Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

The following is a summary of changes in the Company’s goodwill by business line for the years ended December 31, 2024 and 2023 (in thousands):

	Good Sam
	Services and		RV and
	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2022 (excluding impairment charges)	$	71,118	$	793,142	$	864,260
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2022		24,234		598,189		622,423
Acquisitions		—		88,799		88,799
Balance at December 31, 2023		24,234		686,988		711,222
Acquisitions		1,561		30,140		31,701
Divestiture (1)		—		(8,900)		(8,900)
Balance at December 31, 2024	$	25,795	$	708,228	$	734,023

(1) See Note 6 ― Assets Held for Sale and Business Divestiture.

In the fourth quarter of 2024 and 2023, the Company performed its annual goodwill impairment test of the RV and Outdoor Retail, the Good Sam Show, Good Sam Media, and GSS Enterprise reporting units by performing a quantitative analysis. The RV and Outdoor Retail reporting unit is comprised of the entire RV and Outdoor Retail segment. The Good Sam Show, GSS Enterprise, Good Sam Media, and Good Sam RA and Tire Rescue reporting units are comprised of a portion of the Good Sam Services and Plans segment. These annual goodwill impairment tests resulted in the determination that the estimated fair value of these reporting units exceeded their carrying value. Therefore, no impairment charge was recorded during the years ended December 31, 2024 and 2023. The Company estimated the fair value of these reporting units using a combination of the guideline public company method under the market approach and the discounted cash flow analysis method under the income approach.

Intangible Assets

Finite-lived intangible assets and related accumulated amortization consisted of the following at December 31, 2024 and 2023 (in thousands):

	December 31, 2024
							Wtd. Average
	Carrying		Accumulated				Useful Life
	Value		Amortization		Net		(in years)
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,537)	$	203	5.3
Trademarks and trade names		2,132		(379)		1,753	15.0
Websites and developed technology		3,650		(1,614)		2,036	6.7
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(2,752)		1,402	5.5
Supplier lists and agreements		9,500		(594)		8,906	11.0
Trademarks and trade names		26,526		(22,005)		4,521	15.0
Websites and developed technology		6,348		(5,700)		648	10.1
	$	62,050	$	(42,581)	$	19,469	11.6
	December 31, 2023
							Wtd. Average
	Carrying		Accumulated				Useful Life
	Value		Amortization		Net		(in years)
Good Sam Services and Plans:
Membership, customer lists and other	$	9,640	$	(9,246)	$	394	5.4
Trademarks and trade names		2,132		(238)		1,894	15.0
Websites and developed technology		3,050		(1,118)		1,932	7.0
RV and Outdoor Retail:
Customer lists and domain names		5,543		(3,269)		2,274	5.3
Supplier lists and agreements		1,696		(1,102)		594	5.0
Trademarks and trade names		27,251		(21,390)		5,861	15.0
Websites and developed technology		6,325		(5,557)		768	10.0
	$	55,637	$	(41,920)	$	13,717	11.2

Amortization expense related to finite-lived intangibles for the years ended December 31, 2024, 2023, and 2022 was $3.6 million, $3.8 million and $13.5 million, respectively. The aggregate future five-year amortization of finite-lived intangibles at December 31, 2024, was as follows (in thousands):

2025	$	3,643
2026		3,519
2027		3,479
2028		1,950
2029		1,173
Thereafter		5,705
	$	19,469