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GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

4. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company had a goodwill balance of $127.7 million at December 31, 2023, representing the excess of costs over fair value of assets of businesses acquired. The following table summarizes changes in the balance of goodwill during the three months ended December 31, 2023 (amounts shown in thousands):

Balance at September 30, 2023			$	123,548
Foreign currency effect on goodwill			4,116
Balance at December 31, 2023			$	127,664

Intangible Assets

Intangible assets include the value assigned to purchased completed technology, customer relationships, trade names and covenants not to compete. The estimated useful lives for all of these intangible assets range from three to seven years and they are amortized on a straight-line basis. Intangible assets as of December 31, 2023 and September 30, 2023, respectively, are summarized as follows (amounts in thousands, except for years):

December 31, 2023:			Weighted Average Amortization Period (in years)						Cost						Accumulated Amortization						Net
Completed technologies			6.9						$	95,761					$	40,262					$	55,499
Customer relationships			4.7						25,168						21,710						3,458
Trade names			5.0						7,088						3,109						3,979
Covenants not to compete			3.0						600						363						237
Total intangible assets									$	128,617					$	65,444					$	63,173

September 30, 2023:			Weighted Average Amortization Period (in years)						Cost						Accumulated Amortization						Net
Completed technologies			6.9						$	95,761					$	39,254					$	56,507
Customer relationships			4.7						25,168						21,396						3,772
Trade names			5.0						7,088						2,967						4,121
Covenants not to compete			3.0						600						326						274
Total intangible assets									$	128,617					$	63,943					$	64,674

Amortization expense related to acquired intangible assets was $3.8 million and $4.5 million during the three months ended December 31, 2023 and, 2022, respectively, and is recorded within amortization and acquisition-related costs on the condensed consolidated statements of operations and comprehensive income.

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
2024			11,305
2025			13,895
2026			12,647
2027			11,488
2028			9,769
Thereafter			4,069
Total			$	63,173

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- References

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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

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