| Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill The Company's goodwill relates to the following reportable segments: | | | | | | | | | | | | | | | (in thousands) | September 30, 2026 | | December 31, 2025 | | | | Merchant Solutions | $ | 167,091 | | | $ | 158,298 | | | | | Treasury Solutions | 250,890 | | | 251,103 | | | | | Payables | 7,240 | | | 7,240 | | | | | Total | $ | 425,221 | | | $ | 416,641 | | | |
The following table summarizes the changes in the carrying value of goodwill: | | | | | | | (in thousands) | Amount | | Balance at December 31, 2025 | $ | 416,641 | | | IntelliPay acquisition | 8,793 | | | Foreign currency translation adjustment | (213) | | Balance at September 30, 2026 | $ | 425,221 | |
The Company has started the process of its annual impairment test as of October 1, 2026, but no conclusion has been reached as of the date of the issuance of these unaudited consolidated financial statements. Intangible Assets Intangible assets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Weighted-average
Useful Life | | (in thousands, except weighted-average data) | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | | | Intangible assets: | | | | | | | | | ISO and referral partner relationships | $ | 230,283 | | | $ | (75,412) | | | $ | 154,871 | | | 14.2 | | Residual buyouts | 181,529 | | | (134,545) | | | 46,984 | | | 6.0 | | Customer relationships | 143,501 | | | (102,792) | | | 40,709 | | | 8.5 | | Merchant portfolios | 83,350 | | | (71,413) | | | 11,937 | | | 6.5 | | Technology | 65,683 | | | (36,736) | | | 28,947 | | | 8.6 | | Trade names | 14,370 | | | (7,783) | | | 6,587 | | | 8.0 | | | | | | | | | Money transmission licenses(1) | 2,100 | | | — | | | 2,100 | | | | | Total | $ | 720,816 | | | $ | (428,681) | | | $ | 292,135 | | | 9.5 |
(1)These assets have an indefinite useful life. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Weighted-average
Useful Life | | (in thousands, except weighted-average data) | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | | | Intangible assets: | | | | | | | | | ISO and referral partner relationships | $ | 223,016 | | | $ | (63,701) | | | $ | 159,315 | | | 13.8 | | Residual buyouts | 177,864 | | | (119,861) | | | 58,003 | | | 6.0 | | Customer relationships | 139,463 | | | (98,478) | | | 40,985 | | | 8.8 | | Merchant portfolios | 83,350 | | | (68,787) | | | 14,563 | | | 6.5 | | Technology | 63,602 | | | (32,684) | | | 30,918 | | | 8.5 | | Trade names | 13,329 | | | (4,023) | | | 9,306 | | | 10.6 | | | | | | | | | Money transmission licenses(1) | 2,100 | | | — | | | 2,100 | | | | | Total | $ | 702,724 | | | $ | (387,534) | | | $ | 315,190 | | | 9.4 |
(1)These assets have an indefinite useful life. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | Amortization expense(1) | $ | 13,408 | | | $ | 10,936 | | | $ | 42,998 | | | $ | 30,869 | |
(1)Included in amortization expense is $0.6 million and $1.8 million for the three and nine months ended September 30, 2026, respectively, and $0.6 million and $1.8 million for the three and nine months ended September 30, 2025 respectively, related to the amortization of certain contract acquisition costs. As of September 30, 2026, there were no impairment indicators present.
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