Intangible Assets and Goodwill

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible assets—The Company's intangible assets include those acquired as part of the acquisition of the controlling interest in Auto & Home in August 2012 as well as from the May 2020 acquisition of InsideResponse. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. During the three months ended September 30, 2020, and 2019, there were no such indicators.

Goodwill—In August of 2012, the Company acquired the remaining interest in Auto & Home, and recorded goodwill as the excess of the total consideration transferred plus the acquisition-date fair value of the previously held equity interest over the fair values of the identifiable net assets acquired. Further, in May 2020, the

Company recorded as goodwill the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired from InsideResponse. There were no goodwill impairment charges recorded during the three months ended September 30, 2020 and 2019.

Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date and becomes identified with that reporting unit in its entirety. As such the reporting unit as a whole supports the recovery of its goodwill. For the aforementioned acquisitions, the reporting units are Auto & Home and Senior, respectively.

The carrying amounts, accumulated amortization, net carrying value, and weighted average remaining life of our definite-lived amortizable intangible assets as well as our goodwill are presented in the tables below (dollars in thousands, useful life in years):


	September 30, 2020							June 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-average Remaining Useful Life
Total intangible assets subject to amortization
Customer relationships-Auto & Home	$	853	$	(689)	$	164		$	853	$	(680)	$	173
InsideResponse								—		—		—
Trade Name	2,680		(223)		2,457			2,680		(88)		2,592
Proprietary Software-5 year	780		(65)		715			780		(26)		754
Proprietary Software-2 year	262		(55)		207			262		(22)		240
Non-compete agreements	192		(27)		165			192		(16)		176
Customer relationships	16,069		(957)		15,112			16,069		(331)		15,738
Total intangible assets	$	20,836	$	(2,016)	$	18,820	6.2	$	20,836	$	(1,163)	$	19,673	6.4

Total indefinite-lived assets
Goodwill-Auto & Home	$	5,364			$	5,364		$	5,364			$	5,364
Goodwill-Senior	41,092				41,092			41,213				41,213
Total goodwill	$	46,456			$	46,456		$	46,577			$	46,577

For the three months ended September 30, 2020 and 2019, amortization expense related to intangible assets totaled $0.8 million and less than $0.1 million, respectively.

Changes in the carrying amount of goodwill for the three months ended September 30, 2020, are as follows (in thousands):


Balance, June 30, 2020	$	46,577
Measurement period adjustments(1)	(121)
Balance, September 30, 2020	$	46,456

(1) Represents measurement period adjustments related to the InsideResponse acquisition (see Note 2 to the consolidated financial statements).

As of September 30, 2020, expected amortization expense in future periods were as follows (in thousands):


	Customer Relationships-Auto & Home		Trade Name		Proprietary Software		Non-compete agreements		Customer relationships		Total
Remainder fiscal 2021	$	29	$	402	$	215	$	48	$	1,722	$	2,416
2022	32		536		265		64		2,296		3,193
2023	28		536		156		53		2,296		3,069
2024	23		536		156		—		2,296		3,011
2025	20		447		130		—		2,296		2,893
Thereafter	32		—		—		—		4,206		4,238
Total	$	164	$	2,457	$	922	$	165	$	15,112	$	18,820