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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in carrying amounts of goodwill for the nine months ended September 30, 2025 are as follows (in thousands):
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Consolidated
Balance as of January 1, 2025 | $ | 322,057 |  |  | $ | 68,301 |  |  | $ | 403,056 |  |  | $ | 256,942 |  |  | $ | 529,902 |  |  | $ | 1,580,258 |
Goodwill acquired (Note 3) | — |  |  | 11,743 |  |  | 508 |  |  | 401 |  |  | 17,666 |  |  | 30,318 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | (17,579) |  |  | (17,579) |
Purchase accounting adjustments (1) | (291) |  |  | 48 |  |  | — |  |  | — |  |  | 123 |  |  | (120) |
Foreign exchange translation | 18 |  |  | 588 |  |  | 971 |  |  | 2,855 |  |  | 8,875 |  |  | 13,307 |
Balance as of September 30, 2025 | $ | 321,784 |  |  | $ | 80,680 |  |  | $ | 404,535 |  |  | $ | 260,198 |  |  | $ | 538,987 |  |  | $ | 1,606,184 |
(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior year business acquisitions (see Note 3 — Business Acquisitions). During the three and nine months ended September 30, 2025, the Company performed quantitative fair value tests of all of its reporting units following a sustained decline in the Company’s stock price. Based on the quantitative fair value tests, the carrying value of one reporting unit within the Cybersecurity & Martech reportable segment exceeded its fair value, and the Company recorded an impairment of approximately $17.6 million during the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 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 reductions in revenue or 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 three and nine months ended September 30, 2024. In each period, the fair value of the reporting units 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. As the 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 September 30, 2025 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment and $17.6 million in the Cybersecurity & Martech reportable segment. Goodwill as of December 31, 2024 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment. Intangible Assets Subject to Amortization As of September 30, 2025, intangible assets subject to amortization relate primarily to the following (in thousands):
| Historical Cost |  | Accumulated Amortization |  | Net
Trade names and trademarks | $ | 391,733 |  |  | $ | 254,573 |  |  | $ | 137,160 |
Customer relationships | 829,220 |  |  | 636,425 |  |  | 192,795 |
Other purchased intangibles | 421,461 |  |  | 376,095 |  |  | 45,366 |
Total | $ | 1,642,414 |  |  | $ | 1,267,093 |  |  | $ | 375,321 |
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 |
Amortization expense, included in ‘Depreciation and amortization’ in our Condensed Consolidated Statements of Operations, was approximately $31.3 million and $28.5 million for the three months ended September 30, 2025 and 2024, respectively, and $90.7 million and $82.5 million for the nine months ended September 30, 2025 and 2024, 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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