INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying value of intangible assets consisted of the following:


	March 31, 2024						March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	46,454	$	(36,823)	$	9,631	$	46,461	$	(28,361)	$	18,100
Customer relationships	105,827		(28,741)		77,086		105,836		(16,824)		89,012
Trade names and domains	584		(584)		—		584		(584)		—
Total acquired identifiable intangible assets	$	152,865	$	(66,148)	$	86,717	$	152,881	$	(45,769)	$	107,112

As of March 31, 2024, the weighted average remaining useful life for developed technology and customer relationships were 1.5 years and 6.7 years, respectively.

Amortization expense for related intangible assets was $20.4 million, $21.1 million, and $8.3 million for the years ended March 31, 2024, 2023, and 2022, respectively.

There were no write-offs during the year ended March 31, 2024, and 2023. During the year ended March 31, 2022, the Company wrote off approximately $13.2 million of fully amortized intangible assets and the corresponding accumulated amortization. In November 2022, the Company sold certain intangible assets with net book value of less than $0.3 million for $1.8 million. The gain of approximately $1.8 million was recorded as Other income in the Consolidated Statement of Operations and includes $0.3 million to be received as future services.

At March 31, 2024, annual amortization of intangible assets, based upon existing intangible assets and current useful lives, is estimated to be the following (in thousands):


	Amount
2025	$	19,095
2026	13,896
2027	11,757
2028	11,044
2029 and thereafter	30,925
Total	$	86,717

The following table provides a summary of the changes in the carrying amounts of goodwill (in thousands):


	Amount
Balance at March 31, 2022	$	266,867
Foreign currency translation	(4)
Balance at March 31, 2023	266,863
Foreign currency translation	(289)
Balance at March 31, 2024	$	266,574

The Company conducted its annual impairment tests of goodwill in the fourth quarter of fiscal 2024, 2023, and 2022, and determined that no adjustment to the carrying value of goodwill was required.