Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets deemed to have an indefinite life are not amortized, but are reviewed annually for impairment of value or when indicators of a potential impairment are present. As part of the Company’s business planning cycle, the Company performs an annual goodwill impairment test in the fourth quarter of the fiscal year. There were no indications of impairment of goodwill noted as of September 30, 2025. In March 2025, the Company recorded $252.1 million to goodwill related to the acquisition of MANTL under the preliminary purchase price allocation. For the nine months ended September 30, 2025, the Company adjusted goodwill related to the acquisition of MANTL to $255.4 million. See Note 3 for further information. Goodwill has a carrying value of $403.4 million and $148.1 million as of September 30, 2025 and December 31, 2024, respectively.

Total intangibles assets consisted of the following as of September 30, 2025 and December 31, 2024:


	As of September 30, 2025
(in thousands)	Carrying Value		Accumulated Amortization		Net Carrying Value
Finite-lived:
Customer Relationships	$	92,800	$	(7,767)	$	85,033
Developed Technology	99,200		(24,550)		74,650
Tradenames	6,450		(596)		5,854
Total amortizable intangible assets	198,450		(32,913)		165,537
Website domain name (Indefinite-lived)	25		—		25
Total intangible assets	$	198,475	$	(32,913)	$	165,562


	As of December 31, 2024
(in thousands)	Carrying Value		Accumulated Amortization		Net Carrying Value
Finite-lived:
Customer Relationships	$	20,470	$	(4,185)	$	16,285
Developed Technology	27,700		(15,502)		12,198
Tradenames	750		(237)		513
Total amortizable intangible assets	48,920		(19,924)		28,996
Website domain name (Indefinite-lived)	25		—		25
Total intangible assets	$	48,945	$	(19,924)	$	29,021

Amortization expense recognized on intangible assets was $6.7 million and $15.7 million for the three and nine months ended September 30, 2025, respectively, and $1.7 million and $5.1 million for the three and nine months ended September 30, 2024, respectively.

In March 2025, due to the acquisition of MANTL, the Company assessed all of the assets of MK Decisioning Systems, LLC for potential impairment and determined that $1.2 million of developed technology intangible assets, $0.1 million of customer relationship intangible assets, as well as $0.4 million of capitalized software development costs included in property and equipment, net, would not have future economic benefit and the value of the intangible assets was written off, resulting in a loss on impairment of $1.7 million. This non-cash charge was recorded to loss on impairment of intangible assets and is included in the condensed consolidated statements of operations for the nine months ended September 30, 2025. No impairment was identified for goodwill or any other assets.

The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands):


2025 (three months remaining)	6,620
2026	26,478
2027	23,614
2028	21,887
2029	21,887
Thereafter	65,051
	$	165,537