季度：截至 2026 年 3 月 31 日止三個月（2026 財年第一季度）

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____

Commission File Number: 001-42763

NIQ Global Intelligence plc
(Exact name of registrant as specified in its charter)

Ireland
(State or other jurisdiction of incorporation or organization)
Not applicable
(I.R.S. Employer Identification Number)

200 West Jackson Boulevard
Chicago, IL
(Address of principal executive offices)
60606
(Zip Code)

(312) 583-5100
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol
Name of each exchange on which registered

Ordinary shares, nominal value $0.00001 per shareNIQNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes ☐ No ☒

As of May 11, 2026, there were 295,136,342 ordinary shares outstanding.

NIQ Global Intelligence plc
Index to Quarterly Report on Form 10-Q
For the Quarter Ended March 31, 2026

Page
PART I
Item 1. Financial Statements (Unaudited)
1

Condensed Consolidated Statements of Operations
1

Condensed Consolidated Statements of Comprehensive Loss
2

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Equity
4

Condensed Consolidated Statements of Cash Flows
5

Notes to Unaudited Condensed Consolidated Financial Statements
6

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
20

Item 3. Quantitative and Qualitative Disclosures About Market Risk
34

Item 4. Controls and Procedures
35

PART II
Item 1. Legal Proceedings
35

Item 1A.Risk Factors
35

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
36

Item 3.Defaults Upon Senior Securities
36

Item 4.Mine Safety Disclosures
36

Item 5.Other Information
36

Item 6.Exhibits
37

SIGNATURES
38

    
i

PART I ‑ FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

NIQ Global Intelligence plc
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)

Three Months Ended March 31,
20262025
Revenues$1,072.7 $965.9 

Operating expenses:
Cost of revenues (excluding depreciation and amortization shown separately below)
475.0 430.8 
Selling, general and administrative expenses
396.1 371.7 
Depreciation and amortization
153.7 148.5 
Impairment of long-lived assets
— 0.7 
Restructuring, net
64.9 4.6 
Other operating income, net(6.8)(6.1)
Total operating expenses1,082.9 950.2 
Operating (loss) income(10.2)15.7 
Interest expense, net
(58.5)(83.5)
Foreign currency exchange gain, net5.6 32.0 
Nonoperating expense, net— (58.8)
Loss before income taxes(63.1)(94.6)
Income tax expense(25.6)(23.3)

Net loss(88.7)(117.9)
Less: Net income attributable to noncontrolling interests
1.41.9
Net loss attributable to NIQ$(90.1)$(119.8)

Basic and diluted earnings per share from:

Net loss attributable to NIQ$(0.31)$(0.49)

Weighted average basic and diluted NIQ ordinary shares outstanding295,044,637 245,000,000 
    
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1

NIQ Global Intelligence plc
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(in millions)

Three Months Ended March 31,
20262025
Net loss$(88.7)$(117.9)
Other comprehensive (loss) income:

Foreign currency translation adjustments
(13.1)(2.3)

Cash flow hedges19.9 (8.9)
Total other comprehensive income (loss)6.8 (11.2)
Total other comprehensive loss(81.9)(129.1)
Less: Comprehensive (loss) income attributable to noncontrolling interests(1.4)1.9 
Total other comprehensive loss attributable to NIQ$(80.5)$(131.0)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2

NIQ Global Intelligence plc
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share and per share data)

March 31, 2026December 31, 2025
Assets:

Current assets:

Cash and cash equivalents
$362.3 $518.8 
Trade receivables, net
808.9 695.6 
Other receivables
116.9 104.3 
Prepaid expenses and other current assets244.8 131.4 

Total current assets
1,532.9 1,450.1 
Property and equipment, net
189.5 208.2 
Operating lease right-of-use assets
197.1 203.7 
Intangible assets, net2,097.5 2,191.4 
Goodwill
2,411.6 2,431.7 
Deferred income taxes34.4 27.8 
Other noncurrent assets
286.3 289.1 
Total assets
$6,749.3 $6,802.0 

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable
$225.4 $224.4 
Accrued expenses
614.5 631.7 
Deferred revenues
331.0 262.0 
Short-term debt and current portion of long-term debt
89.8 107.5 
Other current liabilities
172.2 177.5 

