Goodwill and Intangible Assets

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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