Goodwill and Intangible Assets

9 Months Ended

Jan. 31, 2024

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	20,930		—		20,930
Acquisition accounting adjustments from prior period	(132)		—		(132)
Translation adjustment	1,907		(493)		1,414
Balance as of January 31, 2024	$	788,019	$	(64,994)	$	723,025

As of January 31, 2024, $615.2 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 nine months ended January 31, 2024, the Company recorded measurement period adjustments related to its Engler, Meier and Justus, Inc. and Blair Building Materials, Inc. 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, 2024
			Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
	(dollars in thousands)
Customer relationships	5-16	12.4	$	686,471	$	(466,614)	$	219,857
Definite-lived tradenames	5-20	15.5	106,118		(30,735)		75,383
Vendor agreements	10	10.0	1,000		(650)		350
Developed technology	5-10	6.9	8,313		(5,882)		2,431
Other	3-5	3.2	1,551		(1,325)		226
Definite-lived intangible assets		12.7	$	803,453	$	(505,206)	$	298,247
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	382,614


	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 $15.5 million and $16.3 million for the three months ended January 31, 2024 and 2023, respectively, and $47.2 million and $50.9 million for the nine months ended January 31, 2024 and 2023, 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 three months)	$	14,236
2025	53,109
2026	44,908
2027	38,761
2028	32,141
Thereafter	115,092
Total	$	298,247

The Company’s indefinite-lived intangible assets as of January 31, 2024 and April 30, 2023 consisted of indefinite-lived tradenames.