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Goodwill

12 Months Ended

Apr. 30, 2025

6. Goodwill

The following table presents the changes in the Company’s goodwill balance (in thousands):


		UxS			LMS			MW			Total
Balance at April 30, 2024
Goodwill		$	412,415		$	—		$	19,254		$	431,669
Accumulated impairment losses			(156,017)			—			—			(156,017)
			256,398			—			19,254			275,652
Change to goodwill			(512)			—			—			(512)
Impairment of goodwill			(18,359)			—			—			(18,359)
Balance at April 30, 2025
Goodwill			411,903			—			19,254			431,157
Accumulated impairment losses			(174,376)			—			—			(174,376)
		$	237,527		$	—		$	19,254		$	256,781


		UxS			LMS			MW			Total
Balance at April 30, 2023
Goodwill		$	317,564		$	—		$	19,254		$	336,818
Accumulated impairment losses			(156,017)			—			—			(156,017)
			161,547			—			19,254			180,801
Additions to goodwill			95,414			—			—			95,414
Change to goodwill			(563)			—			—			(563)
Balance at April 30, 2024
Goodwill			412,415			—			19,254			431,669
Accumulated impairment losses			(156,017)			—			—			(156,017)
		$	256,398		$	—		$	19,254		$	275,652

During the Company’s annual impairment test during the fiscal quarter ended April 30, 2025, the Company determined the carrying value of the UGV reporting unit exceeded its fair value due to a decrease in forecasted results of the UGV reporting unit resulting from reduced probability and delays of obtaining certain opportunities as well as an increase in forecast expenditures to support operational decisions identified during the fiscal quarter ended April 30, 2025. The changes in estimates resulted in the recognition of a goodwill impairment charge of $18,359,000 in the UGV reporting unit.

The addition during the fiscal year ended April 30, 2024 to the UxS segment relates to the Tomahawk Acquisition. The change to goodwill during the fiscal years ended April 30, 2025 and 2024 in UxS is attributable to the translation of the goodwill related to the Telerob Acquisition, which was recorded in Euros and translated to dollars at each reporting date. Refer to Note 21—Business Acquisitions for further details.

Subsequent to the performance of the Company’s annual goodwill impairment and identifiable asset test for the fiscal year ended April 30, 2023, in May 2023, a trigger event was identified that indicated that the carrying value of the MUAS reporting unit exceeded its fair value. Specifically, the Company received notification that it was not down selected for a U.S. DoD program of record which resulted in a significant decrease in the projected future cash flows of the MUAS reporting unit. As a result, the Company updated its estimates of long-term future cash flows to reflect lower revenue and EBITDA growth rate expectations used in the valuation of the MUAS reporting unit. These changes in estimates resulted in the recognition of a goodwill impairment charge of $156,017,000 in the MUAS reporting unit.

During the most recent annual impairment test during the fourth quarter of fiscal year 2025, the estimated fair value of all reporting units, other than UGV, substantially exceeded their carrying value.