Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Management performs its annual goodwill impairment test on October 1 or more frequently if events or changes in circumstances indicate that the goodwill may be impaired.

During the three months ended March 31, 2026, the Company determined that a triggering event occurred as a result of sustained declines in the Company's market capitalization due to a decrease in its stock price. As a result, the Company performed a quantitative goodwill impairment test of the SaaS reporting unit as of March 1, 2026. The goodwill impairment test requires measurement of the fair value of a reporting unit, which is compared to the carrying value of the reporting unit, including goodwill. The Company engaged a third-party valuation firm to assist in the Company’s determination of the fair value of its SaaS reporting unit as of March 1, 2026. Fair value was determined using a combination of the income approach and the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate, as well as a terminal value. Under the market approach, fair value is determined based on valuation multiples of comparable publicly traded companies. In order to corroborate the concluded fair value of the SaaS reporting unit, the Company compared the aggregate estimated fair values of both reporting units to the Company’s market capitalization to calculate an implied control premium. The Company determined that the implied control premium was reasonable when compared to recent market transactions in similar industries. Determining the fair value of a reporting unit requires the use of estimates and assumptions about revenue, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and market data. These factors involve inherent uncertainties and rely on management’s judgment in their determination. Although management believes the assumptions used in the impairment test are reasonable, changes in these key assumptions could result in a future impairment which could have a material effect on the Company's consolidated financial statements.

Based on the results of the March 1, 2026 quantitative analysis, the estimated fair value of the SaaS reporting unit exceeded its carrying value by 25%. As a result, no goodwill impairment charge was recorded for the three months ended March 31, 2026.

As of March 31, 2026 and December 31, 2025, the Company had goodwill of $253.8 million, all of which was attributable to the SaaS reporting unit.

Intangible Assets

The following tables set forth the details of the Company's intangible assets as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(in thousands)	Gross		Accumulated Amortization		Net		Weighted Average Remaining Amortization Period in Years
Client relationships	$	318,880	$	(298,859)	$	20,021	6.5
Trademarks and domain names	91,677		(87,227)		4,450		6.3
Total intangible assets	$	410,557	$	(386,086)	$	24,471	6.5


	As of December 31, 2025
(in thousands)	Gross		Accumulated Amortization		Net		Weighted Average Remaining Amortization Period in Years
Client relationships	$	316,423	$	(295,226)	$	21,197	6.7
Trademarks and domain names	91,079		(86,347)		4,732		6.7
Total intangible assets	$	407,502	$	(381,573)	$	25,929	6.7

Amortization expense for intangible assets for the three months ended March 31, 2026 and 2025 was $1.5 million and $2.3 million, respectively.

Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows:


(in thousands)	Estimated Future Amortization Expense
2026 (remaining)	$	4,449
2027	4,585
2028	4,215
2029	3,762
2030	3,325
Thereafter	4,135
Total	$	24,471

In connection with the goodwill impairment assessment noted above, the Company performed an impairment assessment during the three months ended March 31, 2026 on its intangible assets and other long-lived assets. Based on the Company’s analysis, the carrying values of the Company’s definite-lived intangible assets and other long-lived assets were determined to be recoverable, and no impairment was recognized. Accordingly, no impairment charges related to intangible assets were recorded during the three months ended March 31, 2026 or 2025.