
	Technology & Shopping		Gaming & Entertainment		Health & Wellness		Cybersecurity & Martech		Consolidated
Balance as of January 1, 2026	$	321,802	$	80,526	$	404,598	$	540,038	$	1,346,964
Goodwill acquired (Note 3)	2,760		—		395		—		3,155
Goodwill impairment	(29,550)		—		(54,839)		—		(84,389)
Purchase accounting adjustments (1)	—		(171)		(437)		—		(608)
Foreign exchange translation	(2,359)		140		1,254		(3,015)		(3,980)
Balance as of September 30, 2026	$	292,653	$	80,495	$	350,971	$	537,023	$	1,261,142

During the three months ended June 30, 2026, the Company performed a quantitative fair value test on one reporting unit within the Health & Wellness reportable segment following reductions in forecasted revenue and EBITDA in the reporting unit during the second quarter of 2026. Based on the quantitative fair value test, the carrying value exceeded its fair value, and the Company recorded an impairment of approximately $54.8 million during the three months ended June 30, 2026.

During the three months ended September 30, 2026, the Company performed a quantitative fair value test on four reporting units within the Technology & Shopping, Health & Wellness, and Cybersecurity & Martech reportable segments following reductions in forecasted revenue and EBITDA in the reporting units during the third quarter of 2026. Based on the quantitative fair value tests, the carrying value of one reporting unit within the Technology & Shopping reportable segment exceeded its fair value, and the Company recorded an impairment of approximately $29.6 million during the three months ended September 30, 2026.

The fair value of the reporting units was determined using an equal weighting of an income approach that was based on the discounted estimated future cash flows of the reporting unit and a market approach that uses the guideline public company approach. We believe the combination of these approaches provides an appropriate valuation because it incorporates the expected cash generation of the reporting unit in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows include a terminal value. Determining fair value using a discounted estimated future cash flow analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the discounted cash flow analyses were based on the most recent forecast for the reporting unit. For years beyond the forecast period, the estimates were based, in part, on forecasted growth rates. The discount rate the Company used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. Determining fair value using a market approach considers multiples of financial metrics based on trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of the reporting unit.

Goodwill as of September 30, 2026 reflects accumulated impairment losses of $199.1 million in the Technology & Shopping reportable segment, $54.8 million in the Health & Wellness reportable segment, and $17.6 million in the Cybersecurity & Martech reportable segment. Goodwill as of December 31, 2025 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment and $17.6 million in the Cybersecurity & Martech reportable segment.

As of September 30, 2026, intangible assets subject to amortization relate primarily to the following (in thousands):


	Historical Cost		Accumulated Amortization		Net
Trade names and trademarks	$	332,510	$	228,729	$	103,781
Customer relationships	792,135		657,140		134,995
Other purchased intangibles	332,637		307,533		25,104
Total	$	1,457,282	$	1,193,402	$	263,880

As of December 31, 2025, intangible assets subject to amortization relate primarily to the following (in thousands):


	Historical Cost		Accumulated Amortization		Net
Trade names and trademarks	$	334,209	$	208,422	$	125,787
Customer relationships	791,793		617,048		174,745
Other purchased intangibles	332,818		295,172		37,646
Total	$	1,458,820	$	1,120,642	$	338,178

Amortization expense, included in ‘Depreciation and amortization’ in our Condensed Consolidated Statements of Operations, was approximately $24.6 million and $30.4 million for the three months ended September 30, 2026 and 2025, respectively, and $74.0 million and $87.9 million for the nine months ended September 30, 2026 and 2025, respectively.