v3.25.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
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 three months ended March 31, 2025.
The following table summarizes the changes in the carrying value of the Company’s goodwill balance during the three months ended March 31, 2025 (in thousands):
 Goodwill
Balance as of December 31, 2024$569,668 
Goodwill related to acquisitions— 
Envato measurement period adjustment1,588 
Foreign currency translation adjustment1,164 
Balance as of March 31, 2025$572,420 
Intangible Assets
Intangible assets, all of which are subject to amortization, consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):
 As of March 31, 2025As of December 31, 2024
 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$104,217 $(37,590)$66,627 11$103,130 $(34,847)$68,283 
Trade name69,223 (14,578)54,645 1168,980 (12,941)56,039 
Developed technology177,671 (93,398)84,273 5176,560 (86,140)90,420 
Contributor content70,623 (37,964)32,659 869,574 (35,917)33,657 
Patents259 (185)74 18259 (181)78 
Total$421,993 $(183,715)$238,278  $418,503 $(170,026)$248,477 
Amortization expense was $12.1 million and $11.0 million for the three months ended March 31, 2025 and 2024, respectively. Of these amounts, $10.5 million and $10.0 million are included in cost of revenue for the three months ended March 31, 2025 and 2024, respectively, and $1.6 million and $1.0 million are included in general and administrative expense for the three months ended March 31, 2025 and 2024, respectively.
The Company determined that there was no indication of impairment of the intangible assets for any period presented. Estimated amortization expense is: $34.2 million for the remaining nine months of 2025, $43.5 million in 2026, $37.3 million in 2027, $34.5 million in 2028, $27.8 million in 2029, $16.4 million in 2030 and $44.4 million thereafter.