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Goodwill and Intangible Assets
 12 Months Ended
Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents changes in the carrying amount of goodwill:
GrossAccumulatedNet
Carrying AmountImpairment LossCarrying Amount
(in thousands)
Balance as of April 30, 2022$762,424 $(66,527)$695,897 
Goodwill recognized from acquisitions10,697 — 10,697 
Acquisition accounting adjustments542 — 542 
Translation adjustment(8,349)2,026 (6,323)
Balance as of April 30, 2023$765,314 $(64,501)$700,813 
As of April 30, 2023, $593.0 million of goodwill was assigned to the Company's geographic divisions reportable segment and $107.8 million was assigned to the Company's other segment. During the year ended April 30, 2023, the Company recorded measurement period adjustments related to its Westside, Ames and Kimco acquisitions.
The annual impairment test during the fourth quarter of fiscal 2023 indicated that the fair value of the Company’s reporting units exceeded their carrying values. The Company identified nine reporting units for evaluating goodwill for the fiscal 2023 annual impairment test, which were Central, Midwest, Northeast, Southern, Southeast, Southwest, Western, Canada and Ames. Each of these reporting units constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results. The Company evaluates its reporting units on an annual basis.
The Company estimated the fair values of its reporting units based on weighting of the income and market approaches. These models use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under the income approach, the Company calculates the fair value of the reporting unit based on the present value of estimated cash flows using a discounted cash flow method. The significant assumptions used in the discounted cash flow method include internal forecasts and projections developed by management for planning purposes, available industry/market data, discount rates and the growth rate to calculate the terminal value. Under the market approach, the fair value is estimated using the guideline company method. The Company selects guideline companies in the industry in which each reporting unit operates. The Company primarily uses EBITDA multiples based on the multiples of the selected guideline companies.
Intangible Assets
The following tables present the components of the Company’s definite-lived intangible assets:
Estimated
Useful
Lives
(years)		Weighted
Average
Amortization
Period		April 30, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
(dollars in thousands)
Customer relationships
5 - 16
12.4$669,142 $(432,220)$236,922 
Definite-lived tradenames
5 - 20
15.6100,326 (25,407)74,919 
Vendor agreements
8 - 10
10.01,000 (575)425 
Developed technology
5 - 10
6.98,261 (5,596)2,665 
Other
3 - 5
3.21,551 (1,189)362 
Definite-lived intangible assets12.8$780,280 $(464,987)$315,293 
Indefinite-lived intangible assets84,367 
Total intangible assets, net$399,660 
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
15.697,453 (19,496)77,957 
Vendor agreements
8 - 10
10.01,000 (475)525 
Developed technology56.88,471 (4,462)4,009 
Other
3 - 5
3.61,761 (1,240)521 
Definite-lived intangible assets12.8$777,703 $(407,323)$370,380 
Indefinite-lived intangible assets84,367 
Total intangible assets, net$454,747 
The Company’s indefinite-lived intangible assets, other than goodwill, consist of tradenames that had a carrying amount of $84.4 million as of April 30, 2023 and 2022. In connection with the Company's annual impairment test during the fourth quarter of fiscal 2023, the Company performed a quantitative assessment of the carrying value of its indefinite-lived intangible assets. Based on the Company's assessment, the Company concluded there was no impairment of its indefinite-lived intangible assets.
Definite-lived intangible assets are amortized over their estimated useful lives. The Company amortizes its customer relationships using an accelerated method to match the estimated cash flow generated by such assets and amortizes its other definite-lived intangibles using the straight-line method because a pattern to which the expected benefits will be consumed or otherwise used up could not be reliably determined. Amortization expense related to definite-lived intangible assets was $65.7 million, $63.8 million and $57.6 million during the years ended April 30, 2023, 2022 and 2021, respectively, and is recorded in depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income.
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)
2024$56,938 
202548,203 
202640,795 
202735,348 
202829,384 
Thereafter104,625 
Total$315,293