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Goodwill and Intangible Assets | 12 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 6. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company had goodwill balances of $120.2 million and $63.1 million at September 30, 2022 and 2021, respectively, representing the excess of costs over fair value of net assets of businesses acquired. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with ASC Topic 350. The following table summarizes changes in the balance of goodwill during the twelve months ended September 30, 2022 and 2021 (amounts in thousands):
Balance at September 30, 2021 | $ | 63,096 |
Acquisition of HooYu | $ | 74,206 |
Impact of revenue restatement | $ | (427) |
Foreign currency effect on goodwill | $ | (16,342) |
Balance at September 30, 2022 | $ | 120,186 |
Intangible Assets Intangible assets include the value assigned to purchased completed technology, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from three to seven years. Intangible assets as of September 30, 2022 and 2021 are summarized as follows (amounts in thousands, except for years):
September 30, 2022: |  | Weighted Average Amortization Period |  | Cost |  | Accumulated Amortization |  | Net
Completed technologies |  | 6.9 years |  | $ | 95,761 |  |  | $ | 32,265 |  |  | $ | 63,496 |
Customer relationships |  | 4.7 years |  | 25,168 |  |  | 18,241 |  |  | $ | 6,927 |
Trade names |  | 5.0 years |  | 7,088 |  |  | 2,174 |  |  | $ | 4,914 |
Covenants not to compete |  | 3.0 years |  | $ | 600 |  |  | $ | 181 |  |  | $ | 419 |
Total intangible assets |  |  |  | $ | 128,617 |  |  | $ | 52,861 |  |  | $ | 75,756 |
September 30, 2021: |  | Weighted Average Amortization Period |  | Cost |  | Accumulated Amortization |  | Net
Completed technologies |  | 6.6 years |  | $ | 34,361 |  |  | $ | 13,311 |  |  | $ | 21,050 |
Customer relationships |  | 4.6 years |  | 20,168 |  |  | 12,905 |  |  | 7,263 |
Trade names |  | 4.7 years |  | 988 |  |  | 567 |  |  | 421 |
Total intangible assets |  |  |  | $ | 55,517 |  |  | $ | 26,783 |  |  | $ | 28,734 |
Amortization expense related to acquired intangible assets was $13.5 million, $7.5 million, and $6.4 million for twelve months ended September 30, 2022, 2021, and 2020, respectively, and is recorded in amortization and acquisition-related costs in the consolidated statements of operations. The estimated future amortization expense related to intangible assets for each of the five succeeding fiscal years is expected to be as follows (amounts in thousands):
| Estimated Future Amortization Expense
2023 | 15,730 |
2024 | 13,640 |
2025 | 12,446 |
2026 | 11,336 |
2027 | 10,315 |
Thereafter | 12,289 |
Total | $ | 75,756 |

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