Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Intangible Assets

v3.25.0.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The following is a summary of changes to the goodwill carrying value from January 1, 2023 through December 31, 2024:

(in thousands)

Goodwill as of January 1, 2023

    

$

343,011

Business combinations (Scibids)

90,668

Foreign exchange impact

 

2,329

Goodwill as of December 31, 2023

436,008

Measurement period adjustments

(300)

Foreign exchange impact

(8,087)

Goodwill as of December 31, 2024

$

427,621

The Company completed its analyses for each of the years ended December 31, 2024, 2023 and 2022 and determined that there was no impairment of Goodwill.

The following table summarizes the Company’s intangible assets and related accumulated amortization:

December 31, 2024

December 31, 2023

Gross 

Net

Gross 

Net

Carrying

Accumulated 

Carrying

Carrying

Accumulated 

Carrying

(in thousands)

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

Trademarks and brands

$

11,732

$

(5,966)

$

5,766

$

11,734

$

(5,140)

$

6,594

Customer relationships

159,919

(76,961)

82,958

161,173

(62,955)

98,218

Developed technology

91,556

(69,924)

21,632

93,013

(56,942)

36,071

Non-compete agreements

66

(66)

Total intangible assets

$

263,207

$

(152,851)

$

110,356

$

265,986

$

(125,103)

$

140,883

Amortization expense related to intangible assets amounted to $28.7 million, $28.1 million, and $25.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Estimated future expected amortization expense of intangible assets as of December 31, 2024 is as follows:

(in thousands)

    

2025

$

26,524

2026

 

21,770

2027

 

17,915

2028

14,859

2029

 

12,507

Thereafter

 

16,781

Total

$

110,356

The weighted-average remaining useful life by major asset classes as of December 31, 2024 is as follows:

    

(In years)

Trademarks and brands

8

Customer relationships

6

Developed technology

 

1

There were no impairments of Intangible assets identified during the years ended December 31, 2024, 2023 and 2022.