We consider our Chief Executive Officer (“CEO”) to be our CODM. Our CEO approves all major decisions, including reorganizations and new business initiatives. Our CODM reviews routine consolidated operating

information and makes decisions on the allocation of resources at this level, as such, we have concluded that we have one operating segment.

All goodwill is assigned to one or more reporting units. A reporting unit represents an operating segment or a component within an operating segment for which discrete financial information is available and is regularly reviewed by segment management for performance assessment and resource allocation. Upon consideration of our components, we have concluded that we have one reporting unit.

For the three months ended June 30, 2025, the Company recorded a non-cash out-of-period adjustment resulting in an increase of $3.8 million to deferred tax assets to correct an error related to a prior period, with an offset to goodwill shown as an adjustment. See Note 13 – Income Taxes for additional details.

The changes in the carrying amount of goodwill for the nine months ended June 30, 2025 are as follows (dollars in thousands):


	Total
Balance as of September 30, 2024	$	296,858
Goodwill adjustment	(3,789)
Effect of foreign currency translation	5,995
Balance as of June 30, 2025	$	299,064

At March 31, 2024, we concluded indicators of impairment were present due to the current macroeconomic conditions, including declines in our stock price. The fair value of our reporting unit was determined using a combination of the income approach and the market approach. We weighted the methodologies appropriately to estimate a fair value of approximately $463.4 million as of March 31, 2024. The carrying value of our reporting unit exceeded the estimated fair value. Based upon the results of the impairment test, we recorded a goodwill impairment charge of $252.1 million during the three months ended March 31, 2024.

At June 30, 2024, we concluded indicators of impairment were present due to the current macroeconomic conditions, including declines in our stock price. The fair value of our reporting unit was determined using a combination of the income approach and the market approach. We weighted the methodologies appropriately to estimate a fair value of approximately $154.2 million as of June 30, 2024. The carrying value of our reporting unit exceeded the estimated fair value. Based upon the results of the impairment test, we recorded a goodwill impairment charge of $357.1 million during the three months ended June 30, 2024.

Based upon the results of the impairment tests, we recorded goodwill impairment charges of $357.1 million and $609.2 million within the Condensed Consolidated Statement of Operations during the three and nine months ended June 30, 2024, respectively.

The following tables summarizes the gross carrying amounts and accumulated amortization of intangible assets by major class (dollars in thousands):


	June 30, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life (Years)
Customer relationships	$	110,259	$	(110,259)	$	—	—
Technology and patents	90,587		(90,587)		—		—
Total	$	200,846	$	(200,846)	$	—


	September 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life (Years)
Customer relationships	$	108,659	$	(106,953)	$	1,706	0.5
Technology and patents	90,042		(90,042)		-		-
Total	$	198,701	$	(196,995)	$	1,706

Amortization expense related to intangible assets in the aggregate was $0.6 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively, and $1.7 million and $1.8 million for the nine months ended June 30, 2025 and 2024, respectively. We expect amortization of intangible assets to be immaterial for the remainder of fiscal year 2025.