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 six months ended June 30, 2025.

The following table summarizes the changes in the carrying value of the Company’s goodwill balance during the six months ended June 30, 2025 (in thousands):


	Goodwill
Balance as of December 31, 2024	$	569,668

Envato measurement period adjustment	1,588
Foreign currency translation adjustment	3,993

Balance as of June 30, 2025	$	575,249

Intangible assets, all of which are subject to amortization, consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):


	As of June 30, 2025							As 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	$	106,931	$	(41,004)	$	65,927	11	$	103,130	$	(34,847)	$	68,283
Trade name	69,820		(16,367)		53,453		11	68,980		(12,941)		56,039
Developed technology	180,408		(101,555)		78,853		5	176,560		(86,140)		90,420
Acquired content	80,068		(40,334)		39,734		8	69,574		(35,917)		33,657

Patents	259		(189)		70		18	259		(181)		78

Total	$	437,486	$	(199,449)	$	238,037		$	418,503	$	(170,026)	$	248,477

Amortization expense was $11.7 million and $11.0 million for the three months ended June 30, 2025 and 2024, respectively, and $23.8 million and $22.0 million for the six months ended June 30, 2025 and 2024, respectively. Cost of revenue included amortization expense of $10.2 million and $10.0 million for the three months ended June 30, 2025 and 2024, respectively, and $20.7 million and $20.0 million for the six months ended June 30, 2025 and 2024, respectively. General and administrative expense included amortization expense of $1.5 million and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, and $3.1 million and $2.0 million for the six months ended June 30, 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: $23.7 million for the remaining six months of 2025, $45.3 million in 2026, $38.8 million in 2027, $35.9 million in 2028, $29.1 million in 2029, $17.7 million in 2030 and $47.6 million thereafter.