| Schedule of Gross Amount, Accumulated Impairment Loss, and Carrying Amount of Goodwill |
The following table presents the gross amount, accumulated impairment loss, and net carrying amount of goodwill as of December 31, 2025 and 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Net |
|
|
Gross Amount |
|
|
Impairment Loss |
|
|
Carrying Amount |
|
Balance as of December 31, 2025 |
|
2,058,753 |
|
|
|
(103,202 |
) |
|
|
1,955,551 |
|
Balance as of December 31, 2024 |
$ |
1,520,926 |
|
|
$ |
(103,202 |
) |
|
$ |
1,417,724 |
|
|
| Schedule of Changes in the Carrying Amount of Goodwill |
Changes in the net carrying amount of goodwill were as follows during the year ended December 31, 2025, 2024, and 2023 (in thousands):
|
|
|
|
|
Net Carrying |
|
|
Amount |
|
|
|
|
Balance as of December 31, 2022 |
$ |
1,495,129 |
|
Impairment |
|
(77,405 |
) |
Balance as of December 31, 2023 |
$ |
1,417,724 |
|
No Change |
|
— |
|
Balance as of December 31, 2024 |
$ |
1,417,724 |
|
Acquisition of EvolutionIQ, Inc. |
|
537,827 |
|
Balance as of December 31, 2025 |
$ |
1,955,551 |
|
|
| Summary of Intangible Assets Balance |
The intangible assets balance as of December 31, 2025, is reflected below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
Estimated |
|
Remaining |
|
Gross |
|
|
|
|
|
Net |
|
|
Useful Life |
|
Useful Life |
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
(Years) |
|
(Years) |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
18 |
|
9.6 |
|
$ |
1,324,130 |
|
|
$ |
(624,609 |
) |
|
$ |
699,521 |
|
Acquired technologies |
7 |
|
6.9 |
|
|
139,100 |
|
|
|
(19,473 |
) |
|
|
119,627 |
|
Trademarks |
5 |
|
4.0 |
|
|
1,300 |
|
|
|
(260 |
) |
|
|
1,040 |
|
Subtotal |
|
|
|
|
|
1,464,530 |
|
|
|
(644,342 |
) |
|
|
820,188 |
|
Trademarks—indefinite life |
|
|
|
|
|
190,470 |
|
|
|
— |
|
|
|
190,470 |
|
Total intangible assets |
|
|
|
|
$ |
1,655,000 |
|
|
$ |
(644,342 |
) |
|
$ |
1,010,658 |
|
The intangible assets balance as of December 31, 2024, is reflected below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
Estimated |
|
Remaining |
|
Gross |
|
|
|
|
|
Net |
|
|
Useful Life |
|
Useful Life |
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
(Years) |
|
(Years) |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
18 |
|
10.3 |
|
$ |
1,291,830 |
|
|
$ |
(550,822 |
) |
|
$ |
741,008 |
|
Acquired technologies |
7 |
|
4.1 |
|
|
4,800 |
|
|
|
(2,000 |
) |
|
|
2,800 |
|
Subtotal |
|
|
|
|
|
1,296,630 |
|
|
|
(552,822 |
) |
|
|
743,808 |
|
Trademarks—indefinite life |
|
|
|
|
|
190,470 |
|
|
|
— |
|
|
|
190,470 |
|
Total intangible assets |
|
|
|
|
$ |
1,487,100 |
|
|
$ |
(552,822 |
) |
|
$ |
934,278 |
|
|
| Schedule of Future Amortization Expense for Intangible Assets |
Future amortization expense for each of the next five years and thereafter for intangible assets as of December 31, 2025, is as follows (in thousands):
|
|
|
|
Years Ending December 31: |
|
|
2026 |
|
91,520 |
|
2027 |
|
91,520 |
|
2028 |
|
91,520 |
|
2029 |
|
90,892 |
|
2030 |
|
90,575 |
|
Thereafter |
|
364,161 |
|
Total |
$ |
820,188 |
|
|