Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of the goodwill for the six months ended June 30, 2025 (in thousands):


	Amount
Ending balance as of December 31, 2024	$	2,326,831
Foreign currency translation adjustment	65,002
Ending Balance as of June 30, 2025	$	2,391,833

Goodwill represents the excess of consideration paid over the estimated fair value of net tangible and identifiable intangible assets acquired in business combinations.

Intangible Assets

The carrying amounts of the intangible assets other than goodwill as of June 30, 2025 and December 31, 2024 are as follows (in thousands):


	June 30, 2025						December 31, 2024
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Customer relationships	$	2,163,568	$	(1,653,369)	$	510,199	$	2,153,972	$	(1,603,568)	$	550,404
Other intangible assets:
Acquired developed and core technology	880,923		(876,050)		4,873		880,662		(874,981)		5,681
Total intangible assets, net	$	3,044,491	$	(2,529,419)	$	515,072	$	3,034,634	$	(2,478,549)	$	556,085

The Company amortizes its intangible assets over their remaining estimated useful life using cash flow projections, revenue projections, or the straight-line method. Total amortization expense related to intangible assets was $25.5 million and $32.7 million for the three months ended June 30, 2025 and 2024, respectively. Total amortization expense related to intangible assets was $50.9 million and $65.5 million for the six months ended June 30, 2025 and 2024, respectively.

The allocation of the amortization of intangible assets for the periods indicated below is as follows (in thousands):


	Three Months Ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cost of revenues	$	538	$	1,027	$	1,069	$	2,061
Operating expenses	25,010		31,718		49,801		63,457
Total amortization of intangible assets	$	25,548	$	32,745	$	50,870	$	65,518

Certain intangible assets are recorded in foreign currencies; and therefore, the gross carrying amount and accumulated amortization are subject to foreign currency translation adjustments.

As of June 30, 2025, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows (in thousands):


	Customer Relationships Intangible Asset		Other Intangible Assets		Total Intangible Assets

Remaining 2025	$	50,360	$	1,085	$	51,445
2026	87,557		1,470		89,027
2027	75,961		729		76,690
2028	65,996		573		66,569
2029	57,291		358		57,649
Thereafter	173,034		658		173,692
Total expected amortization expense	$	510,199	$	4,873	$	515,072