INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 10 –INTANGIBLE ASSETS

Composition of intangible assets, grouped by major classifications, is as follows:

	September 30, 2025						December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Internal use software	$	220,526		(121,681)	$	98,845	$	175,698	$	(86,882)	$	88,816
Acquired developed technology		20,269		(16,515)		3,754		20,269		(13,111)		7,158
Customer relationships		6,683		(749)		5,934		6,683		(267)		6,416
License		97,357		—		97,357		—		—		—
Intangible assets, net	$	344,835	$	(138,945)	$	205,890	$	202,650	$	(100,260)	$	102,390

As discussed in Note 3, in April 2025, the Company completed its acquisition of PayEco. The Company determined that this transaction is an asset acquisition under ASC 805, as the acquired group of assets does not have a substantive process that together with the assets acquired significantly contribute to the ability to create outputs. Therefore, the business definition is not met. The Company has determined that the license is an indefinite lived intangible asset with a carrying value of $97,357 at September 30, 2025.

Amortization expense for the three months ended September 30, 2025 and 2024 was $13,451 and $10,019, respectively, and $38,701 and $25,927 for the nine months ended September 30, 2025 and 2024, respectively.

During the three and nine months ended September 30, 2025, the Company recognized an insignificant amount of impairment related to internal use software assets. During the three months ended September 30, 2024, the Company recognized $1,383 in impairment related to abandoned internal use software assets which were fully impaired. In the nine months ended September 30, 2024, the Company recognized $1,389 in impairment, which relates to the impairment described above and an insignificant amount of additional impairment related to other intangible assets. Impairments are presented under Depreciation and amortization expenses in the condensed consolidated statements of comprehensive income.

Expected future finite-lived intangible asset amortization as of September 30, 2025, excluding capitalized internal use software of $19,961 not yet placed in service as of that date, was as follows:

Fiscal years
Remaining 2025	$	13,323
2026		43,347
2027		23,300
2028		4,475
2029 and thereafter		4,127
Total	$	88,572