Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

10.  Goodwill and Intangible Assets   The changes in the carrying amount of goodwill are as follows (in thousands):  

Balance at June 30, 2017	$	24,753
Goodwill from TRS Acquisition		4,974
Goodwill from AA Acquisition		7,334
Balance at June 30, 2018		37,061
Goodwill from SEI Acquisition		6,350
Goodwill from PAC Acquisition		6,660
Goodwill from other acquisitions (as described in Note 3)		4,430
Balance at June 30, 2019	$	54,501

Customer-related intangibles, tradenames and other intangible assets as of June 30, 2019 and 2018 consisted of the following (dollars in thousands):

June 30,	Estimated Useful Lives (in years)		2019			2018
Customer-related intangibles		8-10	$	15,340		$	10,380
Tradenames		Indefinite		9,145			6,055
Covenants not to compete		5		566			566
License agreements		10		529			529
Trademarks and patents		10-15		176			176
				25,756			17,706
Accumulated amortization				(3,405	)		(1,931	)
			$	22,351		$	15,775

Amortization expense was approximately $1.5 million in fiscal 2019 and $858,000 in fiscal 2018. Weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 8.4 years, 2.4 years, 0 years and 1.0 years, respectively.

Based on the carrying amount of intangible assets as of June 30, 2019, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2024 and thereafter is as follows (in thousands):  

Fiscal years ending June 30,
2020	$	1,665
2021		1,659
2022		1,593
2023		1,550
2024		1,550
Thereafter		5,189
Total	$	13,206