Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill And Intangible Assets Disclosure [Abstract]

5. Goodwill and Intangible Assets

A summary of the goodwill by segment and related adjustments is provided below:


	Hospice		Personal Care			Home Health			Total
	(Amounts in Thousands)
Goodwill as of December 31, 2024	$	432,840	$	442,526		$	95,192		$	970,558
Additions for acquisitions		—		3,350			—			3,350
Adjustments to previously recorded goodwill				(1,414	)		(147	)		(1,561	)
Goodwill as of March 31, 2025	$	432,840	$	444,462		$	95,045		$	972,347

On January 1, 2025, the Company completed its acquisition of its Jacksonville affiliate for approximately $0.8 million (the “Jacksonville Acquisition”), with funding provided by available cash. With the Jacksonville Acquisition, the Company expanded its personal care segment in Florida and recorded goodwill of $0.8 million.

On March 1, 2025, the Company completed its acquisition of the assets of Great Lakes Home Care Unlimited, LLC for $2.6 million (the “Great Lakes Acquisition”) with funding provided by available cash. With the Great Lakes Acquisition, the Company expanded its personal care segment in Michigan and recognized goodwill in its personal care segment of $2.6 million during the three months ended March 31, 2025.

The Company’s identifiable intangible assets consist of customer and referral relationships, trade names and trademarks, non-competition agreements, and state licenses. Amortization is computed using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from one to fifteen years. Customer and referral relationships are amortized systematically over the periods of expected economic benefit, which range from five to ten years.

The carrying amount and accumulated amortization of each identifiable intangible asset category consisted of the following:


		March 31, 2025							December 31, 2024
		(Amounts in Thousands)							(Amounts in Thousands)
	Estimated Useful Life	Gross carrying value		Accumulated amortization			Net carrying value		Gross carrying value		Accumulated amortization			Net carrying value
Customer and referral relationships	5-10 years	$	34,201	$	(33,364	)	$	837	$	34,201	$	(33,255	)	$	946
Trade names and trademarks	1-15 years		59,366		(23,059	)		36,307		59,366		(21,900	)		37,466
Non-competition agreement	3-5 years		6,728		(6,369	)		359		6,728		(6,263	)		465
State Licenses	6-10 years		24,981		(1,868	)		23,113		24,981		(1,243	)		23,738
State Licenses	Indefinite		47,028		—			47,028		47,028		—			47,028
Total intangible assets		$	172,304	$	(64,660	)	$	107,644	$	172,304	$	(62,661	)	$	109,643

Amortization expense related to intangible assets was $2.0 million and $1.8 million for the three months ended March 31, 2025 and 2024, respectively. The weighted average remaining useful lives of identifiable intangible assets as of March 31, 2025 was 9.63 years.