v3.23.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
6 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET

NOTE 9 — GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Orion has $0.9 million of goodwill related to its purchase of Voltrek in the third quarter of fiscal 2023, which has an indefinite life, and is assigned to the EV Charging operating segment.

Orion has $0.6 million of goodwill related to its purchase of Stay-Light Lighting during fiscal year 2022, which has an indefinite life, and is assigned to the Maintenance operating segment.

See Note 18 – Acquisition for further discussion of the Voltrek acquisition.

As of September 30, 2023 and March 31, 2023, the components of, and changes in, the carrying amount of other intangible assets, net, were as follows (dollars in thousands):

 

 

 

September 30, 2023

 

 

March 31, 2023

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

 

Weighted
Average
Useful Life

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

Amortized Intangible Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patents

 

$

2,521

 

 

$

(1,981

)

 

$

540

 

 

 

8.4

 

 

$

2,521

 

 

$

(1,930

)

 

$

591

 

Licenses

 

 

58

 

 

 

(58

)

 

 

 

 

 

 

 

 

58

 

 

 

(58

)

 

 

 

Trade name and trademarks

 

 

464

 

 

 

(117

)

 

 

347

 

 

 

3.8

 

 

 

464

 

 

 

(73

)

 

 

391

 

Customer relationships

 

 

5,509

 

 

 

(4,174

)

 

 

1,335

 

 

 

3.3

 

 

 

5,509

 

 

 

(3,914

)

 

 

1,595

 

Vendor relationships

 

 

2,600

 

 

 

(368

)

 

 

2,232

 

 

 

6.0

 

 

 

2,600

 

 

 

(183

)

 

 

2,417

 

Developed technology

 

 

900

 

 

 

(900

)

 

 

 

 

 

 

 

 

900

 

 

 

(900

)

 

 

 

Total Amortized Intangible Assets

 

$

12,052

 

 

$

(7,598

)

 

$

4,454

 

 

 

5.3

 

 

$

12,052

 

 

$

(7,058

)

 

$

4,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived Intangible Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name and trademarks

 

$

1,010

 

 

$

 

 

$

1,010

 

 

 

 

 

$

1,010

 

 

$

 

 

$

1,010

 

Total Non-Amortized Intangible Assets

 

$

1,010

 

 

$

 

 

$

1,010

 

 

 

 

 

$

1,010

 

 

$

 

 

$

1,010

 

Amortization expense on intangible assets was $0.2 million and $0.5 million for the three and six months ended September 30, 2023, respectively.

Amortization expense on intangible assets was $0.1 million for the three and six months ended September 30, 2022, respectively.

The estimated amortization expense for the remainder of fiscal 2024, the next five fiscal years and beyond is shown below (dollars in thousands):

 

Fiscal 2024 (period remaining)

 

$

545

 

Fiscal 2025

 

 

1,083

 

Fiscal 2026

 

 

845

 

Fiscal 2027

 

 

587

 

Fiscal 2028

 

 

516

 

Fiscal 2029

 

 

469

 

Thereafter

 

 

409

 

Total

 

$

4,454