| Goodwill and Intangible Assets |
(11) Goodwill and Intangible Assets The following tables summarize the Company’s intangible assets (dollars in thousands):
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September 30, 2026 |
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|
Weighted average amortization period in years |
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|
Gross carrying amount |
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|
Accumulated amortization |
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|
Net carrying amount |
|
Customer Relationships |
|
|
15 |
|
|
$ |
37,220 |
|
|
$ |
11,762 |
|
|
$ |
25,458 |
|
Trade Names |
|
|
10 |
|
|
|
800 |
|
|
|
385 |
|
|
|
415 |
|
Developed Technology |
|
|
6 |
|
|
|
2,050 |
|
|
|
768 |
|
|
|
1,282 |
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Vendor Relationships |
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|
15 |
|
|
|
1,248 |
|
|
|
565 |
|
|
|
683 |
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Database |
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|
5 |
|
|
|
2,400 |
|
|
|
2,310 |
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|
|
90 |
|
Patents |
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17 |
|
|
|
157 |
|
|
|
77 |
|
|
|
80 |
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Total intangible assets |
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|
$ |
43,875 |
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|
$ |
15,867 |
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$ |
28,008 |
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December 31, 2025 |
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|
Weighted average amortization period in years |
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|
Gross carrying amount |
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|
Accumulated amortization |
|
|
Net carrying amount |
|
Customer Relationships |
|
|
15 |
|
|
$ |
36,600 |
|
|
$ |
9,911 |
|
|
$ |
26,689 |
|
Trade Names |
|
|
10 |
|
|
|
800 |
|
|
|
325 |
|
|
|
475 |
|
Developed Technology |
|
|
5 |
|
|
|
740 |
|
|
|
627 |
|
|
|
113 |
|
Vendor Relationships |
|
|
15 |
|
|
|
1,253 |
|
|
|
504 |
|
|
|
749 |
|
Database |
|
|
5 |
|
|
|
2,400 |
|
|
|
1,950 |
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|
|
450 |
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Patents |
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|
17 |
|
|
|
157 |
|
|
|
70 |
|
|
|
87 |
|
Subtotal intangible assets |
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|
|
|
|
41,950 |
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|
|
13,387 |
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|
|
28,563 |
|
In-place Lease Intangible Asset |
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|
4 |
|
|
|
568 |
|
|
|
568 |
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|
|
— |
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Above Market Lease Intangible Asset |
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4 |
|
|
|
896 |
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|
|
896 |
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|
|
— |
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Total intangible assets |
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$ |
43,414 |
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|
$ |
14,851 |
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$ |
28,563 |
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Amortization expense for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
|
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2025 |
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|
2026 |
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|
2025 |
|
Sales and marketing |
|
$ |
791 |
|
|
$ |
770 |
|
|
$ |
2,331 |
|
|
|
2,310 |
|
Product development |
|
|
80 |
|
|
|
30 |
|
|
|
140 |
|
|
|
90 |
|
General and administrative (1) |
|
|
3 |
|
|
|
4 |
|
|
|
10 |
|
|
|
11 |
|
Total |
|
$ |
874 |
|
|
$ |
804 |
|
|
$ |
2,481 |
|
|
$ |
2,411 |
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(1) Amortization of the lease-related intangible assets is recorded as operating lease expense in general and administrative. As of September 30, 2026, estimated amortization expense for intangible assets for the remainder of 2026 and the next five years is: $0.8 million in 2026, $2.9 million in 2027, $2.9 million in 2028, $2.9 million in 2029, $2.9 million in 2030, $2.9 million in 2031 and $12.7 million thereafter. The following table provides a roll forward of the carrying amount of goodwill (in thousands):
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2026 |
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2025 |
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Balance as of January 1: |
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|
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Gross goodwill |
|
$ |
266,875 |
|
|
$ |
265,760 |
|
Accumulated impairments |
|
|
(3,074 |
) |
|
|
(3,074 |
) |
Net goodwill as of January 1 |
|
|
263,801 |
|
|
|
262,686 |
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Goodwill acquired during the year |
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|
4,615 |
|
|
|
— |
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Impact of foreign exchange |
|
|
(365 |
) |
|
|
1,115 |
|
Net goodwill as of September 30, 2026 and December 31, 2025: |
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$ |
268,051 |
|
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$ |
263,801 |
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As of September 30, 2026 and December 31, 2025, the Company had $268.1 million and $263.8 million, respectively of goodwill. As of September 30, 2026, $262.7 million was part of the Company’s U.S. operating segment and $5.4 million was part of its International operating segment. As of December 31, 2025, $258.0 million was part of the Company’s U.S. operating segment and $5.8 million was part of its International operating segment.
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