GOODWILL AND INTANGIBLE ASSETS

Goodwill

As of December 31, 2018, the carrying value of goodwill relating to business acquisitions is $225,450. The carrying value of goodwill is allocated to reporting units is as follows:



Reporting units	Amount
Aegis	$	162,168
StarTek	$	63,282
Total	$	225,450

We perform a goodwill impairment analysis at least annually (in the fourth quarter of each year) unless indicators of impairment exist in interim periods. We performed a quantitative assessment to determine if it was more likely than not that the fair value of each of our reporting units with goodwill exceeded its carrying value. The goodwill related to the StarTek was excluded from our impairment analysis due to the proximity of the acquisition to year-end.

The assumptions used in the analysis are based on the Company’s internal budget. The Company projected revenue, operating margins and cash flows for a period of five years, and applied a perpetual long-term growth rate thereafter. These assumptions are reviewed annually as part of management’s budgeting and strategic planning cycles. These estimates may differ from actual results. The values assigned to each of the key assumptions reflect the management’s past experience as their assessment of future trends, and are consistent with external/internal sources of information.

Based on the analysis performed as of December 31, 2018, we concluded that goodwill was not impaired.

The following table presents the changes in goodwill during the period:



	Amount
Opening balance, March 31, 2018	$	153,368
Goodwill attributable to the Aegis Transactions, net of measurement period adjustments	63,282
Measurement period adjustments attributable to the ESM acquisition	8,800
Ending balance, December 31, 2018	$	225,450

Intangible Assets

The following table presents our intangible assets as of December 31, 2018:



	Gross Intangibles		Accumulated Amortization		Net Intangibles		Weighted Average Amortization Period (years)
Customer relationships	$	65,050	$	5,018	$	60,032	6.5
Brand	49,500		4,067		45,433		7.2
Trademarks	14,410		430		13,980		7.6
Other intangibles	2,100		209		1,891		4.9
Total intangible assets	$	131,060	$	9,724	$	121,336

Expected future amortization of intangible assets as of December 31, 2018 is as follows:



Year Ending December 31,	Amount
2019	$	10,427
2020	10,277
2021	10,277
2022	10,277
2023	10,236
Thereafter	69,842

Amortization expense of intangible assets was $7,031, $2,693 and $1,297 for the nine months ended December 31, 2018, for the period November 22, 2017 to March 31, 2018 and for the period April 01, 2017 to November 21, 2017 respectively.