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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company’s goodwill balance is attributable to its Content reporting unit and is tested for impairment annually on October 1 or upon a triggering event. No triggering events were identified during the nine months ended September 30, 2023. The following table summarizes the changes in the Company’s goodwill balance during the nine months ended September 30, 2023 (in thousands):
| Goodwill |  |  |  |
Balance as of December 31, 2022 | $ | 381,920 |  |  |  |  |
Foreign currency translation adjustment | 246 |  |  |  |  |
Balance as of September 30, 2023 | $ | 382,166 |  |  |  |  |
Intangible Assets Intangible assets consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):
| As of September 30, 2023 |  |  |  | As of December 31, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted Average Life (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Amortizing intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 89,067 |  |  | $ | (24,686) |  |  | $ | 64,381 |  |  | 12 |  | $ | 88,996 |  |  | $ | (19,168) |  |  | $ | 69,828 |
Trade name | 37,644 |  |  | (8,478) |  |  | 29,166 |  |  | 12 |  | 16,588 |  |  | (7,209) |  |  | 9,379 |
Developed technology | 116,582 |  |  | (54,769) |  |  | 61,813 |  |  | 4 |  | 94,872 |  |  | (35,288) |  |  | 59,584 |
Contributor content | 64,089 |  |  | (25,762) |  |  | 38,327 |  |  | 8 |  | 54,284 |  |  | (20,098) |  |  | 34,186 |
Patents | 259 |  |  | (161) |  |  | 98 |  |  | 18 |  | 259 |  |  | (149) |  |  | 110 |
Total | $ | 307,641 |  |  | $ | (113,856) |  |  | $ | 193,785 |  |  |  |  | $ | 254,999 |  |  | $ | (81,912) |  |  | $ | 173,087 |
Amortization expense was $11.7 million and $9.5 million for the three months ended September 30, 2023 and 2022, respectively, and $31.7 million and $24.8 million for the nine months ended September 30, 2023 and 2022, respectively. Cost of revenue included amortization expense of $10.8 million and $8.9 million for the three months ended September 30, 2023 and 2022, respectively, and $29.4 million and $23.1 million for the nine months ended September 30, 2023 and 2022, respectively. General and administrative expense included amortization expense of $1.0 million and $0.6 million for the three months ended September 30, 2023 and 2022, respectively, and $2.3 million and $1.7 million for the nine months ended September 30, 2023 and 2022, respectively. The Company determined that there was no indication of impairment of the intangible assets for any period presented. Estimated amortization expense is: $11.6 million for the remaining three months of 2023, $39.9 million in 2024, $29.4 million in 2025, $27.2 million in 2026, $18.3 million in 2027, $13.1 million in 2028 and $54.3 million thereafter.

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