Axos Financial Inc
For the period ended Jun 30, 2024. Filed Aug 22, 2024.
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FY2024 · Filed Aug 22, 2024
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10. Goodwill and Intangible Assets
- GOODWILL AND INTANGIBLE ASSETS
The following table summarizes the activity in the Company’s goodwill balance as of the dates indicated:
| (Dollars in thousands) | Total |
|---|---|
| Balance as of June 30, 2022 | $95,674 |
| Goodwill from acquisitions | 1,999 |
| Balance as of June 30, 2023 | 97,673 |
| Goodwill from acquisitions | — |
| Balance as of June 30, 2024 | $97,673 |
There wasno goodwill impairment identified for the fiscal years ended June 30, 2024 and June 30, 2023.
The Company’s acquired intangible assets are summarized as follows as of the dates indicated:
| June 30, 2024 | June 30, 2023 | |||||
|---|---|---|---|---|---|---|
| (Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount |
| Covenant not to compete | $1,387 | $1,258 | $129 | $1,380 | $1,149 | $231 |
| Customer relationships | 50,810 | 18,453 | 32,357 | 50,810 | 14,598 | 36,212 |
| Customer deposit intangible | 13,545 | 10,569 | 2,976 | 13,545 | 9,235 | 4,310 |
| Developed technologies | 34,650 | 26,833 | 7,817 | 34,650 | 21,405 | 13,245 |
| Trademark | 378 | — | 378 | 378 | — | 378 |
| Trade name | 950 | 637 | 313 | 700 | 600 | 100 |
| Workforce | 206 | 79 | 127 | — | — | — |
| Total intangible assets | $101,926 | $57,829 | $44,097 | $101,463 | $46,987 | $54,476 |
The amortization expense for intangible assets that are subject to amortization was $10.8 million and $11.2 million for the fiscal years ended June 30, 2024 and 2023, respectively. Each intangible asset subject to amortization is amortized using the straight-line method over the estimated useful life of the asset. Trademark is an indefinite life intangible.
Estimated future amortization expense related to finite-lived intangible assets at June 30, 2024 is as follows:
| (Dollars in thousands) | Amortization Expense |
|---|---|
| For the fiscal year ending June 30, | |
| 2025 | $7,408 |
| 2026 | 6,364 |
| 2027 | 6,027 |
| 2028 | 4,935 |
| 2029 | 3,306 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.