Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of purchase consideration in a business combination over the fair value of tangible and intangible assets acquired net of the liabilities assumed. All goodwill relates to the platform segment.

The following table reflects the changes in the carrying value of goodwill (in thousands):

	Carrying Value
Balance as of December 31, 2020	$	73,058
Additions
This Old House acquisition	46,671
Nielsen AVA business acquisition	36,790
Other immaterial acquisition	5,000
Balance as of December 31, 2021	$	161,519
Balance as of December 31, 2022	$	161,519

Goodwill is evaluated for impairment annually. No impairment was recognized during the years ended December 31, 2022, 2021, and 2020.

Intangible Assets

The following tables summarize the Company’s intangible assets for the periods presented (in thousands, except years):

	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Useful Lives (in years)
Developed technology	$	73,367	$	(37,278)	$	36,089	5.9
Customer relationships	14,100		(10,920)		3,180		4.0
Tradename	20,400		(3,966)		16,434		9.8
Patents	4,076		(898)		3,178		14.0
Total Intangible assets	$	111,943	$	(53,062)	$	58,881	6.7

	As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Useful Lives (in years)
Developed technology	$	73,367	$	(25,350)	$	48,017	5.9
Customer relationships	14,100		(7,395)		6,705		4.0
Tradename	20,400		(1,966)		18,434		9.8
Patents	4,076		(606)		3,470		14.0
Intangible assets subject to amortization	$	111,943	$	(35,317)	$	76,626	6.7
IPR&D technology	7,500		—		7,500
Total Intangible assets	$	119,443	$	(35,317)	$	84,126

In the fourth quarter of 2022, the Company recognized an impairment charge of $7.5 million as part of its restructuring efforts related to the abandonment of future development of certain technology assets. See Note 15 for details.

The Company recorded expenses of $17.7 million, $17.3 million, and $14.5 million for amortization of intangible assets during the years ended December 31, 2022, 2021, and 2020, respectively. During the years ended December 31, 2022, 2021, and 2020, the Company recorded amortization of developed technology in Cost of revenue, platform and Research and development expenses. The Company recorded amortization of customer relationships and tradename in Sales and marketing expenses, and recorded amortization of patents in General and administrative expenses in the consolidated statements of operations.

As of December 31, 2022, the estimated future amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands):

Year Ending December 31,
2023	$	17,066
2024	14,275
2025	12,571
2026	4,074
2027	2,737
Thereafter	8,158
Total	$	58,881