XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.24.3

INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2024 and December 31, 2023:
| September 30, 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 | (47,851) |  |  | (5,378) |  |  | (21,541) |  |  | (765) |  |  | (75,535) |
Accumulated impairment | — |  |  | (2,342) |  |  | — |  |  | — |  |  | (2,342) |
Net intangible assets as of September 30, 2024 | $ | 68,619 |  |  | $ | — |  |  | $ | 10,359 |  |  | $ | 855 |  |  | $ | 79,833 |
Weighted average remaining years of useful life | 7.8 |  | 0.0 |  | 8.2 |  | 2.8 |  | 8.0
| 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 Financial Health segment and $1.3 million is derived from our Patient Care segment. The following table represents the remaining amortization of definite-lived intangible assets as of September 30, 2024:
(In thousands) |
For the year ended December 31, |
2024 | $ | 3,126 |
2025 | 12,190 |
2026 | 11,517 |
2027 | 10,497 |
2028 | 10,203 |
Thereafter | 32,300 |
Total | $ | 79,833 |
The following table sets forth the change in the carrying value of our goodwill balances by reportable segment for the nine months ended September 30, 2024:
(In thousands) | Financial Health | Patient Care | Total
Gross value at December 31, 2023 | $ | 79,084 |  | $ | 136,432 |  | $ | 215,516 |
Accumulated impairment | — |  | (35,913) |  | (35,913) |
Held for sale | — |  | (7,694) |  | (7,694) |
Carrying value at December 31, 2023 | 79,084 |  | 92,825 |  | 171,909 |
Purchase price adjustment (Viewgol) | 664 |  | — |  | 664 |
Carrying value as of September 30, 2024 | $ | 79,748 |  | $ | 92,825 |  | $ | 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 first quarter of 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 all of our reporting segments. We assessed goodwill in each of our reporting segments for impairment 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. Trading multiples selected for each reporting unit varied from the low end of the range of guideline public companies up to the median depending on the specific characteristics of each reporting unit. The income approach was given significantly more weight in determining the fair values. The approaches, which qualify as Level 3 within the fair value hierarchy, incorporate a number of market participant assumptions including, but not limited to, future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s forecasts and long-term plans. Discount rate assumptions are based on an assessment of the inherent risk of the respective reporting units. These quantitative evaluations of the fair values of each of our reporting units resulted in no impairment as of March 31, 2024. Given that the fair values of the reporting units are based on management’s best estimates, if actual results should differ from those estimates, impairment charges may be required in future periods. Our share price continued to experience sustained decline during the first half of the second quarter of 2024. This decline in share price was identified as a triggering event requiring a quantitative assessment for goodwill impairment in all of our reporting segments. On May 14, 2024, the Company announced a reorganization of its operating and reporting segment structure. This restructuring resulted in another triggering event requiring a quantitative assessment for goodwill impairment in our reporting units immediately pre- and post- reorganization as of that date. We utilized the same goodwill valuation approach as described above. These quantitative evaluations of the fair values of the goodwill in each of our reporting units resulted in no impairment. No indicators of impairment were identified during the third quarter of 2024.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration