7. Goodwill and intangible assets, net

Goodwill

Summarized below is the movement in the carrying value of goodwill for the three months ended September 30, 2019:


		Gross			Accumulated			Carrying
		value			impairment			value
Balance as of June 30, 2019	$	184,544		$	(35,157	)	$	149,387
Foreign currency adjustment⁽¹⁾		(6,880	)		293			(6,587	)
Balance as of September 30, 2019	$	177,664		$	(34,864	)	$	142,800

(1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value.

Goodwill has been allocated to the Company's reportable segments as follows:


		South						Financial
		African			International			inclusion and
		transaction			transaction			applied			Carrying
		processing			processing			technologies			value
Balance as of June 30, 2019	$	19,208		$	112,728		$	17,451		$	149,387
Foreign currency adjustment⁽¹⁾		(1,365	)		(3,981	)		(1,241	)		(6,587	)
Balance as of September 30, 2019	$	17,843		$	108,747		$	16,210		$	142,800

(1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value.

Intangible assets

Carrying value and amortization of intangible assets

Summarized below is the carrying value and accumulated amortization of the intangible assets as of September 30, 2019 and June 30, 2019:


		As of September 30, 2019							As of June 30, 2019
		Gross					Net		Gross					Net
		carrying		Accumulated			carrying		carrying		Accumulated			carrying
		value		amortization			value		value		amortization			value
Finite-lived intangible assets:
Customer relationships	$	93,099	$	(84,972	)	$	8,127	$	96,653	($	86,285	)	$	10,368
Software and unpatented technology		30,840		(30,607	)		233		32,071		(31,829	)		242
FTS patent		2,527		(2,527	)		-		2,721		(2,721	)		-
Trademarks and brands		6,502		(6,042	)		460		6,772		(6,265	)		507
Total finite-lived intangible assets		132,968		(124,148	)		8,820		138,217		(127,100	)		11,117
Indefinite-lived intangible assets:
Financial institution license		741		-			741		772		-			772
Total indefinite-lived intangible assets		741		-			741		772		-			772
Total intangible assets	$	133,709	$	(124,148	)	$	9,561	$	138,989	($	127,100	)	$	11,889

Aggregate amortization expense on the finite-lived intangible assets for the three months ended September 30, 2019 and 2018, was approximately $1.9 million and $6.0 million, respectively.

Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on September 30, 2019, is presented in the table below. Actual amortization expense in future periods could differ from this estimate as a result of acquisitions, changes in useful lives, exchange rate fluctuations and other relevant factors.


Fiscal 2020	$	7,657
Fiscal 2021		2,691
Fiscal 2022		67
Fiscal 2023		66
Fiscal 2024		66
Thereafter		135
Total future estimated annual amortization expense	$	10,682