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Goodwill and Intangible Assets | 3 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 5. Goodwill and Intangible Assets Goodwill Changes in the carrying amounts of goodwill were as follows (in thousands):
|  | Three Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Balance, beginning of period |  | $ | 278,890 |  |  | $ | 269,103 |
Purchase price adjustment |  |  | — |  |  |  | 784 |
Foreign currency translation adjustment |  |  | (289 | ) |  |  | (657 | )
Balance, end of period |  | $ | 278,601 |  |  | $ | 269,230 |
During the three months ended September 30, 2022, the Company recognized a purchase price adjustment of $0.8 million related to the Billstream acquisition that occurred in June 2022, which increased goodwill and deferred consideration. Intangible Assets Intangible assets acquired through business combinations consisted of the following (in thousands):
|  | September 30, 2023 |
|  | Useful Life (In years) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Client relationships |  | 9 to 15 |  | $ | 48,900 |  |  | $ | (25,515 | ) |  | $ | 23,385 |
Non-compete agreements |  | 3 to 5 |  |  | 4,907 |  |  |  | (3,546 | ) |  |  | 1,361 |
Trademarks and trade names |  | Indefinite |  |  | 4,683 |  |  |  | — |  |  |  | 4,683 |
Trademarks and trade names |  | 5 to 10 |  |  | 7,822 |  |  |  | (5,458 | ) |  |  | 2,364 |
Core technology |  | 4 to 6 |  |  | 52,519 |  |  |  | (44,330 | ) |  |  | 8,189 |
Backlog |  | 2 |  |  | 1,000 |  |  |  | (430 | ) |  |  | 570 |
Intangible assets, net |  |  |  | $ | 119,831 |  |  | $ | (79,279 | ) |  | $ | 40,552 |
|  | June 30, 2023 |
|  | Useful Life (In years) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Client relationships |  | 9 to 15 |  | $ | 48,900 |  |  | $ | (24,341 | ) |  | $ | 24,559 |
Non-compete agreements |  | 3 to 5 |  |  | 4,907 |  |  |  | (3,383 | ) |  |  | 1,524 |
Trademarks and trade names |  | Indefinite |  |  | 4,683 |  |  |  | — |  |  |  | 4,683 |
Trademarks and trade names |  | 5 to 10 |  |  | 7,822 |  |  |  | (5,270 | ) |  |  | 2,552 |
Core technology |  | 4 to 6 |  |  | 52,519 |  |  |  | (43,275 | ) |  |  | 9,244 |
Backlog |  | 2 |  |  | 1,000 |  |  |  | (305 | ) |  |  | 695 |
Intangible assets, net |  |  |  | $ | 119,831 |  |  | $ | (76,574 | ) |  | $ | 43,257 |
Amortization expense related to acquired intangible assets was recognized as follows (in thousands):
|  | Three Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Cost of SaaS and support |  | $ | 1,055 |  |  | $ | 1,496 |
Sales and marketing |  |  | 1,487 |  |  |  | 1,464 |
General and administrative |  |  | 163 |  |  |  | 121 |
Total amortization expense |  | $ | 2,705 |  |  | $ | 3,081 |
As of September 30, 2023, the estimated future amortization expense for acquired intangible assets is as follows (in thousands):
Fiscal Year Ending June 30, |  | Amount |
2024 (remaining 9 months) |  | $ | 7,504 |
2025 |  |  | 7,506 |
2026 |  |  | 5,090 |
2027 |  |  | 4,925 |
2028 |  |  | 4,428 |
2029 and thereafter |  |  | 6,416 |
Total remaining amortization |  | $ | 35,869 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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