GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

4. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company had a goodwill balance of $126.4 million at March 31, 2024, 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 six months ended March 31, 2024 (amounts shown in thousands):


Balance at September 30, 2023	$	123,548
Foreign currency effect on goodwill	2,841
Balance at March 31, 2024	$	126,389

There was no impairment loss recognized related to goodwill in the three or six months ended March 31, 2024 or 2023.

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 March 31, 2024 and September 30, 2023, respectively, are summarized as follows (amounts in thousands, except for years):


March 31, 2024:	Weighted Average Amortization Period (in years)	Cost		Accumulated Amortization		Net
Completed technologies	6.9	$	95,761	$	43,715	$	52,046
Customer relationships	4.7	25,168		22,187		2,981
Trade names	5.0	7,088		3,452		3,636
Covenants not to compete	3.0	600		412		188
Total intangible assets		$	128,617	$	69,766	$	58,851


September 30, 2023:	Weighted Average Amortization Period (in years)	Cost		Accumulated Amortization		Net
Completed technologies	6.9	$	95,761	$	39,254	$	56,507
Customer relationships	4.7	25,168		21,396		3,772
Trade names	5.0	7,088		2,967		4,121
Covenants not to compete	3.0	600		326		274
Total intangible assets		$	128,617	$	63,943	$	64,674

Amortization expense related to acquired intangible assets was $3.8 million and $7.7 million during the three and six months ended March 31, 2024, respectively, compared to $4.5 million and $9.0 million during the three and six months ended March 31, 2023, respectively, and is recorded within amortization and acquisition-related costs on the condensed consolidated statements of operations and comprehensive income (loss). There were no impairment losses recognized related to intangible assets in the three or six months ended March 31, 2024 or 2023.

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
2024	7,375
2025	13,779
2026	12,557
2027	11,408
2028	9,698
Thereafter	4,034
Total	$	58,851