The changes in the carrying amount of goodwill for the period presented are as follows (in thousands):


	Gross Carrying Amount		Accumulated Impairment Losses			Net Carrying Amount
Balance as of December 31, 2023	$	1,585,750	$	—		$	1,585,750
Impairment charge		—		(197,214	)		(197,214	)
Foreign currency translation adjustment		466		—			466
Balance as of September 30, 2024	$	1,586,216	$	(197,214	)	$	1,389,002

During the three months ended September 30, 2024, the Company identified potential impairment triggering events indicating that the fair value of its reporting unit was more likely than not less than its carrying value. These triggering events included the Company’s revised 2024 outlook and a decrease in the Company’s stock price and market capitalization that was sustained during the third quarter of 2024. In accordance with ASC 350, Intangibles – Goodwill and Other, the Company performed a quantitative goodwill impairment test. The fair value of the reporting unit was estimated using a combination of two approaches, an income approach, employing a discounted cash flow model, and a market approach, employing a guideline public company approach. These valuation approaches require the Company to make various assumptions regarding the timing and amount of expected cash flows, including, but not limited to, the revenue growth rate, the discount rate and valuation multiples. As a result of this impairment test, the Company recognized a goodwill impairment charge of $197.2 million during the three and nine months ended September 30, 2024. The fair value of the Company’s reporting unit was impacted by its revised forecast, as well as adverse macroeconomic factors, including but not limited to, slower economic growth, a higher cost of borrowing, inflationary pressures, and fluctuations in foreign currency exchange rates. There were no impairment charges recorded for the three and nine months ended September 30, 2023.

A summary of the Company’s intangible assets, net is as follows (in thousands):


	September 30, 2024
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment Losses			Net Carrying Amount		Weighted- Average Remaining Useful Life (Years)
Brands - indefinite-lived	$	1,511,269	$	—		$	(811,269	)	$	700,000	Indefinite
Brands - definite-lived		43,736		(7,779	)		(23,854	)		12,103		5.0
Developed technology		266,714		(232,440	)		(1,043	)		33,231		2.1
User base		113,770		(113,388	)		—			382		0.3
White label contracts		33,384		(6,953	)		(26,431	)		—		—
Other		32,867		(14,177	)		—			18,690		3.8
Total Intangible assets, net	$	2,001,740	$	(374,737	)	$	(862,597	)	$	764,406


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment Losses			Net Carrying Amount		Weighted- Average Remaining Useful Life (Years)
Brands - indefinite-lived	$	1,511,269	$	—		$	(141,000	)	$	1,370,269	Indefinite
Brands - definite-lived		43,309		(5,301	)		—			38,008		12.3
Developed technology		249,470		(193,777	)		—			55,693		1.1
User base		113,760		(113,154	)		—			606		0.5
White label contracts		33,384		(6,953	)		(26,431	)		—		—
Other		28,549		(8,835	)		—			19,714		3.9
Total Intangible assets, net	$	1,979,741	$	(328,020	)	$	(167,431	)	$	1,484,290

During the three months ended September 30, 2024, the decline in the Company's stock price and market capitalization indicated that the fair value of the Company's indefinite-lived assets was more likely than not less than its carrying value. The Company evaluated the fair value of its indefinite-lived assets by using the relief from royalty methodology based on management’s assumptions. This valuation approach requires the Company to make various assumptions regarding the timing and amount of expected cash flows, including, but not limited to, the revenue growth rate, royalty rate, and discount rate. As a result, the Company recognized an impairment charge of $670.3 million associated with the indefinite-lived assets during the three and nine months ended September 30, 2024, representing the difference between the carrying value and the fair value of the Company's indefinite-lived intangible assets.

Additionally, the Company assessed the recoverability of our long-lived assets and definite-lived intangible assets at the asset group level and determined that the carrying value of the Fruitz asset group was not recoverable. The Company then evaluated the fair value of the Fruitz asset group using a discounted cash flow method, which required the Company to make various assumptions, including, but not limited to, the revenue growth rate and discount rate. As a result of this impairment test, the Company recognized $24.7 million of impairment charges during the three and nine months ended September 30, 2024. The impairment charges were allocated to the Fruitz asset group on a pro-rata basis based on the carrying amounts of the long-lived assets and definite-lived intangible assets. Additionally, the Company revised the remaining useful life of certain definite-lived intangible assets of Fruitz.

There were no impairment charges recorded for the three and nine months ended September 30, 2023.

On July 1, 2024, the Company completed the acquisition of Geneva Technologies, Inc. (“Geneva”) for total cash consideration of $17.5 million (the “Purchase Consideration”), net of cash acquired. The principal assets of Geneva, which is a pre-revenue company, are a social networking and communications platform for building friendship and community and related intellectual property rights. As substantially all of the fair value of the acquired assets was concentrated in Geneva’s developed technology, the transaction did not meet the definition of a business combination. As such, the Company accounted for this transaction as an asset acquisition in accordance with ASC 805, Business Combinations. The Purchase Consideration was allocated to the acquired assets and liabilities based on their relative fair values, with $17.2 million allocated to developed technology, which will be amortized on a straight-line basis over four years, and $0.3 million allocated to other assets and liabilities.

Amortization expense related to intangible assets, net for the three months ended September 30, 2024 and 2023 was $16.4 million and $14.9 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $47.1 million and $43.8 million, respectively.