Goodwill and other intangible assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill and other intangible assets

The change in the carrying amount of goodwill was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Goodwill, beginning of period	$	891,050	$	885,041	$	882,593	$	887,121
Goodwill acquired	155,634		—		155,634		—
Foreign currency translation adjustment	16,427		363		24,884		(1,717)
Goodwill, end of period	$	1,063,111	$	885,404	$	1,063,111	$	885,404

The gross carrying amount and accumulated amortization of intangible assets other than goodwill were as follows:

	June 30, 2025
	Useful Life	Gross Carrying Value		Accumulated Amortization		Foreign Currency Translation		Net Carrying Value		Weighted-Average Remaining Useful Life
	(in thousands)
Trademarks	2 - 8 years	$	34,800	$	32,790	$	—	$	2,010	0.3 years
Customer relationships	5 - 12 years	294,708		154,937		(447)		139,324		5.2 years
Developed technology	5 - 6.5 years	109,087		47,658		(2,806)		58,623		3.7 years
Non-competes	3 years	1,349		1,187		—		162		0.3 years
Intellectual property	5 years	270		65		—		205		3.8 years
Total intangible assets		$	440,214	$	236,637	$	(3,253)	$	200,324

	December 31, 2024
	Useful Life	Gross Carrying Value		Accumulated Amortization		Foreign Currency Translation		Net Carrying Value		Weighted-Average Remaining Useful Life
	(in thousands)
Trademarks	8 years	$	34,300	$	30,584	$	—	$	3,716	0.8 years
Customer relationships	5 - 12 years	257,308		142,131		(1,993)		113,184		5.3 years
Developed technology	5 - 6.5 years	75,487		39,826		(5,352)		30,309		3.0 years
Non-competes	3 years	1,349		967		—		382		0.8 years
Intellectual property	5 years	270		38		—		232		4.3 years
Total intangible assets		$	368,714	$	213,546	$	(7,345)	$	147,823

Amortization expense was $13.0 million and $10.1 million for the three months ended June 30, 2025 and 2024, respectively, and $22.7 million and $20.3 million for the six months ended June 30, 2025 and 2024, respectively.

The expected future amortization expense as of June 30, 2025 for intangible assets acquired in connection with the Identity Automation acquisition is as follows:

Years ending December 31:
2025 (remaining six months)	$	6,362
2026	12,724
2027	12,536
2028	12,474
2029	12,474
Thereafter	11,749
Total amortization expense	$	68,319

There were no impairments to goodwill or intangible assets during the three and six months ended June 30, 2025 and 2024.