Goodwill and Intangible Assets

3 Months Ended

Jul. 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, 2024	$	917,689	$	(63,922)	$	853,767
Goodwill recognized from acquisitions	39,177		—		39,177
Acquisition accounting adjustments from prior period	(901)		—		(901)
Translation adjustment	(1,703)		359		(1,344)
Balance as of July 31, 2024	$	954,262	$	(63,563)	$	890,699

As of July 31, 2024, $782.9 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 three months ended July 31, 2024, the Company recorded measurement period adjustments related to its acquisition of Kamco Supply Corporation and affiliates.

Intangible Assets

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


	Estimated Useful Lives (years)	Weighted Average Amortization Period	July 31, 2024
			Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
	(dollars in thousands)
Customer relationships	5-15	12.7	$	754,057	$	(409,734)	$	344,323
Definite-lived trade names	5-20	15.4	151,586		(34,924)		116,662
Developed technology	5-10	6.9	8,209		(5,882)		2,327
Other	3-10	5.6	7,169		(1,507)		5,662
Definite-lived intangible assets		13.0	$	921,021	$	(452,047)	$	468,974
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	553,341


	Estimated Useful Lives (years)	Weighted Average Amortization Period	April 30, 2024
			Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
	(dollars in thousands)
Customer relationships	5-15	12.8	$	695,411	$	(395,117)	$	300,294
Definite-lived trade names	5-20	15.4	143,267		(32,613)		110,654
Developed technology	5-10	6.9	8,249		(5,843)		2,406
Other	3-10	5.6	6,142		(1,175)		4,967
Definite-lived intangible assets		13.1	$	853,069	$	(434,748)	$	418,321
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	502,688

Amortization expense related to definite-lived intangible assets was $18.8 million and $15.7 million for the three months ended July 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)
2025 (remaining nine months)	$	58,845
2026	70,398
2027	62,411
2028	53,703
2029	46,184
Thereafter	177,433
Total	$	468,974

The Company’s indefinite-lived intangible assets as of July 31, 2024 and April 30, 2024 consisted of indefinite-lived trade names.