Goodwill and Intangible Assets

9 Months Ended

Jan. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table presents changes in the carrying amount of goodwill:


	Gross		Accumulated		Net
	Carrying Amount		Impairment Loss		Carrying Amount
	(in thousands)
Balance as of April 30, 2022	$	762,424	$	(66,527)	$	695,897
Goodwill recognized from acquisitions	2,094		—		2,094
Acquisition accounting adjustments from prior period	701		—		701
Translation adjustment	(6,847)		2,026		(4,821)
Balance as of January 31, 2023	$	758,372	$	(64,501)	$	693,871

During the nine months ended January 31, 2023, the Company recorded measurement period adjustments related to its Westside and Ames acquisitions.

Intangible Assets

The following tables present the components of the Company’s intangible assets:


	Estimated Useful Lives (years)	Weighted Average Amortization Period	January 31, 2023
			Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
	(dollars in thousands)
Customer relationships	5-16	12.5	$	663,190	$	(421,171)	$	242,019
Definite-lived tradenames	5-20	15.6	97,526		(23,915)		73,611
Vendor agreements	8-10	10.0	1,000		(550)		450
Developed technology	5-10	6.9	8,315		(5,318)		2,997
Other	3-5	3.5	1,821		(1,414)		407
Definite-lived intangible assets			$	771,852	$	(452,368)	$	319,484
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	403,851


	Estimated Useful Lives (years)	Weighted Average Amortization Period	April 30, 2022
			Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
	(dollars in thousands)
Customer relationships	5-16	12.5	$	669,018	$	(381,650)	$	287,368
Definite-lived tradenames	5-20	15.6	97,453		(19,496)		77,957
Vendor agreements	8-10	10.0	1,000		(475)		525
Developed technology	5-10	6.8	8,471		(4,462)		4,009
Other	3-5	3.6	1,761		(1,240)		521
Definite-lived intangible assets			$	777,703	$	(407,323)	$	370,380
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	454,747

Amortization expense related to definite-lived intangible assets was $16.3 million and $15.9 million for the three months ended January 31, 2023 and 2022, respectively, and $50.9 million and $46.4 million for the nine months ended January 31, 2023 and 2022, respectively.

The following table summarizes the estimated future amortization expense for definite-lived intangible assets. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives, foreign currency exchange rate fluctuations and other relevant factors.


Year Ending April 30,	(in thousands)
2023 (remaining three months)	$	15,031
2024	55,037
2025	46,289
2026	39,155
2027	34,042
Thereafter	129,930
Total	$	319,484

The Company’s indefinite-lived intangible assets as of January 31, 2023 and April 30, 2022 consisted of indefinite-lived tradenames.