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

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill

The following table sets forth the changes in the carrying amount of the Company’s goodwill on the consolidated balance sheets as of December 31, 2025, and 2024:

(in thousands) Total
Balance as of January 1, 2024
Gross carrying amount $ 432,304 
Accumulated impairment losses (136,331)
Accumulated currency translation (999)
Net carrying amount $ 294,974 
Impairment losses (65,861)
Currency translation (269)
Balance as of December 31, 2024
Gross carrying amount $ 432,304 
Accumulated impairment losses (202,192)
Accumulated currency translation (1,268)
Net carrying amount $ 228,844 
Balance as of December 31, 2025
Gross carrying amount $ 432,304 
Accumulated impairment losses (202,192)
Accumulated currency translation (1,268)
Net carrying amount $ 228,844 

There was no long-lived assets and goodwill impairments during the year ended December 31, 2025.

2024 Goodwill impairment loss

During the second quarter of 2024, the Company identified circumstances prior to its annual impairment test that indicated that it was “more likely than not” that the fair value of the Company’s goodwill was below its carrying value. The primary qualitative impairment indicator noted was that of a significant and sustained decline in the Company’s share price from that of the first quarter of 2024, along with decreasing cash flows, lower actual or planned revenue or earnings compared with actual and projected results of relevant prior periods, and changes in management. The Company therefore performed a long-lived asset and goodwill impairment test during the second quarter of 2024 and
determined that goodwill was impaired. The Company recorded a goodwill impairment charge of $65.9 million for the year ended December 31, 2024. No impairment was indicated for long-lived assets.

The fair value of the Company’s goodwill was estimated by equally weighing the results of an income approach and market approach. Valuation techniques utilized were substantially considered Level 3 inputs in the fair value hierarchy. These inputs included the Company’s internal forecasts of its future results, cash flows, and its weighted average cost of capital. Key assumptions used in the impairment analysis included projected revenue growth rates, discount rates, and market factors such as earnings multiples from comparable publicly traded companies.

Long-lived assets and goodwill were determined to not be further impaired as of the annual impairment test date on October 1, 2024.

Other Intangible Assets

The following tables set forth the details of other intangible assets included on the consolidated balance sheets as of December 31, 2025 and 2024:

(in thousands) Gross Carrying Value Accumulated
Amortization 		Net Carrying Value
Customer relationships $ 334,986  $ (288,019) $ 46,967 
Internally developed computer software 91,732  (63,563) 28,169 
Carrier contracts 70,210  (66,823) 3,387 
Technology 50,540  (48,194) 2,346 
Trademarks 17,516  (15,380) 2,136 
Non-compete agreement 5,604  (5,604) — 
Balance as of December 31, 2025 $ 570,588  $ (487,583) $ 83,005 

(in thousands) Gross Carrying Value Accumulated
Amortization 		Net Carrying Value
Customer relationships $ 334,123  $ (257,326) $ 76,797 
Internally developed computer software 89,386  (56,679) 32,707 
Carrier contracts 70,210  (61,479) 8,731 
Technology 50,202  (46,835) 3,367 
Trademarks 17,385  (13,946) 3,439 
Non-compete agreement 5,604  (5,588) 16 
Balance as of December 31, 2024 $ 566,910  $ (441,853) $ 125,057 

As of December 31, 2025, the weighted average remaining useful lives were 4.2 years for customer relationships; 6.6 years for internally developed computer software; 2.3 years for carrier contracts; 2.6 years for technology; and 3.1 years for trademarks.

Amortization expense for the years ended December 31, 2025 and 2024 was $49.6 million and $51.7 million, respectively.

The following table sets forth the estimated amortization expense for amortizing intangible assets for the next five years and thereafter as of December 31, 2025:

(in thousands) Estimated Amortization Expense
2026 $ 35,888 
2027 16,992 
2028 13,679 
2029 6,281 
2030 3,907 
Thereafter 6,258 
Total $ 83,005 
Loss on Sale of Assets

The Company recognized a loss on sale of assets of $1.1 million for the year ended December 31, 2025 resulting from the sale of certain intangible assets consisting of internally developed software along with hardware inventory associated with that software. The assets had a book value of $1.3 million, and the Company received proceeds of $0.3 million.