5. 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.

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

(1) Working capital adjustment pursuant to the dataxu acquisition.

Intangible Assets

The following table is the summary of Company’s intangible assets (in thousands):

The Company recorded expenses of $3.6 million and $0.1 million for amortization of intangible assets during the three months ended September 30, 2020 and 2019, respectively. The Company recorded expenses of $10.9 million and $0.4 million for amortization of intangible assets during the nine months ended September 30, 2020 and 2019, respectively. The Company recorded amortization of (i) developed technology in cost of revenue, platform, cost of revenue, player, research and development, and general and administrative expenses in the consolidated statement of operations, (ii) customer relationships and tradename in sales and marketing expenses in the consolidated statement of operations, and (iii) patents in general and administrative expenses in the consolidated statement of operations.

The estimated future amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands):