Goodwill and Intangibles, Net Goodwill and intangible assets, net, consist of the following:
| | | | | | | | | | | |
| December 31, |
| 2025 | | 2024 |
| Goodwill | $ | 275,703 | | | $ | 275,703 | |
| Intangible assets with definite lives, net | — | | | 4,028 | |
| Intangible assets with indefinite lives | 65,844 | | | 65,844 | |
| $ | 341,547 | | | $ | 345,575 | |
The indefinite-lived intangible asset of $65,844 as of December 31, 2025, and 2024, represents the Grindr tradename.
As of December 31, 2025 and 2024, intangible assets with definite lives consist of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2025 |
| Gross Carrying Value | | Accumulated Amortization | | Net | | Weighted Average Useful Life |
| Customer relationships | $ | 94,874 | | | $ | (94,874) | | | $ | — | | | 5 years |
| Technology | 37,041 | | | (37,041) | | | — | | | 3 years |
| $ | 131,915 | | | $ | (131,915) | | | $ | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2024 |
| Gross Carrying Value | | Accumulated Amortization | | Net | | Weighted Average Useful Life |
| Customer relationships | $ | 94,874 | | | $ | (90,846) | | | $ | 4,028 | | | 5 years |
| Technology | 37,041 | | | (37,041) | | | — | | | 3 years |
| $ | 131,915 | | | $ | (127,887) | | | $ | 4,028 | | | |
The weighted average estimated remaining life for customer relationships was 0.5 years as of December 31, 2024.
Intangible assets amortization expense was $4,028, $12,460, and $22,212 for the years ended December 31, 2025, 2024, and 2023, respectively.
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.