Goodwill and Intangible Assets

6 Months Ended

Oct. 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, 2023	$	765,314	$	(64,501)	$	700,813
Goodwill recognized from acquisitions	20,796		—		20,796
Acquisition accounting adjustments from prior period	1,659		—		1,659
Translation adjustment	(4,027)		1,032		(2,995)
Balance as of October 31, 2023	$	783,742	$	(63,469)	$	720,273

As of October 31, 2023, $612.5 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 six months ended October 31, 2023, the Company recorded measurement period adjustments related to its Engler, Meier and Justus, Inc. acquisition.

Intangible Assets

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


	Estimated Useful Lives (years)	Weighted Average Amortization Period	October 31, 2023
			Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
	(dollars in thousands)
Customer relationships	5-16	12.3	$	686,338	$	(456,573)	$	229,765
Definite-lived tradenames	5-20	15.6	104,908		(28,607)		76,301
Vendor agreements	8-10	10.0	1,000		(625)		375
Developed technology	5-10	6.9	8,147		(5,639)		2,508
Other	3-5	3.2	1,551		(1,280)		271
Definite-lived intangible assets		12.7	$	801,944	$	(492,724)	$	309,220
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	393,587


	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	15.6	100,326		(25,407)		74,919
Vendor agreements	8-10	10.0	1,000		(575)		425
Developed technology	5-10	6.9	8,261		(5,596)		2,665
Other	3-5	3.2	1,551		(1,189)		362
Definite-lived intangible assets		12.8	$	780,280	$	(464,987)	$	315,293
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	399,660

Amortization expense related to definite-lived intangible assets was $16.0 million and $17.2 million for the three months ended October 31, 2023 and 2022, respectively, and $31.7 million and $34.6 million for the six months ended October 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)
2024 (remaining six months)	$	29,694
2025	52,991
2026	44,807
2027	38,624
2028	32,066
Thereafter	111,038
Total	$	309,220

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