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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Goodwill The following table summarizes the activity in the carrying value of goodwill by reporting unit for the six months ended June 30, 2022 (in thousands):
|  | Ecommerce |  |  | Wholesale |  |  | TDA |  |  | Total |
Balance as of December 31, 2021 |  | $ | 152,876 |  |  | $ | 1,720 |  |  | $ | 4,221 |  |  | $ | 158,817 |
Acquisition |  |  | 42,886 |  |  |  | — |  |  |  | — |  |  |  | 42,886 |
Goodwill impairment charge |  |  | (195,762 | ) |  |  | (1,720 | ) |  |  | (4,221 | ) |  |  | (201,703 | )
Balance as of June 30, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
There was no goodwill as of June 30, 2023. As of March 31, 2022, a quantitative interim goodwill impairment assessment was performed over the Company's reporting units due to further sustained declines in the Company's and comparable companies' stock prices during the three months ended March 31, 2022. The Company estimated the fair value of the Ecommerce, Wholesale, and TDA reporting units using the discounted cash flow method under the income approach. The significant assumptions used in the valuation include revenue growth rates, future gross profit margins and operating expenses used to calculate projected future cash flows, determination of the weighted average cost of capital, and future economic and market conditions. The terminal value is based on an exit revenue multiple which requires significant assumptions regarding the selection of appropriate multiples that consider relevant market trading data. The Company bases its estimates and assumptions on its knowledge of the automotive and ecommerce industries, recent performance, expectations of future performance and other assumptions the Company believe to be reasonable. The Company determined that the estimated fair value of the Ecommerce, Wholesale, and TDA reporting units was less than their carrying amounts. The Company recorded a goodwill impairment charge of $201.7 million in the condensed consolidated statements of operations for the six months ended June 30, 2022. Refer to Note 5 – Acquisition for more information related to the acquisition that occurred in the six months ended June 30, 2022. Intangible Assets Intangible assets, net consisted of the following (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Carrying Value |  |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Carrying Value |
Developed and purchased technology |  | $ | 108,700 |  |  | $ | (29,552 | ) |  | $ | 79,148 |  |  | $ | 108,700 |  |  | $ | (21,053 | ) |  | $ | 87,647 |
Customer relationships |  |  | 69,400 |  |  |  | (12,999 | ) |  |  | 56,401 |  |  |  | 69,400 |  |  |  | (8,661 | ) |  |  | 60,739 |
Trademarks and trade names |  |  | 12,200 |  |  |  | (2,350 | ) |  |  | 9,850 |  |  |  | 12,200 |  |  |  | (1,676 | ) |  |  | 10,524 |
Total intangible assets |  | $ | 190,300 |  |  | $ | (44,901 | ) |  | $ | 145,399 |  |  | $ | 190,300 |  |  | $ | (31,390 | ) |  | $ | 158,910 |
Refer to Note 5 – Acquisition for more information related to the acquisition that occurred in the six months ended June 30, 2022. Amortization expense for intangible assets was $6.8 million and $6.8 million for the three months ended June 30, 2023 and 2022, respectively, and $13.5 million and $11.8 million for the six months ended June 30, 2023 and 2022, respectively. The estimated amortization expense for intangible assets subsequent to June 30, 2023, consists of the following (in thousands):
Year Ending December 31: |  |  |
For remainder of 2023 |  | $ | 13,511 |
2024 |  |  | 27,022 |
2025 |  |  | 27,022 |
2026 |  |  | 21,979 |
2027 |  |  | 21,882 |
Thereafter |  |  | 33,983 |
|  | $ | 145,399 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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