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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 4. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company had a goodwill balance of $126.4 million at March 31, 2024, 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 six months ended March 31, 2024 (amounts shown in thousands):
Balance at September 30, 2023 | $ | 123,548 |
Foreign currency effect on goodwill | 2,841 |
Balance at March 31, 2024 | $ | 126,389 |
There was no impairment loss recognized related to goodwill in the three or six months ended March 31, 2024 or 2023. 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 March 31, 2024 and September 30, 2023, respectively, are summarized as follows (amounts in thousands, except for years):
March 31, 2024: | Weighted Average Amortization Period (in years) |  | Cost |  | Accumulated Amortization |  | Net |  |  |  |  |  |  |
Completed technologies | 6.9 |  | $ | 95,761 |  |  | $ | 43,715 |  |  | $ | 52,046 |  |  |  |  |  |  |  |
Customer relationships | 4.7 |  | 25,168 |  |  | 22,187 |  |  | 2,981 |  |  |  |  |  |  |  |
Trade names | 5.0 |  | 7,088 |  |  | 3,452 |  |  | 3,636 |  |  |  |  |  |  |  |
Covenants not to compete | 3.0 |  | 600 |  |  | 412 |  |  | 188 |  |  |  |  |  |  |  |
Total intangible assets |  |  | $ | 128,617 |  |  | $ | 69,766 |  |  | $ | 58,851 |  |  |  |  |  |  |  |
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 $7.7 million during the three and six months ended March 31, 2024, respectively, compared to $4.5 million and $9.0 million during the three and six months ended March 31, 2023, respectively, and is recorded within amortization and acquisition-related costs on the condensed consolidated statements of operations and comprehensive income (loss). There were no impairment losses recognized related to intangible assets in the three or six months ended March 31, 2024 or 2023. 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 | 7,375 |
2025 | 13,779 |
2026 | 12,557 |
2027 | 11,408 |
2028 | 9,698 |
Thereafter | 4,034 |
Total | $ | 58,851 |

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