Goodwill and Other Intangible Assets, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

NOTE 9. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2024	$	103,321
Foreign currency translation adjustments		5,059
Measurement period adjustments		(85	)
Balance at June 30, 2025	$	108,295

Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We

use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing. As of June 30, 2025, we do not believe there have been any significant changes to the outlook for the future years or to the risk profile of our reporting units that would indicate that goodwill impairment testing between annual tests is required.

Other intangible assets consisted of the following:


		June 30, 2025							December 31, 2024
(in thousands)	Remaining Useful Life (Years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets subject to amortization:
Customer contracts and relationships	8.9	$	5,683	$	(2,777	)	$	2,906	$	5,475	$	(2,453	)	$	3,022
Operating contracts and licenses	26.0		58,292		(7,138	)		51,154		52,697		(5,505	)		47,192
In-place lease	31.3		14,362		(2,392	)		11,970		13,588		(2,069	)		11,519
Tradenames	3.4		5,202		(3,409	)		1,793		4,992		(2,920	)		2,072
Other	0.4		9		(9	)		—		10		(9	)		1
Total amortized intangible assets			83,548		(15,725	)		67,823		76,762		(12,956	)		63,806
Indefinite-lived intangible assets:
Business licenses			3,592		—			3,592		560		—			560
Other intangible assets, net		$	87,140	$	(15,725	)	$	71,415	$	77,322	$	(12,956	)	$	64,366

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $0.8 million during the three months ended June 30, 2025 and $1.5 million during the six months ended June 30, 2025. Intangible asset amortization expense was $0.7 million during the three months ended June 30, 2024 and $1.3 million during the six months ended June 30, 2024.

At June 30, 2025, the estimated future amortization expense related to intangible assets subject to amortization is as follows:


(in thousands)
Year ending December 31,
Remainder of 2025	$	1,620
2026		3,143
2027		2,748
2028		2,725
2029		2,610
Thereafter		54,977
Total	$	67,823