Goodwill represents the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses.

The changes in the carrying amount of goodwill during the six months ended June 30, 2026 were as follows (in thousands):


	Total
Balance as of December 31, 2025	$	15,530
Acquisitions	12,468
Balance as of June 30, 2026	$	27,998

Identifiable intangible assets acquired in business combinations are recorded based upon fair value at the date of acquisition. Carrying values are adjusted to reflect the impacts of foreign currency.

Intangible assets, net consisted of the following as of June 30, 2026 (in thousands):


	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Developed technology	4.5	$	39,749	$	6,225	$	33,524
Customer relationships	23.8	255		12		243
Trade names	4.3	835		97		738
Balance as of June 30, 2026		$	40,839	$	6,334	$	34,505

Developed technology intangible assets are being amortized over 5 to 15 years. Customer relationships are being amortized over 25 years. Trade name intangible assets are being amortized over 4 to 10 years.

The Company recorded amortization expense associated with intangible assets of $2.0 million and $3.8 million for the three and six months ended June 30, 2026, respectively. An insignificant amount of amortization expense associated with intangible assets was recognized during the three and six months ended June 30, 2025.

The estimated future amortization expense of intangible assets as of June 30, 2026 is as follows (in thousands):


Year Ending December 31,	Amortization Expense
Remainder of 2026	$	3,903
2027	7,807
2028	7,807
2029	7,807
2030	5,206
Thereafter	1,975
Total estimated future amortization expense	$	34,505