Goodwill and Intangible Assets

6 Months Ended

Oct. 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	82,740		—		82,740
Acquisition accounting adjustments from prior period	2,486		—		2,486
Translation adjustment	(3,157)		668		(2,489)
Balance as of October 31, 2024	$	999,758	$	(63,254)	$	936,504

As of October 31, 2024, $828.7 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, 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	October 31, 2024
			Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
	(dollars in thousands)
Customer relationships	5-15	12.5	$	778,033	$	(426,937)	$	351,096
Definite-lived trade names	5-20	15.4	155,881		(37,386)		118,495
Developed technology	5-10	6.9	8,216		(5,928)		2,288
Other	3-10	5.5	8,063		(1,886)		6,177
Definite-lived intangible assets		12.9	$	950,193	$	(472,137)	$	478,056
Indefinite-lived intangible assets							84,367
Total intangible assets, net							$	562,423


	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 $21.5 million and $16.0 million for the three months ended October 31, 2024 and 2023, respectively, and $40.4 million and $31.7 million during the six months ended October 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 six months)	$	40,992
2026	74,894
2027	66,717
2028	57,784
2029	49,844
Thereafter	187,825
Total	$	478,056

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