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. All goodwill relates to the Company’s platform segment.

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

Intangible Assets

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

The Company recorded expenses of $4.7 million and $3.6 million for amortization of intangible assets during the three months ended June 30, 2021 and 2020, respectively. The Company recorded expenses of $8.4 million and $7.4 million for amortization of intangible assets during the six months ended June 30, 2021 and 2020, respectively. During the three and six months ended June 30, 2021 and 2020, the Company recorded amortization of developed technology in Cost of revenue, platform, Cost of revenue, player and Research and development expenses, recorded amortization of customer relationships and tradenames in Sales and marketing expenses, and recorded amortization of patents in General and administrative expenses in the condensed consolidated statements of operations.

As of June 30, 2021, the estimated future amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands):