Intangible Assets, Net

During the three months ended June 30, 2025, the Company determined that the fair value of its indefinite-lived trade names no longer exceeded their carrying value. As a result, the Company recorded an indefinite-lived trade names impairment charge of $53.0 million for the three and six months ended June 30, 2025 to write down the carrying value of the indefinite-lived trade names to their fair value of $20.0 million. Determination of fair value involves utilizing the relief-from-royalty under the income approach which contains significant estimates and assumptions including, among others, revenue projections as well as selecting appropriate royalty and discount rates, which are considered a level 3 input in the fair value hierarchy. The indefinite-lived trade names impairment charge was a result of a revised long-term forecast, reflecting a near-term intentional pullback on Medicare Advantage activity in response to tightening health plan economics. The revised forecast led to a reduction in the projected future cash flows associated with the trade name, triggering an interim impairment assessment. While the Company believes the judgments and assumptions are reasonable, different assumptions could change the estimated fair value and, therefore, additional impairments could be required. Weakening industry or economic trends, disruptions to the Company's business, changes in discount rate assumptions, unexpected significant changes or planned changes in the use of the assets or in the Company’s entity structure are all factors which may adversely impact the assumptions used in the valuation.

The $53.0 million impairment charge is included in “Intangible asset impairment charges” on the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2025. There was no impairment of indefinite-lived intangible assets for the three and six months ended June 30, 2024.

The gross carrying amounts, accumulated amortization and net carrying amounts of the Company’s definite-lived amortizable intangible assets, as well as its indefinite-lived intangible trade names, are as follows:


	Jun. 30, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	496,000	$	410,971	$	85,029
Customer relationships	232,000		134,560		97,440
Total intangible assets subject to amortization	$	728,000	$	545,531	$	182,469
Indefinite-lived trade names					20,000
Total intangible assets					$	202,469


	Dec. 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	496,000	$	375,543	$	120,457
Customer relationships	232,000		122,960		109,040
Total intangible assets subject to amortization	$	728,000	$	498,503	$	229,497
Indefinite-lived trade names					73,000
Total intangible assets					$	302,497

As of June 30, 2025, expected amortization expense related to intangible assets for each of the five succeeding years is as follows:


(in thousands)	Developed Technology		Customer Relationships		Total
Remainder of 2025	$	35,429	$	11,600	$	47,029
2026	49,600		23,200		72,800
2027	—		23,200		23,200
2028	—		23,200		23,200
2029	—		16,240		16,240
Total	$	85,029	$	97,440	$	182,469