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Intangibles, net

12 Months Ended

Apr. 30, 2024

5. Intangibles, net

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


	April 30,		April 30,
	2024		2023
Technology	$	101,012	$	60,817
Licenses		1,008		1,008
Customer relationships		77,313		72,645
Backlog		2,831		2,895
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		1,668		68
Other		146		150
Intangibles, gross		184,848		138,453
Less accumulated amortization		(112,624)		(94,876)
Intangibles, net	$	72,224	$	43,577

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, 2024 and 2023 was three years and four years, respectively. Amortization expense for the years ended April 30, 2024, 2023 and 2022 was $17,954,000, $58,121,000 and $26,558,000, 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. Additionally, in conjunction with the goodwill impairment test performed during the year ended April 30, 2023,

the remaining intangibles in the MUAS reporting unit were tested for recoverability. The asset recoverability test did not result in an impairment for the remaining intangibles in the MUAS reporting unit. Refer to Note 6—Goodwill for further details.

Technology, customer relationship and tradename intangibles were recognized in conjunction with the Company’s acquisition of Tomahawk on September 15, 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. 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,
2025	$	19,137
2026		15,001
2027		12,633
2028		11,919
2029		7,764
	$	66,454