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

GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS

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GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS SEGMENT DISCLOSURES
The Company has one reportable operating segment, IoT services. This segment sells IoT services that are grouped into two primary categories: IoT Connectivity services and IoT Solutions services (collectively, the “Services”) as well as products including IoT Connectivity (consisting of SIM cards) and IoT devices (within a comprehensive IoT solution) together referred to as “Products”.

The Company’s CODM is its President and Chief Executive Officer. The CODM uses Net Income, as reported on the Consolidated Statements of Operations and Comprehensive Loss, for the purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company derives approximately 85% of its revenues from the United States, and no other country comprises more than 10% of the remainder of the Company’s revenues. No single customer of the Company generated 10% or more of the Company’s total net sales during the years ended December 31, 2024 and 2023, respectively. See Note 22 — Geographic Location of Long-Lived Assets for information regarding the geographic location of the Company’s assets. The measure of segment assets is reported on the Company’s balance sheet as total consolidated assets. The segment’s accounting policies are the same as the accounting policies for the Company, as described in Note 2 — Summary of Significant Accounting Policies.

The following table sets forth the operating financial results of the Company’s singular operating segment that are regularly reviewed by the Company’s CODM for the years ended December 31, 2024 and 2023:

For the Year Ended December 31,
(in thousands) 2024 2023
Services revenue $ 234,247  $ 212,645 
Products revenue 51,840  63,965 
Total revenue $ 286,087  $ 276,610 
Less: expenses
Cost of revenue, Services, excluding depreciation and amortization $ 93,663  $ 82,547 
Cost of revenue, Products, excluding depreciation and amortization 32,498  46,016 
Salaries and benefits 91,576  83,249 
Goodwill impairment 65,861  78,257 
Depreciation and amortization 56,218  58,363 
Interest expense 52,516  43,232 
Professional services 10,164  16,772 
Facilities and office 8,588  11,449 
License, memberships and subscriptions 8,164  7,188 
Channel partner commissions 7,003  3,511 
Foreign exchange 5,207  (615)
Network services 2,464  1,823 
Other 2,431  1,283 
Travel and entertainment 2,362  2,588 
Sales and use taxes 2,077  1,806 
Marketing, advertising and promotions 1,439  1,690 
Bad debt 1,029  183 
Interest income (1,120) (552)
Change in fair value of warrant liabilities to affiliates (4,040) 6,436 
Income tax benefit (5,937) (4,158)
Loss on extinguishment of debt —  2,584 
Segment net loss $ (146,076) $ (167,042)
Reconciliation of profit or loss:
Adjustments and reconciling items —  — 
Consolidated net loss $ (146,076) $ (167,042)
GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS
The following table sets forth the geographic location of the Company’s long-lived assets, by major asset category, as of December 31, 2024, and 2023:

December 31,
($ in thousands) 2024 2023
Goodwill:
United States $ 116,642  51  % $ 173,916  59  %
Switzerland 112,202  49  % 112,203  38  %
All other countries —  —  % 8,855  3  %
Total goodwill $ 228,844  100  % $ 294,974  100  %
Intangible assets, net:
United States $ 91,498  73  % $ 118,833  71  %
Switzerland 14,247  11  % 25,277  15  %
All other countries (1)
19,312  16  % 23,477  14  %
Total intangible assets, net $ 125,057  100  % $ 167,587  100  %
Property and equipment, net:
United States $ 6,127  68  % $ 7,070  65  %
Netherlands 1,807  20  % 2,387  22  %
All other countries (1)
1,118  12  % 1,499  13  %
Total property and equipment, net $ 9,052  100  % $ 10,956  100  %
Operating lease right-of-use assets:
United States $ 6,850  81  % $ 7,612  81  %
Netherlands 1,056  13  % —  —  %
All other countries 506  6  % 1,755  19  %
Total operating lease right-of-use assets $ 8,412  100  % $ 9,367  100  %

(1) No single country in “all other countries” exceeded 10% of the total balance where “all other countries” comprised more than a 10% concentration of the geographic location of long-lived assets as of December 31, 2024, and 2023.