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Goodwill and Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in Carrying amount of Goodwill

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

 
Summary of Intangible Assets, Net

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

 

 

 

 
Summary of Amortization of Intangible Assets with Definite Lives

As of September 30, 2024, amortization of intangible assets with definite lives is estimated to be as follows (in thousands):

 

Remainder of 2024

 

$

16,281

 

2025

 

 

18,260

 

2026

 

 

10,655

 

2027

 

 

8,346

 

2028 and thereafter

 

 

9,870

 

Total

 

$

63,412