Goodwill and Intangible Assets, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Asset, Goodwill and Other [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and intangible assets, net | Goodwill and intangible assets, net As of June 30, 2026 and December 31, 2025, the Company’s goodwill consisted of the following (in thousands):
The Company has recorded no impairments to goodwill as of June 30, 2026 and December 31, 2025. The Company recorded measurement period adjustments during the period associated with certain liabilities that existed at the acquisition date. These adjustments were offset with indemnification assets under the terms of the acquisition agreement and therefore did not have an impact on purchase consideration or the amount of goodwill recorded at acquisition date. There were no material changes to the preliminary purchase price allocation associated with the Acquisition during the six months ended June 30, 2026. The Company’s intangible assets represent customer relationships associated with the Acquisition. As of June 30, 2026 and December 31, 2025, the Company’s intangible assets, net consisted of the following (in thousands):
For the three months ended June 30, 2026 and 2025, the Company recognized amortization expense related to intangible assets of $3.9 million and $2.1 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized amortization expense related to intangible assets of $7.8 million and $2.1 million, respectively. The Company expects to recognize $16.0 million in amortization expense each year for the next five years. |
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