Total current liabilities
1,432.9 1,403.1 
Long-term debt
3,473.5 3,502.6 
Operating lease liabilities
198.0 205.5 
Deferred income taxes
129.5 123.4 

Other noncurrent liabilities
360.9 341.8 
Total liabilities
5,594.8 5,576.4 
Commitments and contingencies (Note 15)

Shareholders' equity:

Ordinary shares; $0.00001 nominal value per share, 1,500,000,000 ordinary shares authorized, 295,115,271 and 295,000,000 ordinary shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
— — 
Preferred shares; $0.00001 nominal value per share, 150,000,000 preferred shares authorized, no shares issued and outstanding
— — 
Euro deferred shares; €1.00 nominal value per share, 25,000 Euro deferred shares authorized and issued, none outstanding
— — 
Paid-in capital
3,233.2 3,222.4 
Accumulated deficit
(2,292.1)(2,202.0)
Accumulated other comprehensive loss
(25.2)(32.0)
Total NIQ shareholders' equity
915.9 988.4 
Noncontrolling interests
238.6 237.2 
Total shareholders' equity
1,154.5 1,225.6 
Total liabilities and shareholders' equity
$6,749.3 $6,802.0 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

NIQ Global Intelligence plc
Condensed Consolidated Statements of Equity (Unaudited)
(in millions, except share data)

Ordinary SharesPreferred SharesEuro Deferred SharesPaid-In CapitalAccumulated
DeficitAccumulated Other Comprehensive LossTotal NIQ Shareholders’ EquityNoncontrolling InterestsTotal Shareholders’ Equity
SharesAmountSharesAmountSharesAmount
Balance as of December 31, 2025
295,000,000 $— — $— 25,000 $— $3,222.4 $(2,202.0)$(32.0)$988.4 $237.2 $1,225.6 
Net (loss) income— — — — — — — (90.1)— (90.1)1.4 (88.7)
Other comprehensive income— — — — — — — — 6.8 6.8 — 6.8 
Vesting of restricted stock units115,271 — — — — — — — — — — — 
Share-based compensation— — — — — — 11.5 — — 11.5 — 11.5 
Withholding tax paid upon equity award vesting— — — — — — (0.4)— — (0.4)— (0.4)
Other— — — — — — (0.3)— — (0.3)— (0.3)

Balance as of March 31, 2026295,115,271 $— — $— 25,000 $— $3,233.2 $(2,292.1)$(25.2)$915.9 $238.6 $1,154.5 

Ordinary SharesPreferred SharesEuro Deferred SharesPaid-In CapitalAccumulated
DeficitAccumulated Other Comprehensive LossTotal NIQ Shareholders’ EquityNoncontrolling InterestsTotal Shareholders’ Equity
SharesAmountSharesAmountSharesAmount

Balance as of December 31, 2024
245,000,000 $— — $— — $— $1,946.1 $(1,848.7)$(37.7)$59.7 $238.9 $298.6 
Net (loss) income— — — — — — — (119.8)— (119.8)1.9 (117.9)
Other comprehensive loss— — — — — — — — (11.2)(11.2)— (11.2)
Share-based compensation— — — — — — 1.3 — — 1.3 — 1.3 
Cash dividends paid to noncontrolling interests— — — — — — — — — — (3.0)(3.0)
Balance as of March 31, 2025245,000,000 $— — $— — $— $1,947.4 $(1,968.5)$(48.9)$(70.0)$237.8 $167.8 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

NIQ Global Intelligence plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)

Three Months Ended March 31,
20262025
Operating Activities:

Net loss$(88.7)$(117.9)
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization153.7 148.5 
Share-based compensation11.5 1.3 
Amortization of debt discount and debt issuance costs7.0 15.1 
Remeasurement of warrant to fair value— 46.1 
Impairment of long-lived assets— 0.7 
Provision for credit losses2.5 1.1 
Non-cash foreign currency exchange gain, net(0.6)(24.0)

Write-off of unamortized debt discount and debt issuance costs— 10.3 
Gain on disposal of business— (5.6)

Other operating activities, net7.2 (7.3)
Changes in assets and liabilities:

