Goodwill and Intangible Assets

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8 – GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill, which is primarily attributable to expected synergies from acquisitions and is not deductible for U.S. federal and state income tax purposes, consisted of the following (in thousands):


	March 31,			June 30,
	2022			2021
Balance, beginning	$	1,772,043		$	—
Addition related to acquisition during the period		585,448			1,772,043
Measurement period adjustments		(2,660	)		—
ASU 2021-08 adoption		8,278			—
Balance, ending	$	2,363,109		$	1,772,043

Intangible Assets

Intangible assets consisted of the following (amounts in thousands):


	March 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- average remaining useful life (in years)
Customer relationships	$	259,269	$	(20,074	)	$	239,195	9.2
Developed technology		206,908		(29,624	)		177,284	5
Trade name		48,042		(12,170	)		35,872	2.3
Total	$	514,219	$	(61,868	)	$	452,351	7


	June 30, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- average remaining useful life (in years)
Customer relationships	$	198,000	$	(2,062	)	$	195,938	9.9
Developed technology		191,000		(2,653	)		188,347	5.9
Trade name		34,000		(944	)		33,056	2.9
Total	$	423,000	$	(5,659	)	$	417,341	7.5

Amortization of finite-lived intangible assets was as follows during the three and nine months ended March 31, 2022 (in thousands):


	Three months ended		Nine months ended
	March 31, 2022		March 31, 2022
Cost of revenue	$	9,285	$	26,971
Sales and marketing		10,484		29,238
Total	$	19,769	$	56,209

As of March 31, 2022, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands):


Fiscal years ending June 30:	Amount
Remainder of 2022	$	19,768
2023		79,075
2024		78,147
2025		59,425
2026		57,763
2027		55,094
Thereafter		103,079
Total	$	452,351