Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Changes in goodwill as of June 30, 2026, as compared to December 31, 2025 consisted of the following (in thousands):


Balance as of December 31, 2025	$	541,493
Measurement period adjustment		(601	)
Impact of foreign currency translation		(3,659	)
Balance as of June 30, 2026	$	537,233

During the six months ended June 30, 2026, the Company recorded measurement period adjustments related to working capital associated with the 2025 Portfolio Acquisition.

Intangible assets, net 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			Total		Gross Carrying Amount		Accumulated Amortization			Total
Finite-lived intangibles:
Customer Relationships	$	571,172	$	(176,703	)	$	394,469	$	572,854	$	(154,104	)	$	418,750
Developed Technology		42,000		(35,000	)		7,000		42,000		(28,000	)		14,000
Lease in place		5,696		(3,141	)		2,555		5,696		(2,742	)		2,954
IP Addresses		286		(286	)		—		286		(286	)		—
Patents		677		(52	)		625		450		(29	)		421
Total finite-lived intangibles		619,831		(215,182	)		404,649		621,286		(185,161	)		436,125
Indefinite-lived intangibles:
Trademarks		26		—			26		24		—			24
Internet Domain		150		—			150		150		—			150
Total indefinite-lived		176		—			176		174		—			174
Total intangibles	$	620,007	$	(215,182	)	$	404,825	$	621,460	$	(185,161	)	$	436,299

The Company recorded amortization expense on intangible assets of $16.1 million and $13.8 million for the three months ended June 30, 2026 and 2025, respectively, and $30.0 million and $27.5 million for the six months ended June 30, 2026 and 2025, respectively which was included in depreciation and amortization expense on the unaudited condensed consolidated statements of operations. The Company did not record any impairment charges related to intangible assets for the three months ended June 30, 2026 and 2025.

As of June 30, 2026, expected future amortization expense for the years indicated was as follows (in thousands):


Remaining portion of 2026	$	25,071
2027		40,494
2028		40,494
2029		40,100
2030		39,817
Thereafter		218,673
Total	$	404,649