Trade and other receivables, net(138.7)(71.1)
Prepaid expenses and other current assets(97.6)(83.6)
Accounts payable and other current liabilities85.1 (62.9)
Operating leases, net0.6 (2.3)
Other noncurrent assets and liabilities(5.6)(2.0)
Net cash used in operating activities(63.6)(153.6)
Investing Activities:

Proceeds from sale of business, net of cash disposed— 61.8 
Additions to property and equipment(3.2)(3.1)
Additions to intangible assets(56.4)(59.6)

Other investing activities, net0.4 (2.8)
Net cash used in investing activities(59.2)(3.7)
Financing Activities:

Proceeds from debt and other financing arrangements80.8 392.8 
Repayments of debt and other financing arrangements(101.5)(234.5)
Debt issuance costs paid— (2.5)

Finance leases(7.6)(4.1)
Cash dividends paid to noncontrolling interests— (3.0)
Other financing activities, net(2.8)21.4 
Net cash (used in) provided by financing activities(31.1)170.1 
Effect of exchange-rate changes on cash and cash equivalents(2.6)11.5 
Net (decrease) increase in cash and cash equivalents(156.5)24.3 
Cash and cash equivalents at beginning of period518.8 266.2 
Cash and cash equivalents at end of period
$362.3 $290.5 

Supplemental Disclosures of Cash Flow Information:

Cash paid for interest
$58.1 $82.5 
Cash paid for income taxes, net of refunds received
$24.2 $38.0 

Supplemental Disclosures of Non-Cash Items:

Capital expenditures in accounts payable$1.5 $1.4 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

NIQ Global Intelligence plc
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(in millions, unless otherwise noted)

1. ORGANIZATION
Organization
NIQ is a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. NIQ manages a comprehensive and integrated ecosystem – The NIQ Ecosystem – which combines proprietary data, best-in-class technology, human intelligence and highly sophisticated software applications and analytics solutions. NIQ’s unified, artificial intelligence powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata and provides a global, omnichannel view of consumer shopping behavior – The Full ViewTM. 
NIQ was created when funds managed by Advent International, L.P. (formerly known as Advent International Corporation) (“Advent”) acquired certain subsidiaries of Nielsen Holdings plc (“Nielsen”) on March 5, 2021 (“the Advent Acquisition”). Intermediate Dutch Holdings B.V., a private company with limited liability organized under the laws of the Netherlands (“Dutch Holdings”), formed two subsidiaries: Indy US Holdco, LLC (“US Holdco”) and Indy Dutch Bidco B.V. Through its subsidiaries, Dutch Holdings acquired Nielsen Consumer Inc., TNC Europe B.V. and The Nielsen Company (Europe) S.àr.l (the “NIQ subsidiaries”) from Nielsen. As a result of the Advent Acquisition, Dutch Holdings became the beneficial owner of the NIQ subsidiaries. Dutch Holdings is an indirect subsidiary of AI PAVE Dutchco I B.V. (“AI PAVE”), and its consolidated subsidiaries, including US Holdco, and the Company’s other operating subsidiaries. 
On January 21, 2025, AI Global Investments (Netherlands) PCC Limited acquired Flower Road Limited, an Irish private company with limited liability that was incorporated in Ireland on June 6, 2017 as a dormant company. On January 23, 2025, Flower Road Limited was renamed to NIQ Global Intelligence Limited. On June 12, 2025, NIQ Global Intelligence Limited was re-registered under the Irish Companies Act 2014 as a public limited company and was renamed NIQ Global Intelligence plc. On July 22, 2025, in connection with the initial public offering (“IPO”) as further discussed below, NIQ Global Intelligence plc became the direct parent of AI PAVE and the indirect parent of other intermediate holding companies, including AI PAVE Dutchco II B.V., AI PAVE Dutchco III B.V. (collectively, with AI PAVE, the “AI PAVE Entities”), and Dutch Holdings (the “Reorganization”). All holders of equity interests in AI PAVE became shareholders of NIQ Global Intelligence plc. The number of ordinary shares authorized increased to 1,500,000,000 and the number of ordinary shares outstanding became 245,000,000.
The “Company” or “NIQ” means, prior to the Reorganization, Dutch Holdings and its consolidated subsidiaries and, after the Reorganization, NIQ Global Intelligence plc and its consolidated subsidiaries. 
Initial Public Offering
On July 24, 2025, the Company completed its IPO, in which the Company sold 50,000,000 ordinary shares at the initial public offering price of $21.00 per share. The Company received aggregate net proceeds of $985.1 million after deducting underwriting discounts and commissions and estimated offering expenses payable by NIQ Global Intelligence plc. The aggregate net proceeds were used to repay a portion of the Company’s outstanding borrowings. See Note 7. “Debt” for further detail on the use of proceeds. In connection with the IPO, the Board of Directors also adopted the NIQ Global Intelligence plc 2025 Equity Incentive Plan. The Company recognized share-based compensation as a result of the accelerated and incremental vesting of certain share-based compensation awards under the 2021 Plan, as triggered by the IPO.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
The unaudited condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Intercompany transactions and balances have been eliminated. Noncontrolling interests are recorded for entities that are consolidated, but for which NIQ owns less than 100% of the equity interests.
Prior to the effects of the Reorganization and IPO, the historical financial statements presented the financial information of Dutch Holdings. Subsequent to the Reorganization and IPO as described above in Note 1. “Organization”, the accompanying financial statements have been recast to reflect the consolidated financial statements of NIQ Global Intelligence plc and its consolidated subsidiaries, including the Dutch Holdings and the AI PAVE Entities, as a transaction between entities under common control. The recast presentation is effective for the financial statements as of and for the earliest period presented. Prior to the Reorganization, NIQ Global Intelligence plc had no material assets and conducted no operations (other than activities incidental to its formation, the Reorganization and the IPO). Aside from the impact of the Warrant (as further described below), the Company has assessed the impact to the condensed consolidated financial statements of NIQ Global Intelligence plc as a result of the Reorganization to be immaterial. 
6

