XML 36 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The following table summarizes the activity in the Company’s goodwill balance as of the dates indicated:

(Dollars in thousands)			Total
Balance as of June 30, 2020			$	71,222
Goodwill from acquisitions			—
Balance as of June 30, 2021			71,222
Goodwill from acquisitions			24,452
Balance as of June 30, 2022			$	95,674

There was no goodwill impairment identified for the fiscal years ended June 30, 2022 and June 30, 2021.

The Company’s acquired intangible assets are summarized as follows as of the dates indicated:

						June 30, 2022																		June 30, 2021
(Dollars in thousands)						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Covenant not to compete						$	1,060					$	1,038					$	22					$	930					$	756					$	174
Customer relationships						46,960						10,654						36,306						31,310						7,110						24,200
Customer deposit intangible						13,545						7,655						5,890						13,545						5,829						7,716
Developed technologies						34,040						15,905						18,135						23,050						10,769						12,281
Trademark						378						—						378						378						—						378
Trade name						580						580						—						290						290						—
Total intangible assets						$	96,563					$	35,832					$	60,731					$	69,503					$	24,754					$	44,749

The weighted-average useful lives remaining of intangible assets as of June 30, 2022 were as follows:

			Weighted-Average Useful Lives (Years)
Covenant not to compete			0.17
Customer relationships			11.41
Customer deposit intangible			6.42
Developed technologies			2.93

The amortization expense for intangible assets that are subject to amortization was $11.1 million and $9.8 million for the years ended June 30, 2022 and 2021, respectively. Each intangible asset subject to amortization is amortized using the straight-line method over the estimated useful life of the asset. Trademark is an indefinite life intangible. Estimated future amortization expense related to finite-lived intangible assets at June 30, 2022 is as follows:

(Dollars in thousands)			Amortization Expense
For the fiscal year ending June 30,
2023			$	10,730
2024			10,239
2025			6,750
2026			5,615
2027			5,369
Thereafter			21,650
Total			$	60,353

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI https://asc.fasb.org/topic&trid=2144416

+ Details

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration