Verisk Analytics, Inc.

(Amounts in millions, except for share and per share data, unless otherwise stated)

1. Organization:

Verisk Analytics, Inc. (the "Company") is a strategic data analytics and technology partner to the global insurance industry. We empower clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability, and political issues. Through advanced data analytics, software, scientific research, and deep industry knowledge, we help build global resilience for individuals, communities, and businesses. We trade under the ticker symbol "VRSK" on the Nasdaq Global Select Market.

2. Basis of Presentation and Summary of Significant Accounting Policies:

Our accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill, the realization of deferred tax assets and liabilities, acquisition-related liabilities, fair value of stock-based compensation for equity awards granted, and assets and liabilities for pension and postretirement benefits. Actual results* may*ultimately differ from those estimates.

On* February 1, 2023,we completed the sale of our Energy business. We determined that the sale of our Energy business met the “discontinued operations” criteria in accordance with FASB ASC205*-20, due to its relative size and strategic rationale. The consolidated balance sheets and consolidated statements of operations, and the notes to the consolidated financial statements were recasted for all periods presented to reflect the discontinuation of the Energy business, in accordance with ASC205-20. The discussion in the notes to these consolidated financial statements, unless otherwise noted, relates solely to our continuing operations.

Significant accounting policies include the following:

(a)Intercompany Accounts and Transactions

The consolidated financial statements include all of our accounts. All intercompany accounts and transactions have been eliminated.

(b)Revenue Recognition

The following describes our primary types of revenues and the applicable revenue recognition policies. We recognize revenues through recurring and non-recurring long-term agreements (generallyone tofive years) for hosted subscriptions, advisory/consulting services, and for transactional solutions. Our revenues are primarily derived from the sale of services where revenue is recognized when or as control of the promised services is transferred to customers in an amount that reflects the consideration that we expect to be entitled to in exchange for those services. Fees for services provided by us are non-refundable. Revenue is recognized net of applicable sales tax withholdings.

Hosted Subscriptions

We offer hosted subscriptions, where customers access content only through our online portal (the "Hosted Subscription"). We grant a license to our customer to enter our online portal. The license is a contractual mechanism that allows our customer to access our online portal for a defined period of time. As the license alone doesnot provide utility to our customer, our customer hasno contractual right to take possession of our online portal at any time, and our customer cannot engage another party to host our online portal and related content, it isnot considered a functional license under ASC606, Revenue from Contracts with Customers("ASC606"). Our promise to our customer is to provide continuous access to our online portal and to update the content throughout the subscription period. Hosted Subscription is a single performance obligation that represents a series of distinct services (daily access to our online portal and related content) that are substantially the same and that have the same pattern of transfer to our customer. We recognize revenue for Hosted Subscriptions ratably over the performance obligation period on a straight-line basis as services are performed and continuous access to information in our online portal is provided over the entire term of the agreements. Subscriptions are generally paid in advance of rendering services either quarterly or annually upon commencement of the performance obligation period.

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• Advisory/Consulting Services*

We provide certain discrete project-based advisory/consulting services, which are recognized over time by measuring the progress toward complete satisfaction of the performance obligation, based on the input method of consulting hours worked; this aligns with the results achieved and value transferred to our customer. The hours consumed are most reflective of the measure of progress towards satisfying the performance obligation, as the resources hours worked directly tie to the progress of the services to be provided. In general, they are billed over the course of the project.

Transactional Solutions

Certain solutions are also paid for by customers on a transactional basis. We recognize these revenues as the solutions are delivered or services performed at a point in time. In general, our customers are billed monthly at the end of each month.

(c)Deferred Revenues

We invoice our customers in annual, quarterly, monthly, or milestone installments. Amounts billed and/or collected in advance of services being provided are recorded as “Deferred revenues” and “Other noncurrent liabilities” in our accompanying consolidated balance sheets and are recognized as the services are performed, control is transferred to customers, and the applicable revenue recognition criteria is met.

(d)Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are generally recorded at the invoiced amount. Unbilled receivables are short-term in nature and expected to be billed withinone year. The allowance for doubtful accounts or expected credit losses is estimated based on an analysis of the aging of the accounts receivable, historical write-offs, customer payment patterns, individual customer credit worthiness, current economic trends, reasonable and supportable forecasts of future economic conditions, and/or establishment of specific reserves for customers in adverse financial condition. We assess the adequacy of the allowance for doubtful accounts on a quarterly basis.

(e)Deferred Commissions

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer thanone year. We have determined that certain sales incentive programs meet the requirements to be capitalized. The incremental costs of obtaining a contract with a customer, which primarily consist of sales commissions, are deferred and amortized over a useful life offive years that is consistent with the transfer to our customer the services to which the asset relates. We classify deferred commissions as current or noncurrent based on the timing of expense recognition. The current and noncurrent portions of deferred commissions are included in "Prepaid expenses" and "Other noncurrent assets", respectively, in our accompanying consolidated balance sheets. Amortization expense related to deferred commissions is computed on a straight-line basis over its estimated useful life and included in "Selling, general and administrative" within our accompanying consolidated statements of operations.

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(f)Fixed Assets and Finite-lived Intangible Assets

Fixed assets and finite-lived intangibles are stated at cost less accumulated depreciation and amortization, which is computed on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term.

Our internal software development costs primarily relate to internal-use software. We account for the cost of software developed for internal use by capitalizing qualifying costs, which are substantially incurred during the application development stage, in accordance with ASC350-40. The amounts capitalized primarily relate to internally developed software used to provide services to customers and are included in "Fixed assets, net" in our accompanying consolidated balance sheets. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of our products are expensed as incurred.

In accordance with ASC360, Property, Plant & Equipment, whenever events or changes in circumstances indicate that the carrying amount of long-lived assets and finite-lived intangible assets* may**not* be recoverable, we review our long-lived assets and finite-lived intangible assets for impairment byfirst comparing the carrying value of our assets to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of our assets. If the carrying value exceeds the sum of our assets’ undiscounted cash flows, we estimate and recognize an impairment loss by taking the difference between the carrying value and fair value of our assets.

(g)Leases

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC842, Leases. We determine if an arrangement is a lease at inception. We consider any contract where there is an identified asset and whether we have the right to control the use of such asset in determining whether the contract contains a lease. A right-of-use ("ROU") asset represents our right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our operating leases donot provide an implicit rate, we use an incremental borrowing rate based on the information available on the adoption date in determining the present value of lease payments. The incremental borrowing rate was calculated by using our credit rating on our publicly-traded U.S. unsecured bonds and estimating an appropriate credit rating for similar secured debt instruments. Our calculated credit rating on secured debt instruments determined the yield curve used. We calculated an implied spread and applied the spreads to the risk-free interest rates based on the yield of the U.S. Treasuryzero coupon securities with a maturity equal to the remaining lease term in determining the borrowing rates for all operating leases. Our operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating lease transactions are included in "Operating lease right-of-use assets, net", and "Operating lease liabilities", current and noncurrent, within our accompanying consolidated balance sheets. Finance leases are included in property and equipment under "Fixed assets, net", "Short-term debt and current portion of long-term debt", and "Long-term debt" within our accompanying consolidated balance sheets.

(h)Fair Value of Financial and Non-financial Instruments

We follow the provisions of ASC820-10, Fair Value Measurements (“ASC820-10”), which defines fair value, establishes a framework for measuring fair value under U.S. GAAP and expands fair value measurement disclosures. We follow the provisions of ASC820-10 for our financial assets and liabilities recognized or disclosed at fair value on a recurring basis. We follow the provisions of ASC820-10 for our non-financial assets and liabilities recognized or disclosed at fair value.

(i)Foreign Currency

We have determined local currencies are the functional currencies of our foreign operations. The assets and liabilities of foreign subsidiaries are translated at the period-end rate of exchange and statement of operations items are translated at the average rates prevailing during the year. The resulting translation adjustment is recorded as a component of “Accumulated other comprehensive (losses) income” in our accompanying consolidated statements of changes in stockholders’ equity; however, any related profit and loss effects are recognized as incurred.

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(j)Stock-Based Compensation

We follow ASC718, Stock Compensation (“ASC718”). Under ASC718, stock-based compensation cost is measured at the grant date, based on the fair value of the awards granted, and is recognized as expense over the requisite service period.

Our nonqualified stock options have an exercise price equal to the closing price of our common stock on the grant date, with aten-year contractual term. The expected term for our stock options granted for a majority of the awards granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for whichno historical exercise pattern exists, the expected term was estimated using the simplified method. The risk-free interest rate is based on the yield of U.S. Treasuryzero coupon securities with a maturity equal to the expected term of the equity award. The volatility factor is calculated using our historical daily closing prices over the most recent period that is commensurate with the expected term of the stock option awards. The expected dividend yield was based on our expected annual dividend rate on the date of grant.

