INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible assets consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026				December 31, 2025
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill(1)	$	—	$	—	$	—	$	—	$	—	$	—


Finite-lived intangible assets:
Licenses	15,847		(13,173)		2,674		15,847		(13,021)		2,826
Trade names	104,580		(38,666)		65,914		104,617		(35,376)		69,241
Customer relationships	143,158		(88,264)		54,894		143,159		(83,347)		59,812
Other	5,888		(5,081)		807		5,894		(4,851)		1,043
Total	$	269,473	$	(145,184)	$	124,289	$	269,517	$	(136,595)	$	132,922

(1) The net value at June 30, 2026 and December 31, 2025 reflect a reduction of $113.0 million impairment charges within U.S. segment and $11.9 million impairment charges within International segment.

Goodwill impairment test

In the second quarter of 2025, the Company observed a sustained decline in the market valuation of the Company’s common stock. Additionally, the Company’s near term forecasts for the U.S. reporting unit were revised downward due to changes in retailer and consumer buying patterns, which were impacted by the recent changes in the U.S. tariff policies. Based on these factors the Company concluded that impairment indicators for the U.S. reporting unit were present as of June 30, 2025.

The Company performed an interim impairment test of the goodwill in the U.S. reporting unit as of June 30, 2025 by comparing its fair value with its carrying value. The analysis was performed by using a discounted cash flow and market multiple method. Accordingly, this fair value measurement is classified as Level 3 since it is based primarily on unobservable inputs. Based upon the analysis performed, the Company’s U.S. reporting unit goodwill was fully impaired and a $33.2 million non-cash goodwill impairment charge was recognized. The goodwill impairment charge was the result of the decline in the Company’s near term forecasts that were revised downward due to the changes in retailer and consumer buying patterns and an increase to the company-specific risk premium, which is an input to the cost of capital assumption, to address the potential risks in the long-term forecast.