GOODWILL AND INTANGIBLE ASSETS

During the second quarter of 2026, the Company determined that a triggering event had occurred that required interim impairment assessments of its indefinite-lived intangible assets and goodwill as a result of the decline in the price of the Company's common stock during the three months ended June 30, 2026.

Based on qualitative assessments of its finite-lived intangible assets, no impairments of such assets were identified.

Using the multi-period excess earnings method of the income approach, whose significant inputs and assumptions include forecasted revenues, subscriber attrition rates, margins, capital expenditures, contributory asset charges, income tax rates, long-term growth rates and a discount rate, to determine fair value, the Company's franchise agreements asset was determined to be impaired by $526.0 million. Using the discounted cash flow method of the income approach, whose significant inputs and assumptions include forecasted revenues, margins, capital expenditures, working capital levels, income tax rates, long-term growth rates and a discount rate, and the guideline public company method of the market approach, whose significant inputs and assumptions include the identification of appropriate market participants; consensus earnings before interest, taxes, depreciation and amortization estimates; and the selection of enterprise value multiples, the Company's goodwill was determined to be impaired by $71.7 million. These non-cash charges are included within asset impairments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026.

During the first quarter of 2026, the Company sold certain fiber-to-the-tower contract rights for cash proceeds of $42.0 million. In connection with the transaction, the Company derecognized $13.3 million of customer relationship intangible assets and recognized an associated $27.6 million gain within other income in the condensed consolidated statement of operations and comprehensive income (loss).

The change in the Company's goodwill balance was as follows (dollars in thousands):


	Goodwill		Cumulative Impairment
Balance at December 31, 2024	$	929,609	$	—
Impairment charge	(88,783)
Balance at December 31, 2025	$	840,826	$	88,783
Impairment charge	(71,715)
Balance at June 30, 2026	$	769,111	$	160,498

Intangible assets consisted of the following (dollars in thousands):


		June 30, 2026						December 31, 2025
	Useful Life Range (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Customer relationships	13.5 - 17	$	766,053	$	440,696	$	325,357	$	785,203	$	419,231	$	365,972
Trademarks and trade names(1)	2	—		—		—		8,389		8,385		4
Wireless licenses	10	4,794		1,651		3,143		4,794		1,411		3,383
Total finite-lived intangible assets		$	770,847	$	442,347	$	328,500	$	798,386	$	429,027	$	369,359

Indefinite-Lived Intangible Assets
Franchise agreements						$	1,079,000					$	1,605,000



Total intangible assets, net						$	1,407,500					$	1,974,359

(1)Balances related to fully amortized trademarks and trade names were removed from both the gross carrying amount and accumulated amortization as of June 30, 2026.

Intangible asset amortization expense was $13.6 million and $15.6 million for the three months ended June 30, 2026 and 2025, respectively, and $27.5 million and $31.1 million for the six months ended June 30, 2026 and 2025, respectively. The Company recognized $526.0 million and $497.2 million of franchise agreements asset impairments during the three months ended June 30, 2026 and 2025, respectively. Cumulatively, the Company has recorded $1.02 billion of impairments to its franchise agreements.

The future amortization of existing finite-lived intangible assets as of June 30, 2026 was as follows (in thousands):


Year Ending December 31,	Amount
2026 (remaining six months)	$	27,527
2027	50,473
2028	46,874
2029	45,670
2030	43,649
Thereafter	114,307
Total	$	328,500

Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.