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INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL The following tables summarize the gross carrying amounts, accumulated amortization and accumulated impairment of identifiable intangible assets with definite lives by major class as of March 31, 2024 and December 31, 2023:
| March 31, 2024
(In thousands) | Customer Relationships |  | Trademark |  | Developed Technology |  | Non-Compete Agreements |  | Total
Gross carrying amount, beginning of period | $ | 116,470 |  |  | $ | 7,720 |  |  | $ | 31,900 |  |  | $ | 1,620 |  |  | $ | 157,710 |
Accumulated amortization | (43,031) |  |  | (5,378) |  |  | (20,269) |  |  | (604) |  |  | (69,282) |
Accumulated impairment | — |  |  | (2,342) |  |  | — |  |  | — |  |  | (2,342) |
Net intangible assets as of March 31, 2024 | $ | 73,439 |  |  | $ | — |  |  | $ | 11,631 |  |  | $ | 1,016 |  |  | $ | 86,086 |
Weighted average remaining years of useful life | 8.2 |  | 0.0 |  | 8.3 |  | 3.2 |  | 8.2
| December 31, 2023
(In thousands) | Customer Relationships |  | Trademark |  | Developed Technology |  | Non-Compete Agreements |  | Total
Gross carrying amount, beginning of period | $ | 132,170 |  |  | $ | 12,320 |  |  | $ | 40,800 |  |  | $ | 1,400 |  |  | $ | 186,690 |
Intangible assets acquired | 16,100 |  |  | — |  |  | 1,400 |  |  | 220 |  |  | 17,720 |
Accumulated amortization | (63,686) |  |  | (6,974) |  |  | (29,934) |  |  | (522) |  |  | (101,116) |
Accumulated impairment | — |  |  | (2,342) |  |  |  |  |  |  | (2,342) |
Held for sale | (8,735) |  |  | (3,004) |  |  |  |  |  |  | (11,739) |
Net intangible assets as of December 31, 2023 | $ | 75,849 |  |  | $ | — |  |  | $ | 12,266 |  |  | $ | 1,098 |  |  | $ | 89,213 |
During the fourth quarter of 2023, the Company committed to the Company-wide rebranding and legal entity consolidation initiative that culminated in the change of the Company’s corporate name to “TruBridge, Inc.” on March 4, 2024. As a result of this initiative, it was expected that certain of the Company’s brand names and related trademarks would cease to be used, resulting in total trademark impairment recorded during the year ended December 31, 2023 of $2.3 million. Of the total trademark impairment charge, $1.0 million is derived from our RCM segment, $1.2 million is derived from our EHR segment, and $0.1 million is derived from our Patient Engagement segment. The following table represents the remaining amortization of definite-lived intangible assets as of March 31, 2024:
(In thousands) |
For the year ended December 31, |
2024 | $ | 9,379 |
2025 | 12,190 |
2026 | 11,517 |
2027 | 10,497 |
2028 | 10,203 |
Thereafter | 32,300 |
Total | $ | 86,086 |
The following table sets forth the change in the carrying value of our goodwill balances by reportable segment for the three months ended March 31, 2024:
(In thousands) | RCM | EHR | Patient Engagement | Total
Gross value at December 31, 2023 | $ | 79,084 |  | $ | 126,665 |  | $ | 9,767 |  | $ | 215,516 |
Accumulated impairment | — |  | (28,307) |  | (7,606) |  | (35,913) |
Held for sale | — |  | (7,694) |  | — |  | (7,694) |
Carrying value at December 31, 2023 | 79,084 |  | 90,664 |  | 2,161 |  | 171,909 |
Purchase price adjustment (Viewgol) | 664 |  | — |  | — |  | 664 |
Gross value at March 31, 2024 | 79,748 |  | 118,971 |  | 9,767 |  | 208,486 |
Accumulated impairment | — |  | (28,307) |  | (7,606) |  | (35,913) |
Carrying value as of March 31, 2024 | $ | 79,748 |  | $ | 90,664 |  | $ | 2,161 |  | $ | 172,573 |
Goodwill is evaluated for impairment annually on October 1, or more frequently if indicators of impairment are present or changes in circumstances suggest that impairment may exist. During the three months ended March 31, 2024, our share price experienced a sustained decline resulting in a decrease in our market capitalization. This decline in share price was identified as a triggering event requiring a quantitative assessment for goodwill impairment in each of our reporting units. Our reporting units assessed for impairment of goodwill include: RCM (formerly the “TruBridge” reporting unit), EHR, and Patient Engagement (formerly a component of our former “TruBridge” reporting unit). We continue to monitor each reporting unit for interim impairment indicators and believe that the estimates and assumptions used in calculations are reasonable as of March 31, 2024. By using a combination of the income and market valuation approaches. Under the income approach, we used a discounted cash flow model, which utilizes present values of cash flows to estimate fair value. Our forecasted cash flows reflected conditions as of March 31, 2024, and reflected management’s anticipated business outlook for each reporting unit, which requires the use of estimates. The market approach applied selected trading multiples of companies comparable to the respective reporting units to the Company’s financial measures. The income approach was given significantly more weight in determining the fair values. These quantitative evaluations of the fair values of each of our reporting units resulted in no impairment as of March 31, 2024. Should the fair value of any of our reporting units fall below its carrying amount because of reduced operating performance, market declines, and other adverse factors, goodwill impairment charges may be necessary in future period.

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