As of March 31, 2025 and December 31, 2024, the Company’s goodwill was $670.4 million. As of March 31, 2025, the Company identified certain triggering events, including a decrease in its stock price and market capitalization. The

Company performed a qualitative assessment and concluded it is not more likely than not that the fair value of its one single reporting unit is less than its carrying amount. The Company did not record an impairment charge on goodwill during either of the three months ended March 31, 2025 and 2024.

Subsequent to March 31, 2025, the Company's stock price has declined and fluctuated. If the stock price were to trade below book value per share for an extended period of time or the Company experiences adverse effects of a continued downward trend in the overall economic environment, changes in the business itself, including any adverse changes in projected earnings and cash flows, the Company may have to recognize an impairment of all or some portion of its goodwill in subsequent periods.


	As of March 31, 2025						As of December 31, 2024
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in thousands)
Intangible assets:
Customer relationships	$	69,860	$	(39,587)	$	30,273	$	69,860	$	(37,364)	$	32,496
Developed technology	50,130		(44,996)		5,134		50,130		(42,482)		7,648
Trade names	3,910		(3,732)		178		3,910		(3,694)		216
Internet protocol addresses	4,984		(2,593)		2,391		4,984		(2,468)		2,516
Total intangible assets	$	128,884	$	(90,908)	$	37,976	$	128,884	$	(86,008)	$	42,876

The Company’s customer relationships, developed technology, trade names, and internet protocol addresses represent intangible assets subject to amortization. Amortization expense was $4.9 million for both the three months ended March 31, 2025 and 2024.

The Company did not purchase any intangible assets during either of the three months ended March 31, 2025 and 2024. The Company did not record an impairment charge on its intangible assets during either of the three months ended March 31, 2025 and 2024.

The expected amortization expense of intangible assets subject to amortization as of March 31, 2025 is as follows:


	As of March 31, 2025
	(in thousands)
Remainder of 2025	$	12,077
2026	9,193
2027	9,051
2028	6,891
2029	378
Thereafter	386
Total	$	37,976