v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
As of June 30, 2025 and December 31, 2024, the Company’s goodwill was $670.4 million. During the three months ended June 30, 2025, the Company identified certain triggering events, including a decrease in its stock price and market capitalization. The Company then assessed the fair value of its reporting unit by using a combination of income and market approaches and concluded that the estimated fair value still substantially exceeded the carrying value. The Company did not record an impairment charge on goodwill during either of the three and six months ended June 30, 2025 and 2024.
Intangible Assets, net
As of June 30, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:
As of June 30, 2025As of December 31, 2024
Gross carrying valueAccumulated amortizationNet carrying valueGross carrying valueAccumulated amortizationNet carrying value
(in thousands)
Intangible assets:
Customer relationships$69,100 $(41,028)$28,072 $69,860 $(37,364)$32,496 
Developed technology49,500 (47,025)2,475 50,130 (42,482)7,648 
Trade names— — — 3,910 (3,694)216 
Internet protocol addresses4,984 (2,717)2,267 4,984 (2,468)2,516 
Total intangible assets$123,584 $(90,770)$32,814 $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 June 30, 2025 and 2024. Amortization expense was $9.8 million for both the six months ended June 30, 2025 and 2024.
The Company did not purchase any intangible assets during either of the three or six months ended June 30, 2025 and 2024.
The Company recorded an impairment charge of $0.3 million for the three and six months ended June 30, 2025 related to the write-off of intangible assets no longer in use. The Company did not record an impairment charge on its intangible assets during either of the three and six months ended June 30, 2024.
The expected amortization expense of intangible assets subject to amortization as of June 30, 2025 is as follows:
As of June 30, 2025
(in thousands)
Remainder of 2025$7,043 
20269,064 
20279,051 
20286,891 
2029378 
Thereafter387 
Total$32,814