With the exception of the recast historical financial information noted above, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to fairly present the Company’s financial position, results of operations and cash flows for the periods presented. The results for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year or any other future annual or interim period.
The Company entered into an agreement to sell its ownership interest in Netquest, a consumer panel provider acquired through the GfK Combination, on December 17, 2024. On February 3, 2025, the Company completed the sale. See Note 3. “Disposals” for further information. 
Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the three months ended March 31, 2026.
The unaudited condensed consolidated financial information should be read in conjunction with the audited consolidated annual financial statements and notes thereto as of and for the fiscal year ended December 31, 2025 included in our 2025 Annual Report on Form 10-K.

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“the FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands segment disclosure requirements for public entities. This ASU updates the requirements for segment reporting to include, among other things, disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in the measure of segment profit and extending nearly all annual segment reporting requirements to quarterly reporting requirements. The standard is effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this ASU for the year ended December 31, 2024. See Note 13. “Reportable Segments” for more information on reportable segments.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2024. The Company adopted this ASU for the year ended December 31, 2025. See the audited consolidated annual financial statements and notes thereto as of and for the fiscal year ended December 31, 2025 included in our 2025 Annual Report on Form 10-K for the incremental tax disclosures required under this ASU.

Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. 
Other recently issued accounting pronouncements are either not applicable or are not expected to have a material impact on the Company.
Other than the significant accounting policies described above, there have been no changes to the significant accounting policies described in the Company’s audited consolidated annual financial statements and notes thereto presented for the fiscal year ended December 31, 2025. 

3. DISPOSALS

Sale of Netquest
On December 17, 2024, the Company entered into an agreement to sell its ownership interest in Netquest, a panel provider acquired through the GfK Combination. On February 3, 2025, the Company completed the sale for cash consideration of €58.1 million (equivalent to approximately $60.3 million USD), subject to final closing adjustments. The Company recognized a gain from the sale of $5.6 million, after related transaction costs, during the three months ended March 31, 2025, which is recorded within selling, general and administrative expenses.
The sale of Netquest did not represent a strategic shift that had a major effect on the Company’s operations and financial results, and therefore did not meet the criteria to be classified as discontinued operations. The Netquest business was reported within the EMEA reportable segment prior to the sale. 
7

