v3.24.3
Goodwill and Other Asset Impairments (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

As of September 30, 2024 and December 31, 2023, intangible assets consist of the following:

 

 

 

As of September 30, 2024

 

 

 

Weighted
Average
Remaining
Useful Life
(years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Accumulated Impairment

 

 

Net Carrying
Amount

 

Brand

 

 

6.4

 

 

$

32,212

 

 

$

12,285

 

 

$

7,538

 

 

$

12,389

 

Customer relationships

 

 

—

 

 

 

19,870

 

 

 

19,870

 

 

 

—

 

 

 

—

 

Developed technology

 

 

—

 

 

 

65,212

 

 

 

64,565

 

 

 

647

 

 

 

—

 

Total

 

 

 

 

$

117,294

 

 

$

96,720

 

 

$

8,185

 

 

$

12,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

Weighted
Average
Remaining
Useful Life
(years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Accumulated Impairment

 

 

Net Carrying
Amount

 

Brand

 

 

7.4

 

 

$

32,193

 

 

$

10,262

 

 

$

—

 

 

$

21,931

 

Customer relationships

 

0.0

 

 

 

19,870

 

 

 

19,620

 

 

 

—

 

 

 

250

 

Developed technology

 

0.0

 

 

 

65,212

 

 

 

63,690

 

 

 

647

 

 

 

875

 

Total

 

 

 

 

$

117,275

 

 

$

93,572

 

 

$

647

 

 

$

23,056

 
Summary of Estimated Amortization Expense of Intangible Assets

As of September 30, 2024, estimated amortization expense of intangible assets for future periods is as follows:

 

Year Ending December 31,

 

Amortization
Expense

 

Remainder of 2024

 

$

509

 

2025

 

 

2,035

 

2026

 

 

2,035

 

2027

 

 

2,035

 

2028

 

 

2,035

 

2029

 

 

1,410

 

Thereafter

 

 

2,330

 

Total

 

$

12,389

 
Summary of Changes in Carrying Value of Goodwill

As of September 30, 2024, changes in the carrying value of goodwill are as follows:

 

 

 

U.S. Marketplace

 

 

Digital Wholesale

 

 

Other

 

 

Total

 

Balance as of December 31, 2023

 

$

12,477

 

 

$

130,451

 

 

$

14,970

 

 

$

157,898

 

Impairment of goodwill

 

 

—

 

 

 

(115,206

)

 

 

—

 

 

 

(115,206

)

Other (1)

 

 

—

 

 

 

4,323

 

 

 

—

 

 

 

4,323

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

205

 

 

 

205

 

Balance as of September 30, 2024

 

$

12,477

 

 

$

19,568

 

 

$

15,175

 

 

$

47,220

 
(1)
As of September 30, 2024, the Company recognized an immaterial adjustment to goodwill and additional paid-in-capital, associated with the acquisitions of its equity interests in CarOffer.