Intangible Assets |
NOTE 7 – INTANGIBLE ASSETS
Intangible assets consisted of the following as of September 30, 2018 and June 30, 2018, respectively:
(In thousands) |
September 30, 2018 |
|
|
Weighted
Average
Amortization
Period |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Customer related |
5.8 years |
|
$ |
96,778 |
|
|
$ |
(45,336 |
) |
|
$ |
51,442 |
|
Trade names and trademarks |
11.3 years |
|
|
14,977 |
|
|
|
(3,490 |
) |
|
|
11,487 |
|
Covenants not to compete |
1.5 years |
|
|
875 |
|
|
|
(749 |
) |
|
|
126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
112,630 |
|
|
$ |
(49,575 |
) |
|
$ |
63,055 |
|
(In thousands) |
June 30, 2018 |
|
|
Weighted
Average
Amortization
Period |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Customer related |
6.1 years |
|
$ |
96,515 |
|
|
$ |
(43,140 |
) |
|
$ |
53,375 |
|
Trade names and trademarks |
11.6 years |
|
|
14,977 |
|
|
|
(3,236 |
) |
|
|
11,741 |
|
Covenants not to compete |
1.7 years |
|
|
875 |
|
|
|
(727 |
) |
|
|
148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
112,367 |
|
|
$ |
(47,103 |
) |
|
$ |
65,264 |
|
Amortization expense amounted to $2,472 and $2,494 for the three months ended September 30, 2018 and 2017, respectively. Future amortization expense for each of the next five fiscal years ending June 30 are as follows:
(In thousands) |
|
|
|
|
|
2019 (remaining) |
|
|
$ |
7,537 |
|
2020 |
|
|
|
9,729 |
|
2021 |
|
|
|
9,395 |
|
2022 |
|
|
|
8,841 |
|
2023 |
|
|
|
8,363 |
|
|