4. REVENUE
NIQ provides data and analytical services through its Intelligence and Activation offerings to clients globally in various end markets within its reportable segments, which consist of Americas, EMEA and APAC. Segment results have been adjusted retrospectively as a result of the Company reorganizing its segments as further discussed in Note 13. “Reportable Segments”. NIQ’s revenue streams are characterized by multi-year contracts, high contract renewal rates and client diversity. No single client accounted for more than 5% of NIQ’s revenues for the three months ended March 31, 2026 and 2025.
The following table disaggregates revenue by reportable segment:

Three Months Ended March 31,
(in millions) 
20262025
Americas
$432.2 $380.6 
EMEA487.3 430.5 
APAC153.2 154.8 
Total revenues$1,072.7 $965.9 

The following table disaggregates revenue by major product offerings and by timing of revenue recognition:

Three Months Ended March 31,
(in millions) 
20262025
Major product offerings

Intelligence$884.0 $797.4 
Activation188.7 168.5 
Total revenues$1,072.7 $965.9 

Timing of revenue recognition

Data and services transferred over time
$909.2 $807.3 
Data and services transferred at a point in time
163.5 158.6 
Total revenues$1,072.7 $965.9 

Revenues in the United States represented approximately 24% and 25% of total revenues for the three months ended March 31, 2026 and 2025, respectively. No other individual country’s revenues were greater than 10% of total revenues during these periods. Revenues in Ireland, the Company’s country of domicile, represented approximately 1% of total revenues for the three months ended March 31, 2026 and 2025.
At the inception of a contract, NIQ generally expects the period between when it transfers its data and services to its clients and when the client pays for such services will be one year or less.
Contract assets represent NIQ’s rights to consideration in exchange for services transferred to a client that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears. At March 31, 2026 and December 31, 2025, $241.6 million and $133.9 million, respectively, of contract assets were recorded as a component of trade receivables, net in the unaudited condensed consolidated balance sheets.
Deferred revenues relate to advance consideration received or the right to consideration that is unconditional from clients for which revenue is recognized when the performance obligation is satisfied and control is transferred to the client. At December 31, 2025, $262.0 million of deferred revenues were recorded in the unaudited condensed consolidated balance sheets, of which substantially all was recognized as revenue during the three months ended March 31, 2026. At March 31, 2026, the balance of deferred revenues was $331.0 million.
Remaining performance obligations include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2026 as well as amounts not yet invoiced to clients as of March 31, 2026, largely reflecting future revenue related to signed multi-year arrangements. The Company excludes from its calculation of remaining performance obligations those contracts with a term of less than 12 months or a termination for convenience clause. 
8

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.9 billion. The Company expects to recognize revenue related to these performance obligations as follows:

Year Ending December 31,(in millions)
Remainder of 2026$709.5 
2027633.2
2028372.0
Thereafter146.0
Total$1,860.7 

5. GOODWILL
The table below summarizes the changes in the carrying amount of goodwill by reportable segment during the periods presented:

(in millions)
AmericasEMEAAPACTotal

Balance at December 31, 2025
$669.5 $1,221.8 $540.4 $2,431.7 

Reporting unit reassignment(1)
— 98.0 (98.0)— 
Foreign currency exchange rate changes
6.6 (23.9)(2.8)(20.1)
Balance at March 31, 2026
$676.1 $1,295.9 $439.6 $2,411.6 

(1) Represents the reassignment of goodwill as a result of the Company reorganizing its segments as further discussed in Note 13. “Reportable Segments”.

