Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of estimated fair values of the assets acquired and liabilities

The following table summarizes the fair values of the assets acquired and liabilities assumed as updated for any changes as of June 30, 2025.

During the second quarter of 2025, the Company finalized the working capital adjustment for JUXT that resulted in a decrease of original purchase price in the amount of $0.2 million with a corresponding net change in goodwill. The Company then

finalized the fair value of the assets acquired and liabilities assumed in the acquisition of JUXT. The amounts related to Mobile Computing acquisition represent the Company’s provisional fair value estimates and are subject to subsequent adjustments as additional information is obtained during the applicable measurement period. The primary provisional amounts include certain working capital accounts that are not yet finalized. The Company expects to complete the purchase price allocation of Mobile Computing as soon as practicable but no later than one year from the acquisition date.


	Mobile Computing		JUXT
	(in thousands)
Cash, cash equivalents and restricted cash	$	2,330	$	7,344
Trade receivables(1)	1,496		7,132
Prepaid expenses and other current assets	379		273
Intangible assets	8,740		18,870
Goodwill(2)-(3)	7,573		23,164
Property and equipment, and other noncurrent assets	408		231
Total assets acquired	$	20,926	$	57,014

Accounts payable, accrued expenses and other current liabilities	$	(1,858)	$	(5,491)
Deferred taxes	(3,051)		(4,753)
Other noncurrent liabilities	(59)		—
Total liabilities assumed	$	(4,968)	$	(10,244)
Purchase price allocation	$	15,958	$	46,770

________________________

(1)The estimated fair values of trade receivables equaled their gross contractual amounts due as of the acquisition dates, all of which were collected by the Company as of June 30, 2025.

(2)The goodwill recognized as a result of the Mobile Computing acquisition is primarily attributed to the value the Company expects to achieve through growth opportunities in Latin America as well as the assembled workforce acquired. The goodwill is not deductible for income tax purposes.

(3)The goodwill recognized as a result of the JUXT acquisition is primarily attributed to synergies expected to be achieved by expanding the Company’s ability to serve customers in Europe and the assembled workforce acquired. The goodwill is not deductible for income tax purposes.

Schedule of business acquisition, finite-lived intangibles

The estimated fair value, useful lives and amortization methods of identifiable intangible assets as of the date of acquisition updated for any changes during the six months ended June 30, 2025 are as follows:


	Mobile Computing			JUXT
	Fair Value		Useful Life	Fair Value		Useful Life
	(dollars in thousands)
Customer relationships	$	8,362	8 years	$	17,568	8 years
Trade name	378		2 years	1,302		2.5 years
Total identified intangible assets	$	8,740		$	18,870

Schedule of operating results from acquisition

The following table summarizes the effect on operating results of the Company for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Transaction-related costs in General and administrative expenses	$	80	$	56	$	290	$	227
Revenues(1)	$	12,849	$	—	$	25,413	$	—

________________________

(1)Revenues generated by JUXT and Mobile Computing during the period of one year starting from the applicable acquisition date.

Schedule of business acquisition, pro forma information


	Three Months Ended		Six Months Ended
	June 30, 2024
	(in thousands)
Revenues	$	92,050	$	179,844
Net loss	$	(1,144)	$	(5,716)