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Intangible Assets and Goodwill | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets The tables below summarize the Company’s intangible assets at September 30, 2024 and December 31, 2023 (in thousands):
| Useful Life (Years) |  | Weighted Average Remaining Life (Years) |  | September 30, 2024
|  | Intangible Assets |  | Accumulated Amortization |  | Net Balance
Trade names | 2 - 9 |  | 4.4 |  | 38,867 |  |  | (19,768) |  |  | 19,099 |
Capitalized internal use software | 3 |  | 1.8 |  | 34,583 |  |  | (13,205) |  |  | 21,378 |
Software and technology | 3 - 9 |  | 4.4 |  | 196,232 |  |  | (96,916) |  |  | 99,316 |
Total |  |  |  |  | $ | 269,682 |  |  | $ | (129,889) |  |  | $ | 139,793 |
| Useful Lives (Years) |  | Weighted Average Remaining Life (Years) |  | December 31, 2023
|  | Intangible Assets |  | Accumulated Amortization |  | Net Balance
Customer relationships | 2 |  | 0.0 |  | $ | 32,729 |  |  | $ | (32,729) |  |  | $ | — |
Trade names | 2 - 9 |  | 5.2 |  | 38,859 |  |  | (16,578) |  |  | 22,281 |
Capitalized internal use software | 3 |  | 2.3 |  | 25,770 |  |  | (5,893) |  |  | 19,877 |
Software and technology | 3 - 9 |  | 5.1 |  | 196,136 |  |  | (79,846) |  |  | 116,290 |
Total |  |  |  |  | $ | 293,494 |  |  | $ | (135,046) |  |  | $ | 158,448 |
The intangible assets are being amortized over their respective original useful lives, which range from two to nine years. The Company recorded amortization expense related to the above intangible assets of approximately $9.4 million and $8.8 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded amortization expense related to the above intangible assets of approximately $27.5 million and $25.8 million for the nine months ended September 30, 2024 and 2023, respectively. The estimated future amortization expense associated with intangible assets, net is as follows (in thousands):
Year ended December 31, | Future Amortization
2024 | $ | 9,589 |
2025 | 36,600 |
2026 | 34,216 |
2027 | 28,157 |
2028 | 25,122 |
Thereafter | 6,109 |
Total | $ | 139,793 |
Goodwill The following table is a summary of the changes to goodwill for the nine months ended September 30, 2024 (in thousands):
Balance - December 31, 2023 | $ | 622,818 |  |
Foreign currency translation adjustment | 1,530 |  |
Balance - September 30, 2024 | $ | 624,348 |  |
Since December 31, 2023, the Company experienced sustained decreases in its stock price and market capitalization. As a result, the Company conducted an impairment test of its goodwill and long-lived assets as of March 31, 2024. The Company estimated the fair value by weighting results from a market approach and an income approach. Significant assumptions inherent in the valuation methodologies included, but are not limited to, prospective financial information (including revenue growth and subscriber related expenses), a long-term growth rate, discount rate, and comparable multiples from publicly-traded companies in the same industry. The results of the impairment test showed that the fair value was in excess of its carrying value. During the three months ended September 30, 2024, the Company determined there were no triggering events that could potentially cause the fair value of the Company to fall below carrying value. As of September 30, 2024, goodwill includes an accumulated impairment charge of $148.1 million.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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