Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.20.2
Goodwill and Intangible Assets
12 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

10. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance at June 30, 2018

$

37,061

Goodwill from SEI Acquisition

6,350

Goodwill from PAC Acquisition

6,660

Goodwill from other fiscal 2019 acquisitions (as described in Note 3)

4,430

Balance at June 30, 2019

54,501

Goodwill from fiscal 2020 acquisitions (as described in Note 3)

2,094

Other

83

Balance at June 30, 2020

$

56,678

Customer-related intangibles, tradenames and other intangible assets as of June 30, 2020 and 2019 consisted of the following (dollars in thousands):

June 30,

Estimated

Useful Lives

(in years)

2020

2019

 

Customer-related intangibles

8-10

$

16,037

$

15,340

Tradenames

Indefinite

9,555

9,145

Covenants not to compete

5

566

566

License agreements

10

529

529

Trademarks and patents

10-15

176

176

26,863

25,756

Accumulated amortization

(5,109

)

(3,405

)

$

21,754

$

22,351

Amortization expense was approximately $1.7 million in fiscal 2020 and $1.5 million in fiscal 2019. Weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 7.5 years, 1.5 years, 0 years and 0.3 years, respectively.

Based on the carrying amount of intangible assets as of June 30, 2020, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2025 and thereafter is as follows (in thousands):

Fiscal years ending June 30,

 

 

2021

$

1,730

2022

1,664

2023

1,621

2024

1,621

2025

1,617

Thereafter

3,946

Total

$

12,199

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements