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Goodwill and Intangible Assets | 3 Months Ended
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Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 4. Goodwill and Intangible Assets Goodwill and intangible assets acquired through business combinations consisted of the following (in thousands):
|  | September 30, 2021 |
|  | Useful Life (In years) |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
Goodwill |  | Indefinite |  | $ | 262,015 |  |  | $ | — |  |  | $ | 262,015 |
Client relationships |  | 9 to 15 |  |  | 41,000 |  |  |  | (16,848 | ) |  |  | 24,152 |
Noncompete agreements |  | 3 to 5 |  |  | 4,107 |  |  |  | (2,550 | ) |  |  | 1,557 |
Trademarks and trade names |  | Indefinite |  |  | 4,892 |  |  |  | — |  |  |  | 4,892 |
Trademarks and trade names |  | 1 to 3 |  |  | 7,613 |  |  |  | (3,171 | ) |  |  | 4,442 |
Core technology |  | 3 to 5 |  |  | 47,019 |  |  |  | (33,022 | ) |  |  | 13,997 |
Intangible assets, net |  |  |  | $ | 104,631 |  |  | $ | (55,591 | ) |  | $ | 49,040 |
|  | June 30, 2021 |
|  | Useful Life (In years) |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
Goodwill |  | Indefinite |  | $ | 262,270 |  |  | $ | — |  |  | $ | 262,270 |
Client relationships |  | 9 to 15 |  |  | 41,000 |  |  |  | (15,879 | ) |  |  | 25,121 |
Noncompete agreements |  | 3 to 5 |  |  | 4,107 |  |  |  | (2,442 | ) |  |  | 1,665 |
Trademarks and trade names |  | Indefinite |  |  | 4,892 |  |  |  | — |  |  |  | 4,892 |
Trademarks and trade names |  | 1 to 3 |  |  | 7,613 |  |  |  | (2,902 | ) |  |  | 4,711 |
Core technology |  | 3 to 5 |  |  | 47,019 |  |  |  | (31,059 | ) |  |  | 15,960 |
Intangible assets, net |  |  |  | $ | 104,631 |  |  | $ | (52,282 | ) |  | $ | 52,349 |
The fair value of intangible assets was derived based on the income approach. This fair value measurement is based on significant inputs that are not observable in the market. Key assumptions utilized in management’s analysis included the following:
• | Revenues and expense forecasts were based on trends of historical performance and management’s estimate of future performance.
• | Cash flows utilized in the discounted cash flow analysis were estimated using a weighted-average cost of capital.
Changes in the carrying amounts of goodwill were as follows (in thousands):
|  | Three Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Balance, beginning of period |  | $ | 262,270 |  |  | $ | 227,992 |
Foreign currency translation adjustment |  |  | (255 | ) |  |  | 374 |
Balance, end of period |  | $ | 262,015 |  |  | $ | 228,366 |
Amortization expense related to acquired intangible assets was recognized as follows (in thousands):
|  | Three Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Cost of revenues |  | $ | 1,964 |  |  | $ | 1,752 |
Sales and marketing |  |  | 1,239 |  |  |  | 992 |
General and administrative |  |  | 106 |  |  |  | — |
Total amortization expense |  | $ | 3,309 |  |  | $ | 2,744 |
As of September 30, 2021, the estimated future amortization expense of acquired intangible assets is as follows (in thousands):
Fiscal Year Ending June 30, |  | Amount |
2022 (remaining 9 months) |  | $ | 9,928 |
2023 |  |  | 9,190 |
2024 |  |  | 7,707 |
2025 |  |  | 5,291 |
2026 |  |  | 3,111 |
2027 and thereafter |  |  | 8,921 |
Total remaining amortization |  | $ | 44,148 |

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- 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 http://asc.fasb.org/topic&trid=2144416 + Details
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