The fair value of our restricted stock is determined using the closing price of our common stock on the grant date. Our restricted stock isnot assignable or transferable until it becomes vested. Restricted stock generally has a service vesting period offour years and we recognize the expense ratably over this service vesting period.

Performance share units (“PSU”) vest at the end of athree-year performance period, subject to the recipient’s continued service. Each PSU represents the right to receiveone share of our common stock and the ultimate realization is based on our achievement of certain market performance criteria, namely relative total shareholder returns as compared to the S&P500 index ("TSR-based PSUs"), or certain financial performance conditions, namely incremental return on invested capital ("ROIC-based PSUs"). We determine the grant date fair value of TSR-based PSUs with the assistance of athird-party valuation specialist and based on estimates provided by us. The valuation of our TSR-based PSUs employed the Monte Carlo simulation model, which includes certain key assumptions that were applied to us and our peer group. Those key assumptions included valuation date stock price, expected volatility, correlation coefficients, risk-free rate of return, and expected dividend yield. The valuation date stock price is based on the dividend-adjusted closing price on the grant date. Expected volatility is calculated using historical daily closing prices over a period that is commensurate with the length of the performance period. The correlation coefficients are based on the price data used to calculate the historical volatilities. The risk-free rate of return is based on the yield of U.S. Treasuryzero coupon securities with a maturity equal to the length of the performance period. The expected dividend yield was based on our and our peer group’s expected dividend rate over the performance period. We determine the grant date fair value of ROIC-based PSUs based on the closing price of our common stock on the grant date.

We estimate expected forfeitures of equity awards at the date of grant and recognize compensation expense only for those awards expected to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Changes in the forfeiture assumptions* may*impact the total amount of expense ultimately recognized, as well as the timing of expense recognized over the requisite service period.

Excess tax benefit from exercised stock options, lapsing of restricted stock and PSUs is recorded as an income tax benefit in our accompanying consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and of the market value of restricted stock lapsed over the compensation recognized for financial reporting purposes.

(k)Research and Development Costs

Research anddevelopment costs, which are primarily related to personnel and related overhead costs incurred in developing new services for customers, are expensed as incurred. Such costs were $40.9 million, $35.3 million, and $36.8 million for the years ended* December 31, 2025,*2024, and2023, respectively, and were included in "Cost of revenues" in our accompanying consolidated statements of operations.

(l)Advertising Costs

Advertising costs, which are primarily associated with promoting our brand, names and solutions provided, are expensed as incurred. Such costs were $9.7 million, $9.1 million, and $11.9 million for the years ended* December 31, 2025,*2024, and2023, respectively, and were included in "Selling, general and administrative" in our accompanying consolidated statements of operations.

(m)Income Taxes

We account for income taxes under the asset and liability method under ASC740, Income Taxes (“ASC740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

Deferred tax assets are recorded to the extent these assets are more likely thannot to be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. Valuation allowances are recognized to reduce deferred tax assets if it is determined to be more likely thannot that all or some of the potential deferred tax assets willnot be realized.

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We follow ASC740-10, Income Taxes (“ASC740-10”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC740-10 provides that a tax benefit from an uncertain tax position* maybe recognized based on the technical merits when it is more likely thannot* that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. Income tax positions must meet a more likely thannot recognition threshold in accordance with ASC740-10. This standard also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in our accompanying consolidated statements of operations. Accrued interest and penalties are included within “Other liabilities” on our accompanying consolidated balance sheets.

(n)Earnings Per Share

Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC260, Earnings per Share, which specifies the computation, presentation and disclosure requirements for EPS. Basic EPS excludes all dilutive common stock equivalents. It is based upon the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution that would occur if our dilutive outstanding stock options and stock awards were issued.

(o)Pension and Postretirement Benefits

We account for our pension and postretirement benefits under ASC715, Compensation — Retirement Benefits (“ASC715”). ASC715 requires the recognition of the funded status of a benefit plan in the balance sheet, the recognition in other comprehensive income (loss) of gains or losses and prior service costs arising during the period, but which arenot included as components of periodic benefit cost or credit, and the measurement of defined benefit plan assets and obligations as of the balance sheet date. We utilize a valuation date of* December**31.*

(p)Product Warranty Obligations

We provide warranty coverage for certain of our solutions. We recognize a product warranty obligation when claims are probable and can be reasonably estimated. As of* December 31, 2025and2024*, product warranty obligations werenot material.

(q)Loss Contingencies

We accrue for costs relating to litigation, claims, and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates are based on management’s judgment. Actual amounts paid* may*differ from amounts estimated, and such differences will be charged to operations in the period in which the final determination of the liability is made.

In the ordinary course of business, we enter into numerous agreements that contain standard indemnities whereby we indemnify another party for breaches of confidentiality, infringement of intellectual property or gross negligence. Such indemnifications are primarily granted under licensing of computer software. Most agreements contain provisions to limit the maximum potential amount of future payments that we could be required to make under these indemnifications; however, we arenot able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events arenot subject to predictability.

(r)Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of our businesses acquired. Goodwill and intangible assets deemed to have indefinite lives arenot amortized. Intangible assets determined to have finite lives are amortized over their useful lives. Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of* June30,* or whenever events or changes in circumstances indicate that the carrying amount* maynot* be fully recoverable. When evaluating goodwill for impairment, we* maydecide tofirst* perform a qualitative assessment, or “Step Zero” impairment test, to determine whether it is more likely thannot that impairment has occurred. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and share price performance, among other factors. If we donot perform a qualitative assessment, or if we determine that it is more likely thannot that the carrying amount of our reporting units exceeds their fair value, we perform a quantitative assessment and calculate the estimated fair value of the respective reporting unit. If the carrying amount of a reporting unit’s goodwill exceeds the fair value of that goodwill, an impairment loss is recognized.

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(s)Recent Accounting Pronouncements

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3. Cash and Cash Equivalents:

Cash and cash equivalents consist of cash in banks, commercial paper, money-market funds, and other liquid instruments with original maturities of90 days or less at the time of purchase.

4. Accounts Receivable:

Accounts receivable, net consisted of the following at* December**31:*

5. Concentration of Credit Risk:

Financial instruments that potentially expose us to credit risk consist primarily of cash and cash equivalents as well as accounts receivable, net, which are generallynot collateralized. We maintain our cash and cash equivalents in higher credit quality financial institutions in order to limit the amount of credit exposure. As of* December 31, 2025and2024*, a vast majority of our domestic cash and cash equivalents is with JPMorgan Chase N.A. The total domestic cash balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) to a maximum amount of $250.0 thousand per bank as of* December 31, 2025and2024*.

As of* December 31, 2025and2024*, we had cash balances on deposit with four banks that exceeded the balance insured by the FDIC limit by approximately $1,983.8 million and $129.0 million, respectively. As of* December 31, 2025and2024*, we also had cash on deposit with foreign banks of approximately $193.1 million and $161.0 million, respectively.

We consider the concentration of credit risk associated with our accounts receivable to be commercially reasonable and believe that such concentration doesnot result in the significant risk of near-term severe adverse impacts. Our topfifty customers represent approximately 42% of revenues for2025,43% for2024, and 45% for2023, withno individual customer accounting for more than approximately 3% of revenues for the years ended* December 31, 2025*,2024, and2023. No individual customer comprised more than 6% and 4% of accounts receivable as of* December 31, 2025and2024*, respectively.

6. Revenues:

Disaggregated revenues by type of service and by country are provided below for the years ended* December 31, 2025,2024, and2023.No individual country outside of the U.S. accounted for more than10.0% of our consolidated revenues for theyears ended December 31, 2025*,2024, or2023.

Contract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of* December 31, 2025and2024*, we hadno contract assets.

Contract liabilities are defined as an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. As of* December 31, 2025and2024*, we had contract liabilities that primarily related to unsatisfied performance obligations to provide customers with the right to use and update the online content over the remaining contract term of $446.2 million and $451.1 million, respectively. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our consolidated balance sheets, respectively, as of* December 31, 2025and2024*.

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The following is a summary of the change in contract liabilities from* December 31, 2023through December 31, 2025*:

Our most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts* maybe subject to modifications, impacting the timing of satisfying the performance obligations. These performance obligations, which are expected to be satisfied withinone* year, comprised approximately 99% and 98% of the balance as of* December 31, 2025and2024*, respectively.

We recognize an asset for incremental costs of obtaining a contract with a customer if we expect the benefits of those costs to be longer thanone year. As of* December 31, 2025and2024*, we had deferred commissions of $77.5 million and $78.5 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying consolidated balance sheets.

7. Fair Value Measurements:

Certain assets and liabilities are reported at fair value in our accompanying consolidated balance sheets. Such assets and liabilities include amounts for both financial and non-financial instruments. To increase consistency and comparability of assets and liabilities recorded at fair value, ASC820-10 established athree-level fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value. ASC820-10 requires disclosures detailing the extent to which companies' measure assets and liabilities at fair value, the methods and assumptions used to measure fair value, and the effect of fair value measurements on earnings. In accordance with ASC820-10, we applied the following fair value hierarchy:

Level1 — Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments.

Level2 — Assets and liabilities valued based on observable market data for similar instruments.

Level3 — Assets or liabilities for which significant valuation assumptions arenot readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require.

The fair value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and short-term debt approximate their carrying amounts because of the short-term nature of these instruments. Our investments in registered investment companies, which are Level1 assets measured at fair value on a recurring basis, were $0.7 million and $1.2 million as of* December 31, 2025and2024*, respectively. Our investments in registered investment companies are valued using quoted prices in active markets multiplied by the number of shares owned and were included in "Other current assets" in our accompanying consolidated balance sheets.

We electednot to carry our long-term debt at fair value. The carrying value of our long-term debt represents the amortized cost, inclusive of unamortized premium, and net of unamortized discount anddebt issuance costs. We assess the fair value of these financial instruments based on an estimate of interest rates available to us for financial instruments with similar features, our current credit rating, and spreads applicable to us. The following table summarizes the carrying value and estimated fair value of these financial instruments as of* December 31, 2025and2024*, respectively:

As of* December 31, 2025and2024*, we had securities without readily determinable market values of $198.9 million and $195.3 million, respectively, which were accounted for at cost. We donot have the ability to exercise significant influence over the investees’ operating and financial policies or donot hold investments in common stock or in-substance common stock in such entities. As of* December 31, 2025and2024*, we also had investments in private companies of $29.8 million and $27.0 million, respectively, accounted for in accordance with ASC323-10-25, The Equity Method of Accounting for Investments in Common Stock ("ASC323-10-25") as equity method investments. All such investments were included in "Other noncurrent assets" in our accompanying consolidated balance sheets. For the years ended* December 31, 2025and2024*, there wasno provision for credit losses related to these investments.

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8. Leases:

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC842. The lease term for our corporate headquarters ends in2033 and includes the options to extend forone 10-year renewal period andtwo 5-year renewal periods. Extension and termination options are considered in the calculation of our ROU assets and lease liabilities when we determine it is reasonably certain that we will exercise those options.

The following table presents the consolidated lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the years ended* December 31, 2025* and2024:

(1)Included in "Cost of revenues" and "Selling, general and, administrative" in our accompanying consolidated statements of operations

(2)Included in "Depreciation and amortization of fixed assets" in our accompanying consolidated statements of operations

(3)Included in "Interest expense, net" in our accompanying consolidated statements of operations

The following table presents weighted-average remaining lease terms and weighted-average discount rates for the consolidated finance and operating leases for the years ended* December 31, 2025* and2024:

Our ROU assets and lease liabilities for finance leases were $29.7 million and $23.6 million, respectively, as of* December 31, 2025*. Our ROU assets and lease liabilities for finance leases were $47.7 million and $41.4 million, respectively, as of* December 31, 2024*. Our ROU assets for finance leases were included in "Fixed assets, net" in our accompanying consolidated balance sheets. Our lease liabilities for finance leases were included in "Short-term debt and current portion of long-term debt" and "Long-term debt" in our accompanying consolidated balance sheets (See Note15. Debt).

Maturities of the continuing lease liabilities for the years through2031 and thereafter are as follows:

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9. Fixed Assets:

The following is a summary of fixed assets:

Depreciation and amortization of fixed assets for the years ended* December 31, 2025,2024, and2023 were $259.2 million, $233.6 million, and $206.8 million, of which $219.4 million, $193.5 million, and $165.5 million related to amortization of the internal-use software development costs, respectively. Amortization expense related to the development of software for sale was $0.0 million, $1.2 million, and $4.8 million for the years ended December 31, 2025,2024, and2023, respectively. We had unamortized software development costs that had been capitalized in accordance with ASC350-40 of $505.9 million and $497.4 million as of December 31, 2025and2024*, respectively. We didnot have unamortized software development costs that had been capitalized for thedevelopment of software for saleas of* December 31, 2025and2024*. Leased equipment include amounts held under finance leases for automobiles, computer software, and computer equipment.

Impairments to long-lived assets for the year ended* December 31, 2025* and2024 were $2.2 million and $7.6 million, respectively, and are included in "Selling, general and administrative" within our accompanying consolidated statements of operations.

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