Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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 as of the dates presented (in thousands):

	June 30,
	2022		2021
Balance, beginning	$	1,772,043	$	—
Addition related to acquisition during the period	585,448		1,772,043
Measurement period adjustments	(2,876)		—
Adoption of ASU 2021-08	8,278		—
Balance, ending	$	2,362,893	$	1,772,043

Intangible Assets

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

	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted average remaining useful life (In years)
Customer relationships	$	259,269	$	(26,556)	$	232,713	9.0
Developed technology	206,908		(38,909)		167,999		4.7
Trade name	48,042		(16,171)		31,871		2.0
Total	$	514,219	$	(81,636)	$	432,583	6.8

	Jun 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 years ended June 30, 2022 and 2021 (in thousands):

	June 30,
	2022		2021
Cost of revenue	$	36,256	$	2,653
Sales and marketing	39,721		3,006
Total	$	75,977	$	5,659

As of June 30, 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
2023	$	79,075
2024	78,147
2025	59,425
2026	57,763
2027	55,094
Thereafter	103,079
Total	$	432,583