The Company evaluates goodwill for impairment annually and whenever events or changes in circumstances indicate that the carrying value of a reporting unit may exceed its fair value. During 2026 and 2025, the Company identified impairment triggering events indicating that the fair value of its reporting unit was more likely than not less than its carrying value. In accordance with ASC 350, Intangibles – Goodwill and Other, the Company performed quantitative goodwill impairment tests. For each impairment test, the Company estimated the fair value of its reporting unit using a combination of the income approach, employing a discounted cash flow model, and the market approach, employing a guideline public company method. The income and market approaches were weighted 75% and 25%, respectively. Key assumptions used in the discounted cash flow analyses included projected revenues, EBITDA margins, terminal growth rates, income tax rates and discount rates. These assumptions are updated as of each measurement date to reflect conditions then existing and involve significant judgment. Refer to Note 7, Fair Value Measurements, for additional information.

During the three months ended June 30, 2026, the Company identified a triggering event related to a sustained decline in its stock price and the resulting decrease in its market capitalization. The Company performed a quantitative goodwill impairment test, applying a terminal growth rate of zero, an income tax rate of 25.0% and a discount rate of 30.0%, which reflects a weighted average cost of capital adjusted for a company-specific risk premium. As a result, the Company recognized a goodwill impairment charge of $129.3 million.

During the three months ended December 31, 2025, the Company identified a triggering event related to a sustained decline in its stock price and the resulting decrease in its market capitalization. The Company performed a quantitative goodwill impairment test, applying a terminal growth rate of zero, an income tax rate of 25.0% and a discount rate of 18.5%, which reflects a weighted average cost of capital adjusted for a company-specific risk premium. As a result, the Company recognized a goodwill impairment charge of $396.3 million.

During the three months ended June 30, 2025, the Company identified a triggering event driven by a revision to its 2025 outlook reflecting a strategic shift to improve the health of its membership base. The Company performed a quantitative goodwill impairment test, applying a terminal growth rate of 2.0%, an income tax rate of 25.0%, and a discount rate of 14.0%. As a result, the Company recorded a goodwill impairment charge of $258.1 million.

Additionally, in connection with the classification of Fruitz as held for sale in June 2025, the Company allocated $1.8 million of goodwill to Fruitz and determined that the allocated goodwill was fully impaired as of June 30, 2025. Refer to Note 6, Sale of a Business, within the annual consolidated financial statements in our 2025 Form 10-K, for further information.


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charges		Net Carrying Amount		Weighted-Average Remaining Useful Life (Years)
Brands - indefinite-lived	$	1,511,269	$	—	$	(1,221,269)	$	290,000	Indefinite

Developed technology	262,011		(253,412)		—		8,599		2.0


Other	23,527		(10,453)		—		13,074		2.7
Total Intangible assets, net	$	1,796,807	$	(263,865)	$	(1,221,269)	$	311,673


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charges		Net Carrying Amount		Weighted-Average Remaining Useful Life (Years)
Brands - indefinite-lived	$	1,511,269	$	—	$	(1,181,269)	$	330,000	Indefinite

Developed technology	262,011		(251,262)		—		10,749		2.5


Other	28,445		(13,491)		(4,249)		10,705		1.9
Total Intangible assets, net	$	1,801,725	$	(264,753)	$	(1,185,518)	$	351,454

The Company evaluates its indefinite-lived intangible assets for impairment annually and whenever events or changes in circumstances indicate that the carrying value of an asset may exceed its fair value, in accordance with ASC 350, Intangibles – Goodwill and Other. The Company evaluates its long-lived assets and definite-lived intangible assets for recoverability whenever impairment indicators are present, at an asset group level, in accordance with ASC 360, Property, Plant, and Equipment. The fair value of indefinite-lived intangible assets is estimated using a relief-from-royalty method, which requires assumptions including projected revenues, royalty rates, discount rates, terminal growth rates, and income tax rates. The fair value of long-lived assets and definite-lived intangible assets is estimated using a discounted cash flow methodology, when required. Key assumptions used in the discounted cash flow analyses included projected revenues, EBITDA margins, terminal growth rates, income tax rates and discount rates. These assumptions are updated as of each measurement date to reflect conditions then existing and involve significant judgment. Refer to Note 7, Fair Value Measurements, for additional information.

During the three months ended June 30, 2026, the Company identified a triggering event related to a sustained decline in its stock price and the resulting decrease in its market capitalization. The Company performed a quantitative impairment test, applying a terminal growth rate of zero, an income tax rate of 25.0% and a discount rate of 30.0% to determine the fair value of its indefinite-lived assets. As a result, the Company recognized an impairment charge of $40.0 million associated with its indefinite-lived intangible assets.

During the three months ended December 31, 2025, the Company identified a triggering event related to a sustained decline in its stock price and the resulting decrease in its market capitalization. The Company performed a quantitative impairment test, applying a terminal growth rate of zero, an income tax rate of 25.0% and a discount rate of 18.5% to determine the fair value of its indefinite-lived assets. As a result, the Company recognized an impairment charge of $230.0 million associated with its indefinite-lived intangible assets.

Additionally, during the three months ended December 31, 2025, the Company recognized an impairment charge of $4.2 million related to certain trademarks, reflecting the Company’s reassessment of its trademark portfolio in connection with changes in business priorities and geographic focus.

During the three months ended June 30, 2025, the Company identified a separate triggering event driven by a revision to its 2025 outlook reflecting a strategic shift to improve the health of its membership base. The Company performed a quantitative impairment test, applying a terminal growth rate of 2.0%, an income tax rate of 25.0% and a discount rate of 14.0%. As a result, the Company recorded an impairment charge of $140.0 million associated with its indefinite-lived assets.

Additionally, during the three months ended June 30, 2025, the Company recorded an impairment charge of $5.0 million for its definite-lived intangible assets associated with Fruitz that met the criteria to be classified as held for sale in June 2025. Refer to Note 6, Sale of a Business, within the annual consolidated financial statements in our 2025 Form 10-K, for further information.

Furthermore, in connection with the decision in February 2025 to discontinue the operation of the Official app, the Company assessed the recoverability of its definite-lived intangible assets at the Official asset group level and determined that the carrying value of the Official asset group was not recoverable. As a result, the Company recognized $3.6 million of impairment charges, representing the entire carrying value of the Official asset group, during the three months ended March 31, 2025. The Official asset group was fully disposed during the three months ended June 30, 2025. See Note 5, Restructuring, for additional information on the Official app.

Amortization expense related to intangible assets, net for the three months ended June 30, 2026 and 2025 was $2.3 million and $4.8 million, respectively, and for the six months ended June 30, 2026 and 2025 was $5.2 million and $12.7 million, respectively.