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Goodwill And Intangible Assets, Net

9 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets, Net [Abstract]

7.Goodwill and intangible assets, net

Goodwill

Summarized below is the movement in the carrying value of goodwill for the nine months ended March 31, 2021:

				Gross value		Accumulated impairment		Carrying value
Balance as of June 30, 2020			$	63,194	$	(39,025)	$	24,169
	Foreign currency adjustment ⁽¹⁾			5,088		(1,116)		3,972
		Balance as of March 31, 2021	$	68,282	$	(40,141)	$	28,141

(1) The foreign currency adjustment represents the effects of the fluctuations between the ZAR and the U.S. dollar on the carrying value.

Refer to Note 18 for additional information regarding changes to the Company’s reportable segments during the nine months ended March 31, 2021. Goodwill has been allocated to the Company’s reportable segments as follows:


				Processing		Financial services		Technology		Carrying value
Balance as of June 30, 2020			$	9,989	$	-	$	14,180	$	24,169
	Foreign currency adjustment ⁽¹⁾			1,576		-		2,396		3,972
		Balance as of March 31, 2021	$	11,565	$	-	$	16,576	$	28,141

(1) The foreign currency adjustment represents the effects of the fluctuations between the ZAR and the U.S. dollar on the carrying value.

Intangible assets, net

Carrying value and amortization of intangible assets

Summarized below is the carrying value and accumulated amortization of the intangible assets as of March 31, 2021, and June 30, 2020:

			As of March 31, 2021						As of June 30, 2020
				Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
Finite-lived intangible assets:
	Customer relationships		$	20,506	$	(20,430)	$	76	$	19,064	$	(18,806)	$	258
	Software and unpatented
	technology			4,171		(4,171)		-		3,931		(3,931)		-
	FTS patent			2,584		(2,584)		-		2,211		(2,211)		-
	Trademarks			3,011		(2,650)		361		2,731		(2,377)		354
	Total finite-lived intangible assets		$	30,272	$	(29,835)	$	437	$	27,937	$	(27,325)	$	612
Indefinite-lived intangible assets:
	Financial institution licenses							-						-
	Total indefinite-lived intangible assets							-						-

		Total intangible assets					$	437					$	612

7.Goodwill and intangible assets, net (continued)

Intangible assets, net (continued)

Aggregate amortization expense on the finite-lived intangible assets for each of the three months ended March 31, 2021 and 2020, was approximately $0.1 million, respectively. Aggregate amortization expense on the finite-lived intangible assets for the nine months ended March 31, 2021 and 2020, was approximately $0.3 million and $0.2 million, respectively.

Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on March 31, 2021, 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 2021		$	371
Fiscal 2022			69
Fiscal 2023			69
Fiscal 2024			69
Fiscal 2025			68
Thereafter			69
	Total future estimated annual amortization expense	$	715