Intangible Assets And Goodwill

12 Months Ended

Aug. 31, 2023

Intangible Assets And Goodwill [Abstract]

5. INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

Our intangible assets were comprised of the following (in thousands):



		Gross Carrying		Accumulated		Net Carrying
AUGUST 31, 2023		Amount		Amortization		Amount
Finite-lived intangible assets:
Acquired content	$	49,802	$	(43,910)	$	5,892
License rights		31,758		(25,461)		6,297
Customer lists		15,982		(15,272)		710
Acquired technology		7,282		(3,200)		4,082
Trade names		1,883		(1,408)		475
Non-compete agreements and other		930		(875)		55
		107,637		(90,126)		17,511
Indefinite-lived intangible asset:
Covey trade name		23,000		-		23,000
	$	130,637	$	(90,126)	$	40,511

AUGUST 31, 2022
Finite-lived intangible assets:
Acquired content	$	49,964	$	(42,501)	$	7,463
License rights		32,077		(24,401)		7,676
Customer lists		16,140		(15,028)		1,112
Acquired technology		7,282		(2,479)		4,803
Trade names		1,883		(1,231)		652
Non-compete agreements and other		930		(803)		127
		108,276		(86,443)		21,833
Indefinite-lived intangible asset:
Covey trade name		23,000		-		23,000
	$	131,276	$	(86,443)	$	44,833

Our intangible assets are amortized over the estimated useful life of the asset. The range of remaining estimated useful lives and weighted-average amortization period over which we are amortizing the major categories of finite-lived intangible assets at August 31, 2023 were as follows:


Category of Intangible Asset	Range of Remaining Estimated Useful Lives	Weighted Average Original Amortization Period
Acquired content	3 to 4 years	24 years
License rights	4 to 6 years	26 years
Customer lists	1 to 4 years	11 years
Acquired technology	6 years	6 years
Trade names	3 years	5 years
Non-compete agreements and other	4 to 6 years	3 years

Our aggregate amortization expense from finite-lived intangible assets totaled $4.3 million, $5.3 million, and $5.0 million for the fiscal years ended August 31, 2023, 2022, and 2021. Amortization expense from our intangible assets over the next five years is expected to be as follows (in thousands):



YEAR ENDING
AUGUST 31,
2024	$	4,200
2025		4,030
2026		3,945
2027		3,110
2028		1,169

Goodwill

The acquisition of Strive in fiscal 2021 generated $7.0 million of goodwill which was allocated to the Direct Office and International Licensee segments based on their relative fair value. We performed our annual testing of goodwill in accordance with our accounting policies described in Note 1, Nature of Operations and Summary of Significant Accounting Policies. We completed a Step Zero assessment as of August 31, 2023 and concluded there were no indicators of impairment. We do not have any accumulated impairment charges against the carrying value of our goodwill. At each of August 31, 2023 and 2022, goodwill was allocated to our segments as shown below (in thousands):



Direct offices	$	22,962
International licensees		5,928
Education practice		2,330
	$	31,220