Company: TEAM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001650372-25-000022
Chunk: 256

Company: Atlassian Corp
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 256
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 Less: accumulated depreciation and impairment(149,493)(128,825)Property and equipment, net$93,003 $86,315 

Depreciation expense was $9.3 million and $7.3 million for the three months ended March 31, 2025 and 2024, respectively and $27.5 million and $21.3 million for the nine months ended March 31, 2025 and 2024, respectively.

7. Goodwill and Intangible AssetsGoodwillGoodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill amounts are not amortized, but rather are tested for impairment at least annually during the fourth quarter, or when indicators of impairment exist.Goodwill consisted of the following (in thousands): GoodwillBalance as of June 30, 2024$1,288,756 Additions3,700 Effect of change in exchange rates486 Balance as of March 31, 2025$1,292,942 During the first quarter of fiscal year 2025 the Company completed an acquisition to expand the Company’s product and service offerings. The transaction was accounted for as a business combination and was not significant to the condensed consolidated financial statements. 

15

On November 30, 2023, the Company acquired Loom, Inc. The fair values assigned to assets acquired and liabilities assumed have been finalized and there were no measurement period adjustments recorded during the nine months ended March 31, 2025. Intangible AssetsIntangible assets consisted of the following (in thousands):March 31, 2025June 30, 2024Weighted-Average Remaining Useful Lives (Years)Acquired developed technology$466,932 $469,752 5Patents, trade names, and other rights70,928 70,928 6Customer relationships135,687 135,687 3Intangible assets, gross673,547 676,367 Less: accumulated amortization(414,865)(377,310)Intangible assets, net$258,682 $299,057 Amortization expense for intangible assets was approximately $13.9 million and $16.2 million for the three months ended March 31, 2025 and 2024, respectively and $41.7 million and $34.3 million for the nine months ended March 31, 2025 and 202