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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in carrying amounts of goodwill for the years ended December 31, 2024 and 2023 are as follows (in thousands):
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Consolidated
Balance as of January 1, 2023 | $ | 346,684 |  |  | $ | 61,644 |  |  | $ | 399,982 |  |  | $ | 257,679 |  |  | $ | 525,485 |  |  | $ | 1,591,474 |
Goodwill acquired (Note 4) | 3,849 |  |  | — |  |  | 2,602 |  |  | — |  |  | — |  |  | 6,451 |
Goodwill impairment | (56,850) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (56,850) |
Purchase accounting adjustments (1) | 215 |  |  | (219) |  |  | (72) |  |  | 4 |  |  | — |  |  | (72) |
Foreign exchange translation | (246) |  |  | 60 |  |  | 745 |  |  | 803 |  |  | 3,700 |  |  | 5,062 |
Balance as of December 31, 2023 | $ | 293,652 |  |  | $ | 61,485 |  |  | $ | 403,257 |  |  | $ | 258,486 |  |  | $ | 529,185 |  |  | $ | 1,546,065 |
Goodwill acquired (Note 4) | 117,855 |  |  | 6,811 |  |  | — |  |  | — |  |  | 4,532 |  |  | 129,190 |
Goodwill removed due to sale of business (2) | (3,983) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,983) |
Goodwill impairment | (85,273) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (85,273) |
Foreign exchange translation | (194) |  |  | 5 |  |  | (201) |  |  | (1,544) |  |  | (3,815) |  |  | (5,741) |
Balance as of December 31, 2024 | $ | 322,057 |  |  | $ | 68,301 |  |  | $ | 403,056 |  |  | $ | 256,942 |  |  | $ | 529,902 |  |  | $ | 1,580,258 |
(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions (see Note 4 — Business Acquisitions). (2)During the year ended December 31, 2024, in a cash transaction, the Company sold an international business at Technology & Shopping, which resulted in $4.0 million of goodwill being removed in connection with this sale. During the year ended December 31, 2024, the Company reassessed the fair value of certain reporting units within the Technology & Shopping, Health & Wellness, and Cybersecurity & Martech reportable segments as a result of a sustained decline in the Company’s stock price, and forecasted reduction in revenue and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) in certain of its reporting units. Based on the quantitative fair value test of two reporting units within the Technology & Shopping reportable segment, the carrying value of the reporting units exceeded their fair value, and the Company recorded an impairment of approximately $85.3 million during the year ended December 31, 2024. During the year ended December 31, 2023, the Company reassessed the fair value of certain reporting units within the Technology & Shopping reportable segment as a result of forecasted reduction in revenue and EBITDA in the reporting unit, as well as an increase in interest rates and market volatility that could affect the Company’s assumptions on its discount rates. Based on the quantitative fair value test, the carrying value of the reporting unit exceeded its fair value, and the Company recorded an impairment of approximately $56.9 million during the year ended December 31, 2023. During each period, the fair value of the relevant reporting unit was determined using an equal weighting of an income approach that was based on the discounted estimated future cash flows of the reporting unit and a market approach that uses the guideline public company approach. We believe the combination of these approaches provides an appropriate valuation because it incorporates the expected cash generation of the reporting unit in addition to how a third-party market participant would value the reporting unit based on public and private market information. As each business is assumed to continue in perpetuity, the discounted future cash flows include a terminal value. Determining fair value using a discounted estimated future cash flow analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the discounted cash flow analyses were based on the most recent forecast for the reporting unit. For years beyond the forecast period, the estimates were based, in part, on forecasted growth rates. The discount rate the Company used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. Determining fair value using a market approach considers multiples of financial metrics based on trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of the reporting unit. Goodwill as of December 31, 2024 and 2023 reflects accumulated impairment losses of $169.5 million and $84.2 million, respectively, in the Technology & Shopping reportable segment. Intangible Assets Subject to Amortization As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
| Historical Cost |  | Accumulated Amortization |  | Net
Trade names and trademarks | $ | 375,449 |  |  | $ | 222,430 |  |  | $ | 153,019 |
Customer relationships | 836,254 |  |  | 620,926 |  |  | 215,328 |
Other purchased intangibles | 421,128 |  |  | 363,726 |  |  | 57,402 |
Total | $ | 1,632,831 |  |  | $ | 1,207,082 |  |  | $ | 425,749 |
As of December 31, 2023, intangible assets subject to amortization relate primarily to the following (in thousands):
| Historical Cost |  | Accumulated Amortization |  | Net
Trade names and trademarks | $ | 347,895 |  |  | $ | 192,111 |  |  | $ | 155,784 |
Customer relationships | 692,634 |  |  | 555,384 |  |  | 137,250 |
Other purchased intangibles | 379,703 |  |  | 347,331 |  |  | 32,372 |
Total | $ | 1,420,232 |  |  | $ | 1,094,826 |  |  | $ | 325,406 |
Expected amortization expenses for intangible assets subject to amortization at December 31, 2024 are as follows (in thousands):
Fiscal Year: |
2025 | $ | 114,658 |
2026 | 96,383 |
2027 | 73,690 |
2028 | 49,319 |
2029 | 32,343 |
Thereafter | 59,356 |
Total expected amortization expense | $ | 425,749 |
Amortization expense included in ‘Depreciation and amortization’ on our Consolidated Statements of Operations was approximately $117.5 million, $144.9 million, and $156.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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