Goodwill and Intangible Assets
Goodwill
As of December 31, 2025 and 2024, the Company’s goodwill was $670.4 million. The Company did not record an impairment charge on goodwill for the fiscal years ended December 31, 2025, 2024 and 2023.
Intangible Assets, net
As of December 31, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2025 | | As of December 31, 2024 |
| | Gross carrying value | | Accumulated amortization | | Net carrying value | | Gross carrying value | | Accumulated amortization | | Net carrying value |
| | (in thousands) |
| Intangible assets: | | | | | | | | | | | | |
| Customer relationships | | $ | 69,100 | | | $ | (45,347) | | | $ | 23,753 | | | $ | 69,860 | | | $ | (37,364) | | | $ | 32,496 | |
| Developed technology | | 49,500 | | | (49,500) | | | — | | | 50,130 | | | (42,482) | | | 7,648 | |
| Trade names | | 3,300 | | | (3,300) | | | — | | | 3,910 | | | (3,694) | | | 216 | |
| Internet protocol addresses | | 4,984 | | | (2,966) | | | 2,018 | | | 4,984 | | | (2,468) | | | 2,516 | |
| Total intangible assets | | $ | 126,884 | | | $ | (101,113) | | | $ | 25,771 | | | $ | 128,884 | | | $ | (86,008) | | | $ | 42,876 | |
The Company’s customer relationships, developed technology, trade names and Internet protocol addresses represent intangible assets subject to amortization. Amortization expense was $16.8 million, $19.6 million and $20.4 million, for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company did not purchase any intangible assets during the years ended December 31, 2025, 2024 and 2023.
The Company recorded an impairment charge of $0.3 million for the year ended December 31, 2025 related to the write-off of intangible assets no longer in use. The Company did not record an impairment charge on its intangible assets for either of the years ended December 31, 2024 or 2023.
The expected amortization expense of intangible assets subject to amortization as of December 31, 2025 is as follows:
| | | | | |
| As of December 31, 2025 |
| (in thousands) |
| Year ending December 31, | |
| 2026 | $ | 9,064 | |
| 2027 | 9,051 | |
| 2028 | 6,891 | |
| 2029 | 378 | |
| 2030 | 281 | |
| Thereafter | 106 | |
| Total | $ | 25,771 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.