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Goodwill and Intangible Assets | 3 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 7 – GOODWILL AND INTANGIBLE ASSETS Goodwill The table below reflects the changes in the carrying amount of goodwill for the three months ended September 30, 2022:
(In thousands) | Total |
Balance as of June 30, 2022 | $ | 88,199 |
Foreign currency translation loss |  | (1,448 | )
Balance as of September 30, 2022 | $ | 86,751 |
We considered uncertainties as part of our determination as to whether any triggering events occurred during the three months ended September 30, 2022, which would indicate an impairment of goodwill is more-likely-than-not. Based on our assessment, there were no triggering events identified that would have an adverse impact on our business; and therefore, no impairment was identified for our goodwill as of September 30, 2022. The evaluation of impairment of goodwill requires the use of estimates about future operating results. Changes in forecasted operations can materially affect these estimates, which could materially affect our results of operations and financial condition. The estimates of expected future cash flows require significant judgment and are based on assumptions we determined to be reasonable; however, they are unpredictable and inherently uncertain, including, estimates of future growth rates, operating margins and assumptions about the overall economic climate as well as the competitive environment within which we operate. There can be no assurance that our estimates and assumptions made for purposes of our impairment assessments as of the time of evaluation will prove to be accurate predictions of the future. If our assumptions regarding business plans, competitive environments, or anticipated growth rates are not correct, we may be required to record non-cash impairment charges in future periods, whether in connection with our normal review procedures periodically, or earlier, if an indicator of an impairment is present prior to such evaluation. Intangible Assets The Company is in the process of rebranding certain trade names. We will rebrand certain trade names in connection with the Company’s long-term growth strategy and make it more consistent across our business and better serve our customers. We will gradually phase out certain trade names and will predominantly use Radiant to refer to the Company. The rebranding has resulted in the reduction of the related useful lives of certain trade names and accelerated amortization expenses starting from June 2022 to December 2022. Intangible assets consisted of the following as of September 30, 2022 and June 30, 2022, respectively:
| September 30, 2022 |
(In thousands) | Weighted Average Amortization Period |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer related | 7.2 years |  | $ | 113,104 |  |  | $ | (79,591 | ) |  | $ | 33,513 |
Trade names and trademarks | 4.9 years |  |  | 15,327 |  |  |  | (9,838 | ) |  |  | 5,489 |
Licenses | 4.5 years |  |  | 752 |  |  |  | (414 | ) |  |  | 338 |
Developed technology (1) | 4.2 years |  |  | 4,091 |  |  |  | (682 | ) |  |  | 3,409 |
Covenants not to compete | 2.3 years |  |  | 1,433 |  |  |  | (1,182 | ) |  |  | 251 |
|  |  | $ | 134,707 |  |  | $ | (91,707 | ) |  | $ | 43,000 |
| June 30, 2022 |
(In thousands) | Weighted Average Amortization Period |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer related | 7.2 years |  | $ | 114,974 |  |  | $ | (78,736 | ) |  | $ | 36,238 |
Trade names and trademarks | 3.8 years |  |  | 15,700 |  |  |  | (7,670 | ) |  |  | 8,030 |
Licenses | 4.8 years |  |  | 808 |  |  |  | (424 | ) |  |  | 384 |
Developed technology (1) | 4.4 years |  |  | 4,091 |  |  |  | (477 | ) |  |  | 3,614 |
Covenants not to compete | 2.6 years |  |  | 1,433 |  |  |  | (1,154 | ) |  |  | 279 |
|  |  | $ | 137,006 |  |  | $ | (88,461 | ) |  | $ | 48,545 |
(1) Developed technology was acquired as one of the assets obtained in the acquisition of Navegate, Inc., which is described in Note 17. Total amortization expense amounted to $4,963 and $2,521 for the three months ended September 30, 2022 and 2021, respectively. Future amortization expense for each of the next five fiscal years ending June 30 are as follows:
(In thousands) |  |  |  |
2023 (remaining) |  |  | $ | 10,069 |
2024 |  |  |  | 9,854 |
2025 |  |  |  | 7,863 |
2026 |  |  |  | 3,078 |
2027 |  |  |  | 2,506 |

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