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):

Goodwill is evaluated for impairment annually. No impairment was recognized during the years ended December 31, 2020, 2019 and 2018.

Intangible Assets

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

The Company recorded expenses of $14.5 million, $2.8 million and $0.6 million for amortization of intangible assets during the years ended December 31, 2020, 2019 and 2018, respectively. In the years ended December 31, 2020 and 2019, the Company recorded amortization of developed technology in Cost of revenue, platform, Cost of revenue, player, Research and development, and General and administrative expenses and recorded amortization of customer relationships and tradename in Sales and marketing expenses in the consolidated statements of operations. In the year ended December 31, 2018, the Company recorded amortization of developed technology in Research and development expenses in the consolidated statements of operations.

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