6. SUPPLEMENTAL BALANCE SHEET INFORMATION
The Company estimates credit losses over the life of its trade accounts receivable using a combination of historical loss data, current credit conditions, specific client circumstances and reasonable and supportable forecasts of future economic conditions. As of March 31, 2026 and December 31, 2025, the allowance for expected credit losses was $13.4 million and $11.2 million, respectively. The total amount recorded as selling, general and administrative expenses for credit losses was $2.5 million and $1.1 million for the three months ended March 31, 2026 and 2025, respectively.
The Company has a program in which trade receivables are sold to third parties. On March 25, 2026, the Company amended its existing factoring agreement to increase the available capacity under the program from €270.0 million to €300.0 million (equivalent to approximately $346.6 million USD as of March 31, 2026), with the underlying transactions accounted for as true sales, without recourse. In instances where the underlying sales transaction has not yet met the criteria for revenue recognition, the transfer is accounted for as a sale of future revenues. The proceeds received for the sale of future revenues are recorded within short-term debt and current portion of long-term debt in the unaudited condensed consolidated balance sheets. The Company maintains servicing responsibilities for the majority of the receivables sold during the year, for which the related costs are not significant.
As of March 31, 2026 and December 31, 2025, $154.8 million and $193.9 million, respectively, of previously sold receivables remained outstanding. The Company recorded costs associated with the factoring program in nonoperating expense, net, primarily representing administrative and financing costs which totaled $2.0 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively. The Company recorded a liability for its financing obligation under the program of $36.0 million and $51.4 million as of March 31, 2026 and December 31, 2025, respectively. The proceeds from the sales are reported as operating activities in the unaudited condensed consolidated statements of cash flows and totaled $324.4 million and $340.1 million for the three months ended March 31, 2026 and 2025, respectively. 
Prepaid expenses and other current assets consisted of the following:

(in millions)March 31, 2026December 31, 2025
Prepaid expenses$200.8 $112.9 
Derivative assets (Note 8)
24.8 8.1 
Other19.2 10.4 
$244.8 $131.4 

9

Other noncurrent assets consisted of the following:

(in millions)March 31, 2026December 31, 2025
Rent guarantee deposits$80.6 $80.9 
Equity method investments59.1 59.7 
Defined benefit plan assets55.4 55.7 
Cost method investments45.0 45.1 
Prepaid expenses15.7 10.9 
Debt issuance costs6.1 6.5 
Other24.4 30.3 
$286.3 $289.1 

Accrued expenses consisted of the following:

(in millions)March 31, 2026December 31, 2025
Data and professional services$230.7 $216.9 
Payroll and benefit costs201.3 257.6 
Restructuring liabilities (Note 11)
73.8 51.7 
Accrued income taxes67.1 58.5 
Other41.6 47.0 
$614.5 $631.7 

Other current liabilities consisted of the following:

(in millions)March 31, 2026December 31, 2025
Operating lease liabilities$59.9 $58.7 
Short-term deferred consideration11.1 10.1 
Derivative liabilities (Note 8)
2.6 30.1 
Other98.6 78.6 
$172.2 $177.5 

Other noncurrent liabilities consisted of the following:

(in millions)March 31, 2026December 31, 2025
Defined benefit plan liabilities$104.0 $105.5 
Derivative liabilities (Note 8)
88.1 70.7 
Long-term deferred consideration21.1 19.2 
Restructuring liabilities (Note 11)
5.3 1.4 
Other142.4 145.0 
$360.9 $341.8 

7. DEBT
Term Loans and Revolver
The Company, through its subsidiaries, has a credit agreement (“the Credit Agreement”), comprising term loans and a revolving facility (the “Revolver”). In connection with the Credit Agreement, the Company is party to the Dutch Security Agreement and has pledged bank receivables and intercompany receivables (each as defined in the Dutch Security Agreement).
2025 Debt Refinancing 
On January 24, 2025, the Credit Agreement was amended to consolidate previous debt tranches into a single USD Term Loan (“USD Term Loan”) and a single EUR Term Loan (“EUR Term Loan”) (the “2025 Debt Refinancing”). The transaction resulted in a $10.3 million loss related to the write-off of unamortized debt discount and issuance costs, along with expense of $0.3 million for third-party legal fees. The Company recorded the loss in nonoperating expense, net. The Revolver remains unchanged as a result of the 2025 Debt Refinancing. The term loans mature on March 5, 2028 and require quarterly principal payments equal to 0.25% of the original principal. The respective terms of each debt arrangement are further described below. 
10

On July 11, 2025, the Credit Agreement was amended, subject to the closing of the IPO, to, among other things, (i) increase the aggregate principal amount of the Revolver to $750.0 million, (ii) extend the maturity date with respect to Revolver to July 30, 2030; provided that if by a date no later than the Modified Maturity Date (as defined below), any term loans borrowed under the Credit Agreement with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after July 30, 2030 (the “Trigger Maturity Date”), such maturity date shall be the date that is 91 days prior to the Trigger Maturity Date (the “Modified Maturity Date”), (iii) reduce the int