Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

The changes in the goodwill carrying amount include:


(in thousands)
Balance as of December 31, 2024	$	103,321
Foreign currency translation adjustment		3,351
Tabacón acquisition (1)		41,966
Measurement period adjustments		(85	)
Balance as of September 30, 2025	$	148,553

(1)

See Note 4 – Acquisitions for additional information.

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 September 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:


		September 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:
Operating contracts and licenses	25.9	$	57,554	$	(7,560	)	$	49,994	$	52,697	$	(5,505	)	$	47,192
In-place lease	31.0		14,039		(2,425	)		11,614		13,588		(2,069	)		11,519
Customer contracts and relationships	4.9		7,782		(2,883	)		4,899		5,475		(2,453	)		3,022
Tradenames and other	3.3		5,124		(3,511	)		1,613		5,002		(2,929	)		2,073
Total amortized intangible assets			84,499		(16,379	)		68,120		76,762		(12,956	)		63,806
Indefinite-lived intangible assets:
Tradenames (1)			4,950		—			4,950		—		—			—
Business licenses			3,665		—			3,665		560		—			560
Other intangible assets, net		$	93,114	$	(16,379	)	$	76,735	$	77,322	$	(12,956	)	$	64,366

(1)

See Note 4 – Acquisitions for additional information.

Intangible asset amortization expense (excluding amortization expense of right-of-use (“ROU”) assets) was $0.9 million and $2.4 million during the three and nine months ended September 30, 2025, respectively. Intangible asset amortization expense was $0.7 million and $2.0 million during the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, the estimated future definite-lived intangible asset amortization expense includes:


(in thousands)
Year ending December 31,
Remainder of 2025	$	734
2026		3,237
2027		2,851
2028		2,829
2029		2,716
Thereafter		55,753
Total	$	68,120