GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill
As of December 31, 2025 and 2024 the carrying amount of the Company's total goodwill was $555,931.
Intangible Assets, Net
Definite-lived intangible assets, net consist of the following:
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| | Gross Fair | | Accumulated | | Net Book |
| December 31, 2025 | | Value | | Amortization | | Value |
| Merchant/Network affiliate relationships | | $ | 146,547 | | | $ | (141,119) | | | $ | 5,428 | |
| Technology | | 74,193 | | | (66,549) | | | 7,644 | |
| Publisher relationships | | 42,934 | | | (42,934) | | | — | |
| Tradenames | | 24,397 | | | (24,131) | | | 266 | |
| Customer relationship | | 13,473 | | | (12,886) | | | 587 | |
| Total | | $ | 301,544 | | | $ | (287,619) | | | $ | 13,925 | |
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| | Gross Fair | | Accumulated | | Net Book |
| December 31, 2024 | | Value | | Amortization | | Value |
| Merchant/Network affiliate relationships | | $ | 146,547 | | | $ | (108,558) | | | $ | 37,989 | |
| Technology | | 74,193 | | | (55,039) | | | 19,154 | |
| Publisher relationships | | 42,934 | | | (35,778) | | | 7,156 | |
| Tradenames | | 24,097 | | | (24,097) | | | — | |
| Customer relationship | | 13,473 | | | (12,705) | | | 768 | |
| Total | | $ | 301,244 | | | $ | (236,177) | | | $ | 65,067 | |
Amortization expenses for intangible assets were $51,442, $60,518 and $63,888 for the years ended December 31, 2025, 2024 and 2023, respectively.
The estimated future amortization expense of definite-lived intangible assets as of December 31, 2025, is as follows:
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| Year Ending December 31, | | |
| 2026 | | $ | 13,391 | |
| 2027 | | 236 | |
| 2028 | | 112 | |
| 2029 and thereafter | | 186 | |
| Total | | $ | 13,925 | |
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.