Goodwill and Intangible Assets

12 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying value of goodwill by reportable segment were as follows:


	Consulting		Digital		Executive Search						Professional Search & Interim (1)		RPO (1)		Consolidated
					North America		EMEA		Asia Pacific

	(in thousands)
Balance as of May 1, 2021	$	173,410	$	326,628	$	48,498	$	47,449	$	972	$	15,705	$	14,007	$	626,669
Additions (2)	—		—		—		—		—		55,480		49,482		104,962
Exchange rate fluctuations	(440)		(1,274)		(934)		(877)		—		(1,329)		(1,185)		(6,039)
Balance as of April 30, 2022	172,970		325,354		47,564		46,572		972		69,856		62,304		725,592
Additions (3)	—		—		—		—		—		184,519		—		184,519
Exchange rate fluctuations	123		204		(1,327)		(171)		—		291		260		(620)
Balance as of April 30, 2023	$	173,093	$	325,558	$	46,237	$	46,401	$	972	$	254,666	$	62,564	$	909,491

_______________________________

(1)Segment data for FY'22 has been recast to reflect the division of the RPO & Professional Search segment into the RPO segment and Professional Search & Interim segment.

(2)Additions to goodwill in fiscal 2022 were due to $76.8 million and $28.2 million from the acquisition of the Lucas Group and Patina, respectively.

(3)Additions to goodwill in fiscal 2023 were due to $68.3 million and $116.2 million from the acquisition of the ICS and Salo, respectively.

Tax deductible goodwill from the acquisitions of Salo and ICS were $114.3 million and $64.9 million, respectively, as of April 30, 2023. Tax deductible goodwill from the Miller Heiman acquisition was $16.3 million and $22.7 million as of April 30, 2023 and 2022, respectively. Tax deductible goodwill from the PIVOT Leadership acquisition was $5.2 million and $5.9 million as of April 30, 2023 and 2022, respectively.

Intangible assets include the following:


	April 30, 2023						April 30, 2022

	(in thousands)
Amortized intangible assets:	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer lists	$	192,099	$	(104,429)	$	87,670	$	146,799	$	(89,024)	$	57,775
Intellectual property	69,100		(47,187)		21,913		69,100		(40,720)		28,380
Proprietary databases	4,256		(4,256)		—		4,256		(4,256)		—
Non-compete agreements	910		(910)		—		910		(910)		—
Trademarks	12,086		(7,123)		4,963		8,986		(5,261)		3,725
Total (1)	$	278,451	$	(163,905)	114,546		$	230,051	$	(140,171)	89,880
Exchange rate fluctuations					(120)						(110)
Total Intangible assets					$	114,426					$	89,770

_______________________________

(1)In fiscal 2023 there were intangible assets additions of $16.4 million and $32.0 million from the acquisition of the ICS and Salo, respectively. In fiscal 2022 there were intangible assets additions of $11.6 million and $5.7 million from the acquisition of the Lucas Group and Patina, respectively.

Acquisition-related intangible assets acquired in fiscal 2023 consists of customer relationships and tradenames of $45.3 million and $3.1 million, respectively, with weighted-average useful lives from the date of purchase of seven years and two years, respectively. Acquisition-related intangible assets acquired in fiscal 2022 consists of customer relationships and tradenames of $15.5 million and $1.8 million, respectively, with weighted-average useful lives from the date of purchase of seven years and two years, respectively.

Amortization expense for amortized intangible assets was $23.7 million, $20.3 million and $19.2 million during fiscal 2023, 2022 and 2021, respectively. Estimated annual amortization expense related to amortizing intangible assets is as follows:


Year Ending April 30,	Estimated Annual Amortization Expense
	(in thousands)
2024	$	25,604
2025	24,256
2026	22,859
2027	17,106
2028	10,080
Thereafter	14,521
	$	114,426

All amortizable intangible assets will be fully amortized by the end of fiscal 2032.