480)		2,596		14.0
Total Intangible assets	$	111,943	$	(84,442)	$	27,501	6.7

The Company amortizes the fair value of intangible assets over their estimated useful lives in proportion to the economic benefits received. Amortization expense related to intangible assets was approximately $8.0 million and $3.5 million for the three months ended September 30, 2025 and 2024, respectively, and $17.0 million and $10.7 million for the nine months ended September 30, 2025 and 2024, respectively. The Company recorded amortization of developed technology in Cost of revenue, platform, amortization of customer relationships and tradename in Sales and marketing expenses, and amortization of patents in General and administrative expenses in the condensed consolidated statements of operations for all periods presented.

As of September 30, 2025, the estimated future amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands):


Year Ending December 31,
2025 (remaining 3 months)	$	6,333
2026	14,698
2027	10,507
2028	8,419
2029	7,257
Thereafter	9,326
Total	$	56,540