The Company’s goodwill is the result of its acquisitions of other businesses and represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. There has been no change to the $272.5 million carrying amount of goodwill since August 31, 2019.

Intangible assets as of November 30, 2021 and August 31, 2021 consisted of the following:

Amortization expense was $3.9 million and $4.1 million for the three months ended November 30, 2021 and 2020, respectively. Amortization expense is recorded on a straight-line basis over the estimated useful lives of the assets. Amortization expense associated with the backlog intangible asset is classified as a reduction of revenue in the accompanying consolidated statements of operations.

As of November 30, 2021, the estimated future amortization of purchased intangible assets is as follows: