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Intangibles, net

12 Months Ended

Apr. 30, 2023

5. Intangibles, net

The components of intangibles are as follows (in thousands):


	April 30,		April 30,
	2023		2022
Technology	$	60,817	$	56,913
Licenses		1,008		1,008
Customer relationships		72,645		72,448
Backlog		2,895		2,100
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		150		144
Intangibles, gross		138,453		133,551
Less accumulated amortization		(94,876)		(36,327)
Intangibles, net	$	43,577	$	97,224

The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. The weighted average amortization period at April 30, 2023 and 2022 was four years, respectively. Amortization expense for the years ended April 30, 2023, 2022 and 2021 was $58,121,000, $26,558,000 and $6,469,000, respectively. Due to the closure of all of the Company’s MUAS COCO sites during the three months ended April 30, 2023, we revised the estimated useful life for MUAS customer relationships which resulted in accelerated intangible amortization expenses of $34,149,000 during the fiscal year ended April 30, 2023.

Technology and backlog intangible assets were recognized in conjunction with the Company’s acquisition of Planck on August 17, 2022. Technology, backlog and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of Telerob on May 3, 2021. Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of Arcturus on February 19, 2021. Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of ISG on February 23, 2021. Refer to Note 21—Business Acquisitions for further details.

Estimated amortization expense for the next five years is as follows (in thousands):


	Year ending
	April 30,
2024	$	11,821
2025		9,494
2026		6,857
2027		5,786
2028		5,175
	$	39,133