Excelerate Energy, Inc. Goodwill & Intangibles Disclosure
Changes in the Company’s goodwill balance for the year ended December 31, 2025 consisted of the following (in thousands):
Balance at January 1, 2025 |
$ |
— |
|
Addition – Acquisition |
|
234,994 |
|
Balance at December 31, 2025 |
$ |
234,994 |
|
For the year ended December 31, 2025, the Company recorded no impairment losses on goodwill assets.
The Company’s intangible assets represent customer relationships associated with the Acquisition. Intangible assets, net as of December 31, 2025 consisted of the following (in thousands):
Gross intangible assets at January 1, 2025 |
$ |
— |
|
Addition – Acquisition |
|
369,000 |
|
Accumulated amortization |
|
(9,779 |
) |
Intangible assets, net at December 31, 2025 |
$ |
359,221 |
|
The Company recognized amortization expense related to intangible assets of $9.8 million for the year ended December 31, 2025. The Company expects to recognize $16.0 million in amortization expense each year for the next five years.
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.