Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

7. Goodwill and Intangible Assets

Goodwill and intangible assets with indefinite lives were $283.7 million and $236.7 million as of September 30, 2025 and December 31, 2024, respectively. The following is a summary of changes in goodwill and intangible assets with indefinite lives for the nine months ended September 30, 2025:


	(In thousands)
Balance at December 31, 2024	$	236,706
Goodwill from the 2025 RFQ-hub Acquisition		46,961
Balance at September 30, 2025	$	283,667

Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following:


	September 30, 2025							December 31, 2024
	Cost		Accumulated amortization			Net carrying amount		Cost		Accumulated amortization			Net carrying amount
	(In thousands)
Customer relationships	$	155,525	$	(77,221	)	$	78,304	$	138,089	$	(64,698	)	$	73,391
Developed technology and other intangibles		58,730		(21,154	)		37,576		41,130		(16,443	)		24,687
Total	$	214,255	$	(98,375	)	$	115,880	$	179,219	$	(81,141	)	$	98,078

Amortization expense associated with identifiable intangible assets was $5.5 million and $5.0 million for the three months ended September 30, 2025 and 2024, respectively, and $14.7 million and $15.0 million for the nine months ended September 30, 2025 and 2024, respectively. Annual estimated total amortization expense is $20.1 million, $19.7 million, $18.3 million, $16.8 million and $15.8 million for the years ended December 31, 2025 through 2029, respectively.