| Goodwill and Intangible Assets |
7. Goodwill and Intangible Assets Goodwill The following table presents a summary of changes in the Company’s goodwill by segment for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025: | | | | | | | | | | | | Good Sam | | | | | | | Services and | | RV and | | | ($ in thousands) | | Plans | | Outdoor Retail | | Consolidated | Balance at December 31, 2024 (excluding impairment charges) | | $ | 72,679 | | $ | 903,182 | | $ | 975,861 | Accumulated impairment charges | | | (46,884) | | | (194,953) | | | (241,837) | Balance at December 31, 2024 | | | 25,795 | | | 708,229 | | | 734,024 | Acquisitions | | | — | | | 17,951 | | | 17,951 | Divestiture(1) | | | — | | | (3,414) | | | (3,414) | Balance at June 30, 2025 | | | 25,795 | | | 722,766 | | | 748,561 | Acquisitions | | | — | | | 760 | | | 760 | Balance at December 31, 2025 | | | 25,795 | | | 723,526 | | | 749,321 | Acquisitions | | | — | | | 2,340 | | | 2,340 | Balance at June 30, 2026 | | $ | 25,795 | | $ | 725,866 | | $ | 751,661 | | | | | | | | | | |
| (1) | In June 2025, the Company closed on the sale of a dealership (see Note 6 — Assets Held for Sale and Business Divestitures). |
At June 30, 2026, the Company performed a qualitative impairment assessment to determine if it was more likely than not that the fair value of the RV and Outdoor Retail reporting unit was less than its carrying value by evaluating relevant events and circumstances. After considering recent performance comparable to forecasts utilized in the most recent interim goodwill impairment test as of March 31, 2026 (“Q1 26 Interim Goodwill Test”), among other factors, the Company concluded that it was more likely than not that the fair value of the RV and Outdoor Retail reporting unit was less than its carrying value as of June 30, 2026. As a result, the Company performed a quantitative goodwill impairment test as of June 30, 2026 (“Q2 26 Interim Goodwill Test”). The Q1 26 Interim Goodwill Test and Q2 26 Interim Goodwill Test concluded that the RV and Outdoor Retail reporting unit’s fair value exceeded its carrying value by 10% and 7%, respectively; therefore, no impairment of goodwill was recorded during the three months and six months ended June 30, 2026. The Company estimated the fair value of this reporting unit using a combination of the guideline public company method under the market approach and the discounted cash flow analysis method under the income approach. Of the key assumptions to the determination of fair value for the RV and Outdoor Retail reporting unit, (i) revenue and EBITDA projections, (ii) discount rate, and (iii) market multiples of comparable public companies are subject to the most uncertainty and it is reasonably possible that changes in the estimates underlying those, or other, assumptions could negatively impact the fair value of the RV and Outdoor Retail reporting unit and result in an impairment of goodwill in the near term. Intangible Assets Finite-lived intangible assets and related accumulated amortization consisted of the following: | | | | | | | | | | | | June 30, 2026 | | | Carrying | | Accumulated | | | | ($ in thousands) | | Value | | Amortization | | Net | Good Sam Services and Plans: | | | | | | | | | | Membership, customer lists and other | | $ | 9,194 | | $ | (9,152) | | $ | 42 | Trademarks and trade names | | | 2,132 | | | (592) | | | 1,540 | Websites and developed technology | | | 3,650 | | | (2,447) | | | 1,203 | RV and Outdoor Retail: | | | | | | | | | | Customer lists, domain names and other | | | 4,154 | | | (3,353) | | | 801 | Supplier lists and agreements | | | 9,500 | | | (1,930) | | | 7,570 | Trademarks and trade names | | | 26,526 | | | (24,015) | | | 2,511 | Websites and developed technology | | | 6,151 | | | (5,753) | | | 398 | | | $ | 61,307 | | $ | (47,242) | | $ | 14,065 | | | | | | | | | | | | | December 31, 2025 | | | Carrying | | Accumulated | | | | ($ in thousands) | | Value | | Amortization | | Net | Good Sam Services and Plans: | | | | | | | | | | Membership, customer lists and other | | $ | 9,194 | | $ | (9,140) | | $ | 54 | Trademarks and trade names | | | 2,132 | | | (521) | | | 1,611 | Websites and developed technology | | | 3,650 | | | (2,169) | | | 1,481 | RV and Outdoor Retail: | | | | | | | | | | Customer lists and domain names | | | 4,154 | | | (3,152) | | | 1,002 | Supplier lists and agreements | | | 9,500 | | | (1,484) | | | 8,016 | Trademarks and trade names | | | 26,526 | | | (23,345) | | | 3,181 | Websites and developed technology | | | 6,151 | | | (5,672) | | | 479 | | | $ | 61,307 | | $ | (45,483) | | $ | 15,824 | | | | | | | | | | |
| | June 30, 2025 | | | Cost or | | Accumulated | | | | ($ in thousands) | | Fair Value | | Amortization | | Net | Good Sam Services and Plans: | | | | | | | | | | Membership, customer lists and other | | $ | 9,740 | | $ | (9,656) | | $ | 84 | Trademarks and trade names | | | 2,132 | | | (450) | | | 1,682 | Websites and developed technology | | | 3,650 | | | (1,891) | | | 1,759 | RV and Outdoor Retail: | | | | | | | | | | Customer lists and domain names and other | | | 4,154 | | | (2,952) | | | 1,202 | Supplier lists and agreements | | | 9,500 | | | (1,039) | | | 8,461 | Trademarks and trade names | | | 26,526 | | | (22,675) | | | 3,851 | Websites and developed technology | | | 6,151 | | | (5,588) | | | 563 | | | $ | 61,853 | | $ | (44,251) | | $ | 17,602 | | | | | | | | | | |
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