Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

In connection with the change in the Company’s operating segment structure, as described in Note 8, the Company reevaluated its reporting unit structure and concluded that as of September 30, 2025, it had one reporting unit. The Company performed goodwill impairment assessments for each reporting unit immediately before and immediately after the change in structure and concluded that goodwill was not impaired.

The goodwill balance as of December 31, 2025 and 2024, and the changes during the period, were as follows:


		Total
	(In thousands)
Balance as of December 31, 2024 and 2023		$	5,243,266
Goodwill additions related to 2025 acquisitions and other		48,521

Balance as of December 31, 2025		$	5,291,787

Intangible assets

Intangible assets consist of the following:


	As of December 31, 2025
	Cost		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	398,205	$	(359,450)	$	38,755
Customer relationships	350,283		(260,216)		90,067
Supplier relationships	49,756		(44,443)		5,313
Trade names	25,968		(25,928)		40

Patent	3,968		(1,293)		2,675
Total amortizable intangible assets	828,180		(691,330)		136,850
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	833,395	$	(691,330)	$	142,065


	As of December 31, 2024
	Cost		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	388,341	$	(306,063)	$	82,278
Customer relationships	348,314		(215,523)		132,791
Supplier relationships	49,756		(35,363)		14,393
Trade names	25,968		(25,014)		954

Patent	3,968		(1,096)		2,872
Total amortizable intangible assets	816,347		(583,059)		233,288
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	821,562	$	(583,059)	$	238,503

Amortization expense was $108.3 million, $112.0 million and $192.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Total estimated future amortization expense is as follows:


	As of December 31, 2025
Year Ended December 31,	(In thousands)
2026	$	44,615
2027	27,796
2028	21,520
2029	17,353
2030	16,614
Thereafter	8,952
Total	$	136,850