As of June 30, 2026, management determined that Getty Image's termination of the Merger Agreement which was announced after the market close on June 30, 2026 resulted in a triggering event and required the performance of a quantitative goodwill impairment test for its single reporting unit. The Company estimated the fair value of its single reporting unit using a market approach to be $363.7 million based on the Company’s market capitalization and a 10% control premium. Due to the post-market close announcement of the merger termination, the Company utilized an average of the Company’s market capitalization from July 1, 2026 to July 13, 2026, as that was determined to most appropriately reflect the impact of the termination of the Merger Agreement that was known as of the balance sheet date. The control premium reflected management’s estimate of market-participant benefits associated with control and represented a significant unobservable input. Management has determined the use of the control premium results in the non-recurring fair value to be based on Level 3 fair value inputs.

Since the reporting unit's carrying amount exceeded its estimated fair value as of June 30, 2026, the Company recorded a goodwill impairment charge of $173.7 million within total operating expenses on the statement of operations. This charge includes an impact to deferred taxes associated with the goodwill of $10.4 million.

The following table summarizes the changes in the carrying value of the Company’s goodwill balance during the six months ended June 30, 2026 (in thousands):


	Goodwill
Balance as of December 31, 2025	$	574,614


Foreign currency translation adjustment	(851)
Goodwill impairment	(173,738)
Balance as of June 30, 2026	$	400,025

Intangible assets, all of which are subject to amortization, consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026							As of December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Customer relationships	$	105,658	$	(48,956)	$	56,702	11	$	106,557	$	(45,066)	$	61,491
Trade name	69,516		(21,758)		47,758		11	69,702		(19,072)		50,630
Developed technology	179,050		(124,490)		54,560		5	179,917		(113,223)		66,694
Contributor content	81,766		(48,767)		32,999		8	81,478		(44,682)		36,796

Patents	259		(205)		54		18	259		(197)		62

Total	$	436,249	$	(244,176)	$	192,073		$	437,913	$	(222,240)	$	215,673

Amortization expense was $11.6 million and $11.7 million for the three months ended June 30, 2026 and 2025, respectively, and $23.3 million and $23.8 million for the six months ended June 30, 2026 and 2025, respectively. Cost of revenue included amortization expense of $10.2 million and $10.2 million for the three months ended June 30, 2026 and 2025, respectively, and $20.4 million and $20.7 million for the six months ended June 30, 2026 and 2025, respectively. General and administrative expense included amortization expense of $1.5 million for the three months ended June 30, 2026 and 2025, respectively, and $2.9 million and $3.1 million for the six months ended June 30, 2026 and 2025, respectively.

The Company determined that there was no indication of impairment of the intangible assets for any period presented. Estimated amortization expense is: $22.0 million for the remaining six months of 2026, $38.9 million in 2027, $36.1 million in 2028, $29.3 million in 2029, $17.9 million in 2030, $12.8 million in 2031 and $35.1 million thereafter.