Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance at June 30, 2021	$	63,881
Goodwill from fiscal 2022 acquisitions (as described in Note 3)		7,134
Working capital adjustments (1)		24
Balance at June 30, 2022	$	71,039
Goodwill from fiscal 2023 acquisitions (as described in Note 3)		2,246
Working capital adjustments (2)		103
Balance at June 30, 2023	$	73,388

(1) Relates to working capital adjustments from business acquisitions consummated by the Company during the fiscal year ended June 30, 2021.

(2) Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2022.

Customer-related intangibles, tradenames and other intangible assets as of June 30, 2023 and 2022 consisted of the following (dollars in thousands):

June 30,	Estimated Useful Lives (in years)		2023			2022
Customer-related intangibles		8-10	$	20,887		$	20,887
Tradenames		Indefinite		13,005			13,005
Covenants not to compete		5		566			566
License agreements		10		529			529
Trademarks and patents		10-15		176			176
				35,163			35,163
Accumulated amortization				(11,035	)		(8,929	)
			$	24,128		$	26,234

Amortization expense was approximately $2.1 million and $1.9 million in fiscal 2023 and fiscal 2022, respectively, and is included in selling, general and administrative expenses in the consolidated statements of operations. The weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 5.9 years, 0 years, 0 years and 0 years, respectively.

Based on the carrying amount of intangible assets as of June 30, 2023, 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, 2028 and thereafter is as follows (in thousands):

Fiscal years ending June 30,
2024	$	2,106
2025		2,102
2026		2,101
2027		1,778
2028		1,256
Thereafter		1,780
Total	$	11,123