Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets, net consisted of the following:


(in millions)	Indefinite- lived trade names		Customer relationship intangibles			Definite- lived trade names			Acquired Technology			Acquired Content			Computer software			Capitalized software in progress		Total Intangible Assets
Gross carrying amount at September 30, 2025	$	45.7	$	394.4		$	112.1		$	8.4		$	2.6		$	51.6		$	1.7	$	616.5
Accumulated amortization		—		(352.9	)		(32.5	)		(6.3	)		(1.8	)		(32.4	)		—		(425.9	)
Net carrying amount at September 30, 2025	$	45.7	$	41.5		$	79.6		$	2.1		$	0.8		$	19.2		$	1.7	$	190.6

Gross carrying amount at December 31, 2024	$	45.7	$	363.6		$	92.3		$	8.4		$	2.6		$	45.1		$	2.3	$	560.0
Accumulated amortization		—		(343.5	)		(27.6	)		(5.7	)		(1.4	)		(25.9	)		—		(404.1	)
Net carrying amount at December 31, 2024	$	45.7	$	20.1		$	64.7		$	2.7		$	1.2		$	19.2		$	2.3	$	155.9

Amortization expense for the three and nine months ended September 30, 2025 was $8.4 million and $22.0 million, respectively. Amortization expense for the three and nine months ended September 30, 2024 was $6.8 million and $20.4 million, respectively.

Impairment of Indefinite-Lived Intangible Assets

During the three months ended September 30, 2024, the Company identified an interim impairment trigger for two of its indefinite-lived intangible assets due to the cancellation of certain events that were not contributing to profitability. As a result, the Company performed a quantitative analysis utilizing the “relief from royalty payments” method with assumptions that are considered level 3 inputs. As a result of performing the interim impairment assessment, the Company recognized impairment charges of $6.3 million to certain indefinite-lived trade name intangible assets during the three and nine months ended September 30, 2024 related to the Connections reportable segment. The impairment charges are recorded in intangible asset impairment charges on the condensed consolidated statements of loss.

Goodwill

The table below summarizes the changes in the carrying amount of goodwill for each reportable segment:


	Reportable Segment
(in millions)	Connections		All Other		Total
Balance at December 31, 2024	$	538.2	$	35.6	$	573.8
Acquired goodwill		205.8		—		205.8
Foreign currency translation		1.8		—		1.8
Balance at September 30, 2025	$	745.8	$	35.6	$	781.4