8. Goodwill and intangible assets, net

Goodwill

Summarized below is the movement in the carrying value of goodwill for the three months ended September 30, 2018:

					Accumulated			Carrying
		Gross value			impairment			value
Balance as of June 30, 2018	$	304,013		$	(20,773	)	$	283,240
Foreign currency adjustment⁽¹⁾		(5,152	)		1,070			(4,082	)
Balance as of September 30, 2018	$	298,861		$	(19,703	)	$	279,158

(1) - the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value.

Goodwill has been allocated to the Company's reportable segments as follows:

		South					Financial
		African			International		inclusion and
		transaction			transaction		applied			Carrying
		processing			processing		technologies			value
Balance as of June 30, 2018	$	20,946		$	123,948	$	138,346		$	283,240
Foreign currency adjustment⁽¹⁾		(618	)		456		(3,920	)		(4,082	)
Balance as of September 30, 2018	$	20,328		$	124,404	$	134,426		$	279,158

(1) - the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value.

Intangible assets

Carrying value and amortization of intangible assets

Summarized below is the carrying value and accumulated amortization of the intangible assets as of September 30, 2018 and June 30, 2018:


		As of September 30, 2018							As of June 30, 2018
		Gross					Net		Gross					Net
		carrying		Accumulated			carrying		carrying		Accumulated			carrying
		value		amortization			value		value		amortization			value
Finite-lived intangible assets:
Customer relationships	$	193,995	$	(80,786	)	$	113,209	$	197,676	$	(76,237	)	$	121,439
Software and unpatented technology		34,175		(32,546	)		1,629		35,730		(32,342	)		3,388
FTS patent		2,709		(2,709	)		-		2,792		(2,792	)		-
Exclusive licenses		4,506		(4,506	)		-		4,506		(4,506	)		-
Trademarks and brands		12,345		(6,147	)		6,198		11,101		(5,589	)		5,512
Total finite-lived intangible assets		247,730		(126,694	)		121,036		251,805		(121,466	)		130,339
Indefinite-lived intangible assets:
Financial institution license		788		-			788		793		-			793
Total indefinite-lived intangible assets		788		-			788		793		-			793
Total intangible assets	$	248,518	$	(126,694	)	$	121,824	$	252,598	$	(121,466	)	$	131,132

Aggregate amortization expense on the finite-lived intangible assets for the three months ended September 30, 2018 and 2017, was approximately $6.0 million and $2.8 million, respectively.

Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on September 30, 2018, is presented in the table below. Actual amortization expense in future periods could differ from this estimate as a result of acquisitions, changes in useful lives, exchange rate fluctuations and other relevant factors.

Fiscal 2019	$	24,469
Fiscal 2020		19,285
Fiscal 2021		13,811
Fiscal 2022		10,604
Fiscal 2023		10,604
Thereafter		48,473
Total future estimated annual amortization expense	$	127,246