PLAYSTUDIOS, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET

INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET

NOTE 10—INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET

Intangible Assets

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset other than goodwill:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable intangible assets:
Licenses	$	75,723	$	(26,340)	$	49,383	$	71,908	$	(19,457)	$	52,451
Acquired technology	15,003		(5,331)		9,672		15,003		(3,831)		11,172
Customer relationships	12,000		(4,200)		7,800		12,000		(3,000)		9,000
Trade names	2,740		(1,503)		1,237		2,740		(1,428)		1,312
Internal-use software	178,875		(143,488)		35,387		168,232		(132,375)		35,857
Other	184		(8)		176		145		(4)		141
	284,525		(180,870)		103,655		270,028		(160,095)		109,933
Nonamortizable intangible assets:
Marketing Agreement with a related party	1,000		—		1,000		1,000		—		1,000
Total intangible assets	$	285,525	$	(180,870)	$	104,655	$	271,028	$	(160,095)	$	110,933

During the three months ended June 30, 2024 and 2023, intangible asset and internal-use software amortization was $10.4 million and $9.7 million, respectively, and during the six months ended June 30, 2024 and 2023, intangible asset and internal-use software amortization was $20.8 million and $19.2 million, respectively. The aggregate amortization expense for amortizable intangible assets and internal-use software is reflected in “Depreciation and amortization” in the Condensed Consolidated Statements of Operations.

There were no impairment charges for intangible assets or internal-use software for the three and six months ended June 30, 2024 and 2023.

As of June 30, 2024, the estimated annual amortization expense is as follows:


Year Ending December 31,	Projected Amortization Expense
Remaining 2024	$	20,303
2025	30,085
2026	22,624
2027	14,717
2028	9,208
Thereafter	6,718
Total	$	103,655