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GOODWILL AND INTANGIBLE ASSETS
9 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
6. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The Company had a goodwill balance of $131.5 million at June 30, 2023, representing the excess of costs over fair value of assets of businesses acquired. The following table summarizes changes in the balance of goodwill during the nine months ended June 30, 2023 (amounts shown in thousands):
Balance at September 30, 2022$120,186 
Foreign currency effect on goodwill11,349 
Balance at June 30, 2023$131,535 
Intangible Assets
Intangible assets include the value assigned to purchased completed technology, customer relationships, trade names and covenants not to compete. The estimated useful lives for all of these intangible assets range from three to seven years and they are amortized on a straight-line basis. Intangible assets as of June 30, 2023 and September 30, 2022, respectively, are summarized as follows (amounts in thousands, except for years):
June 30, 2023:Weighted Average Amortization Period (in years)CostAccumulated AmortizationNet
Completed technologies6.9$95,761 $34,585 $61,176 
Customer relationships4.725,168 20,832 4,336 
Trade names5.07,088 2,518 4,570 
Covenants not to compete3.0600 268 332 
Total intangible assets $128,617 $58,203 $70,414 
September 30, 2022:Weighted Average Amortization Period (in years)CostAccumulated AmortizationNet
Completed technologies6.9$95,761 $32,265 $63,496 
Customer relationships4.725,168 18,241 6,927 
Trade names5.07,088 2,174 4,914 
Covenants not to compete3.0600 181 419 
Total intangible assets $128,617 $52,861 $75,756 
Amortization expense related to acquired intangible assets was $4.3 million and $4.7 million for the three months ended June 30, 2023 and 2022, respectively, and $13.3 million and $9.2 million during the nine months ended June 30, 2023 and, 2022, respectively, and is recorded within amortization and acquisition-related costs on the condensed consolidated statements of operations and other comprehensive income (loss).
The estimated future amortization expense related to intangible assets for each of the five succeeding fiscal years is expected to be as follows (amounts in thousands):
 Estimated Future Amortization Expense
2023 - remaining3,835 
202415,050 
202513,787 
202612,560 
202711,410 
Thereafter13,772 
Total$70,414