Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

11. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets are primarily the result of business acquisitions.

The Company performs its annual impairment assessment of goodwill and indefinite life intangible assets as of November 30 of each year.

No impairments to goodwill or indefinite life intangible assets were recorded during the three and nine months ended September 30, 2025.

Changes in the carrying amount of goodwill were as follows during the nine months ended September 30, 2025 (in thousands):

	Net Carrying
	Amount
Balance as of December 31, 2024	$	1,417,724
Acquisition of EvolutionIQ, Inc.		538,773
Balance as of September 30, 2025	$	1,956,497

Intangible Assets—During the nine months ended September 30, 2025, the Company recorded $167.9 million of intangible assets as a result of the acquisition of EvolutionIQ (see Note 3).

No intangible asset impairments were recorded during the three and nine months ended September 30, 2025.

The intangible assets balance as of September 30, 2025 is reflected below (in thousands):

		Weighted-
		Average
	Estimated	Remaining	Gross					Net
	Useful Life	Useful Life	Carrying		Accumulated			Carrying
	(Years)	(Years)	Amount		Amortization			Amount
Customer relationships	16-18	9.8	$	1,324,130	$	(606,162	)	$	717,968
Acquired technologies	7-8	7.2		139,100		(15,105	)		123,995
Trademarks	5	4.3		1,300		(195	)		1,105
Subtotal				1,464,530		(621,462	)		843,068
Trademarks—indefinite life				190,470		—			190,470
Total intangible assets			$	1,655,000	$	(621,462	)	$	1,033,538

The intangible assets balance as of December 31, 2024 is reflected below (in thousands):

			Weighted-
			Average
	Estimated		Remaining	Gross					Net
	Useful Life		Useful Life	Carrying		Accumulated			Carrying
	(Years)		(Years)	Amount		Amortization			Amount
Customer relationships		18	10.3	$	1,291,830	$	(550,822	)	$	741,008
Acquired technologies	7		4.1		4,800		(2,000	)		2,800
Subtotal					1,296,630		(552,822	)		743,808
Trademarks—indefinite life					190,470		—			190,470
Total intangible assets				$	1,487,100	$	(552,822	)	$	934,278

Amortization expense for intangible assets was $22.9 million and $18.1 million for the three months ended September 30, 2025 and 2024, respectively. Amortization expense for intangible assets was $68.6 million and $62.7 million for the nine months ended September 30, 2025 and 2024, respectively.

Future amortization expense for the remainder of the year ended December 31, 2025 and the following four years ended December 31 and thereafter for intangible assets as of September 30, 2025 is as follows (in thousands):

Years Ending December 31:
2025		22,881
2026		91,520
2027		91,520
2028		91,520
2029		90,891
Thereafter		454,736
Total	$	843,068