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, 2024, and 2023:


(in thousands)	Total



Balance as of January 1, 2023, net	$	369,706

Acquisitions during the year	3,243
Impairment losses	(78,257)
Currency translation	282
	(74,732)

Goodwill, gross	$	432,304
Accumulated impairment losses	(136,331)
Accumulated currency translation	(999)
Balance as of December 31, 2023, net	$	294,974

Acquisitions during the year	—
Impairment losses	(65,861)
Currency translation	(269)
	(66,130)

Goodwill, gross	$	432,304
Accumulated impairment losses	(202,192)
Accumulated currency translation	(1,268)
Balance as of December 31, 2024, net	$	228,844

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.

During the third quarter of 2023, 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 second quarter of 2023. The Company therefore performed a long-lived asset and goodwill impairment test during the third quarter of 2023 and determined that goodwill was impaired. The Company recorded a goodwill impairment charge of $78.3 million. No impairment was indicated for long-lived assets.

The following tables set forth the details of other intangible assets included on the consolidated balance sheets as of December 31, 2024 and 2023:


(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		(60,662)		9,548
Technology	50,202		(46,835)		3,367
Trademarks	17,385		(14,763)		2,622
Non-compete agreement	5,604		(5,588)		16
Balance as of December 31, 2024	$	566,910	$	(441,853)	$	125,057


(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships	$	334,543	$	(227,456)	$	107,087
Internally developed computer software	82,950		(47,166)		35,784
Carrier contracts	70,210		(54,561)		15,649
Technology	50,366		(45,978)		4,388
Trademarks	17,449		(12,918)		4,531
Non-compete agreement	5,604		(5,456)		148
Balance as of December 31, 2023	$	561,122	$	(393,535)	$	167,587

As of December 31, 2024, the weighted average remaining useful lives were 4.2 years for customer relationships; 5.0 years for internally developed computer software; 2.2 years for carrier contracts; 3.5 years for technology; 3.5 years for trademarks; and immaterial for non-compete agreements.

The following table sets forth the estimated amortization expense for amortizing intangible assets for the next five years and thereafter as of December 31, 2024: