Goodwill and Other Intangible Assets

9 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The roll forward of goodwill was as follows (in thousands):

	Total
Balance, April 1, 2021	$	—
Business acquisition (Note 2)	24,508
Balance, September 30, 2021	24,508
Business acquisition (Note 2) - measurement period adjustments	2
Balance, December 31, 2021	$	24,510

ASC 350 — Intangibles — Goodwill and Other, we perform our goodwill and indefinite-lived trade names impairment valuations annually, on March 31,or sooner if triggering events are identified. While our stock price and related market capitalization remained above our reporting unit carrying values as of December 31, 2021, we are observing continued market volatility including declines in our market capitalization subsequent to December 31, 2021 which, in part, could increase the possibility of a future impairment charge. Based on our analysis, including

our market capitalization during the period, we determined there were no triggering events during the quarter ended December 31, 2021.

Should the facts and circumstances surrounding our assumptions change, our goodwill impairment analysis may fail. Assumptions and estimates to determine far values are complex and often subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our internal forecasts. For example, if our future operating results do not meet current forecasts or if we continue to experience a sustained decline in our market capitalization, adjusted for estimated control premium, that is determined to be indicative of a reduction in fair value one or more of our reporting units, we may be required to record future impairment charges for goodwill. An impairment could have a material effect on our consolidated balance sheet and results of operations

Other Intangible Assets

Other intangible assets consisted of the following (in thousands):

	Estimated Useful Life (in years)			As of
				December 31, 2021		March 31, 2021
Indefinite-lived trademarks	N/A			$	9,052	$	9,052
Patents	7	to	24	1,443		1,443
				10,495		10,495
Accumulated amortization - definite-lived intangible assets				(1,176)		(1,130)
Other intangible assets, net				$	9,319	$	9,365

Amortization expense was as follows (in thousands):

	Three-Months Ended December 31,				Nine-Months Ended December 31,
	2021		2020		2021		2020
Amortization expense	$	15	$	25	$	46	$	866

Future amortization of definite-lived intangible assets is as follows (in thousands):

2022	$	15
2023	61
2024	61
2025	61
2026	47
Thereafter	22
	$	267