Quarterly report [Sections 13 or 15(d)]

INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET

v3.25.3
INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET
NOTE 10—INTANGIBLE ASSETS AND INTERNAL-USE SOFTWARE, NET
Intangible Assets
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset other than goodwill:
September 30, 2025 December 31, 2024
Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
Amortizable intangible assets:
Licenses $ 82,961  $ (42,373) $ 40,588  $ 80,101  $ (33,424) $ 46,677 
Acquired technology 16,653  (10,376) 6,277  16,653  (8,238) 8,415 
Customer relationships 12,000  (7,200) 4,800  12,000  (5,400) 6,600 
Trade names 2,740  (1,690) 1,050  2,740  (1,578) 1,162 
Internal-use software 200,137  (174,005) 26,132  188,164  (161,228) 26,936 
Other
 283  (25) 258  220  (14) 206 
314,774  (235,669) 79,105  299,878  (209,882) 89,996 
Nonamortizable intangible assets:
Marketing Agreement with a related party 1,000  —  1,000  1,000  —  1,000 
Total intangible assets $ 315,774  $ (235,669) $ 80,105  $ 300,878  $ (209,882) $ 90,996 
During the three months ended September 30, 2025 and 2024, intangible asset and internal-use software amortization was $8.7 million and $10.4 million, respectively. During the nine months ended September 30, 2025 and 2024, intangible asset and internal-use software amortization was $25.7 million and $31.1 million, respectively. The aggregate amortization expense for amortizable intangible assets and internal-use software is reflected in “Depreciation and amortization” in the Condensed Consolidated Statements of Operations.
During the three and nine months ended September 30, 2025, there were no impairment charges for intangible assets or internal-use software. During the three and nine months ended September 30, 2024 the Company changed the useful life of certain definite-lived intangible assets associated with its non-fungible token initiative, resulting in an accelerated amortization of $1.8 million. The amount of accelerated amortization is reported as an asset impairment and reported within "Restructuring and related" in the Condensed Consolidated Statements of Operations.
As of September 30, 2025, the estimated annual amortization expense is as follows:
Projected Amortization
Expense
Remaining 2025
 $ 8,734 
2026 30,985 
2027 20,515 
2028 11,806 
2029 6,466 
Thereafter 599 
Total $ 79,105