Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.19.2
Goodwill and Intangible Assets
12 Months Ended
Jun. 30, 2019
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, 2017   $ 24,753  
    Goodwill from TRS Acquisition     4,974  
    Goodwill from AA Acquisition     7,334  
Balance at June 30, 2018     37,061  
    Goodwill from SEI Acquisition     6,350  
    Goodwill from PAC Acquisition     6,660  
    Goodwill from other acquisitions (as described in Note 3)     4,430  
Balance at June 30, 2019   $ 54,501  

 

Customer-related intangibles, tradenames and other intangible assets as of June 30, 2019 and 2018 consisted of the following (dollars in thousands):

June 30,  

Estimated

Useful Lives

(in years)

  2019   2018
             
Customer-related intangibles     8-10     $ 15,340     $ 10,380  
Tradenames     Indefinite       9,145       6,055  
Covenants not to compete     5       566       566  
License agreements     10       529       529  
Trademarks and patents     10-15       176       176  
              25,756       17,706  
Accumulated amortization             (3,405 )     (1,931 )
            $ 22,351     $ 15,775  

 

Amortization expense was approximately $1.5 million in fiscal 2019 and $858,000 in fiscal 2018. Weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 8.4 years, 2.4 years, 0 years and 1.0 years, respectively.

Based on the carrying amount of intangible assets as of June 30, 2019, 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, 2024 and thereafter is as follows (in thousands):  

Fiscal years ending June 30,    
     
     
2020   $ 1,665  
2021     1,659  
2022     1,593  
2023     1,550  
2024     1,550  
Thereafter     5,189  
  Total   $ 13,206